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U.S. Mint Considering Ending Pennys and Nickels

The mint is considering an end to minting pennies and changing the metal content of nickels.

Nickels are 3/4 copper and cost the mint nearly double the value of a nickel to manufacture (9.41 cents per nickel to be exact).

Canada quit making pennies years ago.

Pennies are made mostly of worthless junk metal (since 1982) but they still have some copper.

But ending pennies would cause prices to be rounded up to the next nickel creating what many call "inflation" of prices of goods and services.

By definition that is not really inflation but prices would inevitibly rise.

All this to save the government some money in the minting of our coins, but not a word about the government giving away billions upon billions in foreign aid each year.

We should scream about this if they do it because this would hurt the citizens of THIS country, while continuing to funnel our money out to foreign nations with nothihng in return except MORE DEBT!

STORY HERE:
http://amac.us/changing-small-change-save-uncle-sam-big-bucks

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Wunderb@hr

Inste@d of being "nickled & dimed" to de@th, we'll be "dimed & qu@rtered".

The headline for this post is wrong.

Nowhere on the page given as the source of this post does it say that the US Mint is considering changing the composition of pennies and nickels.

We all know that the Constitutional dollar has been out of circulation since the early 1930s. Constitutional half and quarter dollars (and dimes) went to their graves along with President Kennedy thanks to LBJ. That left us with the last Constitutional money being the one-cent coin (made of copper, commonly known as a penny) and the five-cent coin (made of nickel, commonly known as a "nickel").

Thanks to the Reagan administration the Constitutional one-cent coin went out of production in 1983. This leaves us with the very last Constitutional money being the five-cent coin whose composition hasn't changed since before the 1930s. Without it there will be no REAL, meaning lawful, money available in The United States of America. Without money (please note that I did not use the terms "currency" or "legal tender") our beloved Republican (see Article 4, Section 4 of the Constitution) Government will cease to have any true value whatsoever.

We will be left with only "$"s. This designation ("$") is punctuation only with no definition anywhere as being money. And we all know we don't pronounce punctuation, do we (question mark)? In case you haven't noticed, modern keyboards do not have the punctuation mark for cents. Little by little our money no longer has any written or spoken form.

No more five-cent "nickels" for money - no more Republic.

The cent and five-cent piece are not constitutional.

Only Gold and Silver coin are.

We still have constitutional coin, it just doesn't circulate in general commerce.

And for the record, while modern keyboards no longer have a printed key for ¢ you can still get the symbol like I just did. If you are using Winblows OS, you have to type an "alt code" but if you are using Mac OS X or Linux, you can turn on what is known as a "composition" key that activates 3rd, 4th, and 5th level characters that are mapped to the regular keyboard. In the case of Linux, the default is the "Super key" though this can be changed, and pressing the upper row 4/$ to get ¢. (you can also map the Euro symbol there € or the British Pound £ or the Japanese Yen ¥ but those are already mapped to 2/@/+shift, 3/# and Y/y respectively.)

And also for the record, the official names of those two coins are "cent" and "five-cent" as the "penny" is a different British coin. (the singular of 'pence') The U.S. used to circulate a silver 'half-disme' but that was traded in for the five-cent 'nickel' long ago. The five-cent coin, is incidentally only 25% Nickel. (the balance is copper)

Good

Nothing more annoying than having to deal with pennies.

Inflation

"But ending pennies would cause prices to be rounded up to the next nickel creating what many call "inflation" of prices of goods and services.

By definition that is not really inflation but prices would inevitibly rise."

The article's mention of debasing the metallic value of the nickel, however, is a classic example of inflation. Granted, the nickel is such a small part of the currency system that it would hardly be noticeable. This is precisely what happened to Rome in the third and fourth century under Diocletian. The antoninianus was initially minted primarily with silver, but over time more and more bronze was used to replace the silver content. This caused rampant inflation in the empire, and in an attempt to fight the inflation, Diocletian began to set prices for goods in terms of the antoninianus. (http://en.wikipedia.org/wiki/Diocletian#Currency_and_inflation)

good

I have been saving my nickels and copper pennies for a few years now.

I'd rather have a bottle in front o' me than a frontal lobotomy
www.tattoosbypaul.com
www.bijoustudio-atx.com

Disturbing

when considering the destructive effects of inflation, and the continued failure of civil monetary policy

Base Metal Coin Melt Value Calculator

I drill holes in penny's...

It increases their value by 10x.

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There

ya go...

