By CoinWeek….
Last Sunday, HBO’s Last Week Tonight with John Oliver featured a segment on the elimination of the penny. Fans of Comedy Central’s The Daily Show should recognize John Oliver and his brand of erudite, pop cultural comedy if they don’t already watch the new show. What may surprise the numismatically-inclined is how well-informed and spot on the commentary really is. He even manages to refer to the U.S. Mint’s December 12, 2014 biennial report on coin production costs in a way that doesn’t bore you to tears.
Well worth watching. NOTE – Contains language some will find objectionable
Why is eliminating the cent such a big deal to collectors. The US has already eliminated the 1/2 cent, 2 cent, 3 cent (2 types), half dime, 20 cent, trade dollar, 6 gold denominations, changed the large cent to a smaller one, eliminated the dollar coin on several occasions and the world did not end.
The Mint can still make cents for uncirculated and proof sets for collectors where they still make a profit but for real circulation, it is time for the cent to go.
We probably should also eliminate the nickel and go back to the half dime whether made of nickel or cupro-nickel clad.
It’s not collectors who are opposed. It’s the penny lobby and the Lincoln lobby and the fact that the Mint has not found a way to make them cheaper. Ask most people and they will say they would be happy to see it go.