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Camtender
New Member
USA
23 Posts |
 Posted - 02/26/2010 : 15:18:04
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I am sure this has been posted before, but should be read again for perspective
FOR IMMEDIATE RELEASE
June 11, 1974
NOTICE TO ASSIGNMENT EDITORS
Mrs. Gerald R. Ford, wife of the Vice President, and Mrs. Arthur Burns, wife of the Chairman of the Federal Reserve System, are going to help relieve the penny pinch, Mrs. Mary Brooks, Director of the Mint, announced today.
June is Penny Redemption Month and banks throughout the nation are cooperating in the national campaign to return the penny to circulation.
Mrs. Ford and Mrs. Burns will be turning in their pennies on Friday, June 14, 1974, at 11:00 a.m. at the National Savings and Trust Company, 15th and New York Avenue, N.W., Washington, D.C.
Individuals or groups turning in $25 or more in pennies for deposit or exchange to any participating bank or retail establishment will receive a Special Citation from the Treasury Department for patriotically responding to the penny drive.
One billion pennies returned to circulation will save the taxpayers $10 million. During the past 15 years alone, the Mint has pumped out 70 billion pennies, 30 billion of which are thought to be languishing away in piggy banks, pickle jars, old socks, and what have you. Mrs. Ford will bring in her pennies in the container in which she found them.
THE MINT’S PENNY RETRIEVAL PROGRAM
Sixty-five billion pennies of similar design have been produced during the past 15-1/2 years, 30 billion of which are considered in the “hidden” category.
Hoarding pennies is self-defeating as an investment, an unnecessary drain on tax dollars, wasteful of copper and inflationary if merchants are forced to round off prices. The following reasons apply:
1. Ten billion pennies returned to circulation would save the taxpayers $100 million.
2. Ten billion pennies returned to circulation would save 65 million pounds of copper, a natural resource man cannot replenish.
3. Ten billion pennies hiding in piggy banks, dresser drawers, etc., draw no interest and when of the design manufactured during the past 15-1/2 years never will attain great numismatic value.
4. There will be no aluminum penny. Congress rejected the idea. No change in the copper content of the present penny is contemplated this year and possibly not even next year—especially if the penny retrieval campaign succeeds.
5. The price of copper has dropped over 50 percent during the past few months.
6. Melting of copper cents is illegal and uneconomical even if the melting ban did not exist.
7. If the price of copper were $1.50 a pound (a price not yet attained), it would take an investment of $2,400 to acquire 240,000 pennies and would require costs of transportation and refinery charges to be deducted before realization of less than a $100 profit. This represents less than a four percent return on $2,400. Savings bonds and interest-bearing accounts pay higher returns and do not require the time and work involved in profiting from an investment in cents for copper content and engaging in an illegal melting operation.
8. Removing pennies from circulation is an inflationary exercise. Merchants must have adequate supplies of pennies to make correct change. When they are not readily available, the threat exists that product prices will be rounded off to the next highest nickel.
9. Returning pennies to circulation is an individual patriotic effort and benefits every citizen and their government.
10. The Mint is producing 35 million pennies every working day; almost double the production of 22 billion pennies of a year ago.
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Edited by - Camtender on 02/26/2010 15:19:11 |
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 02/26/2010 : 15:39:06
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| Interesting. Funny how its presented as patriotic to turn in your cents. Next time I dump zinc slugs, I am going to feel patriotic! |
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
-Thomas Jefferson
"There is no difference between communism and socialism, except in the means of achieving the same ultimate end: communism proposes to enslave men by force, socialism—by vote. It is merely the difference between murder and suicide." - Ayn Rand
________________________________________________
Lenin: Class-based International Socialism
Hitler: Race-based National Socialism
Obama: Class- and Race-based Post-National Socialism
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CrazyTom
Penny Sorter Member
USA
52 Posts |
Posted - 02/27/2010 : 07:56:28
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Typical politician drivel.
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Read Atlas Shrugged if you want to know why this country is in the crapper. |
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dp2007
Penny Pincher Member
130 Posts |
Posted - 02/27/2010 : 08:11:05
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| I remember the times. I heard alot of talk that if they needed the pennies bad enough they would be willing to pay a premium to get them back. The occasional rumor was that banks would be paying you 2 cents for every one you brought back so many more people starting hoarding just in case. |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 02/27/2010 : 09:27:48
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| What about point number 6 that states melting pennies is illegal even if there wasn't a melt ban? Is that true? What are they refering to? |
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snappy
Penny Collector Member
USA
301 Posts |
Posted - 02/27/2010 : 10:09:31
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quote:
Originally posted by knibloe
What about point number 6 that states melting pennies is illegal even if there wasn't a melt ban? Is that true? What are they refering to?
and uneconomical even if the melting ban did not exist.
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Selling Ryedale sorted USA cents
1.5 each + shipping over 500fv 1.5 each +1/2 shipping
If you pick up 1.35 each
located MT/ND boarder.
after Ryedale sorting they are hand sorted to remove canadian then rechecked with Ryedale to insure all copper and count out $50 FV then placed in cloth bags and sealed with #1 copper wire. |
Edited by - snappy on 02/27/2010 10:11:01 |
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smalltimeopn
Penny Sorter Member
USA
54 Posts |
Posted - 02/27/2010 : 12:15:50
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This is an interesting bit of history. I'm curious, anyone here get one of those "special citations" back then?
If the same thing happened today, they may not give you a citation but put you on the terrorism watch list!  |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/01/2010 : 10:43:12
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| I thought about trying to get one of those citations at the time. But my local grocery store was paying a bounty of 25 cents premium for a roll.. so I sold to the highest bidder. |
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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PreservingThePast
1000+ Penny Miser Member
USA
1572 Posts |
Posted - 03/01/2010 : 12:49:24
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For some reason my puny, non-functioning brain seems to be sending me signals that something similar occurred under President/Mrs. Johnson, as in Lady Bird Johnson.
Am I confused, or did something like this happen back in the 1960s as well?
I know, Google it, but with this slow dial-up and my vision not being too good today due to all the stress I am under I thought it was easier to just ask. |
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Cody8404
Penny Hoarding Member
USA
602 Posts |
Posted - 03/02/2010 : 19:32:01
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quote:
Originally posted by knibloe
What about point number 6 that states melting pennies is illegal even if there wasn't a melt ban? Is that true? What are they refering to?
There is a seldom used laws from WWI that makes hoarding, selling, melting or exporting money, remember they are talking gold and silver coins or certifcates, in a way that gives aid and comofrt to an enemy illegal. I don't have a reference, but want to say Wilson Signed the law. |
Awake, O kings of the earth! Come ye, O, come ye, with your gold and your silver, to the help of my people, to the house of the daughters of Zion, to the help of the people of the God of this Land even Jesus Christ. |
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"June is Penny Redemption Month" hoarding 1974
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