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Obama Looking for Change, Wants to Pinch Pennies, Nick Nickels
NBCNews ^ | 03/04/2014 | NBCNews

Posted on 03/04/2014 12:57:16 PM PST by Rusty0604

In a budget proposal that aims to make government more efficient, Obama floated the idea of either phasing out penny and nickel coins or using cheaper metals to produce them.

Past attempts to change penny and nickel production have faced resistance from interest groups, such as the Coin Laundry Association, which warned its small-business owner members would be hurt.

(Excerpt) Read more at nbcnews.com ...


TOPICS: Business/Economy
KEYWORDS:
Next up, add a few zeros to paper currency!
1 posted on 03/04/2014 12:57:16 PM PST by Rusty0604
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To: Rusty0604

Yes i see that happening sooner rather than later at least bring back the 500 and 1000 dollar bills


2 posted on 03/04/2014 1:01:36 PM PST by al baby (Hi MomÂ… I was refereeing to Obama)
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To: Rusty0604

We made steel pennies during WW II.
Perhaps their time has come again.


3 posted on 03/04/2014 1:02:38 PM PST by Buckeye McFrog
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To: Rusty0604

What a stupid idea


4 posted on 03/04/2014 1:02:58 PM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Rusty0604

With all the problems and the debt piling up he thinks this is going to save or help anything??


5 posted on 03/04/2014 1:03:25 PM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Rusty0604
We're somewhere on this line......


6 posted on 03/04/2014 1:05:58 PM PST by SnuffaBolshevik
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To: Rusty0604

Last night on Charley Rose, three experts advocated throwing a few billion at the Ukraine/Crimea problem. I couldn’t believe their arrogance and ignorance of our economic problems. Pinching pennies, indeed.


7 posted on 03/04/2014 1:06:29 PM PST by Veto! (Opinions freely dispensed as advice)
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To: Rusty0604

Regarding the article, I’ve never seen a coin laundry machine that took pennies or nickels. We don’t need to keep making pennies.


8 posted on 03/04/2014 1:07:08 PM PST by Mr. Blond
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To: Buckeye McFrog

Why bother with pennies? Just ring everything up normally, round to nearest nickel— up or down— and at the end of the day the till won’t be more than a nickel off. I appreciated this at my local kwikee mart a few years back.


9 posted on 03/04/2014 1:08:24 PM PST by gnickgnack2 (QUESTION obama's AUTHORITY)
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To: Rusty0604
Obama's hopeless and worthless change.

How come nobody used that in a previous campaign?

10 posted on 03/04/2014 1:08:40 PM PST by PapaNew
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To: Rusty0604

I think we should adjust to the reality of currency, for example make a quality, one ounce silver coin worth with a face value of $100.

As a twist, do like the Canadians and mint them as 99.99% pure, with a laser hologram on both sides. Then seal them in a tamper-resistant container for sale. The idea that even a fingerprint could ruin the hologram, so they are entirely collectibles.


11 posted on 03/04/2014 1:10:55 PM PST by yefragetuwrabrumuy (WoT News: Rantburg.com)
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To: Rusty0604

There’s a Coin Laundry Association? And somebody cares what they think?

The unfortunate part is that so long as we...
(a) continue to carry cash, and
(b) continue to do things like charging 9.5% sales tax

... we’re gonna need pennies. I’m not rounding up my taxes to the next higher nickel... or dime.


12 posted on 03/04/2014 1:11:31 PM PST by alancarp
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To: Mr. Blond

Yup. Every one I’ve seen runs on quarters.


13 posted on 03/04/2014 1:13:55 PM PST by Sherman Logan
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To: Rusty0604

It cost 11 cents to make a nickel. They must have union workers employed at the U.S. Mint. I remember when my granddaddy used to say it wasn’t worth a plug nickel. Hell, now a plug nickel is worth more than a real nickel.


14 posted on 03/04/2014 1:16:55 PM PST by ImNotLying (The Right To Bear Arms: Making good people helpless won't make bad people harmless!)
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To: Rusty0604

>>such as the Coin Laundry Association

I haven’t been to a coin laundry in 25 years, but when we bought our first washer and dryer and stopped going way back then, they didn’t take pennies and nickels.


