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 Replies: 47 / Views: 3,517 |
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Pillar of the Community
United States
2589 Posts |
bring back the large cent, then maybe congress will stop complaining
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Valued Member
United States
328 Posts |
I don't wan't coins to be magnetic. I'd be too much trouble. And, eaglefoot, since when is zinc semi-precious? My idea of semi-precious is silver, as it isn't that expensive, especially when compared with gold.
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Moderator
 United States
189340 Posts |
quote:
This piece of legislation only authorizes the change for cents and excludes all other denominations. The fact that productions costs for the nickel(five cent coin) exceed face value has been ignored and if the bill passed as-is, another bill would need to be submitted for the nickel.
I stand corrected... the legislation affects the Nickel only with the "five year" rule... quote:
It also puts on the brake for any sudden change in composition for denominations other than the cent -- that is, the nickel, dime, quarter and half dollar. The bill would prohibit change until "the end of the fiscal year which is the 5th of 5 sequential fiscal years in each of which the net cost of producing such circulating coins ... has exceeded the total face value of such coin."
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New Member
United States
42 Posts |
I don't see why it would be bad to switch to a cheaper metal for the penny and the dime, considering the costs. However, I also wouldn't like to see a magnetic coin, as it could cause trouble around magnetic storage mediums and computers. Also, the bill seems a little odd in how it actually limits potentially positive changes.
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Bedrock of the Community
United States
20753 Posts |
As usual it amazes me how many people, newsmedias actually believe that anyone in our government cares about saving money. How many really care about saving taxpayers a few lousy million for the process of making coins. Just what would happen if they stopped the cent altogether with the money that is used to produce them? Does anyone out there really think it would be used for something beneficial to mankind or just a bigger lunch for some Senator. In Illinois many years ago the government came out with a story of if we have a state lottery it will pay for the school system. We here have a lottery almost every day and we still have a massive amount of money in taxes for our school system, which by the way is always broke. So where did all that money go?
A limited knowledge of Steel is obvious to our political people. Same with vending machines. Not sure where your at buy I just can not find a vending machine that takes or wants cents (pennies). And for steel, not all steels are magnetic and not all rust anyway. There are a massive amounts of STAINLESS STEELS that are non-magnetic. Most surgical stainless steels are of a grade that makes them non-magnetic. Stainless steels used in many industries must be non-magnetic so not to disrupt sensitive communication wires and cables and not be effected by any chemicals used in making some of the newer types of concrete for roadways. Such types were recently used in the construction of a major road system in Chicago's downtown area. If there, you could see such Stainless Steel struts used to hold up traffic systems on Waker Drive and not be attracted to or by a magnet. Same with the associated bolts, nuts, washers.
If our government somehow saved millions or even billions on the production of coins, where do you really think those savings will go?
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Pillar of the Community
Canada
965 Posts |
I can't believe that this is even a problem. Do away with the penny and even the nickel already! As a collector, I'll miss them, but the mint can continue making them for mint sets and collectors' issues, but just don't make them for circulation. Lots of countries have done away with small denomination coins and their economies haven't suffered one bit! As a practical person, I don't see any real reason why the penny is still minted, except for our roll-hunting pleasure. Then again, the US can't get the idea of a $1 coin to fly, either.......  Edited by Topher
03/19/2008 12:16 pm
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Moderator
United States
189340 Posts |
I'll agree with Topher!
The US did at one time have a half-cent. It was removed from circulation and the country did not collapse into a quantum singularity.
And last time I checked, Canada did not fall into post-nuclear ruin after removing their lesser bank notes in favour of loonies and toonies!
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Pillar of the Community
United States
4541 Posts |
If you remove lesser denominated coins want the prices of everything go up even more? I mean instead of it being $2.12 or $5.16 for something you purchases they wouldnt round down the price to say uh $2.10 or $5.10 but would yet be rounded up to $2.20 and $5.20 causing everything to cost more.  |
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Bedrock of the Community
United States
17884 Posts |
quote:
There are a massive amounts of STAINLESS STEELS that are non-magnetic.
