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 Replies: 23 / Views: 2,993 |
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New Member
 47 Posts |
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So are you saying we should round everything up to the nearest dime? I'm saying, since it costs more to make paper money hard to counterfeit than it does small coins. That eventually we will have to start dropping zeros off of our money because after the penny it will be the nickel then the dime... If it keeps going at this rate, in 40 years people will have to earn 400 dollars per hour to be equivalent to today's 30 dollars per hour. So yes if the government steps in with a 10 percent reduction. Minimum wage would go from 10 dollars per hour down to 1 dollar per hour, and something that costs 50 dollars in the store would cost 5. |
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Pillar of the Community
Canada
2781 Posts |
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The Canadian government has no right to melt US pennies i was reading a little this morning about defacing currency, I am not 100%, but the way I understood it is that the US gov't makes it illegal to deface ANY legal currency (not just US) but in Canada it is only illegal to deface Canadian currency. regardless, if copper US cents get shipped back to the mint as part of the alloy recovery program it would be almost impossible to weed them out. |
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Pillar of the Community
Canada
1700 Posts |
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i was reading a little this morning about defacing currency, I am not 100%, but the way I understood it is that the US gov't makes it illegal to deface ANY legal currency (not just US) but in Canada it is only illegal to deface Canadian currency. I get around 12 percent of US pennies in rolls. Let's just make it 10 percent (due to the fact that I'm only 35km away from the border). If the melting company melts one million pennies, 100000 of them would be US. Also, the US Mint website does state laws upon melting coins. This would become political if your idea is correct. Canada would make money on US currency. Imagine the copper and zinc price for 100000 US pennies. Also, I think that machines in the mint or melting company could detect US currency and I'm sure that they would sort them by year. |
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Pillar of the Community
Canada
1581 Posts |
The week after the government announced the change, my local pizza place adjusted their pricing so the slice + pop = $6 (instead of $5.99). Ask yourself how many vendors actually want to deal with the trouble of obtaining rolls and rolls of pennies for change. Vendors will embrace the elimination. They certainly will not expend massive effort and cost to obtain US rolls. And I think most consumers see the 1c as absolutely useless. Rolling them and taking them to the bank is a complete waste of time, so they sit in jars and drawers. The only the reason the Americans are following suit is because of the zinc planchet lobby doesn't want to lose business. US 1c cost them 2.4 cents to make and put into circulation. As for the US 1c in circulation here, the mint has done alloy recovery for years and years. What do they do with US coins? |
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Pillar of the Community
Canada
3692 Posts |
I agree that penny rolling is a complete waste of time.
I disagree that the minimum wage should be increased even more. What should decrease is the cost of production via honest money backed with solid commodities AND solid industry. Of course I'm constantly seeing things wrong with the world so don't mind me one bit; I'm a bitter fool. But, having worked for minimum wage, I can tell you that from the perspective of the businessman having to pay your workers that even THAT is high, and what is slim is the profit margins of one's company. Unless you're making a killing it's not even worth getting into any business at all. The average daily wage is about $70-90, when 20 years ago it was $40-50 on minimum wage. It's just nuts! Minimum wage isn't too low, it's that the cost of products is too high and people don't really realize that because "more is better". I wish things could cost 1 cent again so that we could actually use the resources that are already have in our hands! There are trillions of pennies around to use and now they're worthless.
Anyways, I think that it should stop at the nickel because the poor working class will be dissatisfied with everything at 25 cent intervals, quoting not being able to save money for the future. If the issue is counterfeiting then we should use precious metals to curtail this.
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Bedrock of the Community
United States
12437 Posts |
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The Canadian government has no right to melt US pennies Sure they do, there is nothing to stop Canada from melting US cents that enter circulation in Canada. However, they could not import large quantities for the express purpose of melting. One of the provisions of the melt ban is an export limit of $100 for shipments and $5 for travellers. Quote:
the way I understood it is that the US gov't makes it illegal to deface ANY legal currency It is illegal to deface paper currency but coins are fair game. The only exception is the current ban on melting cents and nickels but there is nothing to stop you from drilling a hole in them or squishing them flat. |
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Pillar of the Community
Canada
1700 Posts |
US coins are the properties of United States. I don't know about international currency laws, but United States must have the right to do whatever they could in order to protect their property. Other than that, US will eliminate pennies shortly as it becomes more and more useless. I am sure that melting companies will own sorting machines to pull out US pennies and sort years.
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Pillar of the Community
Canada
1700 Posts |
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squishing them flat. Why are there so many Traditional Chinese characters that don't make any sense together? |
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Replies: 23 / Views: 2,993 |
First Page
Posted 08/10/2012 11:18 pm
