Pennies being discontinued?

United States
January 26, 2007 8:21pm CST
I read somewhere that pennies might be discontinued because they are worth more melted down for the copper in them than their face value. If my memory is accurate the article stated that it takes 154 pennies to equal 1 pound. A pound of copper is now selling for $4.00 If we all hold on to all our pennies we should be able to get about 3 cents apiece. I don't know about anyone else, but, I would be happy to triple my money on ANY INVESTMENT. How do the rest of mylotters feel about this?
3 people like this
25 responses
@crazynurse (7511)
• United States
27 Jan 07
So now what exactly will this do to the idea of giving a penny for your thoughts? Does this mean you will now have to give me threee cents in order for me to spill the beans? Well my thoughts are that I will be ecstatic to see the penny go. They are weighty to carry, they buy absolutly nothing anymore, and they often turn green and ugly! So, this likely means no more 1C sales and no more buy one get one for a penny sales. Those will now probably be 5C sales and buy one get one for a nickel. Damn inflation. Oh, and you now owe me 3C!!
1 person likes this
• United States
27 Jan 07
3 Cents? Tell mylot. I guess that means that all of us will be making more money now. This is good, I think. After our earnings go up, I guess the government will be coming to us with their collective hands out for the difference. That, in turn, will make it possible for our military to get more and better equipment which in turn will mean that all of our young men and women fighting overseas will be able to WIN THIS WAR. Then they can all come home. Hooray!!!!!!!!!!!!!!!!!!!!
• United States
27 Jan 07
Wow fin, perhaps you and I should run for office. We have figured out how to win the war! I don't want to be president, I'll let you do that. I'll be vice president. Okay!?
1 person likes this
• United States
30 Jan 07
Not a chance crazynurse? I like living too dam* much. I would really rather be the power behind the throne. You be President, I'll be the Vice President, they don't get shot at as much, and nobody blames them when things don't go as expected.
• United States
27 Jan 07
They stopped making solid copper pennies in 1982. From part way through 1982 and on they have been made of mostly zinc. There was also talk of making all pennies worth as much as nickels. That is just the media running with a thought of someone who is not in position to do such a thing. The problem with someone in the federal reserve even mentioning this is it would only make their problem worse. They don't want people hoarding pennies because then they have to make more and they aren't cheap to make in comparison to their value. Telling people that they could maybe someday make them all worth 5 times their value will only result in hoarding them. It's all nonsense if you ask me. They are more likely to discontinue making them completely and just leave what is in circulation out there instead of raising the value.
1 person likes this
• United States
30 Jan 07
I don't know if what you say is true. I heard many years ago, that pennies were made out of copper coated ALUMINUM. I have no way to check it.Do you? Correction. I don't know WHERE TO CHECK THIS OUT. Does anybody know where this information could be checked out?
@bhchy1 (6053)
• United States
28 Jan 07
They have been saying that for so long, I can't remember when they were not saying it. But pennies, along with one dollar bills are still here. Dollar coins and paper two dollar bills seem to have melted into the background as quickly as they were touted as the new currency. I serioulsy doubt saving pennies will benefit anyone unless it is already a rare coin by mint date etc. I have been collecting since I was a child...oldest penny being issued in 1893 and yet have I ever chanced upon a double for any older that I already have. Hanging on to them isn't going to benefit anyone, just take up space on top of your chest of drawers.
1 person likes this
• United States
28 Jan 07
Well, If that was the case, I'd be a pretty rich man. I have a 5 gallon water jug filled with them, that's about 30-40 pounds.
1 person likes this
• United States
28 Jan 07
I have not heard about this!! I will definitely continue to keep all those pennies that get collected in my wallet!!
1 person likes this
• United States
27 Jan 07
That is most interesting thanks! I ave alway collected my loose silver but maybe now I'll have a pennies jar.
1 person likes this
• United States
27 Jan 07
Wow, I have not heard anything about this yet. For a fact I will start saving pennies. Its hard to these days when we all live off of our Debit cards, and other plastics. I hardly ever carry cash anymore to even get pocket change.
1 person likes this
@TiffanieC (827)
• United States
27 Jan 07
I guess I won't throw my pennies away anymore! I do have tons of them around though, I hate pennies. I do hope they stop circulating them and that would be awesome if we could triple our investment :)
1 person likes this
@kritipen (4085)
• United States
27 Jan 07
Wow. That's really wonderfull investemnt. I would love to do such investments. Are you sure that it actually works.
• United States
27 Jan 07
It sorta works, except that it is a federal crime to destroy currency (as in melt it down for scrap). You would potentially risk jail and finiancial penalties for turning your pennies into $0.03.
• Canada
27 Jan 07
I hate pennies there so small and give off a stench, but money is money and in this kinda country ill take every penney i can get...
@emeraldisle (13160)
• United States
27 Jan 07
I did see that a Senator was trying to get it in to get them stopped, whether or not it went further then that I have no clue. Right now one penny costs approximately 1.34 cents to make (going from memory here). So they are losing money for each one they make. It really is silly to keep making them with that information.
@tammyr (5970)
• Etowah, Tennessee
28 Jan 07
The story I read said that the copper in the penny was worth more because of the high price of metals right now. It causes people to try to melt down and sell it as a metal. I do not see it being to easy to do, because they are not 100% copper in alot of cases, so how could it be possible by any average joe?But of course there are all kinds out there1
• United States
31 Jan 07
From what I had recently read in the news paper, it costs more money to make a penny, then what the penny is worth. And if I remember also, the same holds true for the nickel. However, it is still a federal offense to destroy money, other than when the treasury department does it.
@tiff1496 (571)
• United States
28 Jan 07
I'm not sure if this is true. I work at a bank, and have been told its now just a rumor. But, maybe it will happen. I hate pennies!!!
• United States
28 Jan 07
I think the best solution is to make pennies out of some other material. To discontinue them may be crazy -- it would cause HUGE inflation!
• India
28 Jan 07
is it really worthy!!111i hv a doubt!!!!!111
• United States
28 Jan 07
ohh I hope they really do this,, I hate pennys.they are just a pin in the bum anyways..and i hate odd number..it all should be nice and even lol..and its amazing to know how much they are worth melted down..they just a pain in the bum..good riddens lol!!
• United States
28 Jan 07
well i never get rid of my pennies untill i fill up this jar for all my change then take it to a machine to cash it otherwise i have it and i dont think they will discontinue because they are still making it so if they were going to stop it then thye would have already
@7nicole1 (1634)
• Canada
27 Jan 07
Ya I have heard this and it would be cool to like double or even triple your money.
@ram13288 (388)
• United States
27 Jan 07
that is good to know because i have so many pennies that i was just think of rolling up and taking to the bank. but now since they could be worth triple i will start saving more and more of them.
@scottology (1214)
27 Jan 07
yes i shall sell all my pennies on ebay
@NucknFutz (180)
• United States
27 Jan 07
I find this post fascinating! (kudos =P) I think the government should at least look at the fact that they are wasting money. Unfortunately, it is illegal for citizens to take an advantage of this fact. Here is a link to an article on CNN's website about it: http://money.cnn.com/2006/12/14/news/melting/index.htm?postversion=2006121415