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 Metal value of all copper cents in circulation?
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Nickelless
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USA
5580 Posts

Posted - 06/27/2008 :  23:25:12  Show Profile Send Nickelless a Private Message
Anyone done any guesstimates on how much all copper pennies still "out there" would be worth in terms of melt value? What about all 75/25 nickels? What about the metal value of all zincs in circulation, even though it would be less than face value?

Here's what's running through my mind with this...even though it could get monotonous after a while, if it came right down to it, one person could buy enough rice, beans and certain vegetables to feed them for a year for less than $600, based upon numbers I put together a few months ago (which I need to update now that I have a Sam's Club membership and can buy some items even cheaper in bulk). If it came right down to it, is there, say, 200 lbs. of copper pennies per person in circulation or otherwise in public hands that could be used as a means of payment and/or barter for the metal value if it came to that? Not that any of us expect many people to hoard even 20 lbs. of copper cents, but if it came down to it, would there be enough copper in circulation for everyone (not just you, Hoard) to spend or barter for aforementioned food if it came to that?

On a related note, here's an excellent post I read today on SurvivalBlog.com. Go to the front page and scroll down to the post titled "Letter Re: An Economic Observation on the Prices of Silver and Gasoline Versus Fiat Dollars":
quote:
I can prove that since 1964 and based upon the 1964 monetary system, the gallon price of gas at the pumps and the relative price of consumer goods have not increased in cost or value. Only the Federal Reserve note has lost buying power. In my humble and simple observation, cost or value are mere reflections of each other and are not necessarily defined by mediums of exchange, as in fiat vehicles we all call 'notes'. Allow me to explain.

In 1964, the price of a gallon of gas was +/- .21 (twenty-one cents). An automobile nicely proportioned was $2,000 (two thousand dollars).

In 1964, silver coinage was the norm; however, the Federal Reserve and its cronies in "guv'memt" plotted silver's demise as a free market trading medium and standard.

Today, fuel is $4.00 (four dollars) per gallon. A really nice car costs $40,000 (forty thousand dollars).

But the cost or value of fuel and consumer goods has not really increased. In 1964, a silver American dollar, the standardized value of exchange for the United States of America, equaled the cost of nearly five gallons of gasoline.

Today, a 1964 'junk silver' Morgan (1921 or earlier) dollar will fetch $20.00 (twenty dollars) in Columbia, Tennessee. That 'exchange rate' for fiat currency reflects that still nearly five gallons of fuel can be purchased for the same value. Now, divide that cost of a $40,000 (forty thousand dollar) automobile by $20 (twenty dollars) and one readily observes that the cost or value of this consumer good/want/need has really not changed as it still costs 2000 (two thousand) 1964 silver ounces or 'dollars'.

I do note, however, that one should not confuse the notion of intrinsic value with perceived value.

What has changed, though, is the great deception upon which the American citizen has been saddled, the wholesale fleecing of the wealth of this country! If everyone who reads your blog would recognize the stability of precious metals and adjust their way of defining cost or value they might find direction in their economic travels. More so, recognizing the grim realities of the Federal Reserve's economic policies, one should be able to read the writing on the wall. Sadly, we exist today economically on the 'oil standard' which oddly enough is a reflection of the old 'gold/silver standard'. Now all can stand on the street and point out that the King of the Federal Reserve is wearing no clothes!

When I point out to my friends the observations noted, they take great pause and likely start buying up 'junk silver'. Precious metals really don't 'increase in value', they just don't lose purchasing power by government inspired inflation.


Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively

---------------

Be prepared...and prepared to help: http://www.survivalblog.com/charity.html

Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp

Edited by - Nickelless on 06/27/2008 23:33:50
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