The problem is cost of most stainless steels is high enough to not make them practical for us making cents Even using the cheap grades of steel the cost per coin for the cent will be between .8 and .9 cents per coin. Go to the more costly stainless steel and you will probably still be over a cent apiece. quote:
I stand corrected... the legislation affects the Nickel only with the "five year" rule...
It also covers the dime, quarter, etc. which is where they get the part about repeated alterations that the vending machine operators would have to cope with. Dime gets too expensive and gets changed, a couple years later the quarter etc. |
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Moderator
United States
189340 Posts |
quote:
If you remove lesser denominated coins want the prices of everything go up even more?
This is the FUD that many against removing the cent like to spread. First, the cent will still exist for all electronic transactions. Second, it will not be rounded up, but rounded proper. Look at your last few purchases, calculate the sales tax (which is seldom going to be exact to the cent!) and see how it was rounded! Third, only the total purchase is rounded. Yes, one pack of gum could get rounded up if that is all you bought, but not each and every item on a weekly shopping spree or on the bill at a restaurant. Saying all items would be rounded up is like saying each individual item is taxed, then rounded up, the totaled! |
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Pillar of the Community
United States
4541 Posts |
thanks for clearing that up bucky
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New Member
United States
42 Posts |
Prices *will* be rounded in favor of merchants, essentially driving them up. If you make a purchase at a store with coins in which the price ends with an amount less than 5¢, you'll automatically have to pay 10¢. The next time you have to pay for an item at the store, the same will occur. Merchants don't have a running tally of what you pay, and even if they did it's highly doubtful they would round your purchases up to anything that is less favorable to them.
It will be a per transaction rounding, having the customer lose each time. The more individual transactions, the more the customer loses. Those who purchase in bulk more often lose less. Unfortunately, those with fewer resources cannot often afford to do so, and so must make smaller purchases over more time, leading to additional loses, in both overall cost and rounding.
Also, as has been stated already, I doubt any substantial savings will be passed down to the taxpayers anyway. Besides, looking at the coin making business overall, only the cent and nickel are loses. Overall, minting coins is profitable, so we could look at the additional profit from the larger denomination coins as making up for the loses from making cents and nickels.
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Bedrock of the Community
United States
20753 Posts |
The problem is cost of most stainless steels is high enough to not make them practical for us making cents Even using the cheap grades of steel the cost per coin for the cent will be between .8 and .9 cents per coin. Go to the more costly stainless steel and you will probably still be over a cent apiece.
Not true. Maybe some time back in time but today Stainless Steels of many grades are being produced in countries such as China and Pakistan continuously. AND at a very low cost. Our cost here is due to low production of such materials not the actual materials. WE have organizations that constantly produce non-magnetic Stainless Steels for construction projects continuously and at a very cheap cost. As I mentioned massive non-magnetic Stainless steels have been used in the Chicago area road construction programs and at a very low cost due to extensive productions.
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Bedrock of the Community
United States
20753 Posts |
If you remove lesser denominated coins want the prices of everything go up even more? I mean instead of it being $2.12 or $5.16 for something you purchases they wouldnt round down the price to say uh $2.10 or $5.10 but would yet be rounded up to $2.20 and $5.20 causing everything to cost more.
Basically true. However, I've noticed that when I go to a store and purchase something that is posted as 2 for $0.99 and as I watch the register ring up these items individually I see I'm being charged $0.50 each. Maybe not everywhere and it may be a local scam but it's working already. By the way when did you ever see a gas pump read $3/gallon? Isn't it always something like $2.978/gallon. Try stopping the pump at $15.643 for example.
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Pillar of the Community
 United States
4870 Posts |
What exactly is wrong with having coins that are attracted to a magnet?
Edited by TheForce
03/20/2008 09:47 am
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Replies: 47 / Views: 3,517 |
First Page
Posted 03/18/2008 4:52 pm
