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 Replies: 69 / Views: 8,685 |
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Valued Member
United States
110 Posts |
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It's also Geithner, not Giethner and I have never seen him referred to as "Tim" but rather "Timothy". http://www.weeklystandard.com/blogs..._664210.htmlIt seems you are correct about the spelling of his surname; but indeed wrong about people/reporters referring to him only as "Timothy," rather than both "Tim" or "Timothy." Erik Edited by talkcoin
11/30/2012 05:21 am
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Pillar of the Community
United States
1228 Posts |
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Moderator
 United States
188414 Posts |
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The House Subcommittee is thinking about phasing out $1 bills for coins. Subcommittee... Committee... call me when it reaches the floor for a vote.  Follow that link and read the statements (PDF) attached to the witnesses. Some are  Some are  Now you know why nothing ever gets done.  |
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Valued Member
United States
449 Posts |
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Pillar of the Community
United States
2764 Posts |
Long Live Washington Gridlock....  It's not the politic, it's the politicians!  Quote:
Subcommittee... Committee... call me when it reaches the floor for a vote.  Not trying to detract the topic but America invested a lot of $$$ to invent a lot of stuffs (the internet is a prime example) but we then fall behind on implement and continue to improve our product (Popular Science article compared our internet accessibility and speed and we are FALLING BEHIND such country as Korea....  While Congress continue to "study" the issue, other countries implemented it!  Edited by SA4H
12/02/2012 03:21 am
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Pillar of the Community
United States
2541 Posts |
This would be one sad rollhunter if they pulled the cent. I still have to find my Flying Eagle and '09S VDB in circulation!
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Pillar of the Community
United States
2168 Posts |
I know. I picked up some nickels since I was making up collector books with my granchildren and haven't found them all from circulation yet. Nickels are great since almost all are out there yet! Even the silver War Nickels |
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Valued Member
United States
232 Posts |
I know that this is not a popular opinion to hold - but who cares if it costs more that 1c to make the coin? The mint as a whole turns a profit, so none of your tax dollars go into making it - just a lower profit for the mint as whole.
Granted, the profits of the mint are income for the government, but the government is not a business that needs to make a profit. Besides, if the penny is removed there will have to be a huge education campaign about it, which will cost tax money.
As it stands, pennies are only produced when there is a demand for them - and the current demand is huge. If technology or inflation change to the point where people don't want them any more, then production will drop dramatically.
The dollar coins vs dollar bills debate seems much more relevant in terms of savings, and as you will still have dollars either way, I would think that the cost of doing education would be less as you are not actually eliminating a denomination.
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Bedrock of the Community
13014 Posts |
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As it stands, pennies are only produced when there is a demand for them - and the current demand is huge. If technology or inflation change to the point where people don't want them any more, then production will drop dramatically. Personally I'm fine if it costs more to make if it is a useful coin and its the only exception. That said part of the reason why the demand is so large is because as money its worthless. People arent using that many pennies. That many pennies are however ending up in fountains and jars of change at home to be accumulated until theyre worth it to cash in or just flat out being lost. |
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Moderator
United States
188414 Posts |
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I know that this is not a popular opinion to hold - but who cares if it costs more that 1c to make the coin? The mint as a whole turns a profit, so none of your tax dollars go into making it - just a lower profit for the mint as whole. Actually, since the Administration made the bonehead move of giving the Dollar Coin NIFC status (huge loss of seigniorage), they Mint is dangerously close to losing money now. Quote:
That said part of the reason why the demand is so large is because as money its worthless. The other part, as you have hinted, is that most cents circulate one time before being lost to jars or trash cans. The lost cents have to be replaced. |
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Bedrock of the Community
13014 Posts |
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The other part, as you have hinted, is that most cents circulate one time before being lost to jars or trash cans. The lost cents have to be replaced. Exactly, if they were still used far fewer would have to be made. I should clarify that while I am okay with a coin losing money if useful, the mint should absolutely have to turn a profit every year. If you cant turn a profit making money you are doing something very very wrong |
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Moderator
United States
188414 Posts |
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Pillar of the Community
United States
621 Posts |
jbuck, arent their currently warehouses upon warehouses of surplus dollar coins and that is why they decided to make it nifc?(that means not intended for circulation, right? sorry but I'm still a bit green here and want to make sure)if the need arises again couldnt they just start making them for circulation again? As a collector I hate it. if I see a dollar coin anywhere at any time and I can get it its coming home with me. theyve all dried up around here pretty much though. I used to find at least a few everyday and on good days would get 10+ and now its been 3 months since I last saw one outside the bank. I was enjoying getting as many as I could each day. I've always loved dollar coins for some reason.
Edited by justin3651
12/04/2012 08:07 am
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Pillar of the Community
United States
4901 Posts |
They will have a head start with the dollar coin since there are over 1 1/2 BILLION in storage (as of late 2011). I wonder how much it cost to store and audit that pile?
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Bedrock of the Community
United States
10038 Posts |
Not that anything would actually ever be done, but since the mint is having trouble making money making money (had to say it that way ), let's solicit bids from outfits in the private sector to find someone who can do a better job! Yes, I know the mint IS private. But aren't the heads of it appointed by D.C.? The red tape specialists have their hands in it somehow! When, historically, has the American system of capitalism ever NOT been able to solve the problem if the government bureaucrats are kicked out (except in the news media nowadays)? The term Yankee ingenuity is known worldwide and historically has been envied. Let's face it, when we see posts here from collectors about the mint, an awful lot of the posts are talking of how the mint has a lot of problems. As to the penny elimination... Maybe its b/c I am not in a major metropolis - live near Gettysburg), but we still use pennies. I am guessing people in large cities, more accustomed to higher prices (also high income) and plastic all the time are the ones saying they are useless? Maybe we can eliminate them in cities and the rest of us can use them?  |
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Posted 11/30/2012 11:56 am
