Why The American Penny Needs To Go.

That might be the right idea. The cheapest thing at my local "Five and Dime" is a dollar.

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.

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.

Right, especially considering the lobbies and SIGs that want to preserve the status quo.

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!

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.

Especially if they wanted to be nice and give us NIFC cents with 95% copper.


I disagree. The mints are being overworked by the cent. Getting rid of them will allow them to increase production on more profitable coinage.

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.