I read somewhere that the government may make the penny worth 5 cents. What are the chances of this happening? Also, if the USA revaluates the penny will Canada do the same thing to its penny?
I think its a mute point because if the government were in a position to raise the penny to nickel status I'm sure the melt value of the pennies would already be worth more than 5 cents.
Trying to convice people to accept a coin marked "1 cent" as 5 cents seems like it would be a nightmare. I could see them replacing the nickel with a smaller cheaper coin though, perhaps even a penny-sized (but silver coloured) one, especially if the penny became demonetized. I'm not sure how long it will be before they end up getting rid of the penny though, since it seems like they like to keep it around as a way of pretending inflation is not as bad as it is.
In many countries "pennies" have been demonitized. Malaysia just dropped theirs (worth 1/3 of a US penny), Fuji etc. More likely then elevating a penny into a nickel = plus who would want to accept a penny for a nickel if nickels were available?
“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
USA and Canadian pennies worth a nickel?
Forum Locked
Posted - 02/01/2009 : 08:18:47
