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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 02/04/2010 : 22:49:21
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I talked to someone today that has connections at the mint. They are told that there is an overabundance of cents in the USA so not to expect any 2010 cents to be released in the states (besides at the ceramony) for at least 3 months if not longer.
More good signs for the melt ban to come off : ) |
Copper Penny Investing
www.portlandmint.com |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
 Posted - 02/05/2010 : 00:28:30
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quote:
Originally posted by El Dee
Let's start making pennies of silver!
I would be happy if they would just put some silver in the center. Those were really popular the last time they did that!  |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 02/05/2010 : 07:44:19
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Changing the coin content i.e. electronic signature will be very costly for any company that sells product out of vending machines. This could cost billions in retrofitting!
If you remember there was a lot of pressure on the vending industry to make sure most machines would accept the dollar coin which was a total failure.
It will be interesting how this plays out. Regardless, I think it is safe to say that sooner rather than later the circulation of the copper penny will be like that of the silver dime.
It is only logical to think that part of the solution the Treasury Department will come up with to save money is to reclaim the copper for them self. Of course, I have to remind myself that using the word logical and talking about the government in the same sentence might not be the most prudent thing to do.
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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 02/05/2010 : 10:27:09
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quote:
Originally posted by Copper Catcher
Changing the coin content i.e. electronic signature will be very costly for any company that sells product out of vending machines. This could cost billions in retrofitting!
If you remember there was a lot of pressure on the vending industry to make sure most machines would accept the dollar coin which was a total failure.
It will be interesting how this plays out. Regardless, I think it is safe to say that sooner rather than later the circulation of the copper penny will be like that of the silver dime.
It is only logical to think that part of the solution the Treasury Department will come up with to save money is to reclaim the copper for them self. Of course, I have to remind myself that using the word logical and talking about the government in the same sentence might not be the most prudent thing to do.
Most coin machines and vending machines don't have anything to do with electronic signature. They mearly do it by size of the coin. The only change that would have to take place is that some machines have magnets that reject Canadian coins.
The dollar coins are a differnt size. The vending industry didn't want to spend a bunch of money making their machines take dollar coins when most Americans don't like or use dollar coins. |
Copper Penny Investing
www.portlandmint.com |
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JobIII
1000+ Penny Miser Member
USA
1507 Posts |
Posted - 02/05/2010 : 11:32:32
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That's a good point Highroller. I wonder if the machines that magnetically reject canadian coins have an off-switch. Otherwise we're going to have a lot of banks that will have to choose whether or not to upgrade.
Also that would be a good time to possibly buy a nice unit for cheap |
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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highroller4321
1000+ Penny Miser Member
USA
2648 Posts |
Posted - 02/05/2010 : 11:42:29
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quote:
Originally posted by JobIII
That's a good point Highroller. I wonder if the machines that magnetically reject canadian coins have an off-switch. Otherwise we're going to have a lot of banks that will have to choose whether or not to upgrade.
Also that would be a good time to possibly buy a nice unit for cheap
Typically its just a magnet that is set in the machine. The magnet would simply have to be removed and than Canadian and other coins will start being accepted again.
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Copper Penny Investing
www.portlandmint.com |
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Zyll
Penny Pincher Member
USA
214 Posts |
Posted - 02/05/2010 : 15:23:32
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When was that, the Birch Cent of 1792?!?! Nice try HCBTT.
quote:
Originally posted by HoardCopperByTheTon
quote:
Originally posted by El Dee
Let's start making pennies of silver!
I would be happy if they would just put some silver in the center. Those were really popular the last time they did that!
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twocents
Penny Collector Member
398 Posts |
Posted - 02/05/2010 : 17:06:57
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quote:
Originally posted by El Dee
quote:
Originally posted by twocents
Help me out, fellas and ladies. I just don't see how money is truly lost on all of this. How does the government actually lose money on cents and nickels? I understand that it costs more than a cent to make a cent and more than a nickel to make a nickel, but each cent or nickel is not instantly consumed by use. Each can be used and reused. Each is taxed every time it legally changes hands. At a 10% tax rate, a penny would only need to change hands 20 times to earn Uncle Sam $0.02. Commentary above states it costs 1.8 cents to make a penny. Thus anything beyond that is profit. How many times does a penny change hands during its life cycle? 1,000 times? 10,000 times? That would be $10 in tax revenue for every penny made. Seems profitable to me.
Sure. Every time I switch a penny between my pockets, I make 10% off myself. I'll be rich in no time!
At issue is the cost to make a coin. Coins made by the billion every year, year after year after year...not what happens after the coin leaves the mint. In a rational universe, when a coin costs more to make than it is worth, it is a strong indication that the currency is being too finely divided.
Let's take a recent example. GM produces a car at a loss. The car is sold again, then again and again, each time sales tax is collected on it.
Therefore, it's no big deal for the taxpayers to bail out GM, because the products it makes make money for the government over their lifetime, right?
Let's start making pennies of silver!
No, your analogy does not fit. The government is the government. The government makes money off of the taxes after producing the coins. GM would not receive any of the money made off of taxes from their vehicles being resold. Furthermore, you are widely off on economy of scale. A car is sold and resold how many times over his lifecycle, maybe 3-4 times? |
Just my two cents! |
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country_bumpkin
Penny Sorter Member
USA
86 Posts |
Posted - 02/05/2010 : 18:02:06
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Some fool told yesterday that the government owns GM now.
I laughed and told him he was crazy.
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“He who goes a-borrowing, goes a-sorrowing.”
- Benjamin Franklin |
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Tourney64
1000+ Penny Miser Member
USA
1035 Posts |
Posted - 02/06/2010 : 10:01:51
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| Congress has the ultimate approval of the coins used. |
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psi
Penny Collector Member
Canada
399 Posts |
Posted - 02/06/2010 : 12:44:01
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| In places like New Zealand where there is no .01 or .05 coin anymore, do you get prices like $X.90 instead of $X.99? I've seen it argued before that the penny should always be minted to avoid higher prices due to rounding up but obviously there is inflation regardless. I guess the U.S. mint absorbs the loss on pennies and nickels to avoid exposing how much inflation has taken place. Overall they still turn a profit though, no? |
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Ponce
Penny Hoarding Member
Cuba
630 Posts |
Posted - 02/06/2010 : 13:06:33
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Hellllllllllllo  , me again  .......yeah, yeah I know, freaking Ponce and his coins....
The more that I read the more that I know that I am right and that the future of coins will be a GREATTTTTTT ONE.
Please, please, be ready for that aventuality because I am sure that what I am saying is right.........invest what you can in coins, after food, gun, ammo, silver, gold and so on.
Remember that coins are always good and that you can buy anything with them........the only difference is that you will pay with metal instead of paper, I am talking about now and not later on.
Later on there will be no paper money (debit-credit card) or it will be worth nothing, in either case coins will be king.
If nothing else remember this little old Cuban refugee and his warnings about what is to be  |
"If you don't hold it, you don't own it"...Ponce |
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Fatboy
Penny Sorter Member
USA
81 Posts |
Posted - 02/06/2010 : 15:46:20
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quote:
Originally posted by Ponce
Later on there will be no paper money (debit-credit card) or it will be worth nothing, in either case coins will be king.
If nothing else remember this little old Cuban refugee and his warnings about what is to be
Keep spreading the gospel Brother! |
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now its public knowledge
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