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 Replies: 46 / Views: 5,931 |
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Valued Member
United States
180 Posts |
I dunno- the world's already lost or gotten rid of enough stuff I liked or loved, leave the penny alone.
Grumpy old mans 2 cents--yukyuk
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Pillar of the Community
 United States
1609 Posts |
It would also be an option re-value the American dollar. I like the idea that a kid's Christmas present could be $0.25 instead of $250.
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Bedrock of the Community
 United States
12477 Posts |
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I like the idea that a kid's Christmas present could be $0.25 instead of $250. I think you mean instead of $25. On the flip side, what about making $500 a year instead of $50k?  In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Bedrock of the Community
United States
17884 Posts |
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On the flip side, what about making $500 a year instead of $50k What about it? Your expenses would also be 1% of what they are now so your $500 would buy just as much as the $50K does now. |
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Pillar of the Community
United States
1213 Posts |
Lots of good ideas in here. The big problem is they all require our elected officials to agree to do something. That's not likely to happen any time soon.
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Bedrock of the Community
United States
12839 Posts |
Right, especially considering the lobbies and SIGs that want to preserve the status quo.
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Moderator
 United States
188660 Posts |
Revaluing the dollar is unnecessary and would probably be even more unpopular than just ditching the cent and nickel.
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Pillar of the Community
United States
543 Posts |
If the U.S. Mint stopped making cents for circulation, they could make them only available to collectors. Thus, finally make money off the cent again!
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Bedrock of the Community
United States
10038 Posts |
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The red seals were made because there was already a law on the books that greatly predated the Kennedy brothers that required a certain amount of United States Notes (red seals) to be in circulation. The number had been dropping and the 1966 red seal hundreds were intended to bring it back up to the required amount. The red seals were also a case of creating money out of thin air. Only difference being that in this case the government was creating the money and not the Federal Reserve. Are you suggesting the Kennedy's were killed by the Federal Reserve? That would be a new conspiracy theory. In any case the requirement to maintain a specified balance of United States Notes was legislated out of existence a few years later. Kennedy signed the authorization to print the red seals, but he had nothing to do with bringing them about. http://www.rapidtrends.com/it-almos...serve-notes/http://www.safehaven.com/article/15...rican-dollarExecutive Order 11110. I might need to do even more reading on this, but from what I understand now, and not using buzz words, it would not surprise me what may eventually be uncovered. No, not just the Federal Reserve. *** Removed by the staff. Too far, Earle. Too far *** |
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Bedrock of the Community
United States
17884 Posts |
The authors on those two links need to learn that United States note are NOT the same thing as silver certificates. Silver certificates were issued and backed by the silver that the government held They say Silver certificates and have blue seals. United States Notes are the descendants of the Legal Tender notes first issued in 1862, they are not backed by anything and were merely declared to be legal tender. They are literally money created from nothing. They have red seals. Federal Reserve Notes used to have fractional gold backing but are basically money backed by US Government bonds. The Fed purchases the bonds and uses them as backing to issue notes equal to the face value of the bonds. Executive order 11110 authorized the issuance of more silver certificates not United States Notes. The silver certificate issuance was canceled because the rising price of silver would have meant that every dollar in silvercertificates issued would have been redeemable in silver worth morth than the face value of the notes.
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Pillar of the Community
United States
3471 Posts |
The cent (penny) isn't going to go anywhere because some company in some Senator/Representative district is producing the sheet stock and/or blanks. Doing away the cent may also reduce the need for more than one mint to produce the nations circulating coins and there's nobody in DC interested in reducing the size of government.
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Moderator
United States
188660 Posts |
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If the U.S. Mint stopped making cents for circulation, they could make them only available to collectors. Thus, finally make money off the cent again! Especially if they wanted to be nice and give us NIFC cents with 95% copper.  Quote:
Doing away the cent may also reduce the need for more than one mint to produce the nations circulating coins ... I disagree. The mints are being overworked by the cent. Getting rid of them will allow them to increase production on more profitable coinage. |
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Pillar of the Community
United States
997 Posts |
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The cent (penny) isn't going to go anywhere because some company in some Senator/Representative district is producing the sheet stock and/or blanks. Doing away the cent may also reduce the need for more than one mint to produce the nations circulating coins and there's nobody in DC interested in reducing the size of government. This hits it on the head. Special Interests (Zinc lobby in particular) will fight this tooth and nail. This is exactly the reason we still have paper dollars, Crane "contributes" money to legislators and they keep the business. The Special Interest Groups with the most money to give to congress critters wins. Interestingly it was special interests (nickle mining companies) that pushed for and got the Mint to make the first "Nickels" (Flying Eagle then Indian Head cents) and then the later ones (5 cent pieces supplementing the silver ones). |
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Bedrock of the Community
United States
10038 Posts |
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United States Notes are the descendants of the Legal Tender notes first issued in 1862, they are not backed by anything and were merely declared to be legal tender. They are literally money created from nothing. I thought I read there (and other places) that the red seals were backed, at that time, by gold. Nixon later took us off of the gold totally. It has been a long time since I looked into all of this. I am seeing online many different things concerning this from many different sources. Both sides contradict. I would like to know the facts and will have to go directly back to the documents of the executive orders to do so along with looking at the docs form the other acts which this is attached to. Ay first it does appear to be the concept was JFK wanted to take away the illegal usurping of authority by the private owned Fed to make our money when only Congress Constitutionally has that power. But then again we live in a day when much of the Constitutional law is not followed strictly as it was when our growing nation became powerful (which is why it did become powerful) - its all part of the decline. How much squash could a Sasquatch squash if a Sasquatch would squash squash? Download and read: Grading the graders Costly TPG ineptitude and No FG Kennedy halveshttps://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2 |
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Bedrock of the Community
United States
17884 Posts |
The federal reserve notes had fractional backing by gold ($0.25 worth of gold per dollar) foreign countries could redeem them for that backing, in gold. US citizens could not. That fractional backing was what Nixon removed in 1971. And the Fed did not have solitary authority to issue our paper money until 1968. The Federal government was still issuing red seal United States notes and blue seal silver certificates until the mid 1960's. (Kennedy's order was basically to increase the amount of silver certificate that could be printed. Until that time certificates could only be issues against specific reserves of silver. Kennedy's order allowed the certificate to be issued against any silver the government owned.) The last red seals in 1966 or 67, the silver certificates until 67 or 68. I'm not sure why the red seals were discontinued, but the silver certificates ended because of the rising values of silver. Once we stopped artificially controlling the price of silver it became too difficult and potentially fiscally unwise to continue issuing silver certificates.
Edited by Conder101
09/12/2017 3:19 pm
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Replies: 46 / Views: 5,931 |
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Posted 09/01/2017 10:21 pm
