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 Posted - 06/01/2006 : 14:36:46
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The Fight Against the Penny
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NEW YORK (CNNMoney.com) - As the value of zinc going into a penny is now worth more than the coin itself, one congressman is rekindling plans to eliminate it. Representative Jim Kolbe, R-Arizona, told CNNMoney.com he plans to reintroduce legislation to eliminate the penny in the coming weeks...
El Borak's Myopia
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Myopia: (n) a lack of foresight or discernment: a narrow view of something
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ImperialFleet
Penny Pincher Member
USA
217 Posts |
Posted - 06/01/2006 : 14:45:26
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So, who voted "yes" to eliminate the penny?
“Ultimately, the Fed can flood the system by buying any kind of asset, or even dropping bank notes from helicopters" -Fed Chairman Ben Bernanke |
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115 Posts |
Posted - 06/01/2006 : 14:52:00
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This guy has tried this before. The only problem that I see with getting rid of the penny is that the goverment will probably demonetize it and ask for all of them to be returned by a certain time. This means hoard them while you can but keep in mind that if they are demonetized you will not be able to return them for FRNs afterwards.
A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain. --- Robert Frost |
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42 Posts |
Posted - 06/02/2006 : 13:30:25
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Another chance to kill the cent. I'm all for it.
<< Americans for Common Cents (ACC) is an interest group that counts among its supporters coin and numismatic hobby groups, charitable organizations - and companies involved in zinc production. >>
(Quote from a friend who collects moderns)
This is a lie. These are shills for the zinc mining industry to augment their lobbying efforts.
Also
''Charitable organizations have little use for the cent because it costs far too much to count
and transport the coins. Consumers lose, retailers lose, banks lose, and the mint loses
while the zinc miners roll in record profits.''
''Passing this bill requires that Congress do something that is fiscally responsible and against the wishes of special interest groups. When was the last time *that* happened?''
IMO we should round up/down to the 5 cent, lose the cent and paper 1$, then MTFO with our life's. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 06/02/2006 : 19:10:04
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quote:
[i]Originally posted by IM_O.K.[/The only problem that I see with getting rid of the penny is that the goverment will probably demonetize it and ask for all of them to be returned by a certain time. This means hoard them while you can but keep in mind that if they are demonetized you will not be able to return them for FRNs afterwards.
I could be wrong, but I don't think they would demonetized them. Some countries have done this though. I don't recall any American coin being demonetized. Not even the gold coins were demonetized when they were recalled in the 30s. If they did this they would become instant collector's items.
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If you can conceive it, you can achieve it. -Napoleon Hill |
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Posted - 06/02/2006 : 22:41:26
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| The trade dollar was demonetized in 1876 and remonetized in the coinage act of 1965. |
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8 Posts |
Posted - 06/02/2006 : 23:57:30
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Yeah, Colby has tried it before, but of course, he's from the state that produces more copper than any other. His main opponent last time around was from Tennesee, which produces about 85% of the zinc that goes into cents. But that's just coincidence, I'll bet.
El Borak's Myopia
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 06/03/2006 : 17:49:07
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quote:
Originally posted by El Borak
Yeah, Colby has tried it before, but of course, he's from the state that produces more copper than any other. His main opponent last time around was from Tennesee, which produces about 85% of the zinc that goes into cents. But that's just coincidence, I'll bet.
El Borak's Myopia
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Myopia: (n) a lack of foresight or discernment: a narrow view of something
Colby is from a copper state? That would mean less copper would be used to plate the zinc pennies if they pulled them. I know what Colby really wants. He wants to bring back the copper cent!
Colby for President!
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If you can conceive it, you can achieve it. -Napoleon Hill |
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