New Bipartisan Bill Would Let The US Mint Alter The Metal Content Of Coins To Save Money - Page 3

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datadragon Pillar of the Community United States 1648 Posts	Posted 04/29/2023 4:17 pm Thanks @ijn1944, same for you Quote: that 80/20 seems like a lot of fuss for such a small change in copper and nickel percentages Seems that way, but they are reporting that based on 2022 volumes, the mint estimates the savings would add up - $12 million to $51 million annually potentially with minimal impact such as the vending machines. https://www.coinworld.com/news/us-c...-mint-choice It is part of a renewed effort to give the mint the authority to switch to using cheaper metal contents for making coins which could allow other changes based on the ongoing research. Its actually a big deal to coin enthusiasts since most of the USA coinage would change composition. Also there are possibilities for off metal errors and varieties. collectors may see a repeat of the 1982 scenario where there were several different seemingly alike Lincoln cents to be collected due to mid-year changes in metal composition as noted here https://www.numismaticnews.net/us-c...o-our-change Edited by datadragon 04/29/2023 4:20 pm Report this Post to the Staff
jbuck Moderator United States 188990 Posts	Posted 04/29/2023 10:58 pm Quote: I'd like to round any total over $1 to the nearest quarter, except rounding is mucked up by arcane state laws. For example, New Jersey requires sellers to round to the nearest cent when calculating sales tax... Federal law always supersedes state law. If the Federal government nixes everything below the quarter, then NJ has no choice but to round cash sales to the quarter (electronic sales can still go to the cent). Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
Hidalgo Valued Member United States 216 Posts	Posted 05/08/2023 09:41 am There are House and Senate bills, if passed, would allow the US Mint to change the composition of circulating coins. I know that for years -- decades in fact -- the US Mint has sought affordable ways to change the composition of Lincoln pennies. The US Mint has explored steel and aluminum -- without success. Is there any metal/substance that the US Mint could use to keep the cost of minting pennies to less than 1 cent per piece? Other than steel or aluminum, I can think of only iron and plastic/polymers.... Report this Post to the Staff
Spence Moderator United States 34424 Posts	Posted 05/08/2023 09:47 am @hid, as the topic of your recent thread was already being covered here, I've merged your thread with the older one. I look forward to continued discussion! "If you climb a good tree, you get a push." -----Ghanaian proverb "The danger we all now face is distinguishing between what is authentic and what is performed." -----King Adz Report this Post to the Staff
dsking Pillar of the Community United States 2365 Posts	Posted 05/08/2023 11:03 am Digital currency is coming whether we like it or not. This could be a prelude to that happening en masse. Edited by dsking 05/08/2023 11:04 am Report this Post to the Staff
jbuck Moderator United States 188990 Posts	Posted 05/08/2023 12:23 pm Quote: Is there any metal/substance that the US Mint could use to keep the cost of minting pennies to less than 1 cent per piece? No. Cost is already over one cent per cent even before adding the cost of the current copper plated zinc blanks. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
NumisEd Pillar of the Community United States 5191 Posts	Posted 05/08/2023 12:29 pm Redenomination is another option. Report this Post to the Staff
jbuck Moderator United States 188990 Posts	Posted 05/08/2023 12:30 pm Quote: Redenomination is another option. Or just make the dime the "new cent" symbolically. Get rid of the dollar notes and the dollar coins can be the new dime. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
DanFielding Valued Member United States 235 Posts	Posted 05/08/2023 12:50 pm This is why I invest in gold and silver from Rosland Capital thanks to Bill Devane Report this Post to the Staff
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