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 Replies: 13 / Views: 3,834 |
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Valued Member
United States
462 Posts |
I read somewhere ( http://cashmoneylife.com/2009/04/01...ion-in-2011/) that the government plans to cease penny production in 2011. The article also mentioned that they would produce 50,000 proof sets containing 2011 pennies which will go out to auction with bidding starting at $179.99 to help pay off the national debt. Is there any truth to this article or is this just someone speculating? It just sounds weird that the government would bother to go through all that trouble when you consider that our national dept is over 13 trillion dollars. |
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New Member
United States
14 Posts |
It is a Blog, Read his Bio and make up your own mind. In my opinion, it is pure speculation. I would also come to the conclusion that it is an old blog judging by the apparent blog date of April 1, 2009. (April Fools day as well)
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Forum Dad
 United States
24154 Posts |
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Pillar of the Community
United States
591 Posts |
Well I figured it was a ploy to try to push hoarding and increase in sales etc etc
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Pillar of the Community
United States
3294 Posts |
In any case, by my calculations, the revenue from those 50,000 sets would pay for 6.5 minutes of interest on the national debt, assuming that they were free for the mint to make.
Another interesting stat is that the US debt is between 2 and 3x more valuable then all the gold ever mined in the history of humanity.
Edited by nod2003
10/26/2010 3:50 pm
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Pillar of the Community
United States
1952 Posts |
this has been going around for the last 40 years that I remember lol. it hasn't happened yet so I would not start hoarding the cents yet
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Pillar of the Community
United States
667 Posts |
If you read to the very bottom of the page.
$$$ And if you haven't figured it out by now -- Happy April Fools Day! :)
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Pillar of the Community
United States
4989 Posts |
Fortunately the US is no longer on a Gold Standard. Hence, they can repay the US national debt, in full, by issuing a single check from the Federal Reserve to the General Fund. Oh no, that will devalue the dollar. What does a weak dollar mean? Exports, jobs. Not so bad.
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Pillar of the Community
United States
757 Posts |
it means a lot of good things for foreign investment, and really bad things for citizens. I guess if you're an internationalist then massive inflation is ok.
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Valued Member
 United States
462 Posts |
Clearly I didn't read below the Penny Facts section  . I don't really see how they could ever discontinue the penny because I imagine people would go ballistic if prices were to be rounded since most price end in .95 or .99 and that would me we'd be paying a fraction more for everything, especially when it comes to gas. |
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Pillar of the Community
United States
3294 Posts |
Gas is already rounded. They charge $2.599 per gallon, so they are already rounding up to the nearest 1c. What is the big deal if they do it to 5c instead? It is not like you are going to lose out on a lot.
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Pillar of the Community
United States
757 Posts |
yeah, but what you do when you take the penny out is immediately inflate. yes, to the individual the affects are negligible, but on the whole there would be negative repercussions.
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Pillar of the Community
United States
667 Posts |
What happens if they do away with the penny? Will I miss it? I will for a few reasons. Our penny jar each year has over $250 in it, of course I turn this into American Silver Eagles each year.
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Moderator
United States
188213 Posts |
 Rounding goes up or down, not always up. Even if a business rounded everything up, a wise competitor would round everything down. Electronic transactions will still be to the cent. I can almost guarantee that almost every business will round every cash transaction down to the nearest five cents to encourage cash transactions and save the vig to Visa/MC/et al. |
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Replies: 13 / Views: 3,834 |
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Posted 10/26/2010 3:29 pm
