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 Replies: 71 / Views: 7,746 |
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Rest in Peace
United States
233 Posts |
Quote:
... If an average bill lasts 18 months, then applying your ~5x would give us 90 months ... The Fed describes, in detail, how & why the life expectancy of a US dollar bill has risen to ~70 months, which I rounded to ~5 years for ease of exposition. https://www.federalreserve.gov/paym...20131211.pdf ... PDF ... Costs and Benefits of Replacing the $1 Federal Reserve Note with a $1 U.S. Coin The coin will cost ~5x as much to make and last ~5x as long, which is pretty much a wash. Cheers, /s/ ikeyPikey |
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Moderator
 United States
188924 Posts |
I still think it is fuzzy math, stretching two ranges to their extremes to overlap in a common area. I am not buying it and you should not be selling it. That being said, I am done arguing about the circulating dollar. It is getting us nowhere and I wager we will be completely cashless before anything is ever done about it. Keep your filthy germ rags while I use my card or tap my phone.  |
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New Member
United States
6 Posts |
ikeyPikey- Most wheat pennies are being held by collectors or are buried in parks playgrounds and other sites. People who metal detect pull them out of the ground every year. The difference between the old copper pennies and the zinc coated copper ones put out today is that the new ones corrode away under the soil after only a few years. I have some that are only about a third of their original diameter.We could easily round up or down costs as most stores already have a take a penny dish. As far as a new dollar coin goes. I would like to see something like a smaller version of the walker or Standing Liberty quarter design. Those were great looking coins. IMO Edited by RaZRdigger
03/21/2018 1:24 pm
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Pillar of the Community
United States
2272 Posts |
Quote:
I still think it is fuzzy math, ... I just used the same phrase in the other thread. ;) The 30 year estimate is actually pretty close. We see the old quarters in change but we don't see that nearly 55% of these early issues are gone now. Even though the coins wear out quite evenly with each coin showing about the same amount of wear they get lost or destroyed through misadventure. In the early days quarters had a lot of value so the attrition was only about 3% but this is no longer true so the attrition is approaching 4%. The 30 year estimate is accurate for a dollar coin only so long as there's no inflation. When its value is inflated away to it representing one cent then the attrition on the worn out coins will soar. In other words they'd probably last as long as clad did. Call it 40 years or so. Of course they'll last forever as a government boondoggle lost in some warehouse if we never actually use them. We'll pay for storage forever if current trends persist. Time don't fly, it bounds and leaps.
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Rest in Peace
United States
233 Posts |
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... Most wheat pennies are being held by collectors or are buried in parks playgrounds and other sites ... Collectors, hoarders, preppers & 'investors' are holding "most" of nine billion 1950-1958 wheat pennies? Add up all of the 1950-1958 wheat pennies you've ever seen in your whole life, and compare that number to nine billion. Now add the other decades. I remember the 1980s, when learned minds reported that there were millions of 'missing children' in America. The then-wife asked how there could be millions of missing children if we'd never met anyone with a missing child or, for that matter, had never met anyone who had ever met anyone with a missing child. Worn pennies get pulled from circulation by The Fed. Even not-so-worn pennies. After all, its not like they're not minting hundreds of millions more every year. Cheers, /s/ ikeyPikey |
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Moderator
United States
188924 Posts |
Quote:
I just used the same phrase in the other thread. ;) Great minds think alike?  Fuzzy math for me is like saying two plus two equals five for very large values of two. Fudge the data to match your desired conclusion.  |
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Bedrock of the Community
United States
17884 Posts |
Quote:They do it for the Kennedy half dollars, so I see why not. They DID it for the Kennedy half dollars, but only for one year. The current NIFC Kennedys are not high relief. Quote:
Collectors, hoarders, preppers & 'investors' are holding "most" of nine billion 1950-1958 wheat pennies?
It's not that hard to believe. The mint currently makes around 9 billion coins per year, if each household in the country pulls one coin per week from circulation that will consume the entire 9 billion. They don't make all those billions of Lincoln's cents every year because the economy has expanded so much that it needs that many, they do it because most of the coins they make each year pulled out of circulation and stashed away. Or at least an equivalent number. |
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Moderator
United States
188924 Posts |
Quote:They DID it for the Kennedy half dollars, but only for one year. The current NIFC Kennedys are not high relief. Typo.   |
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Pillar of the Community
United States
3402 Posts |
How many billions of dollar coins have been made and stored.
Release them and let 'em earn their keep and whittle down that there 5x cost to 5x life expectancy, and prove wrong that there US of A govern-mint reeeeeeeeeeeeeeport.
Praise the Lord and pass the dollar coin.
KK
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Bedrock of the Community
 United States
12477 Posts |
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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Pillar of the Community
United States
1512 Posts |
I'm waiting for GSA 2.0 in 50 years!
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Bedrock of the Community
United States
12477 Posts |
Just without the silver. I'll hold my breath for something else. 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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Moderator
United States
188924 Posts |
Quote:
I'm waiting for GSA 2.0 in 50 years!  Funny thing is that it just might work. A lot can happen in 50 years. |
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Rest in Peace
United States
233 Posts |
Quote:
Citizens to Retire the Penny is a non-partisan organization dedicated to educating the public on the advantages of retiring the penny from general circulation. http://www.retirethepenny.org/Cheers, /s/ ikeyPikey |
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Moderator
United States
188924 Posts |
Bookmarked. |
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Replies: 71 / Views: 7,746 |
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Posted 03/21/2018 10:18 am