15 posted on 03/04/2014 1:17:18 PM PST by Bryanw92 (Sic semper tyrannis)
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To: gnickgnack2

I can save 25 pennies pretty fast; and they spend like a quarter!


16 posted on 03/04/2014 1:18:32 PM PST by Rusty0604
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To: gnickgnack2
You really think anything will be rounded down? Everything will be rounded up, which will be an automatic 1-4% increase in inflation. Yeah, great idea.

Scouts Out! Cavalry Ho!

17 posted on 03/04/2014 1:21:02 PM PST by wku man (We are the 53%! http://www.youtube.com/watch?v=YUXN0GDuLN4)
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To: Mr. Blond

Soon there will be no need to keep making quarters as your precious coin laundry will only take the paper bills with the added zeroes.


18 posted on 03/04/2014 1:21:46 PM PST by Rusty0604
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To: Mr. Blond

I always use BitCoins on my laundry visits...


19 posted on 03/04/2014 1:25:16 PM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
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To: Mr. Blond

The Roman Empire 2 of 5 Currency devaluation

Nero devised a way to artificially increase the number of coins to keep up with the expanding government spending. Nero tampered with the coinage by decreasing the silver and gold content of its coins. Reducing the content to as much as 85% increased the monetary base as it allowed more extra coins to be minted as a result of this reduction. A pound of silver that produced 84 Denarii can now be stretched up to 96 pieces of Denarii. Later emperors followed this public deception that allowed them to increase the number of coins to pay for their ballooning government spending.
http://history.econtrader.com/devaluation_of_the_roman_currency.htm


20 posted on 03/04/2014 1:27:31 PM PST by Rusty0604
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To: Rusty0604
Nero tampered with the coinage by decreasing the silver and gold content of its coins.

He wasn't the only one. Some emperor after him plated copper coins with silver. He was a heavy drinker and when the silver plate wore off the high spots on the coin like his nose, the standing joke was that the coin more accurately portrayed him as his nose became copper red.

Things got so bad after a while that the citizens were forced to pay in real silver and gold, but the govt paid out in the debased coinage.

[Sidebar] Ever wonder why the dimes and higher coins have reeded edges? That was instituted to prevent "shaving" a sliver off the coin. Do it to enough of 'em and you had a weeks/months pay. Useless now with the clad coins.

When I sold some British sovereigns during the runup in the late '70s, the dealer said I had some unusually nice coins (not pockmarked). It seems that when sovereigns were the coin of the realm, the money boys would get a sackful and shake the daylights out of the bag. Then they would dump the coins and "pan" the cloth bag for the "dust".

21 posted on 03/04/2014 1:45:40 PM PST by Oatka (This is America. Assimilate or evaporate.)
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To: Rusty0604

Obama pinches pennies while Moochie hightails it for an all expense paid trip to China.


22 posted on 03/04/2014 1:57:33 PM PST by Slyfox (When Jesus sees a momma holding her little baby, it reminds him of his own momma.)
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To: Rusty0604
Coin Laundry Association

Who knew they had their own club? I thought they were in for laundering money.

23 posted on 03/04/2014 2:55:08 PM PST by hadaclueonce (Because Brawndo's got electrolytes. Because Ethanol has Big Corn Lobby)
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To: GeronL

Are you kidding...this is long overdue.


24 posted on 03/04/2014 2:58:39 PM PST by Extremely Extreme Extremist (15 years of FReeping! Congratulations EEE!!)
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To: Extremely Extreme Extremist

ditching the penny is really going to save the world, lol


25 posted on 03/04/2014 3:04:52 PM PST by GeronL (Vote for Conservatives not for Republicans!)
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To: Rusty0604

How about making the nickels out of wood?


26 posted on 03/04/2014 3:36:49 PM PST by broken_arrow1 (I regret that I have but one life to give for my country - Nathan Hale "Patriot")
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To: Rusty0604

How about making the nickels out of wood?


27 posted on 03/04/2014 3:36:50 PM PST by broken_arrow1 (I regret that I have but one life to give for my country - Nathan Hale "Patriot")
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