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Are they discontinuing the penny?

I was just watching Ellen Degeneres and she said that Canada discontinued pennies and Barrack Obama is going to do the same in the US. Is this true?
Add: The penny will have no value.

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They are talking about it. It costs more to make them, than they are worth.

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They don't make them anymore but are they planning on taking the value away?
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They haven't done anything yet. So yes they are still making them, and yes the still have value (as of today).
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He already has mate. It costs two or more pennies to make every penny.

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I forgot to add that the penny will have no value anymore. If you use them just for copper but that's only pennies from before 1975 (I don't know the exact date)
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Well they can't make the metal worthless, that's impossible, because as long as there is need, there is worth, and copper is used in tons of stuff mate.
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Sorry for the run on sentence lol.
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Pennies minted before 1982 are 95% copper and 5% zinc. After 1982 they are 95% zinc and 5% copper.
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hear that it is being debated. it should be.

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Pennies cost more then they're worth, however as long as people have a use for copper, pennies will have value. And as it is, copper is used a lot of things, including wiring.

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Does that mean we should stock up on pennies? In my opinion, I think we should discontinue it... when will we find out if it's going to be or not?

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They don't make them anymore, but they still have their value.
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Basically ye, you want to hold onto them, because say 20 or so years down the road, they'll be worth a fair bit in metal values. Particularly the older grimyer looking ones.
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No they shouldn't stop making pennies as pennies don't cost more to make then they are worth as copper is not used in pennies and hasn't been for a long time. Remember, you pay taxes in pennies too, you'll start paying more taxes when the nickel becomes the lowest denominated coin? If you have ever saved pennies you will recognize their value, if not, leave them with the cashier, the stores will be glad to take them off your hands.

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