| Author |
 Topic  |
|
|
PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
 Posted - 05/14/2010 : 14:11:10
|
If the penny got discontinued tomorrow, how would the current circulating penny supply be handled?
Would they allow everyone to turn them in to redeem them for higher denomination coins? Would they give x amount of months for them to still be used in day to day transactions?
|
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 |
|
|
Roadrunner
Penny Collector Member
USA
413 Posts |
Posted - 05/14/2010 : 14:42:17
|
They would probably give a certain amount of time before they were no longer legal tender, and run advertisements that say things like "Got some pennies at home? Cash those bothersome small coins in at your local bank for something better!" I get the feeling us realcenters wouldn't fall for that.  Anyway, they would probably have the banks send the coins to the Fed via armored car services. I'm no expert, just proposing a possible scenario.
Update: I wasn't trying to say they would be illegal. I was just trying to say they might not be legal tender,as in most or all places wouldn't accept them. |
Edited by - Roadrunner on 05/15/2010 10:19:47 |
 |
|
|
NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
Posted - 05/14/2010 : 16:07:46
|
| I wonder what that would do for the value of out copper? You would think it would go up but would it? |
COPPER - the "poormans" precious metal!!!
SELLING - $100.00 face copper shipped to you for $189.00 machine rolled or bagged - PM me if your interested. |
|
|
|
PennySaved
1000+ Penny Miser Member
USA
1720 Posts |
Posted - 05/14/2010 : 16:36:04
|
Would you guys turn in the Zinc pennies if they discontinued the penny? I know we would all keep the copper ones :-)
|
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 |
|
|
|
hobo finds
Penny Hoarding Member
838 Posts |
Posted - 05/14/2010 : 16:44:50
|
quote:
Originally posted by PennySaved
If the penny got discontinued tomorrow, how would the current circulating penny supply be handled?
Would they allow everyone to turn them in to redeem them for higher denomination coins? Would they give x amount of months for them to still be used in day to day transactions?
I think that you could still use them. Some places could limit how many you could spend at a time. Banks would take them back. And many many, many years down the road they would be collectors items. |
|
|
|
SANITARIUM_INMATE
Penny Pincher Member
211 Posts |
Posted - 05/14/2010 : 20:06:07
|
| I would keep all that I could get my hands on. Knowing that they are more than just a government cent, they would then become 95% copper bullion and 97.5% zinc bullion. We all should know that eventually all metals will become more valueable. Like others here have said, the banks would send them back to the mint and they would be melted down for their metals, why can't we? |
|
|
|
uthminsta
1000+ Penny Miser Member
USA
1872 Posts |
Posted - 05/14/2010 : 22:46:46
|
| I'm certain we would all be good little boys and girls, and just obey the law and send our entire collections of cents back to the fed. Right? |
Come to the new and improved realcent: http://realcent.org
|
|
|
|
HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 05/14/2010 : 23:42:02
|
quote:
Originally posted by uthminsta
I'm certain we would all be good little boys and girls, and just obey the law and send our entire collections of cents back to the fed. Right?
Yeah, right! As long as they pay shipping.  |
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. |
|
|
|
moboman
1000+ Penny Miser Member
USA
2555 Posts |
Posted - 05/14/2010 : 23:57:10
|
| They never made other denominations of coins or notes illegal they just stopped producing them. It would seem like this is what they would do to the penny. |
"99% of all lawyers give the rest of them a bad name" 
|
|
|
|
Ardent Listener
Administrator
USA
4841 Posts |
Posted - 05/15/2010 : 08:07:29
|
quote:
Originally posted by moboman
They never made other denominations of coins or notes illegal they just stopped producing them. It would seem like this is what they would do to the penny.
I agree that would most likely be the case. But I bet melt ban would be lifted. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
|
|
|
Roadrunner
Penny Collector Member
USA
413 Posts |
|
|
rosco
Penny Collector Member
USA
254 Posts |
Posted - 05/15/2010 : 11:56:00
|
It a Great video But what if our leaders see it. If they act on it money problems are solved for three weeks
quote:
Originally posted by Roadrunner
Like this video
You must be logged in to see this link.
|
Old Geezer a HAND Sorter |
Edited by - rosco on 05/15/2010 11:57:44 |
|
|
|
silverhalide
Penny Sorter Member
92 Posts |
Posted - 05/15/2010 : 19:56:13
|
| If they eliminate the penny the nickel likely will also be replaced with an aluminum alloy. I would probably put most of my hoarding efforts with the nickel. |
|
|
|
Aristobolus
Penny Sorter Member
76 Posts |
Posted - 05/15/2010 : 21:43:44
|
| I do not believe that the Government would require us to turn any in. Rather, it would pull the pennies out of change by attrition; and melt them. In time the cent would become rarer and rarer; but its status as legal tender would remain intact. Much like the half cent, I believe if someone wanted to use two half cents for a transaction it would still be valid. |
|
|
|
Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 05/15/2010 : 22:18:08
|
| More pennies! |
Trolling is an art. |
|
|
|
thatgeorge
New Member
15 Posts |
Posted - 05/16/2010 : 16:37:06
|
I personally am hoping that the US will just devalue their currency by a factor of 10 or 100 and then pro-rate all coins to the new standard so that they don't have to remint all those coins. This way my pennies would be worth 10 to 100 cents a piece.
Actually, this is exactly why I keep about 10% of my money in pennies. That way if this happens I don't actually end up losing any wealth in the redenomination (at least the first time around) because my savings will be worth 10x less but my pennies will be worth 10x more.
Edit: I looked it up on wiki and I guess its called You must be logged in to see this link.. |
Edited by - thatgeorge on 05/16/2010 16:48:02 |
|
|
|
Kiwiman
Penny Pincher Member
225 Posts |
Posted - 05/17/2010 : 15:08:00
|
quote:
Originally posted by thatgeorge
I personally am hoping that the US will just devalue their currency by a factor of 10 or 100 and then pro-rate all coins to the new standard so that they don't have to remint all those coins. This way my pennies would be worth 10 to 100 cents a piece.
Actually, this is exactly why I keep about 10% of my money in pennies. That way if this happens I don't actually end up losing any wealth in the redenomination (at least the first time around) because my savings will be worth 10x less but my pennies will be worth 10x more.
Edit: I looked it up on wiki and I guess its called You must be logged in to see this link..
interesting to think about |
|
|
|
biglouddrunk
Penny Pincher Member
138 Posts |
Posted - 05/19/2010 : 04:35:33
|
| My guess is they would quit making pennies and not devalue them. The bigger question is would they melt them all down and sell them as a unknown content copper zinc mix or would they pay a guy like ryedale to make a super machine and sort them to get a higher scrap value. The only example of this in US history would be the half cent. What did the treasury do with these coins? |
|
|
|
Ardent Listener
Administrator
USA
4841 Posts |
Posted - 05/19/2010 : 07:09:50
|
quote:
Originally posted by biglouddrunk
My guess is they would quit making pennies and not devalue them. The bigger question is would they melt them all down and sell them as a unknown content copper zinc mix or would they pay a guy like ryedale to make a super machine and sort them to get a higher scrap value. The only example of this in US history would be the half cent. What did the treasury do with these coins?
I believe the half cent was being hoarded for its metal value prior to it being devalued. That's one reason it was no longer minted. What is going on today isn't really anything new. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
|
|
|
marine70
Penny Pincher Member
USA
150 Posts |
Posted - 05/19/2010 : 10:22:45
|
| That video allmost sounds like our current polititians. |
|
|
| |
Topic |
|
If they discontinued the penny tomorrow
Forum Locked
