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 Replies: 10 / Views: 1,414 |
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Pillar of the Community
527 Posts |
http://www.coinworld.com/articles/t...using-steel/Quote:
Switching to a steel-layered composition for all circulating U.S. coin denominations would save millions of dollars annually in production costs, a consultant testified April 17 before a House Banking Subcommittee hearing on "The Future of Money: Coin Production."
Rodney J. Bosco, director of disputes and investigation practice for Navigant Consulting Inc., Washington, D.C., presented the 68-page findings from Jarden Zinc Products during testimony before the House Committee on Financial Services' Subcommittee on Domestic Monetary Policy & Technology.
Among his comments, Bosco advocated the adoption of a program to recover selected circulating coinage in their current compositions for metal reclamation.
The House Banking subcommittee is chaired by Rep. Ron Paul, R-Texas, who took the opportunity during the hearing to launch another salvo toward Congress in recommending the abolishment of the Federal Reserve System. I think all these articles are exactly the same, except worded differently, but the point is made more than clear.
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Pillar of the Community
United States
2295 Posts |
Thanks for posting the article. It took them long enough to figure that out. Canada has been doing that for many years now! At least they note that in the article. Hopefully they let us all know well before the Dec. 14, 2012 deadline. Quote:
Coins disappear from circulation and only paper money circulates. I don't think Ron Paul realizes people don't use coins, because they don't want to be bothered with digging them out and counting them. Pretty much every house in this country has a coin jar where they collect for years, before being cashed in at a bank. |
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Moderator
 United States
188320 Posts |
Insert my usual "Time to kill the cent and nickel" speech here. 
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Pillar of the Community
United States
4132 Posts |
Bosco's testimony uses some fairly dishonest sleight-of-hand to suggest that elimination of the cent would not save money. He claims, since cents and nickels would still cost money even if the materials were free because of all the manufacturing equipment, etc. and since you need that stuff for the other denominations, you can't save any money there. That just hand-waves away the material costs (here's a thought experiment based on some extreme case assumption, and now assume the assumption is true). It also ignores the fact that the mint would need to make fewer dies, need fewer presses, have fewer employees to make the dies and maintain the presses, etc. Because transactions would be rounded up as well as down, there would be little if any net increase in demand for other denominations to offset the savings from eliminating the cent.
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Moderator
United States
188320 Posts |
Well said, Captain.  |
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Pillar of the Community
 527 Posts |
Hasn't it always been said that journalism is usually wrong and misleading?
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Pillar of the Community
United States
2120 Posts |
Another great case of lobbyists working hard to maintain the "Status Quo".
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Pillar of the Community
United States
4132 Posts |
Actually, I may be jumping to conclusions, as I haven't read the actual testimony, so what he said might not be accurately represented. News articles frequently make a hash of the facts, particularly when there's any math or technical details involved.
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Bedrock of the Community
United States
20753 Posts |
Quote:
It also ignores the fact that the mint would need to make fewer dies, need fewer presses, have fewer employees to make the dies and maintain the presses, etc.
Now you've really crossed the line with that statement. FEWER EMPLOYEES? The government laying off employees? You could say anthing you want about getting rid of our Cent and/or Nickel but saying getting rid of a Federal Employee? After that statement, be carefull opening your door. And if you see some guys in front of your houes in black outfits, remember we don't know you at all.   |
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Bedrock of the Community
United States
10045 Posts |
Quote:
Insert my usual "Time to kill the cent and nickel" speech here. I suspect if we put it to a vote, most Americans would like to be done with the cent, perhaps the nickel too. Just end it already!  |
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Moderator
United States
188320 Posts |
 (This should come as no surprise) |
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Replies: 10 / Views: 1,414 |
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Posted 05/08/2012 4:11 pm
