With the US Debt now $20 trillion and needing to cut costs, Senator John McCain has once again introduced the COINS Act (Currency Optimization, Innovation, and National Savings Act). The COINS Act aims to reduce costs by eliminating the penny, changing the 5 Cent Nickel to a cheaper composition and eliminating the dollar bill in lieu of a dollar coin. Since it actually costs 1.5 cents to produce a penny, it makes sense to simply eliminate the penny, right? Canada stop producing pennies back in 2013 for this same reason so why is the US still making pennies? Maybe the long history of the one cent penny has the government wanting to hold on to the past with minting as many historical pennies that everyone still loves even today.
The one cent penny was originally minted as a large penny, commonly called the Large Cent, from 1793 to 1857. Even back then, the cost of copper forced the mint to reduce the size to a smaller penny called The Flying Eagle Cent (1857-1858). Then (1859-1908) the Indian Head Cent was produced in very large numbers due to growing demand. Lastly, the widely know Lincoln Penny has been produced since 1909 to present day. The Indian Head Cent is my personal favorite. There is something about that stoic Indian that says so much without saying anything at all. I have a huge collection of Indian Head Cents in my library called “Indian Coins” and peruse them regularly.
Will the elimination of the One Cent Penny increase the value of my Indian old coins? What effect will this have to my Indian old coin value? Do I want to sell my old Indian coins or hold on to them for my grandkids?
Some suggest that this will have no effect of the market value of old Indian coins as factors as supply and demand of these older coins will essentially not change with the elimination of a current penny. I am going to hold onto my collection ….. just in case. Plus I enjoy looking at them. I suggest the same for you. If you enjoy them, keep them. If not, sell them. If you are looking to sell and not sure what is the current value, you can send them to StuffSavvy for an evaluation report to help you decide.