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 Posted - 11/12/2007 : 13:06:51
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Washington- An Ohio metal company is banking on a change in federal law to make a pretty penny off the lowly 1-cent piece.
Jackson Metals believes it can make a profit and save the U.S. Mint more than $18 million annually through a plan to sift through roughly 5 billion pennies a year and cull high-copper-content coins made before 1982 whose components are worth 1.7 cents.
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Don't believe everything you think.
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 11/12/2007 : 14:29:48
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"Less-valuable newer pennies would be recirculated in parts of the country where the coins are scarce, sparing the government the expense of minting new pennies for those areas, says Jackson Metals President Walter Luhrman."
That guy is a real slick operator. First he going to create a penny shortage by mining pennies for copper and then he is going to make some more money by redistributing the zinc that he hoarded to ease the shortages that he created. And then he has the chutzpah to say with a straight face that he will be saving the government money.
He and his congressman should be hung as traitors for wasting the time of congress with such a load of crap. IMHO
I would totally respect him if he had argued that melt bans are against the spirit of constitutional money and that Greshm's law will remove the pennies no matter the ban, but I can't stand his bold facing lying attempt to get his way. |
Edited by - horgad on 11/12/2007 14:30:34 |
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192 Posts |
Posted - 11/12/2007 : 20:16:40
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He's a "good capitalist".
That is to say that he is "capitalizing" on someone else's misfortune.
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Don't believe everything you think. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 11/13/2007 : 09:39:05
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I'm not going to throw stones at Luhraman for hoarding since I live in a penny & nickel hoarding house myself. But I get the feeling he is not asking for a free and open market on coin recovery. Instead I have to wonder if he is looking for a federal license to recover and melt that would not include people like us.
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Fanaticism is doubling one's efforts, yet forgetting one's purpose.
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11 Posts |
Posted - 11/25/2007 : 13:59:57
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| The copper cents are disapearing from circulation despite a ban on melting them. Once they get to a certain profitability, I'm sure that some scrap dealers will melt them no questions asked. The Fed can't be evrywhere. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 11/25/2007 : 16:29:18
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quote:
Originally posted by alpha480v
The copper cents are disapearing from circulation despite a ban on melting them. Once they get to a certain profitability, I'm sure that some scrap dealers will melt them no questions asked. The Fed can't be evrywhere.
I assume they are bing melted now. If anyone is melting penny or nickel U.S. coinage don't post it here please! |
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Think positive. |
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Melt Ban Lift?
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