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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
 Posted - 01/14/2008 : 08:13:19
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It has already been proposed that the penny's value should be changed to 5 cents, yet here are some more reasons for it:
1. Changing the penny's value to 5 cents would stimulate the economy in a big way.  All of a sudden EVERYONE would have more money to spend. 
2. Most pennies would finally come out of hiding! 
3. A cent is 1/100 of something, right? So, a cent becomes a nickel, 1/100 of a 5 dollar bill that also has guess who on it! 
4. Nickels could be eliminated. 
5. Smelting laws could be repealed!!! 
C'mon, everyone would benefit! 
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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 01/14/2008 : 08:36:58
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Sure,
And $1 bills should be turned into $5
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Trust the government? Ask an Indian. |
Edited by - El Dee on 01/14/2008 08:39:59 |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
 Posted - 01/14/2008 : 10:39:59
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To quote the great one with the angular britches.. "I'm Ready, I'm Ready, I'm Ready!!!"
Wait, I don't have enough pennies yet.. need to get more before conversion day. It will be hard for us poor penny sorters to buy boxes of pennies once the price goes up.
Didn't they try something like this in post-war Germany and Hungary? Let's just go ahead and admit inflation. The government says they have core inflation under control. They say core inflation does not include food and energy costs. Last time I checked everybody I know had to buy food and energy.. what is more core than that? Heck, let's not stop at a 5 to 1 conversion.. let's do a thousand to one like the Mexican Peso. If the penny is supposed to be 1/100 of something they can start printing $1000 bills again and it can be a hundredth of that. I always wanted one of those $1000 bills for my collection.. I would be happy to trade 2 rolls of pennies for one. |
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. |
Edited by - HoardCopperByTheTon on 01/15/2008 00:19:24 |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 01/14/2008 : 10:49:13
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| lol. Wow...not a popular opinion so far! |
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fiatboy
Administrator
912 Posts |
 Posted - 01/14/2008 : 11:26:41
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Don't take it the wrong way, but I disagree.
Your plan might work temporarily, but I don't see this as a long-term solution. The underlying problem to the penny conundrum is inflation via fractional reserve fiat banking. Revaluing the penny won't resolve our current monetary crisis.
What happens when the intrinsic value of the penny becomes greater than 5 cents? Remonetize the penny to 10 cents? That's just rearranging the deck chairs on the Titanic. The band's still playing, people are swilling champagne, and roses adorn the ballroom. Up top, everything seems just peachy....but it won't change what's happening in steerage. It won't change the inflow of water that's sinking the ship. In other words, it won't change the inevitability of fiat oblivion. The only survivors will be things of intrinsic value, like pennies and nickels. Making the penny a nickel is basically the same as getting rid of the penny. That's just a fancy way of debasing the currency.
I think your proposal would work, and work well, if there were greater monetary stability, but currently and unfortunately, that's not the case.
Just my 2 cents. |
"Bart, it's not about how many stocks you have, it's about how much copper wire you can get out of the building." --- Homer Simpson |
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starwarsgeek171
Penny Hoarding Member
USA
651 Posts |
Posted - 01/14/2008 : 12:35:50
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| No problem, fiatboy. I knew this would be a controversial topic. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/14/2008 : 13:28:29
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Controversial subjects are always fun. Hey, it works for me in the short term.. just let me add a few more pennies to my pile first. I don't want to get short-stacked on this deal. In the long term we are all dead.
When pennies are nickels.. those with pennies will be kings. |
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. |
Edited by - HoardCopperByTheTon on 01/14/2008 13:39:44 |
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just carl
Penny Hoarding Member
USA
601 Posts |
Posted - 01/14/2008 : 20:06:46
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| What I'm waiting for is the drop in all metal prices. It happened before and probably will happen again. Imagine if and when it does how many people will be just depositing thier hoards into a savings account. |
Carl |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 01/14/2008 : 20:13:59
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I accept deposits....
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 01/14/2008 : 20:16:45
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| I know of a way to turn at least the copper ones into two cents. REPEAL THE MELT BAN! |
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Think positive. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/14/2008 : 20:40:08
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| Nooooooooooooo.. don't repeal the melt ban.. I don't have enough yet! |
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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Hirbonzig
Penny Collector Member
USA
451 Posts |
Posted - 01/14/2008 : 21:04:53
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| How much would be enough HCBTT? What is your ultimate goal of THE HOARD. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/14/2008 : 21:16:30
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| Not sure how much 'nuf is.. but it's gotta be a lot more than I have already.. |
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. |
Edited by - HoardCopperByTheTon on 01/14/2008 21:16:52 |
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n/a
deleted
16 Posts |
Posted - 01/15/2008 : 00:09:07
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Aren't the metal prices pretty much directly tied to energy costs for mining it? So if the price of a gallon of diesel goes down by half, copper could go down too.. Warren Buffett's been buying railroad stock (Burlington Northern Santa Fe) and that makes a lot of sense if energy costs are going to be higher in the future (since railroads are more energy efficient than interstate trucks and airplanes).. and since he's usually right... looks like the hoarders might be on the right track too :)
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Know Common Cents
Penny Pincher Member
195 Posts |
Posted - 01/15/2008 : 00:09:25
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Just stop and think about all of the mental wizards who already have a major problem making change (even when the cash register tells them how much to give back to the customer). Oh, the humanity! Just another argument for the cashless society new-agers, I guess.
Then there are all of the older adults who could no longer say "A penny for your thoughts." Would that then change to "A revalued penny (currently worth 5 cents) for your thoughts." Seems a bit cumbersome, eh?
Keep your brain a crankin' Star W. Interesting idea. |
Here in Wisconsin, we have some of the highest property and gasoline taxes in the US. We're squeezed so much, I have to make my daughter wear penny boxes for shoes. At least she has an endless supply. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/15/2008 : 00:15:59
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| Then there are us cruel SOB's that drop a handful of Ikes, Sacs, Suzy B's, halves, and quarters on them just for giggles. |
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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El Dee
Penny Hoarding Member
USA
547 Posts |
Posted - 01/15/2008 : 14:26:23
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| Not to mention 14 pound boxes of zinc ! |
Trust the government? Ask an Indian. |
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Penny should = 5 cents!
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