Okay, so, the talk and legislation about plated steel cents, nickels, dimes and quarters emerge regularly now, it seems, so, why not steel halves and dollar coins as well? I know halves and dollar coins have enough face value to cover their respected clad alloys, and I also know that, unlike cents, nickels, dimes, and quarters, which actually do circulate, halves and dollar coins do not circulate, and are currently only being minted for collector purposes, but still, Canada made their halves, $1 and $2 coins out of plated steel (a little over a decade after they started making their cents, before they eliminated them, and their nickels, dimes, quarters and halves) and Canada's halves do not circulate much either, and I believe, are currently only made for collector purposes as well, and they still decided to make their halves out of plated steel, regardless, so, why shouldn't we make what U.S. halves and dollar coins we mint, out of plated steel as well? It may not save much money, but it will still save money.
Also, as I asked a few times, in different topics about steel coinage, would it be worth hoarding the more valuable brass, copper, nickel and zinc composition coins we have now?
Our 50-cent coins are made out of MPPS because all of our other coins are made out of MPPS. It seems like it's near-impossible to change anything in the United States, so changing the composition of coins that don't circulate does indeed seem like a big waste of a change.
Here's the real method that the RCM uses to make money on its half dollars: the only way to get new ones is to pay the Mint $1 per coin.
Quote: Also, as I asked a few times, in different topics about steel coinage, would it be worth hoarding the more valuable brass, copper, nickel and zinc composition coins we have now?
Only if you're crazy and don't leave the house much. I have my doubts about the desirability of this stuff even AFTER the apocalypse.
It's a collectors item. No matter what they will make over face for it. It the new material makes a bad product they lose money. It may cut costs slightly but comes with risks and political costs.I just think its a if it's not broke don't fix it with the US mint. The canadian mint focuses a lot more on maximizing profit.
I think with out current political system it favors stability over anything else. Zinc lobbies etc.
Why are cars now made out of fiberglass instead of steel?
It's easier to ship. It costs less. It's easier to work with. It costs less. It's production is more economical, which brings us back to.... It costs less.
I agree with the car thing but we actually use cars and decreasing the production costs actually directly affects OUR cost.
As was already mentioned above, changing the composition of coins that are no longer being minted for circulation AND that consumers refuse to use is pointless.
... and the present metal content value of the half is 7 cents and the dollar 4.5 cents. Selling collector coins by the Mint is VERY profitable for them.
Not a big reason for a composition change.
...and re: hoarding...
Melt value of present circulation coins (disregarding the added melting costs and the fact that it is presently against the law)
The cupronickel clad composition has done well for the United States over past 50 years, therefore I would be against changing it. It is still cost effective for the dime, quarter and half dollar. I routinely get 1965 dimes and quarters in change that are ready for another 50 years in circulation. No need for plated steel unless metal costs go through the roof.
The metal value of the zinc penny and the cupronickel nickel isn't the big problem. It costs more than 1¢ and 5¢ respectively to *circulate* them (staff costs, machinery costs, packing and shipping to banks, etc.). This means if the metal was *free* it would still be a loss.
Quote: Besides, someone could pick your pocket by just surreptitiously sliding a magnet in and out of your pocket.
In my country, all of the circulating coinage[1] had been made from (magnetic) plated steel since October 2009. Nevertheless, I've never heard of anything remotely like the method you described ever being used (though it helps that there are still a lot of non-magnetic pre-2009 coins around).
[1] except for the occasional old-style commemorative, but they're very uncommon in circulation
Quote: Their remaining time is displayed on a bioluminescent watch on their arms. With time serving as currency in this new world, the wealthy are essentially immortal, while the poor typically live day to day, struggling to earn more time to stay alive.
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To believably depict a world where time is literally money
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Regardless of what they make those baby sized dollar coins out of, people still will not use them. Maybe if they made them twice as big as a half dollar, might get used but doubt it. In the USA people just don't like those baby sized dollars. And as to Half Dollars, sort of the same thing. People just don't like using them. And even if they made them out of Silver or something, still wouldn't get used for coinage. Just how how many of those baby sized dollars do you see being used? So making them out of Steel, Plastic, Tin, Plutonium or a ceramic, they still wouldn't get used. Face it, coins are going to soon be a thing of the past.
I don't see the current circulating coins becoming obsolete anytime soon. I think the American public will get rather upset if they got rid of the cent. People would see it as a government/ corporate conspiracy to raise prices on things. When I casually mentioned it to people they usually get upset even though they don't care or collect coins. In general though coins and cash are too useful to be phased out, electronic payments will next phase them out.
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It may not save much money, but it will still save money.
Posted 02/14/2015 01:08 am
