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 Replies: 10 / Views: 1,054 |
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Pillar of the Community
United States
1203 Posts |
Over the years I have seen and been in discussions where the lowly cent was discussed as to it's worth as a circulating coin. Such things as, 'should be discontinue the cent and start rounding off prices', to coming up with a new coin like a 2 cent coin. Well that decision just might be about to be made for us, as the price of raw material keeps going through the roof. Here are some examples as given in the latest report from the U.S. Mint's annual report (Sept. 30, 2005); In Sept. Copper was being traded at $1.60 to $1.80 per pound. Nickel was being traded at $6.00 to $6.50 per pound. Zinc was being traded at $0.60 to $0.65 per pound. Then just 5 months later these prices have gone up to: Copper.........$2.20/lb. Nickel..........$6.73/lb. (but it had been above $7.00 most of Jan.) Zinc..............$0.90/lb The report gives the cost of minting various coins at: 1 cent=$0.0097 cents 5 cent Nickel=$0.0483 cents All the rest of the circulating coins are currently below the face value and are in no danger of being changed in the near future. Oh yes, 70% of the cost was based on raw material price. It's what they call 'supply and demand'. Care to comment?  |
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Pillar of the Community
United States
1327 Posts |
I was reading that yesterday in CW and thought it was interesting. do we think they will stop minting small cents and nickels. I don't think they will but you never know.
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Pillar Of The Community
Turkey
1205 Posts |
They may go for different designs I guess. Cheaper material, or smaller coins?
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Valued Member
United States
79 Posts |
Old Dan,Iknow you remember the plastic mills in the past that represented one tenth of a penny TAX TOKENS. that might be in store for the penny?
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Pillar Of The Community
Turkey
1205 Posts |
Maybe notgeld comes back ha? :LOL
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Pillar of the Community
 United States
1203 Posts |
quote:
Originally posted by dgoose50
Old Dan,Iknow you remember the plastic.....
Sure do and it's not so far out of the realm of possibilities to have at least the cent made from plastic now. The nickel is another question, as it would be hard to not see at least a silver colored coin. |
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Valued Member
Australia
281 Posts |
You are probably right with one cent coins being taken out of service, with China sucking in raw materials the price is going to continue to climb, even scrap metal has doubled in price in the last few years.
Even without the metal prices, just how useful are one cent coin? I doubt you can buy much with them, and I think the australian five cent piece is going the same way.
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Pillar of the Community
United States
1247 Posts |
Eventually I believe they will phase out the Lincoln Cent or at least business strikes. They'll probably keep Abe in proof and mint sets. The Mint might also do all that it can to keep the cent in production at least until they can roll out some Lincoln Cent 100th year anniversary products. Nickels might be okay. They're 75% copper and a world wide building boom is demanding alot of copper. The building boom however, at least in America, can't go much longer. IMO, it's delusional. And in Elliot Wave theory it's a sure sign of a 5th wave on borrowed time. But the math ain't there. Really, how many people are left that can buy a $400,000 cracker box with a McJob? Politically, plastic cents might be out of the question as it would point out the true value of our money to any dolts who still believe it's as good as gold. |
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Pillar of the Community
United States
1203 Posts |
quote:
Originally posted by longnine009
Politically, plastic cents might be out of the question as it would point out the true value of our money to any dolts who still believe it's as good as gold.
They would just substitute gold colored plastic and go merrily on their way! |
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Pillar of the Community
Australia
1091 Posts |
What do other countries do when their coinage is worth next to nothing?
Some add Aluminium to the coins. It would make them lighter in weight and color. An Aluminium Nickel would still give the silver type color.
I hope they USA doesn't take this option, as the Aliminium coins minted by countries wear very badly and look like rubbish. Japan, for example has the Aluminium one Yen coin. When held in your hand you just know it's nearly worthless.
LOL, Old Dan, You've hit the nail on the head...."Gold" coloured plastic would satisfy most of the public that it's worth something. But as a coin collector I'd rather have even Aluminium than Plastic.
Perhaps the US mint should not produce large quanties of the one cent coin for a couple years and then the banks could reward people who bring them in. After all there are many trillions of these coins in circulation, they are just not being used.
Soon the US 1c could be worth it's weight in copper and you'd have real value again in your coinage. I can imagine scrap metal dealers trying to collect the coins by the ton to make a dollar profit.
Edited by toast
03/03/2006 12:09 am
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Pillar of the Community
United States
1247 Posts |
On second thought maybe the mint will go to plastic. During the California gold rush people used to tack up cloth walls for petitions in their board shantys. Those simple iron tacks sold at par with gold. One pound of tacks for one pound of gold. If iron can be as good as gold why can't plastic be as good as zinc?  |
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Replies: 10 / Views: 1,054 |
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Posted 03/02/2006 4:12 pm
