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 Replies: 69 / Views: 8,662 |
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Pillar of the Community
United States
1126 Posts |
Has anyone else any information on this? It would be Greatly Appreciated. Quote From Article: Quote:
On the heels of the Canadian announcement, U.S. Treasury Secretary, Tim Giethner stated in a press conference today that the U.S. Mint will remove the penny and nickel coins from circulation, starting early in January 2013. Full Article: ht tp://skewnews.com/penny-and-nickel-coins-to-be-phased-out-in-2013/#.ULTO14ZqYa |
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Pillar of the Community
United States
1054 Posts |
I don't know how credible this is, I suppose it's been a long time coming. As an avid coin roll hunter, it will hurt. There's lots of varieties I look for in these denominations.
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Pillar of the Community
United States
1302 Posts |
it's bunkum.
but I'll let you know what my U.S. Mint contact has to say when he calls back later today.
Looks like the only sites to run the story are conspiracy sites- should tell you something.
Edited by cc99999
11/27/2012 11:26 am
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Moderator
 United States
23522 Posts |
It's about as "credible" as aliens landing in Las Vegas last night. Why are no respectable news outlets blaring it from the rooftops, when some unknown domain created in May 2012 has the info?
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Moderator
United States
187637 Posts |
Quote:
Looks like the only sites to run the story are conspiracy sites- should tell you something. Quote:
Why are no respectable news outlets blaring it from the rooftops, when some unknown domain created in May 2012 has the info? Enough said. |
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New Member
United States
19 Posts |
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Pillar of the Community
United States
1200 Posts |
I always thought that in addition to the thoroughly obvious nightly alien landings in Las Vegas that town was pretty well-populated by aliens, as well... After all, weren't the "Men In Black" movies just reality shows filmed in Vegas?
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Bedrock of the Community
United States
19930 Posts |
It's not Giethner's decision to make.....CONgress has to pass a law. The article is "onion" material.
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Moderator
United States
187637 Posts |
They wish they were The Onion.  |
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Rest in Peace
United States
3039 Posts |
It can't be true because it makes sense (no pun intended.)
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Bedrock of the Community
13014 Posts |
Aside from everything else already mentioned the other key tip off to being a fake article is the time frame. Its very unlikely the penny and nickel would go at the same time, and if either or both were to go I'm guessing wed know a year or more in advance. With the current economy I'm guessing they probably wont do it even if they really did finally want to to keep from putting uncertainty in the market and having pennies hoarded
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Pillar of the Community
United States
1302 Posts |
Mint spokesman just informed me that the story is inaccurate. That settles that.
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Pillar of the Community
 United States
1126 Posts |
Thank You Charles, I appreciate it very much  Terry |
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Pillar of the Community
United States
621 Posts |
If I'm not mistaken congress has to approve such a change. so how could he announce its happening already? indeed I was right. this is from the official mint site
"Are there any plans to remove the one-cent coin (more popularly known as "the "penny) from circulation?
We occasionally hear from people who believe that the Mint should stop producing one-cent coins and remove them from circulation. You may be interested to know that the penny is the most widely used denomination currently in circulation. There was a study conducted in 1976 of this and other suggestions regarding our coinage system. However, the idea of eliminating the penny received strong objections from an overwhelming majority of State revenue collection departments, retail firms, and commercial banks. Other objections voiced in later studies concerned the inflationary impact of such a proposal on prices and possible difficulties on collecting sales taxes.
It has not been confirmed that the penny has outlived its usefulness. Neither business nor the public as a whole has pressured for changes in the coin denominations in circulation today. In addition, our coin and currency system is among the most trusted in the world. The vast majority of users apparently are content with the existing coin denominations, including the one-cent coin. As a result, the Treasury Department has no plans now to cease production of the penny. In addition, such a change to the United States monetary system could not be done without prior Congressional authorization. If directed to do so by legislation enacted by the Congress and signed by the President, the Treasury Department would again study phasing out the penny. Since the demand exists and the Federal Reserve Banks require inventories to meet the demand, the United States Mint is committed to producing the penny."
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Bedrock of the Community
13014 Posts |
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There was a study conducted in 1976 of this and other suggestions regarding our coinage system. Im not a fan of government wasting money on studies but if thats their rationale its time for a new study. Money and how its used to today is far different than the 70s with credit cards, speed passes, debit cards ect. |
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Valued Member
Canada
156 Posts |
When they announced the abolition of the one cent coin here in Canada it was big news from day one. The mint made sure everyone knew what was going on and every news source published the information. If this were really happening there would be dozens of other sources to reference.
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Replies: 69 / Views: 8,662 |
Posted 11/27/2012 11:19 am
