| Author |
 Topic  |
|
|
n/a
deleted
1 Posts |
 Posted - 06/01/2007 : 11:01:42
|
|
Greetings all, new member here. New to the forums but not to coin collecting or penny hoarding. Started picking out the coppers last year sometime when a builder friend of mine was bitching about the price of copper going through the roof. Got a great start too since back in the mid to late 80's during my silver buying years I put a small safe in my house but it was actually so light that it could have been easily carried off, The solution? Three full 50 dollar mint sacks of pennies for weight! Who would have guessed at the time. Anyway they were about 90% copper. Now I'm getting boxes from the bank and they are running about 25% Great passtime for someone who loves to spend money but doesn't have much! Anyway here is my question for the group, what do you think it will take to kick off widespread penny hoarding by the general public? Do you think the redesign of the Lincoln Penny in 2009 will cause regular Joe's to start socking away a few thousand "old pennies"? My understanding is that the penny will never return to the exact design as before (like the nickel) getting another facelift for 2010 and beyond. Thoughts?
|
|
|
horgad
1000+ Penny Miser Member
USA
1641 Posts |
 Posted - 06/01/2007 : 11:47:11
|
I think that inflation awareness is the key. As long as the government can keep inflation under wraps, most people will see no good reason to convert their convenient, interest gathering, paper/electronic hoards into a bulky, against the law to melt, penny hoard. Maybe $5 dollar gas will be the tipping point...who knows.
On the other hand, I think a few well funded forward thinking investors may end up harvesting the bulk of the pennies before the masses even gets a clue.
|
 |
|
|
Cerulean
Penny Hoarding Member
USA
993 Posts |
Posted - 06/01/2007 : 12:41:18
|
I think the penny is more likely to be phased out of circulation over the next decade than hoarded by more than 5% of the general public.
RUNNING TOTAL
--------------------------
2854 zincs (1982-2007) 75.5%
898 coppers (1959-1982) 23.7%
23 wheats (1920-1958)
6 Canadian (1968-1995)
1 dime (2004)
Wanna take money away from the Fed? Spend dollar coins! |
|
|
|
pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 06/02/2007 : 15:09:23
|
Welcome to the forum, Apogee.
Hording pennies for their metal value (much like the hoarding of silver coins in the 1960's) is still not looked upon by the general public as a way to increase one's buying power due to inflation.
Only if some talking head on a cable investment program mentioned it, would the masses begin to take hoarding pennies seriously.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly. |
|
|
|
Ardent Listener
Administrator
USA
4841 Posts |
Posted - 06/02/2007 : 16:26:16
|
quote:
Originally posted by pencilvanian
Welcome to the forum, Apogee.
Hording pennies for their metal value (much like the hoarding of silver coins in the 1960's) is still not looked upon by the general public as a way to increase one's buying power due to inflation.
Only if some talking head on a cable investment program mentioned it, would the masses begin to take hoarding pennies seriously.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly.
The penny in particular is considered to be a joke among most people who consider it beneath them. Show them a stock of copper or zinc bullion and many of them will become impressed.
I'm waiting to see what the 09 penny will be made of. If it is not zinc anymore then it will make it easier to hand sort them with a new design.
I'm bullish on Zinc too over the long term.
****************
Fanaticism is doubling one's efforts, yet forgetting one's purpose.
|
|
|
|
CajunCoin
Penny Sorter Member
USA
26 Posts |
Posted - 06/03/2007 : 10:12:17
|
quote:
Originally posted by pencilvanian
Welcome to the forum, Apogee.
Hording pennies for their metal value (much like the hoarding of silver coins in the 1960's) is still not looked upon by the general public as a way to increase one's buying power due to inflation.
Only if some talking head on a cable investment program mentioned it, would the masses begin to take hoarding pennies seriously.
I should have chosen "Cut-n-Paste" as a forum name, since that is what I do, mostly.
Please lets not inform the talking heads until we can sell them our stashes for a premimum.
Real Money Rings True. |
|
|
|
just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 06/13/2007 : 08:21:31
|
At the rate pennies are lost, distroyed, melted, smashed, drilled out and many other things that people do with them, eventually there will be few left. Only coin collectors and/or copper hoarders will have them. It is not that pennies will be phased out, all coinage will soon enough be gone. Even now coinage is being produced more and more by the Mint for collectors, not circulation. Credit and debit cards are taking over all transactions. Due to intercontinental trading, most monitary systems will become obsolete. A Monitary system based on computer translations will take over and coinage will be a thing of the past.
Soon enough some kid will be saying "hey granpa, what was that stuff you people use to use called cash"
Carl |
|
|
|
NiBullionCu
Penny Pincher Member
USA
168 Posts |
Posted - 06/13/2007 : 19:07:01
|
Even now coinage is being produced more and more by the Mint for collectors, not circulation.
Sorry JC, but mintage figures do not bear this out. The "cashless" society is a long way off. With the ever billions of coins struck each year, they won't be disappearing for a long time.
I predict the "cashless" society will occur six months after the "paperless" office is achieved. |
|
|
| |
Topic |
|
Greetings and a Question
Forum Locked
