For those of us who hoard vast amounts of copper pennies, exactly how do we redemm them for fiat in the future? If I went to a scrap yard (assuming the melt ban had been lifted) how would I prove that my garbage pale of pennies were all copper without looking at each one. Something to think about.
If you look in the Market section, I am redeeming 68lbs worth now.
A highspeed counter and a calculator, and a scale would answer your question.
Or rolls. 2.5g for zinc, 3.1 for copper.
The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b] He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
It's not so much we'll be redeeming them for new fiat money (e.g. the Amero or "New" US Dollar), we'll be using copper pennies and nickels as stored value currency. As was/is the case in Argentina, coins are hard to come by there. They have a value that exceeds the toilet paper that the central bank prints. People hoard coinage there. Same with a lot of Southeast Asian countries.
I just read on BBC.co.uk that in some countries suffering from hyperinflation that candy is being used in lieu of coins. Retailers are either hoarding the coins they get or just can't get their hands on them in order to make change. Sad.
If the melt ban were lifted and copper were high enough in price people would be able to find scrap place that would take them. The would test them in a similar way they test a semi full of brass. The would spot check a sample. Of course with a load of brass they dissolve it in acid and run it through an atomic absorption unit. If the case of copper Lincolns they would probably just check a sample for the years.
Same way you redeem silver coins now for fiat. Actually we redeem our paper for real money with intrinsic value.
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw. Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony Passive Income blog
Redeming our pennies???
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Posted - 05/27/2010 : 18:20:15
