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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
 Posted - 01/25/2010 : 00:02:17
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Poll Question:
Well I have spent a lot of time tonight trying to reasearch the silver melt ban or 1967-1969 and the penny melt ban of 1974-1978. There really isn't that much infomation out there, at least that I could find, but this is what I found they have in common.
Both cases they were worried about the mass dissapearance of the
coins therefore causing a shortage of coin. I read that the only reason there was a silver melt ban was because they didnt think they could replace the half dollars fast enough.
Both cases lasted a short period of time (less than 5 years)
Both cases ended when the demand for the number of coins could be met even with large quantities disseapearing.
Both cases ended before the compositon change.
Now think about the current penny melt ban.
#1 Thing that stands out in my mind is the small production figures for 2009 pennies compared to recent years. This means that there is an abundance of pennies around
So here we are almost 3 years into the ban (Aprtil 07 when things were made official). I would like to get everyones opinion on when they think the ban will be lifted, if at all.
Please vote and tell everyone why you voted that way.
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Copper Penny Investing
www.portlandmint.com |
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jacer333
Penny Pincher Member
USA
119 Posts |
Posted - 01/25/2010 : 00:13:32
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| No evidence or leads to back it up, but I just "feel" we are under 2 years out from seeing it lifted. |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 01/25/2010 : 03:18:10
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I think we are going to experience hyperinflation in this country within the next two years, and that the penny will be eliminated as useless as prices rise, everything will be rounded up. Could happen to the nickel as well. There won't be any point in maintaining the melt ban if the coins are no longer used.  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
http://wherewillyoubein2012.blogspot.com/ |
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toomuchcopper
Penny Collector Member
USA
406 Posts |
Posted - 01/25/2010 : 05:23:56
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what about the never option....the politicians have no real reason for lifting the ban unless someone they know wants it gone, then as a favor someone pushes the bill, asks for more favors, and it goes through....without any reason for it to be lifted, I see no reason any politician is going to do it....but, a reason may develop overnight, you never can tell.
I like the hyperinflation theory too, quite possible.. |
visit www.crazycoinguy.com
for information on how to sort, what to sort, and sorting equipment. We also sell copper pennies in bulk, and other coins. |
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dakota1955
1000+ Penny Miser Member
2212 Posts |
Posted - 01/25/2010 : 07:30:28
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| I think that they might just stop making the penny before they lift the melt ban. |
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slickeast
1000+ Penny Miser Member
USA
2533 Posts |
Posted - 01/25/2010 : 07:40:47
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| I don't see it being lifted any time soon. Maybe 5+ years minimum. |
You don't have to be the BEST you just have to be.......SLICK
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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 01/25/2010 : 07:41:19
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| I wouldn't think the melt ban would be lifted before 5 years. But i have nothing to back up my feelings. |
Selling Copper cents. $0 FV available at 1.4xFV. Also interested in trading for wheat pennies and other coins Please pm me for requests or inquiries.
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misteroman
Administrator
USA
2565 Posts |
Posted - 01/25/2010 : 17:33:36
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| I didn't vote because I don't know. I doubt it will be in the next 3 yrs because B.O. doesn't want to cut anymore jobs that "don't really need to be cut" before election time. After that I think they're gone " to save taxpayers dollars" |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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Mikep2020
Penny Collector Member
USA
402 Posts |
Posted - 01/25/2010 : 17:42:00
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quote:
Originally posted by dakota1955
I think that they might just stop making the penny before they lift the melt ban.
I agree with this statement, there is no reason to lift the melt ban while cents are still circulating. |
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Shattered
Penny Hoarding Member
USA
523 Posts |
Posted - 01/25/2010 : 17:42:42
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| I think it would be lifted a few years after a composition change if one is made. |
"I need metal in my life, just like an eagle needs to fly."
-Joseph DeMaio : Die For Metal |
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Zyll
Penny Pincher Member
USA
214 Posts |
Posted - 01/25/2010 : 17:46:55
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| I really feel that the penny is going to change to steel, they'll bump the production to 50 billion, and then lift the melt ban in about 18 months. |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 01/25/2010 : 18:01:31
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I'm not sure why the melt ban would be lifted.
Wouldn't it make more sense to confiscate copper cents at such time when the price of copper makes it worth doing? |
Come to the new and improved realcent: http://realcent.org
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smalltimeopn
Penny Sorter Member
USA
54 Posts |
Posted - 01/25/2010 : 20:23:48
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| I believe beauanderos is on to something with his line of thinking. |
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chris6084
Penny Collector Member
303 Posts |
Posted - 01/25/2010 : 20:43:02
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| When there are so few copper pennnies in circulation that all of them dissapearing at once would be no concern to businesses (probably less than 5%). The ban will not be considered before that point. |
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Computer Jones
1000+ Penny Miser Member
USA
1112 Posts |
Posted - 01/25/2010 : 21:17:14
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The Gubmint is going to say everything is fine and there is nothing to worry about as long as they can.
When LBJ said there wasn't enough Ag to keep making coins and allow industry to continue, thing went wacky in a few years (i.e. the Hunt Bro's. is the best example of not playing nice).
The Powers That Be will try to placate and reassure the plebiscite for as long as they can.
Eventually reality will smack you in the face, git now while the gittin's good!!
The current melt ban is a joke, truckloads of Cents are being delivered (subsidized trade???) to Mexico to be sold back to the highest bidder in the form of bathtubs and sinks! |
There's profit if you melt things!!
