John Mccain And Mike Enzi Reintroduce The Currency Optimization, Innovation, And National Saving Act

Yeah , Guaranteed no splinters. (At one time that was an actual sales tout for a toilet paper brand.)

I agree with jbuck
"The nickel needs to go, too. Changing its composition while placating the vending industry is futile. By the time they finally figure it out it will be too late, just as it is way too late for the cent."
I'd like to finally say I have a complete set of nickels.
I don't like the new one anyway but I still have to get three every year. They are boring me to tears since 2006.
and ...
Can't we just pay off the national debt today by moving the decimal point over one notch and $.01 would become $.10 ?
Everybody get's a 1000% raise!

None of this will solve the real problem, which is the non-stop inflationary monetary policy this country has pursued for decades and is obliterating savings accounts. Once the penny is gone, next will be the dime, and then the quarter, then the dollar itself will be gone. Soon enough it will cost $50 to buy a coke, and your own life savings wont be enough to pay for a years expenses. Inflationary monetary policies destroyed the economy of Rome, it will do the same to us if we don't end it soon enough. A near stable or slightly deflationary policy are the only ones throughout history that have proven to last the length of time.

Get ready for a cost of living increase that naturally will follow.

This move will save politicians taxpayer money on paper - and make them be able to brag - unfortunately that is most of the "money" that will be "saved." There will be an upward adjustment in costs to the average consumer as society normalizes on a higher cost plateau b/c of cost increases inherent to the change.

Psychologically there is an immediate rise in prices as the mindset of the dollar coin being the "new quarter" or just "pocket change" kicks in. People are correct that a dollar does not buy much, but the human mind still sees the amount of a dollar as something that is not literally thrown around in change cups with worthless pennies. Marketers will take advantage of this.

Expect services to increase in price and trickle down into the cost of everything else. It costs a LOT more money to handle/ship/distribute/trade in/cash in large amounts of metal vs. paper. The businesses which do such things (like your and my bank, ant machines using money) will pass on the expenses to the consumer.

How do I know? Although not a Canadian citizen, I was back and forth in Canada enough most of my life. The Loony caused the exact things I mention. I was there.

And we, as the little man, will be putting out more money for the same things we buy now. Inflation is aided by this move. However, it makes politicians look good (on paper).



True about the persistent deflation, but this was a different time. Using farming as an example (which was a more prominent profession back then_: Now the regulatory boards step in to make sure no one has a monopoly. Farmers no longer have to worry about being underpriced by their neighbors (which was a very legitimate problem).

Of course middle men get more of the consumer's money, and the farmer still does not see the profits they are due for their work. However, these regulatory boards do make it so the farmer can make a living.

As JFK and Ronald Reagan both said, and history proves, if you allow the people to have more of their own money - which means less taxes and less government intervention - you WILL have a strong economy. Listen to their speeches. Research the actual facts.

Think about the common sense in this...
If each CCF member had an extra $200.00 to "play with" a month, I do not think it would be far fetched to say the money would most likely be spent on coins. Buyers are happier, spenders are happier, and we grow.

If you look back to the era when the great powers enacted merchantilistic monetary policies you will see that there periods of great growth were driven by a policy of stregnthening their home currency (the British and Dutch Empires for example), driving exports and retaining profits at home.

I didn't read all the pages of this post, but the COINS Act does NOT eliminate the cent coin.

Cents will continue to be legal tender and no other changes to pricing, etc. are mandated or suggested.

That's right, it just suspends minting cents for a 10 year period.

Also, it instructs the Mint to continue making cents "for the needs of numismatic collectors of that denomination".

It increases the copper content of 5 cent coins to 20%.

Dollar bills would continue to be made for two years after the bill passes.

Dollar bills, after that would continue to be made "for the needs of numismatic collectors of that denomination".

Dollar bills would continue to be legal tender, but the Federal Reserve would start removing them from circulation.

It postpones making a decision on whether to eliminate the cent until a later date.

Gee, maybe all the copper penny rolls I've been buying lately will be worth a small fortune ten years from now! because the Zincolns in circulation will all have rotted by then!

I accept that possibility.