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 Replies: 16 / Views: 1,950 |
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Moderator
 United States
16677 Posts |
Rep. Frank Lucas of Oklahoma has introduced H.R. 6942 which will replace the current 5 cent coin with a CN Half Dime. It will be the same size as those struck between 1794-1873. He states the cost to produce the current 5 cent coin is 9 cents. This coin will save taxpayers $58.5 million per year. This would apply to coins issued after 12/31/09. What are your thoughts? I personally like this idea. swcoin.ecrater.com
Edited by vermontensium
10/12/2008 7:21 pm
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Valued Member
United States
295 Posts |
58 million a year? I think that is a great idea plus imagine what it will do for the capped and Seated half dimes! I think cutting costs like this is very important and should be implemented in every aspect of the government. 10.2 trillion dollars debt is a bit much. |
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Pillar of the Community
United States
2734 Posts |
I started a big thread about this very subject right here: https://goccf.com/t/36034The proposal does make economic sense, but the U.S. could save even more money by getting rid of the $1 bill. I personally also think for circulation usage it's preferable to change to a smaller cupro-nickel coin rather than make a plated steel-planchet nickel. (unless it was stainless steel, but I think that would cost too much!) A nickel-plated copper coin could also work very well, but the coin would still cost more than 5¢ to make in total costs. Cupro-nickel 5¢ Nickels may even stay in production as 'uncirculated' collector coins, in much the same manner as the JFK Half-Dollar and the 2002-2008 Sacagawea dollar. Edited by DNA
10/12/2008 8:25 pm
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Moderator
 United States
16677 Posts |
Sorry DNA, did not know you started a thread on this! FreezerBurn, that's $58 million dollars a year saved to taxpayers, not the mintage figure. Exactly JonS.7070, unfortunately, our politicians have been spending money like Bob Brinker puts it, "Like drunken sailors", instead of adopting a "pay as you go" plan kind of like responsible folks like you and I do. That's why I'm for this. Less CN, less $$ to produce.
swcoin.ecrater.com
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Pillar of the Community
United States
2734 Posts |
The Euro-cent is smaller than our 1¢ coin.
I do think a lot of the public would actually like the small size of the half-dime, particularly 'little old ladies' with coin purses!
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Valued Member
United States
303 Posts |
$58 million is nothing compared with $10.2 trillion. If that is the only thing cut, it will take the US 176,000 years to reduce it to 0.
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Moderator
United States
16677 Posts |
Wouldn't it be cool if they adopted the Seated Liberty design of the original coin! Or how about the Flowing Hair or Draped Bust design!  swcoin.ecrater.com
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Pillar of the Community
United States
5318 Posts |
Quote:
the U.S. could save even more money by getting rid of the $1 bill.  It's really a no-brainer. Lawmakers are dragging their feet, so I suspect we might see an "emergency coinage" series as necessity--or perhaps the endless billions of current coins will circulate with reduced mintages in coming years?  I'm thinking of those over-minted State Quarters. I'm guessing collectors will have some interesting opportunities in store: New series/compositions. Reduced mintages for 2010-2015 Edited by KurtS
10/12/2008 9:09 pm
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Valued Member
United States
295 Posts |
"$58 million is nothing compared with $10.2 trillion. If that is the only thing cut, it will take the US 176,000 years to reduce it to 0."
Hc8604 you are right it absolutely pales in comparison to our national debt however, I believe that we have to start somewhere and maybe adopting an "every little bit helps" attitude would be wise. While they are at it get rid of the dollar bill too! I personally would be excited to see more coins in circulation to collect. Imagine all the new Errors!
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Pillar of the Community
United States
632 Posts |
The passing of this bill is even less likely than the aboshliment of the paper dollar anytime in the near future. The half-dime is not going to happen again.
And besides, next year the nickels are changing to steel composistion anyways so they wont have to worry about production costs for awhile.
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Moderator
United States
187950 Posts |
While I am not sure if it is the correct solution, I am still intrigued by the idea of a Half Dime. I would not complain if it passed, nor rejoice if it failed. IMHO, the five cent coin will change soon; it does not really matter whether it changes to a Half Dime or plated steel. I think the elimination of the one dollar FRN and even the one cent coin are more important issues to sort out. |
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Moderator
United States
16677 Posts |
I guess one thing is for sure, eventually, they will change our coin designs and/or denominations or just eliminate coinage all together. swcoin.ecrater.com
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Valued Member
United States
486 Posts |
A new Half Dime? -Very Cool To bad they would use no silver. -PP |
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Pillar of the Community
United States
4541 Posts |
Quote:
This coin will save taxpayers $58.5 million per year I think the proper way to say that is Taxpayers want be spending 58.8 million a year on nickels anymore we will spend it on something else |
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Valued Member
United States
303 Posts |
JonS.7070, yeah we should start somewhere, but we should start with the big unnecessary spending. But if $58 million can be a start, why not?
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Moderator
United States
16677 Posts |
I am a huge proponent of fiscal responsibility and "pay as you go" spending. Sadly, there has been none of that for years. I believe this is a start at least.
swcoin.ecrater.com
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Replies: 16 / Views: 1,950 |
Posted 10/12/2008 7:53 pm
