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It Costs Seven Cents to Make a Nickel, So the U.S. Mint Had a Computer Simulate Cheaper Coins

 
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Pillar of the Community
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United States
5167 Posts
 Posted 06/28/2018  2:10 pm  Show Profile   Bookmark this reply Add Finn235 to your friends list Get a Link to this Reply
IMO:

1) Increase the relief of cents and nickels, switch the cents back to 95% copper, slash mintages by 90%. Maybe use some of the cost to subsidize Coinstar or help banks fund coin counters? There are billions of cents and nickels out there... let them circulate!

2) Every few years when Congress asks the Mint to experiment with patterns in different compositions (only to make no changes, as normal), auction off the patterns to private collectors. Imagine the revenue!
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Pillar of the Community
United States
1596 Posts
 Posted 06/28/2018  3:48 pm  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply

Quote:
There are billions of cents and nickels out there... let them circulate!


It's impossible to "make" pennies circulate because they have no value. They are toxic little slugs that cost more to count and handle than their face value. Every time a store takes one in they are poorer and every time one is produced the nation is poorer. People will simply continue to use them as litter, throw them in the trash and accumulate them by the bucketful and nothing will change that other than a few decades of severe deflation.

The only legitimate function of the "five cent piece" is to make change otherwise it could be discontinued as well.

The penny is an stinking albatross tied about the neck of the economy.
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United States
61373 Posts
 Posted 06/28/2018  4:25 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply


Kill the cent already. I know it is a lot to ask, but stop being stupid, America.


As for the five cent piece, the topic at hand, it is true that the quarter is what makes it necessary, but I think we could get along without it. A material change is long overdue, but it would be way cheaper to just get rid of it with the cent.
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 Posted 06/28/2018  9:28 pm  Show Profile   Bookmark this reply Add n9jig to your friends list Get a Link to this Reply
While of course nothing will be done there are a couple alternatives. My favorite would be to get rid of the penny now, introduce a 20 cent piece and a year or so later drop the quarter. The drop the nickel and introduce a smaller version of the half dollar.

Option 2 is to revalue the dollar by a factor of 10, making the penny worth what a dime is now etc. This brings us back to about how things were about 1960ish.

Option 3 is to leave well enough alone and wait until coins are obsolete and replaced by other forms of small purchase protocols.
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 Posted 06/28/2018  9:38 pm  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply

Quote:
Option 2 is to revalue the dollar by a factor of 10...

Revaluing is not going to happen. If all we had were tangible currencies, it would be easy. But with everything digitized, it's way too much effort to make a seamless transition flawlessly. Imagine the lawsuits when someone suddenly is worth 10% what they were yesterday because of a coding error. Besides, in a virtual economy, they're all just numbers and there's no good reason to change just to suit the diminishing tangible currencies.
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 Posted 06/29/2018  11:22 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply


Revaluation is a non-starter.

Just get rid of the cent and nickel, dime is the new cent. Get rid of the one dollar note, the dollar coin is the new dime. Done and done.
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United States
14451 Posts
 Posted 06/29/2018  8:17 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:

1) Increase the relief of cents and nickels,

Strike quality just went into the toilet.


Quote:
switch the cents back to 95% copper,

It just got even worse.


Quote:
slash mintages by 90%.

Massive cent shortages


Quote:
Maybe use some of the cost to subsidize Coinstar or help banks fund coin counters?

You just made the cents cost three to four cents a piece to make, and you also want to fund coin counting machines for all the banks? So far you have increased expenses, read that as losses, on the cent and nickel about 50 fold.


Quote:
There are billions of cents and nickels out there... let them circulate!

There is nothing stopping them from circulating now other than the fact that people won't use them because their value is so low it isn't worth carrying them.
Gary Schmidt
Edited by Conder101
06/29/2018 8:18 pm
Bedrock of the Community
10197 Posts
 Posted 06/29/2018  8:28 pm  Show Profile   Bookmark this reply Add Crazyb0 to your friends list Get a Link to this Reply
I must agree fully with Conder on these points, there is no way in our economic structure and formation of gubmint bureaucracy, that will allow any easy fixes of these problems. Laws are involved, special interest is involved...until those change...




We will have expensive change! This is the change ya got, remember? omebody's gotta pay for it!
Edited by Crazyb0
06/29/2018 8:29 pm
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61373 Posts
 Posted 06/30/2018  11:03 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
There is nothing stopping them from circulating now other than the fact that people won't use them because their value is so low it isn't worth carrying them.
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