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 Replies: 52 / Views: 3,940 |
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Pillar of the Community
United States
1208 Posts |
Sheppard Smith is going inside the mint and
discussing the high cost of making the penny
and nickel.
He says there is a plan to "change our change".
Wonder what that is?
Edit:
If you miss it, Fox replays the "Fox Report
with Sheppard Smith", later in the night. Edited by ratio411
05/07/2008 7:20 pm
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Valued Member
United States
109 Posts |
I posted an article about this topic today in the main coin forum. It's been talked about on fox news all day.
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Pillar of the Community
 United States
1208 Posts |
What a JOKE!
They were 'fed' information by a senator that
wants to force the Treasury to use "cheap"
metals in the production of coins.
They reported the penny costing 1.2 cents to make,
and the nickel costing 7 cents to make. Just like
Sheppard Smith to hype for shock value.
He didn't say a word about the rest of the higher
denoms all costing costing about the same as the
nickel, even the dollar.
They said the govt lost hundreds of millions of
dollars minting cents and nickel. Forgot the exact
number of hundreds of millions...
But the senator totally skipped how much more they
made on the other denoms and the products of the
mint. Not to mention the 'hoard' factor making
them money.
I emailed Sheppard and let him have it!
Told him it was a pure hit piece set up
by the senator, and that he fell for it.
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Pillar of the Community
United States
1208 Posts |
quote:
I posted an article about this topic today in the main
coin forum. It's been talked about on fox news all day.
Sorry. I don't go there. Between cars, guns, coins, stamps, and por... whoops  J/K Between all the forums I go to each evening, I have to pick a couple of pages from each to monitor. The "general", "off topic", "everything", or "other stuff" forums are a no-no for me. Edited by ratio411
05/07/2008 7:41 pm
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Valued Member
United States
109 Posts |
I know what you mean, I have so many forums to monitor all the time. Yeah the Fox news info today was more of the same nonsense. I just want to know what lobbyists are pushing for this as behind every Senator is a lobbyist campaign contributer pulling the strings. I'm guessing it's the steel companies that would love to have the mint as a customer. I do agree though if it costs so much to make, and there is a good viable alternative, then we should pursue it.
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Pillar of the Community
United States
4867 Posts |
What's wrong with having cents with the same cheaper composition like Canada?
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Bedrock of the Community
United States
20753 Posts |
Same old silly stuff about how we can save money. Yeah, right. So if our government saved a hundred million on some kind of new coinage, just where do you all think that money would go to?
Why naturally it would go for education and medical as with all the money they saved in the past.
There are other forums? I sure am living a sheltered life.
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Pillar of the Community
United States
1208 Posts |
I am a traditionalist.
The coins shouldn't change so drastically IMO.
They did say that the US Treasury itself was
opposing the bill!
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Pillar of the Community
United States
4867 Posts |
Put me in charge and I will turn the coin collecting world upside down.
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Pillar of the Community
United States
1208 Posts |
I'd put us back on the gold standard!  |
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Bedrock of the Community
United States
12437 Posts |
quote:
He didn't say a word about the rest of the higher
denoms all costing costing about the same as the
nickel, even the dollar.
Obviously nothing was said since it is irrelevant. The difference is the fact that the face value of the higher denominations is much higher than the cost, thus producing a large seniorage. The composition will be changed, it is just a matter of time. More than likely, it will be copper plated steel for the cent and five cent(won't be able to call it a nickel anymore )just like the EU and Canada. |
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Valued Member
United States
405 Posts |
Nixon screwed things up when he took us off the gold standard..."I am not a crook"-richard millhouse nixon
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Pillar of the Community
United States
1208 Posts |
quote:
Obviously nothing was said since it is irrelevant.
It isn't irrelevant. Far from it! If they can claim a loss on the smaller 2, then they should certainly have to show a gain on all the others! US citizens would have to. If the govt was run the same way they require our households to run, things would be alot different. They can't just look at one part. Fact is that they are netting a windfall on coinage overall. I own a business... a couple of loss leaders doesn't hurt a thing if you are netting profit. We the sheeple... Edited by ratio411
05/07/2008 10:59 pm
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Pillar of the Community
United States
615 Posts |
They are netting a lot overall. It just doesn't make sense to lose money on any of the coinage on a per coin basis. There is no needed.
Why should 7 cents of metal trade under law at 5 cents?
Coins need to be under weight or they will be melted for the metal.
It makes the U.S. government look stupid. They do a lot of stupid things, but this one just screams -- we are stupid.
They should just do away with the nickel and cent.
In 1940 cent had the same purchasing power as quarter (give or take) today.
In 2030 a 1940 cent might have the same purcashing power as a dollar then.
Inflation is built into the system, but there is no need to make coins with little purcasing power.
-SFWUSC
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Pillar of the Community
Canada
965 Posts |
Changing the composition isn't the answer. Eliminating the worthless coins is. Something like 60% of all domestic coins produced in Canada are the lowly cent. Eliminating it will free up the mint to take on more foreign contracts, make more (and/or better) numismatic, NCLT, and collectible coins, etc. Once that is factored in, then you'll wonder why you didn't think of it years ago!
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Pillar of the Community
United States
632 Posts |
Why can't they just start making those coins out of cheaper metals? Is it really necessary to talk about eliminating those denominations? Yeah, it would just be a temparary solution, but thats better than loosing money. We all know that all coins have changed their composisition over the years. The only thing the 'traditionalists' may have to conceed to is having the penny not made out of copper.
How about steel or even aluminum? I bet they consider aluminum. One of the major drawbacks of the 1943 steel penny was it was kind of rough on the dies and presses. But aluminum is about as soft as zinc/copper. Plus it doesn't rust. Aluminum coins would be so cool.
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Replies: 52 / Views: 3,940 |
Posted 05/07/2008 7:37 pm
