Should the U.S. Mint stop making the cent and nickel coins, which are currently produced at a financial loss? Why or why not?
From the April 19, 2024 Numismatic News E-Newsletter Readers’ Poll. Most readers think that, at the very least, the penny should be discontinued.
Yes, stop making them for general circulation. We are losing too much money minting them. Before minting is stopped, the public and businesses need to be educated on rounding. Rounding should only apply to cash transactions anyway. For us collectors, maybe the Mint could place limited edition cents and nickels in mint and proof sets. Or just produce limited edition sets of each at a reasonable price.
Gary, North Carolina
No, the U.S. Mint should not stop making cent and nickel coins. Despite being produced at a financial loss, we need them to make accurate change or pay for a transaction in the exact amount. If cents and nickels were not produced, merchants would round up already high prices to the nearest dime, quarter, or dollar. What would we do with existing circulating cents and nickels? Charge one price for the customer who still has them in his or her pocket and another price for the customer who does not have them?
I frequently pay for small items like stamps with cents and nickels. I count the exact amount out with my young daughter and let her pay with coins so she learns about tangible money and not just using a credit card.
Jennifer Mitchell, Address withheld
The Mint should stop minting the cent and nickel. They are being produced at a loss. This would make the dime the smallest coin, which is 1/10 of a dollar. Canada stopped producing the penny 12 years ago. Also, the size of the dime and quarter was retained in 1965 (60 years ago) when silver was in the coins, so the remaining coin sizes would then make sense.
Dewey DeFalco, Rockingham County, N.C.
I think it is time to produce a cent out of aluminum or some other metal, which wouldn’t cost much. The same goes for the nickel. Minting coins at a cost more than the [face] value of the coin is stupid. And while the Mint is at it, Congress should stop producing $1 and $2 bills and issue coins in those denominations. Canada’s way ahead of the game in this field.
Jim Fritz, Address withheld
I have a Lincoln cent collection from 1909 to 2024.
Economically, it would be good for Congress to pass the law to discontinue minting the cent.
I would be curious to see if that would add value to my collection, even though it is priceless to me.
Richard Hodnicky, Address withheld
The cent should be ended. It simply costs too much to produce, and stopping inflation or use issues would not be a problem. The nickel is in a similar position but may be slightly inflationary.
Donald Hudson, Address withheld
The U.S. Mint should continue making the cent and nickel through 2026, with special commemorative designs for each in honor of the 250th anniversary of our nation’s founding. After 2026, the Mint should discontinue the cent (at least) and consider discontinuing the nickel.
Andrew Careaga, Rolla, Mo.
Yes! Production of 1-cent and 5-cent coins should be changed as soon as possible.
Firstly, penny: Nobody needs them except coin collectors who are willing more and more to pay outrageous prices without justification for these coins. So, when they will finally be non-circulating coins, that will bring some justification for the prices. That’s the main reason that I’ll never collect coins that currently are in general circulation.
Second, 5-cent coins called nickels are in different situations. They contain about 25 percent of nickel, an expensive metal needed in military production. As we’re approaching dangerous times, we may need the metal more than ever.
That’s my personal opinion as an engineer, coin collector, and taxpayer.
Jerzy Czyz, Address withheld
Yes, eliminate both. Keep minting them for collectors. And to satisfy all those whiners who complain rounding will cost them money, declare that all cents and nickels are now worth 10 cents each.
Gary Hudeck, Garrettsville, Ohio
Only our Congress would ignore this ridiculous fiasco and not let the Mint stop losing money on each cent and 5-cent coin produced.
Gary Burhop, Memphis, Tenn.
After the 2026 production run of coins, that is when the 1-cent coins should be halted. I worked part-time in retail, and when a Canadian was there, I would ask them if they liked Canada's decision to stop making the cent coin in 2012. Everyone had said they approved and liked that it ended. The nickel is a different story. I think we still need to keep it.
H. Michael Kinsman, Highland, Ill.
Yes, absolutely! Not only that but we should distribute the dollar coins we have been minting and stashing away and eliminate the dollar bill.
Ben Brauchler, Fredonia Coin & Treasure LLC
The amount of red ink produced in our country is so overwhelming every minute that I am not really concerned about the minuscule amount of money that is lost producing these coins.
My two concerns are losing Lincoln’s and Jefferson’s caricatures of our coinage and how financial transactions will be determined. For example, if the hot dog is sold for $1.00, the state sales tax is 6 percent, and we have no penny to use to pay, who gets the extra 4 cents or loses the 1-cent?
John McMann, Address withheld
Absolutely, as they are being continued for nostalgic reasons, certainly not for any economic reason.
I am sure many will say that vendors will simply “round up” and charge everyone more for the same product. As taxpayers, we are already being charged more, i.e., 2 cents per the 1-cent coin and 8 cents per the 5-cent nickel.
And, these costs do not even include the cost of storage and distribution to various banks and institutions.
Lorne Lavertu, Herndon, Va.
Absolutely, those worthless coins should not be minted anymore. This subject is so easy to answer. It’s like, what is 2 + 2? Basically, we, the U.S. and the U.K., are the only two countries left using the penny. Canada, Australia and New Zeeland have all dumped that worthless coin, and considering it costs us taxpayers approximately 1.8 cents to make every one of them, someone please explain to me the rationale of keeping either of them!
Tom Reed, Bryan, Ohio
Canada eliminated the cents 12 years ago and has no problem with it. Why do we still have them? In ways of budgeting, the cents and nickels are a waste of taxpayers’ money.
Name and address withheld
No, the U.S. government should not stop minting pennies and nickels. The pennies and nickels service the liquidity of the money supply. The role of the U.S. Mint is not to make a profit; like all other agencies, it is to provide a service to the public economy.
Matt Bernau, Address withheld