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 Replies: 86 / Views: 7,505 |
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New Member
United States
33 Posts |
Quote:
willy13, you are correct in that assumption but the one thing that people don't factor in is the value of the cent in usage. Even if it cost more a one cent to make,when you consider how many times it is used,it is still probably worthwhile making them.I actually think a return to the original copper composition would make sense in the long run. That's a good point. Edited by dch828
04/04/2011 5:26 pm
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Pillar of the Community
United States
1358 Posts |
I don't think I would like to see penny go away..
I gots an idea about the gold/silver standard thing..
Prices could be posted in US dollars, but silver/gold coins be minted in ounces and fractions of ounces.. A standard daily metal price could be posted in papers and on tv..
Merchants can just do simple calculations to know how many coins the transaction will cost..
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Pillar of the Community
United States
1358 Posts |
Copper/nickel coins could be kept around for change (with fixed denominations)..
Paper currency could again be redeemable in precious metal, but for a certain $ amount, nt weight.. But that would prbably create a run on the banks : /
Hmmm...
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Pillar of the Community
United States
1358 Posts |
By the way, I just remembered reading over in the TreasureNet forums that Utah has made gold (and possibly also silver) legal tender for state taxes.. That's one step.
The gold/silver standard has worked for millenia.. I don't see why they had to change it all of a sudden..
100 years ago, a twenty dollar bill used to REPRESENT 20 dollars (in gold, silver, coin).. Now, it IS 20 dollars.. Nthing backing it up besides our 'trustwrthy' government.. Just another way of getting more power..
Edited by coinsearcher83
04/04/2011 8:13 pm
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Pillar of the Community
United States
1599 Posts |
Pull all of the cents and nickels from circulation, use the dime as a cent, the quarter as a nickel and the half as a quarter.....I mean really, that is about they are worth today anyway.
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Pillar of the Community
United States
659 Posts |
and about the "trustworthy" government; I've seen a bumper sticker that says it all: Sure you can trust the government. Just ask an Indian!
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Pillar of the Community
United States
1358 Posts |
Lol! Sadly, that's very true..
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Pillar of the Community
United States
632 Posts |
Quote:
willy13, you are correct in that assumption but the one thing that people don't factor in is the value of the cent in usage. Even if it cost more a one cent to make,when you consider how many times it is used,it is still probably worthwhile making them.I actually think a return to the original copper composition would make sense in the long run.
Good point. If our government wasn't in such debt, they probably wouldn't be looking into cheapening the cent. It is a "cost of doing business", and probably should stay. |
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Rest in Peace
United States
9104 Posts |
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End the cent, but you can't end the nickel or how will quarters work? Quarters, which we are used to as a workhorse coin, don't belong in our monetary system. Here are the runs in our decimal monetary system: $0.005-0.05-0.50-5.00-50.00-500.00-5000.00 $0.001-0.01-0.10-1.00-10.00-100.00-1000.00-10,000.00 $0.02-0.20-2.00-20.00 $0.25-2.50
$0.03-3.00Notice that only the $3.00 coin is like the quarter in having only one decimal multiple. The next "least multiples" is the $2.00 series, and oddly enough only the $20 has maintained any long-term use. |
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Pillar of the Community
Canada
1733 Posts |
They can't go back to using copper, if they did pennies would be exported or melted en masse simply to acquire cheap copper. I know the US government has a passed a law prohibiting this, but in reality if it were financially viable people would start smuggling. At this point with zincolns and nickels it's not quite a profitable undertaking to do so.
Our Canadian cents are steel plated with nickel and then copper. They hold up well enough but the whole question of "is it worth it" is still coming up here too.
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Bedrock of the Community
United States
17884 Posts |
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Even if it cost more a one cent to make,when you consider how many times it is used,it is still probably worthwhile making them. How many times are they used? Typical life of a cent is from the mint to the Fed, from the Fed to the local banks, from the banks to the local businesses, from the businesses to the customers in change, from the customers to their change jars where they may sit for years. The typical cent may only be used a few times per decade. The reason the Mint has to make so many cents every year is because they DON'T circulate and they have to keep feeding that one way flow. |
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Valued Member
United States
244 Posts |
I suspect they circulate more than you think, Conder. Yes, some people leave the pennies sitting in their change jars for years, but even then, eventually they'll take those jars in to the bank or the coinstar. And most people do it much more frequently than every few years. Once back at the bank, they can go back to businesses, back to consumers, etc.
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Moderator
 United States
189115 Posts |
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The typical cent may only be used a few times per decade. The reason the Mint has to make so many cents every year is because they DON'T circulate and they have to keep feeding that one way flow. I agree. Quote:
Yes, some people leave the pennies sitting in their change jars for years, but even then, eventually they'll take those jars in to the bank or the coinstar. Yes, some do circulate, but the majority of them sit and rot. I know a lot of people that did not empty their coin jars until the recession hit. Most of them did not think it was worth the time. |
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Pillar of the Community
United States
2168 Posts |
I know yesterday was the final day to submit comments on the coin metal change and how it would affect you. I think it was mainly for merchants/coin operated machines etc. We shall see. The nickel, I think, since it is worth more in metal value than actual value, will be the first to go. Right now even the zinc pennies are getting close to actual value. I think any coin is better than the paper since they all have some metal value!
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Pillar of the Community
United States
1817 Posts |
With the nickel gone from the nickel, that will really be the death of sound money. I expect to see white metal plated zinc or steel "nickels" probably as soon as 2013...
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Replies: 86 / Views: 7,505 |
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Posted 04/04/2011 6:14 pm
