Coins We Love: Does It Make Cents?!
The big news in the coin world this week came out in the second half of the Super Bowl as we were all falling asleep on the couch. The end of the Cent! While it’s not exactly how the process is supposed to work when it comes to the US Mint making coinage, the abolishment of the production of the cent was ordered by the President.
I've had no less than 20 people ask “Should I go buy them?” The short answer is no. They are going crazy on eBay, but they still made over 242 million in January and February. So, that’s not a trip to the bank that I think would turn a profit a year from now.
That being said, what kind of effect does this have on the numismatic community? Well, on the sentimental side, it’s incredibly sad. The cent has long been one of the most popular collectible denominations amongst collectors and the Lincoln Cent design has been an iconic piece of American coinage. Thus, I’m not sure how long it will take me to get over that.
But, responsibly, yes, it’s probably been the right thing to do for 20 years. Heck, the nickel doesn’t make sense either. After touring the Denver Mint last year and seeing the costs of production and understanding the economics of the coinage, it really didn’t make cents (sense). I guess it’s like growing up - some things change, but sentimentality won’t bring back the way things were.
We’ve entered a society that is becoming increasingly cashless. A credit card is the preferred payment method for many businesses, but, it’s an insane expense that continues to grow every year. When you’re dealing with a smaller business (or oil), cash is still king. Or gold. So, am I worried about a cashless society? No. It’ll make coins rarer! But, I can guarantee there will still be a ton of new numismatic issues coming out every year from the 20 world mints and 100 private mints that continue to gain in popularity.
That's all for today! We just wanted to highlight this intriguing news story. We hope you enjoy the coins we have chosen below! If you get a chance, check out our February Grading Contest for a chance to win a 2025 Silver Eagle.
Numismatically Yours,
John Brush
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