Posted on 04/24/2023 5:34:43 AM PDT by dynachrome
Cents (pennies) and nickels only had value because the government said they did. Dimes, quarters, halves and dollar coins before 1965 had nearly face value because of their silver content.
When they decided to take the silver out of the dimes and quarters (they left some in in the halves for a few years) the major reason for making the ‘sandwich’ coins was make them compatible with existing vending machines. Other nations like the U.K. and Canada simply switched to a copper-nickel blend.
While a shift to cheaper metal does mark yet another decline, the truth is our small change hasn’t real value for over a half century, or no more real value than our paper money.
A pre-’65 silver dime has $1.82 worth of silver in it. For $1.82 you can buy two Snickers bars. The same dime would have bought two Snickers bars in 1964.
The millenials all use Venmo.
GET the money from BIDEN Family-—They certainly have enough.
IF they do this-—EVERY SINGLE COIN OPERATED machine in the USA will have to be recalibrated for the weight/size of the new coins.
NO ONE in this “ADMINISTRATION” Can think one inch ahead.
Snickers bars are more costly than that now.
Once we are all transitioned to a global digital currency, that's all that will work in vending machines.
Already happened in Canada. Also the one and two dollar banknotes are gone as well. Those are now coins not notes. The cent was eliminated for the exact reason that it cost more to make than the supposed face value.
Canada’s coinage is 90%+ steel, plated.
I personally don’t care for change under a quarter. I routinely throw the pennies, nickels and dimes into the little recepticle next to the cash register.
Sure, I could take them home and throw them into a jar as I have for years, then take them down to the bank to get rolled up, but...I can’t be bothered anymore.
If they went away, and I had to pay 75 cents instead of 62 cents, I wouldn’t shed a tear.
At least the change won’t end up in my washing machine or dryer anymore making a racket.
“....authorize the U.S. Mint to alter the metal content of coins in order to save taxpayers money ...”
Nonsense!!!! - Stop dillydallying and cut spending. Anyone in Congress who doesn’t work toward budget reduction an enemy of this nation. Is a traitor by omission!!!
“If they went away...”
The presence of silver in our money meant that there was a limit as to how much inflation could be created. They took care of that problem in 1965. Now, even the value of nickel and copper is too high, so they have to be gotten rid of as well. Our money was pretty much stable for the better part of 150 years but fiscal stability is a relic of the past.
Indeed it isn’t that far off even China is also all in for it.
People will end up as currency before it’s over with.
Shades of Rome
They could recall all copper pennies (pre-‘82) and all nickels to melt down to make munitions for Ukraine.
One of the final acts (other than endless wars) of failing empires is the debasement of its currency. In the US’s case this has been going on since Nixon took the US off the gold standard.
No problem. Continued inflation will soon make coins obsolete, with the paper dollar as the smallest unit.
I was pretty sure we are very close to making our paper
money and coinage out of thin air, what with digital
currency and 100.00% tyrannical control just around the
corner.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.