OBAMA: Let's Save Money By Making Coins With Cheaper Metals

BI ^ | 02/13/2012 | Joe Weisanthal

[GlockThe Vote]

The Budget proposes to provide the Mint with greater flexibility in the material composition of coins to reduce its losses on some coins and the production costs associated with volatile metal prices. Additionally, the Budget increases the Mint's flexibility to match customer demand and supply by eliminating the provision requiring the Mint to produce Native American dollar coins in an amount equal to 20 percent of all dollar coins produced. Justification

The Mint's primary cost driver is the price of metal, a factor over which it has no control. Daily spot prices of copper and zinc, the Mint's two main metallic materials, have fluctuated in excess of 400 percent, and the price of nickel by 500 percent over the past 10 years.1 This contributes to volatile and negative margins on both the penny and nickel: recently, the penny has cost approximately 2.4 cents, and the nickel approximately 11.2 cents to produce.2

[GlockThe Vote]

Wasnt this done in Rome as well?

[Jonty30]

It’s one of the tricks you use when you’re running low on tricks.

[crusty old prospector]

How about we save money by not printing the green kind?

[SandRat]

It was one of the things done during WWII when copper was needed for bullets.

[crusty old prospector]

How about we just replace "Canada" with "Obamaonation?"

[GeronL]

Caesar is shaving the coins again

[Sawdring]

There was a Freeper on here somewhere advocating buying up as many nickels and pennies as possible because they were worth more than five cents and one cent.

[rockabyebaby]

eliminating the provision requiring the Mint to produce Native American dollar coins in an amount equal to 20 percent of all dollar coins produced

Hmmmm, isn't that racist?

[21twelve]

I know what you mean. But, I wonder how much money would be saved if we didn’t make anymore pennies and nickels? They have such a low value anymore it just doesn’t seem worth it. Although I suppose then there would be some weird increase in the value of pennies and nickels as collectors items perhaps?

Although the government could just confiscate them all. (over my dead piggy bank)

[KarlInOhio]

Daily spot prices of copper and zinc, the Mint's two main metallic materials, have fluctuated in excess of 400 percent,

Too many people buying brass.

Who would have expected a president being able to turn copper, zinc and nickel into precious metals.

Additionally, the Budget increases the Mint's flexibility to match customer demand and supply by eliminating the provision requiring the Mint to produce Native American dollar coins in an amount equal to 20 percent of all dollar coins produced.

Yeah, everyone is just begging for the Franklin Pierce dollar coin, but doesn't want to deal with getting squawbuck instead.

[SnuffaBolshevik]

Check out this guy: He bought 20 million nickles just for this reason.

http://www.cnbc.com/id/44788851/Kyle_Bass_s_Nickel_Collection

[KoRn]

They’ll probably end up making them out of polymer with a metal core to add weight.

[Beowulf9]

and who made their value decrease?

[Uncle Ike]

One step closer to the Barter Economy....

[television is just wrong]

HOW ABOUT WE THROW OBAMA OUT ON HIS BUTT!

[jcon40]

So if the Obama followers are that stupid, why doesn’t he declare:

Pennies worth dollars,
Nickles = $5
Dimes = $10
Quarters = $25
Dollars worth $100
and so on

Then everybody can be rich !
Obama can tax everyone !
(Maybe then everyone can pay their “fair” share)

Then Obama can have lots more money to give his selected people of the moment more $$$ !

[Jonty30]

One one hand, that freeper would have been correct, but he was also incorrect. At face value, those nickels, made out of real nickel, and copper pennies are worth more then their face value, but unless you’re going to spend the time and money melting them down, their still worth only their face value.

[SVTCobra03]

Next up; replace all currency with an RFID chip implanted in everyone’s hand or forehead.

[Made In The USA]

This would be a great example of the Obama legacy - his efforts to cheapen and lessen everything that says USA on it.

Have to also say this though: I almost never carry cash or coin. Not so much as a result of being married with children, just use my debit or credit card for most everything. In fact, it’s quite inconvenient to have to pay cash (a trip to the atm is needed).

[Political Junkie Too]

Watch this wreak havoc on all the vending machines.

-PJ