Coins are more economical than bills

They cost more to produce, but have much longer
lifespans.

Although to produce either one in denominations that are
annoyingly small is lame.

I live in Japan, where there is no shortage of stupidity in government,
but they do get the odd thing right, and the currency system,
compared to the US, anyway, is one of them.

Downside - the 1 yen coin, current value about one US cent,
made of aluminum. Just as annoying as US pennies are now.

Upside - there are basically just three denominations of bills in
general circulation - largest bill, 10,000 yen is equivalent to a US hundred,
also a 5,000 and 1,000. (A 2,000 yen bill exists, but is basically a novelty -
think US two dollar bill).

The really good part though, is that the equivalent of one and five dollar bills
are coins - 500 yen being a little smaller than a US half, a hundred yen (=one dollar)
is a bit smaller than a US quarter, fifty yen about the size of a nickel (but lighter - it
and the five yen have holes in the center). The ten yen coin (which I find most often metal
detecting w/hundred yen second) is almost pure copper and about the size of a quarter
(weighs 4.5g), the five yen is brass (best value in terms of metal content, but melt value is
still quite a ways under face value - for the moment, anyway).

This means metal detecting for modern coins is a better deal here than in the US, but
the main advantage is not having to screw around with ones and fives - and the coins last
vastly longer than bills - I routinely get ten yen coins from the Sixties and even early Fifties.
in circulation.

Oh, and each denomination of bill is a different size and color - also convenient, especially
for the blind.

http://www.mint.go.jp/eng/operations-eng/eng_operations_coin...

If it was me deciding about US currency (and I couldn't just revalue it so
pennies and nickels were actually useful again) -

Pennies, one, five and probably ten dollar bills - gone.

Those denominations of bills replaced with coins.

Coins: ten cents, fifty cents, one, five and ten dollar.

Remaining bills of differing size and color scheme according to denomination.

Bills: twenty, fifty, one hundred and five hundred dollar.

Maintain space on all bills for lots of extra zeroes and ensure that they are non-
toxic when burned for fuel and non-irritating when used as toilet paper for that
not-too-distant day when that's about all they'll be worth for anyway...

Not a bad idea to be stacking some nickels along with those pre-82 pennies...

US 5¢ - The last remnant of money worth its weight.

1937 D 3 Leg "Very Fine $1,863 UNCIRCULATED (BUFFALO NICKEL) Or just a few dollars for a 1937 P in similar conditon.

Today a US 1937 nickel brings a bid of 45¢ to 75¢ each. Those prices are for a heavily worn coin, in "Good" condition.

Uncirculated 1937 Nickel Value: See if the buffalo has only three legs... Check mintmark & condition. The "Uncirculated" 1937 nickel pictured is highly prized by rare coin dealers and collectors.
=================================

Over the centuries, commonly circulated coins were seldom worth their weight in denominated value. When a coin's metal became worth more for its metal content, than its denominated value, folks saw to getting the most for their money.

The US Nickel is the last commonly circulated money... in the world as we know it... worth its weight in metal. When the silver $1, 50¢, 25&cent & 10&cent came to balance with their metal content being worth near the mint face value, they were debased. Metals of lessor value were added.. Keeping coin minting cost down.

5¢ - Save 'em when you can.

Someday, their value will far exceed coins made of lessor metal. Perhaps one day, you will read a story book to your grandchildren about pirates finding a treasure chest full of nickels... from bygone days of yours.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

You're absolutely right Mark Twain. The rest of U.S. coins...

...are useless junk metal.

Unless you consider a silver 1 dollar coin which is legal tender.

Or the $50.00 gold 1 ounce coin.

But no one uses these coins because it would be utterly stupid. But it shows how much value the U.S. dollar has lost - based on silver and gold.

If you find any 1964 or prior US coins, they are 90% silver and you would be foolish to spend them for their face value.

I save all nickels and will until they start using junk metals for nickels.

Pre-1982 pennies are worth 2 to 3 cents each in copper content. Pennies today are worthless junk metal.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

So a nickel is worth 5 cents

So a nickel is worth 5 cents but costs almost 10 cents to make. There is an example of government waste and ineptness in there somewhere

Cyril's picture

Indeed. Or "freaking retarded" would be another proper qualifier

Indeed.

Or "freaking retarded" would be another proper qualifier.

Yet, still redundant.

Let's not forget we're talking about government's notion of money and accountability.

Or the total absence thereof, more specifically.

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius