Inflation continues to erode the purchasing power of the penny and nickel, so that many consumers find it aggravating and time-consuming to fish around for small change. But changing the composition of the penny and nickel to steel fails to address the root cause behind currency debasement.
It also fails to provide a viable solution both for the devalued dollar and for our circulating coinage. If Congress were truly interested in the cost of coinage, it would begin by reining in and eventually abolishing the Federal Reserve System. The Fed alone is responsible for the devaluation of the dollar.
The same pattern has been seen throughout history, as debased currency results in the value of the metal content of coins outstripping their face value. Coins disappear from circulation and only paper money circulates. Finally, the currency collapses.
Penny (United States coin)
Coins will begin to reappear once the monetary unit is restabilized, usually with the introduction of an entirely new currency and after much economic hardship for the people. The United States is no different in this regard, as it now takes more and more devalued dollars to purchase the raw materials and employ the capital and labor necessary to mint coins. It is only a matter of time before inflation obviates the need for pennies and nickels, and other coins will disappear from use in due time.
In addition to ending the Fed, the United States should embrace currency competition. Economics demonstrates that monopolies lead to suboptimal output, decreased quality, and higher prices. The circulating currency of the United States has been monopolized by the U.
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Government since the s. Issuance of paper currency has been delegated to the Federal Reserve System, while the U. Mint maintains a monopoly on the issuance of coins. The result of this monopolization has been calamitous. Whenever government tries to monopolize the issuance of money, and forces that money on the people through legal tender laws, the temptation to debase that money is too great to withstand.
Government mints throughout history have succumbed to the temptation to use their ability to coin money to amass huge profits to themselves. The Founding Fathers knew their monetary history, and knew the proclivity of governments to debase coinage until it contained paltry amounts of gold or silver. Therefore the Coinage Act of made currency debasement a crime punishable by death. Unfortunately, the proponents of easy money won out in the succeeding decades. By the s, the federal government launched its first major experiment with unbacked fiat paper currency in a bid to fund the Civil War.
Without competition, the money monopolists will continue driving the dollar to destruction. Post Office. This competition benefited consumers, who were able to pay lower prices for mail. But how do you tell these pennies apart? There are many other ways to tell the two metallic varieties apart though, including weighing pennies.
He says tipping balance scales also make it easy to tell brass cents apart from zinc. Daughtrey also goes by the look of the coins, which are especially distinct in the case of circulated cents. Numismatists who think there is little to get excited about collecting Lincoln cents should think twice, because according to Daughtrey there are plenty of interesting die varieties some quite valuable among pennies. The most valuable known die variety, the reverse doubled die zinc small-date cent, was discovered in He also suggests that coin collectors should examine all of their cents closely, because while he says there are perhaps 19 or 20 known die varieties for the year, many more likely exist.
He comments that astute coin collectors will pick out the coins that may not have yet been attributed, and that they need to be on the lookout for minor variations in all parts of the design. The Lincoln cent aficionado also says that while it can be a lot of fun looking for the different die varieties, collectors should remember that not all are worth a bundle.
In addition to die varieties, Daughtrey says some ordinary specimens of the seven main pennies are worth much more than face value alone. While the dearth of uncirculated sets and bag collectors have largely made and dated Jefferson nickels, Roosevelt dimes, and Washington quarters quite scarce in the uncirculated grades, he says the situation has always been different for the pennies. So, there was a small bag hoarding craze for the cents. Daughtrey thinks one reason there were so many people collecting bags of cents back in the day has a lot to do with the large- and small-date varieties that were released two decades earlier.
He does say though that most high-grade business-strike coins come from uncirculated sets, which is why finding premium-quality cents is so difficult. It is among the high-grade Lincoln cents where he has seen a lot of activity these days, especially for the MS, MS, and MS pieces — the kinds that registry set builders get excited about. So, what does Daughtrey look for in his pocket change? When it comes to Lincoln cents, he keeps his eyes peeled for any cents that appear to grade AU or higher. You never know. Maybe your heirs will thank you for saving all those small-date cents.
I have a D large 8 i think that is has a double cud i am not sure because i cant find anything like it can u plz help. I hava at lot pennys from that one and others ones but i dont know nothing about it and a would like cant sale them.
Like s and others please some person bring me some help and sorry by my inglish i am from mexico border to usa. We might be interested in buying them. Send us a message through our website: davescollectiblecoins. So are these worth anything. All other facits of coin are nicely struck and raised. Including columns on memorial. Just wondering if this is a known die variety?
Or has anybody else seen or heard of one like it? Thanks in advance. A missing Lincoln? How strange. I have a large print zinc coin and would like to have it appraised. Can send picture. He has the number 27 on him. The engraving on the coin, I beleive, is a tribute to Nebraska punter Sam Foltz.
Want to Help the Environment? Get Rid of Stupid Pennies | American Council on Science and Health
His jersey number was 27 and he died in a car accident on July 23rd From a numismatic value, the coin has been damaged and as such has no value per se. I have a lincoln cent with no date or mint mark. This coin was not tampered with. There are no markings at all. Can anyone tell me anything about this kind of coin and the value coins like this go for. I have a D penny that is very odd the 9 has a cud like thing filling the top of the nine and the reverse side it looks like a floating S or a 8 on the top edge of the O In the word ONE.
Any ideas? I have a 82 Lincoln small date the liberty looks stamped slightly over coin in good shape plated zinc. More info on what to do from here would like to compair and part with if infect have good coin. I have a penny, not sure if it has value,but it seems that the site thinks so. Any comments?
I have the 2. Way up?
So let the number crunching begin! Whoo hoo! I have a penny, that has a bit of wear although the date is clearly written 19B7. No mint mark. Is this perhaps a fake? Or possibly a flaw. Please let me know if you know anything, it would be greatly appreciated.
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This is Eric my email is ericpittmanericpittman gmail. I have a small print in god we trust penny I am willing to sell. It is lightly scratched on back and is basically mint condition. I put the wrong email my first post. I have about 40 steel pennies some you can see the white on them , but some look different like brown and no scratches.
We have mini pennies gold in color with the dates Can you tell me anything about these. I have a no mint mark penny with doubleing on the front and back. And it looks like it might be a small date but im not positive on that. Do u know what in the ballpark its value might be. Ive looked it up and called every where but i cant get an answer on it. So please if u can help contact me and ill send a picture thanks. I also have a few pennys that might be worth some thing. Hello i watched a video on you tube about a wide am penny and the guy said it was worth a good chunk of money if found.
Well i found two in my penny collection but all pennies were supposed to be wide ams until 93 i think but he showed a close and wide penny together. Money but i think he had it backwards for some reason. I forgot to i also have a red d penny that looks awesome with it that color.
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