8{> |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 01/25/2010 : 21:28:00
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| Ha Ha Ha "Gubmint" I always wanted to know how to spell that. That's funny! |
Come to the new and improved realcent: http://realcent.org
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 01/25/2010 : 22:27:36
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quote:
Originally posted by Computer Jones
The Gubmint is going to say everything is fine and there is nothing to worry about as long as they can.
When LBJ said there wasn't enough Ag to keep making coins and allow industry to continue, thing went wacky in a few years (i.e. the Hunt Bro's. is the best example of not playing nice).
The Powers That Be will try to placate and reassure the plebiscite for as long as they can.
Eventually reality will smack you in the face, git now while the gittin's good!!
The current melt ban is a joke, truckloads of Cents are being delivered (subsidized trade???) to Mexico to be sold back to the highest bidder in the form of bathtubs and sinks!
Any thing to back up this statement or are you just being sarcastic? |
Copper Penny Investing
www.portlandmint.com |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 01/25/2010 : 22:30:17
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quote:
Originally posted by thogey
I'm not sure why the melt ban would be lifted.
Wouldn't it make more sense to confiscate copper cents at such time when the price of copper makes it worth doing?
Yes, it would make much more sense for the government to confinscate the coins. They should do the exact thing the RCM is doing and pay the armor car companies/ coin processers to sort out the coin. However, the U.S government doesn't think in ways to save/make money. They think in terms out how much work it might be. |
Copper Penny Investing
www.portlandmint.com |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 01/25/2010 : 22:35:30
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To all those say that there is no reason for the melt ban to be lifted I want you to look at the prior melt bans.
Silver melt ban 1967-1969 Melt ban lifted when they produced enough clad half dollars to replace the ones people might pull out of circulation.
Penny melt ban of 1974-1978 Melt ban lifted when they produced enough cents to cover what they thought might get pulled out.
BOTH ended when the number they thought they needed was reached.
BOTH had no real reason to end...
BOTH bans lifted before the composition change.
Also keep in mind the only reason there are 2009 and 2010 pennies is because legislation passed the design change in 2003 and they started working on it. Who knows what could happen in 2011... |
Copper Penny Investing
www.portlandmint.com |
Edited by - highroller4321 on 01/25/2010 22:37:18 |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 01/25/2010 : 22:49:21
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[/quote]
Yes, it would make much more sense for the government to confinscate the coins. They should do the exact thing the RCM is doing and pay the armor car companies/ coin processers to sort out the coin. However, the U.S government doesn't think in ways to save/make money. They think in terms out how much work it might be.
[/quote]
They think in terms of how to take control away from the people. People here are trying to control their financial destiny.
Lifting the melt ban would relase control of a measurable amount of wealth to us peons, how would they tax that anyway? |
Come to the new and improved realcent: http://realcent.org
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 01/25/2010 : 22:52:38
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quote:
Originally posted by thogey
Yes, it would make much more sense for the government to confinscate the coins. They should do the exact thing the RCM is doing and pay the armor car companies/ coin processers to sort out the coin. However, the U.S government doesn't think in ways to save/make money. They think in terms out how much work it might be.
[/quote]
They think in terms of how to take control away from the people. People here are trying to control their financial destiny.
Lifting the melt ban would relase control of a measurable amount of wealth to us peons, how would they tax that anyway?
[/quote]
There would be no easy way to tax "small" quantities. It would be very easy to tax large quantities. It would bring in a lot of tax dollars thats for sure! |
Copper Penny Investing
www.portlandmint.com |
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ZigMeister
Penny Pincher Member
USA
229 Posts |
Posted - 01/26/2010 : 11:43:40
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| Industry will continue to put pressure on Congress to lift the melt ban in order to gain access to the vast copper stock contained in the Cu cents. It was the mint who put the ban into effect and they will lift it when they feel there are enough cents in circulation less the Cu ones being pulled out...or when Congress because of pressure from industry tells them to. |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 01/26/2010 : 11:58:55
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| Maybe we should form a lobby and go to Capital Hill :-) |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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wolvesdad
1000+ Penny Miser Member
USA
2164 Posts |
Posted - 01/26/2010 : 12:00:13
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As for the point about the penny and nickel becoming obsolete? They are already obsolete, and yet they are still around.
An elimination of the cent and nickel would not hurt any one person more than maybe $5 a year, if even that. For anyone using debit and credit cards it could only harm them maybe $1 or less.
And for any business owner that pays for coin from the bank, they could save as much as $100 a year per business. Some businesses could save as much as $500 or $1000 a year. Wal-Marts, if they have to pay for coin, could save a million easily in all of their stores.
Rounding up or down to the nearest 10 cents isn't a big deal at all. |
"May your percentages ever increase!" |
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SANITARIUM_INMATE
Penny Pincher Member
211 Posts |
Posted - 01/26/2010 : 13:19:57
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| The government should look at it this way. Lifting the melt ban would open up a lot of JOBS for workers that are on unemployment right now. All they do is talk about jobs losses and health care. Pay the workers with the profits made on the copper they sell from the melts and offer the new workers a health care package. This will only give a certain number of people jobs but isn't that we are trying to do anyways. It's a start. |
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PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 01/26/2010 : 13:22:45
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| Maybe that is how Obama could fund his health care reform :) |
SELLING COPPER PENNIES 1.4X FACE SHIPPED......“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principles of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale” Thomas Jefferson |
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Melt Ban
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