1.7 cents for your thoughts

[DesertFox]

The U.S. penny is not what it appears to be, and some in Congress would like to see it change further, if not disappear entirely.

Because of a surge in the price of copper, the U.S. Mint decided 25 years ago to manufacture the coins almost entirely with zinc, save for the coating on which Abraham Lincoln’s profile is engraved.

Now, the fate of the penny is up in the air once again. With the price of zinc soaring amid a worldwide commodities boom, it costs the government about 1.7 cents to make each 1-cent coin — a pretty penny considering roughly 8 billion new ones are placed into circulation annually.

More (http://www.buffalonews.com/145/story/144157.html')

[DesertFox]

Make 'em outta kryptonite. Then that dang Superman will stay in his silo.

[DoctorDoom]

We GOTTA keep the penny! What will retailers like Sears do if they can't end every farking price in their stores with .99?

I got about a hundred bucks worth of them in a drawer. I don't know whether to take them to a bank or a scrapyard.

[gnome]

It's looking like the scrapyard is the better bet :)

[Wyatt_Junker]

I wonder how much I would have to invest in labor and smelting equipment to turn a profit on, say, just $1,000 worth of pennies. Maybe there's an introductory threshold point where you invest in the 2 inch thick cast iron crucible, the industrial firing oven and once you cross that initial cost, the riches start flowing in. Of course, there's the worker's comp. which I imagine would be quite tremendous, maybe even dollar for dollar of labor.

*mind is working the numbers out*

[gnome]

Here's the next question: Would that be legal, or destruction of currency?

[Eagle1]

not economical to try to harvest copper from them, not enough in 'em anymore.

the penny should go, when the half penny was abolished it was worth 8.5 cents by todays measure (or something like that. i dont remember the source)

[DesertFox]

Redenominate the buck. Take a few hunnert billion outta circulation and watch its value shoot thru the roof. Suddenly the penny will be worth something again.

[gnome]

At this point, isn't our money supply composed of far greater stores of electronic currency than actual bills and coins? The amount of physical currency doesn't really control anymore.

[HomeschoolrsRUs]

Since our monetary system ceased to be backed by anything of value, we have just been living on borrowed time anyway.

[Teenager]

Think of it this way, the gubmint is actually giving you .7 cents for free for every penny they give to you. Which, if you collect a lot of pennies, you'd actually have more money than it cost you.

[TeenageRepublican]

I'm surprised the members of CGW didn't throw a fit because the dollar is made out of paper. And paper is made from trees...

[HomeschoolrsRUs]

Think of it this way, the gubmint is actually giving you .7 cents for free for every penny they give to you. Which, if you collect a lot of pennies, you'd actually have more money than it cost you.

No dear, a penny is still only worth a penny, and that worth is based upon nothing in actuality. We left the gold and silver standards long ago. Our monetary system today is fiat currency, basically money backed by government's definition of what it's worth (i.e. not worth the paper it's printed on, as government can print more any time it wants.)

[Wyatt_Junker]

No dear, a penny is still only worth a penny, and that worth is based upon nothing in actuality. We left the gold and silver standards long ago. Our monetary system today is fiat currency, basically money backed by government's definition of what it's worth (i.e. not worth the paper it's printed on, as government can print more any time it wants.)

And not just our government. Iran has been printing US currency for at least 30 years, ever since Jimmney Crickets Carter allowed them to get a mint press. Last year when the Hezbos were giving bundles of $100 bills(US) to Lebanese civs after the scrum with Israel, it was all doctored.

[DesertFox]

Don't forget the North Koreans. Them scum been forging US bills for a long time. From what I hear, the NorKor forgeries are so good that even US Treasury Dept guys have a hard time telling them apart from the real thing.