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Cerulean
Penny Hoarding Member
USA
993 Posts |
 Posted - 01/26/2010 : 13:29:23
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quote:
Originally posted by wolvesdad
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.
Why aren't businesses already doing this? |
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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 01/26/2010 : 22:59:33
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If the cent is demonetized and the melt ban ends...
And people/industry/megasorters pull out billions of coppers from circulation and melt them...
What do we do with the nearly 300 billion zinc cents left over? |
Come to the new and improved realcent: http://realcent.org
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myfundsarelow
Penny Collector Member
USA
388 Posts |
Posted - 01/27/2010 : 00:18:56
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| hello all, you can drill holes in them to use as washers or the feds will melt them also, lots of zinc in them zinc cents PEACE!! |
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MoneyPenny
New Member
USA
7 Posts |
Posted - 01/27/2010 : 01:10:38
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| Well, I remember there was once a bill a few years back in the House to take the 1 cent out of circulation to save the mint and government millions/year, but Nevada copper miner lobbies killed it since it would destroy demand for their product. I'm fairly certain that once inflation rears its head in the next couple of years, we'll likely see a push for nearly worthless face value penny & nickel demonetized and transactions go to a 1/10th rounding system (Swedish model). The ban would be lifted too of course... and if the Feds were smart they'd grab up those now-commodity coppers before enterprising people export 'em to China like the old pre-Euro national coins, which ended up in the smelters in large amounts. :P |
Edited by - MoneyPenny on 01/27/2010 01:13:42 |
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uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 01/27/2010 : 01:19:40
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| Can you imagine what the lines would be like at the banks if they said the penny was going to be demonetized at the end of 2010? Everyone go grab that pickle jar you've been saving change in, and all those coins in your ashtray, and have the kids dig in the couch... and... It would be the one time that people actually pay attention to them! And imagine what that would do to our copper percentages if all that stuff got brought in. Hmmm... there's a lot to think about here. |
Come to the new and improved realcent: http://realcent.org
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biglouddrunk
Penny Pincher Member
138 Posts |
Posted - 01/27/2010 : 11:57:33
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| It will end with the death of the penny. Probabily in 2 to 4 years. |
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johnbrickner
Penny Pincher Member
154 Posts |
Posted - 01/27/2010 : 22:00:32
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| Reminds me of the comedy troupe "Firesign Theater". They had a line that went something like this: What was 10 is 5; what was 5 is 2; what was 2 is 1; and what was one . . . is nothing. |
"I Killed the Bank" from the tombstone of Andrew Jackson |
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Cupronickel
Penny Pincher Member
USA
110 Posts |
Posted - 01/30/2010 : 19:34:12
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| If production of the penny and nickel ceased today, the impact on primary copper producers would be minimal. I think the reluctance of Fedgov to demonetize these coins has more to do with perceptions of the soundness of the US dollar, than anything else. |
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thogey
1000+ Penny Miser Member
USA
1617 Posts |
Posted - 01/30/2010 : 21:01:14
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quote:
Originally posted by Cupronickel
If production of the penny and nickel ceased today, the impact on primary copper producers would be minimal. I think the reluctance of Fedgov to demonetize these coins has more to do with perceptions of the soundness of the US dollar, than anything else.
That's a damn good point.
By your logic, if those coins were demonitized, the fed would be admitting the weakness of their promise-to-pay money |
Come to the new and improved realcent: http://realcent.org
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Edited by - thogey on 01/30/2010 21:23:26 |
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kirkland
New Member
USA
0 Posts |
Posted - 01/30/2010 : 21:20:39
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| I think that the Mint will begin making pennies out of steel, aluminum, or some other cheaper metal before production of the penny ceases. The same could be said with nickels. |
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 02/03/2010 : 11:06:59
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Mintages for 2009 Pennies both mints 2.354 Billion. Last time it was ever that low for the year, all mints included, was 1966 with 2.18 billion.
Jan 2010 mintage figures for cents is 50 million for Denver and 65.23 million for Philly. If thats the average the year would end at 1.383 billion (rounded up) Still to early to tell what the year will bring but last time mintages were that low was in 1958. |
Copper Penny Investing
www.portlandmint.com |
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 02/03/2010 : 11:30:55
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quote:
Originally posted by Cupronickel
If production of the penny and nickel ceased today, the impact on primary copper producers would be minimal. I think the reluctance of Fedgov to demonetize these coins has more to do with perceptions of the soundness of the US dollar, than anything else.
Right on.
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Trust the government? Ask an Indian. |
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country_bumpkin
Penny Sorter Member
USA
86 Posts |
Posted - 02/03/2010 : 11:44:42
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quote:
Originally posted by uthminsta
Can you imagine what the lines would be like at the banks if they said the penny was going to be demonetized at the end of 2010? Everyone go grab that pickle jar you've been saving change in, and all those coins in your ashtray, and have the kids dig in the couch... and... It would be the one time that people actually pay attention to them! And imagine what that would do to our copper percentages if all that stuff got brought in. Hmmm... there's a lot to think about here.
It would probably be like the introduction of the Euro. There would be a time window to exchange demonetized coin. Some Euro countries had a deadline, others countries have an unlimited time frame to exchange coin. |
“He who goes a-borrowing, goes a-sorrowing.”
- Benjamin Franklin |
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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 02/03/2010 : 12:01:32
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| I still like the mintage number drops for halves and dimes. I think Dimes went from hundreds of millions to under 100 million last year. And some people can pull BU and AU 2009's out of circulation. I'll probably hold every penny i find from 09 on if it's BU or AU. |
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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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 02/03/2010 : 12:04:34
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| If the penny was demonitized, i'd go an collect all the pennies people were returning to banks. It seems like a win for hoarders when the masses bring these back to banks... |
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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Melt Ban
Forum Locked
