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 Replies: 21 / Views: 4,153 |
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New Member
United States
47 Posts |
With the price of metals rising and the idea of taking away the penny brings me to question if the mint should bring back the 2-cent(maybe the 3-cent) coins to cover the costs? Just bored and thinking out loud?  |
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Pillar of the Community
United States
3294 Posts |
I don't think that would work, since it is not cost effective to make coins worth less then $.10 at this point. I personally would like to see 1c coins canceled for this reason.
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Valued Member
United States
285 Posts |
I think it is more likely that the 1 cent coins will be canceled and everything will be rounded to the nearest 5 cents.
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Pillar of the Community
United States
3234 Posts |
I'd love nothing more than to see those coins circulate again, but it ain't gonna happen. I think it would be much more logical to dump the cent, five-cent coins, and quarter coins and add a Twenty Cent (yeah!) and go pure decimal! |
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Pillar of the Community
United States
2120 Posts |
Honestly if any modification of our currency is going to happen we may as well devalue the dollar by a ration 10:1.
Will never happen though.
Edited by Namachieli
09/10/2010 5:22 pm
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Moderator
 United States
187950 Posts |
Quote:I think it would be much more logical to dump the cent, five-cent coins, and quarter coins and add a Twenty Cent (yeah!) and go pure decimal! I like that plan!  Although, for the record, I have no problem with the quarter.  |
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Pillar of the Community
United States
613 Posts |
I'm all for the 2 cent piece like I said before. We need to do away with cent, nickel, and quarters, then start the 2 & 20 cent coins. All transactions would end in an odd number, 2 4 6 8 10. All coins would be 2, 10, 20, 50, & 1.00. Nah, thats to darn simple it would confuse to many folks.
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Valued Member
United States
393 Posts |
Prethen is right, our coinage is so outdated we're carrying around worthless stuff. IMHO I think .25 should be our smallest coin, and we need a $1 and $5 coin. The $1 and $5 bills should be eliminated.
I think getting away from precious metal coinage has caused our coins to become cruddy and almost worthless. They're so worthless they lay in nasty ashtrays, and other undesirable places and people won't even bother to pick them up.
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Pillar of the Community
United States
709 Posts |
All this does it make it painfully clear the dollar has lost value. How much value you ask? One cent in 1909 would today purchase 14 cents in value today. In real language we can all understand. The dollar can now purchase 4 cents in value. It has lost 96 cents per dollar in purchasing power. Why? The United States government spends money it doesn't have and continues to do so. The government devalues the dollar to pay the bills that are due in cheaper dollars. This has been a long standing practice that both polictical parties sign off on.
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Pillar of the Community
 United States
2448 Posts |
Remember when you could get 20 pieces of candy for a penny? Lets keep it like it is but update the coins and get rid of the dollar bill.
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Valued Member
United States
291 Posts |
Not sure I follow the math on the 1 penny = 14 cents, followed by the $1 = 4 cents example, but I agree the money isn't worth what it use to be.
I like the suggestion that we dump the small change and add new coinage for higher denominations. Let's go straight to $1, $2, $5, $10, $20 and $50 silver, and $100, $500, $1,000 and $5,000 gold coins. If we must have paper money, we could reinstitute paper currency for $500, $1,000, $5,000, $10,000 and $100,000 denominations.
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Rest in Peace
United States
1729 Posts |
Lincoln Cent is converted to 2¢ aluminum or even acrylic and is reduced to the size of the euro cent, 5¢ is reduced in size to about the current cent but thicker and aluminum or as cheap an alloy as possible is used; dime and quarter remain; paper dollar is dumped and dollar coins are flooded into the market. Problem solved.
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Pillar of the Community
United States
2541 Posts |
I think we need to get rid of the cent sometime fairly soon. I wouldn't actually be a fan, because then I couldn't roll hunt for wheats any more! The cost combined with the current economic situation means that we're probably going the way of the 5 cent rounding, IMO.
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Valued Member
United States
53 Posts |
I was kind of surprised at this thread. It seems the idea of a Two Cent coin would be utterly worthless in replacing the one cent coin. Like someone said, we may as well go straight to 5 cent rounding and stick with nickels. Who knows, soon enough they may do away with it all. |
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Valued Member
United States
291 Posts |
What is interesting about this thread is it seems like common knowledge that our currency has lost value. I would argue that the pace that it is losing value is increasing. However, if you look at the CPI which is suppose to be a measure of inflation, you would believe, at least in the recent past, we have no inflation and the money is keeping it's value. Unfortunately, as we all know from trying to stretch our dollars, nothing is further from the truth.
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Pillar of the Community
United States
573 Posts |
Quote:
I think we need to get rid of the cent sometime fairly soon. Quote:
It has lost 96 cents per dollar in purchasing power. Why? The United States government spends money it doesn't have and continues to do so. Maybe we ought to just get rid of 96% of the government as well as the Federal Reserve. |
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Replies: 21 / Views: 4,153 |
Posted 09/10/2010 4:56 pm
