Skip to comments.OBAMA: Let's Save Money By Making Coins With Cheaper Metals
Posted on 02/13/2012 3:01:22 PM PST by 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
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A continued debasement of the currency. Why don’t we just agree to conduct business in Cheerio’s.
What should be done is eliminate paper and metal money. Every peron would have a bank debit card into which all deposit are made and all expenses deducted.
Sure, if you can find somebody willing to pay a dime for a nickel. :)
Or wait 100 years before it becomes a collectable.
$3.8300 current scrap price for copper and scrap yards do the melting for you. I don't know if they accept U.S. coins though, it may be illegal to melt them. Nor do I know how many cents are in a pound.
Actually one could buy up a millions of nickel and sell them to the mint as raw materials and then use the proceeds to buy up 4 million nickels and sell them to the mint and...
Actually, it's counterfeiting.
And since the government has been counterfeiting since 1965, it's really no bigger deal now.
He’ll be able to spend the recycle value right after he serves his sentence at Leavenworth for defacing US currency.
The law you think of refers to modifying with intent to pass as a larger denomination, or to remove valuable metal before spending.
Might as well just mold them out of plastic!
Plastic money for a plastic president.
I’ve been spending my nickels and pennies buying up a good supply of the most important metal as a hedge against a full-on economic collapse:
My point exactly.
Blah! Blah! Blah!!!
“How about we save money by not printing the green kind?”
At least phase out the filthy, poisonous dollar bills. A total wast of money. Print more two dollar bills , which have 7 or 8 times the life expectancy of singles, and force the public to use dollar coins. If you have 2 dollar bills, you only need to carry one one dollar coin. Dollar bills last less than a year. Then they’re shredded and dumped in landfills. They carry all sorts of bacteria and viruses. Ever wonder why your wallet sometimes smells like cheap perfume? It’s because dollar bills have been deloused. Dollar coins are naturally anti-bacterial/anti virus. I wash my hands after handling them.
Use something we can melt and cast bullets with!
Just what I was going to say. Throw Obama out this country will save trillions. Enuff said.
” and force the public “
No value other than face unless it is sold at commodity prices, so doesn't make any sense to buy otherwise.
Here’s my sad coin tale - several years ago, we bought about $1,500.00 worth of silver coins. Husband liked to sit in bed and look them up individually to see what they were worth. Well . . . he kept them in a little plastic bag and would set the bag on the bedside table every night when he got through with them.
Long story short; the bag “somehow” got accidentally shoved into the trash can under the table and subsequently hauled off to the garbage dump. (He kept an awful lot of junk and clutter on that table.)
That bag of coins now would be worth about $12,000.00 or more. Spilt milk, but a lot of it.
Yes! Do some research about dollar bills. The results will disgust you. We’re used to them, but they are nasty, and a big waste of money. Dollar bills last less than a year, and cannot be recycled. Dollar coins? They’ll last 50 years, and the metals can be recycled. Dollar bills are freakin’ poisonous!
No value other than face unless it is sold at commodity prices, so doesn’t make any sense to buy otherwise.
And your downside is protected because you are guaranteed face value even if commodities plummet.
” Yes! Do some research about dollar bills. “
Hey - do some *market research* about dollar bills —
Even a casual knowledge of history shows that ‘the public’ has overwhelmingly rejected every time the idea of replacing paper with coinage...
There’s a word for people who wish to ‘force the public’ because they know better, because it’s good for them....
Reminds me of the East Germans and their aluminum coins.
Not only that, countries where they have debased their currencies usually just reprint the paper currency so what coins you have are worth even more.
Obama is such a clown. He’s the dumbest ............. to ever come down the pike. Geeez America! What the hell were you thinking?
Yea, that would make confiscation easier too.
“Wasnt this done in Rome as well?”
Yes; by Diocletian memorably, IIRC.
The US Dollar needs a reverse split - like a failed penny stock. Issue one New$ for 50 Old$ and start all over with silver and gold - like it says in the Constitution.
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.
Reread. There is nothing I said about either melting or exporting.Your inference is a stretch.
Perhaps the Mint should be buying nickels from the banks to melt them to make more nickels.
Lots of us are old enough to remember real money.
The wife and I cleaned out an old house today, and I picked up about $100 worth of old coins throughout the place. Took 'em home for the kiddies to sort out, and they found quite a few pure silver U.S. coins.
And as they say, the lesson commenced...
Sorry, On rereading I see I should have pointed out the absurdity of thinking that the Mint would pay more than face value for any circulating coin.
“Don’t Take Any Obama Nickles”
Except that we stopped having “real” money decades ago. Most of the money in “circulation” doesn’t exist. It is electrons.
Check this out. We are doing the same thing the Romans did.
oh geez....that’s terrible....sounds like something I would do.....
There’s a sucker born every minute.
Grounding Airforce 1 would be a great start at saving money!
Thugbama is not interested in saving money.
My first job was in a farm packing house in 1963 making a dollar an hour for 6 12 hour days. If I converted that currency in the brown envelope to dimes, quarters and halves and kept it, it would be worth $1745.28 in Bernank toilet paper as of tonight. That's according to Coinflation based on a silver melt value of $33.51.
Lets make coins out of manure, and issue dollar bills in big rolls. Cause that is what our money is worth now that Obama has printed three times what was out there before.
PLEASE, Nobody tell Obama what comes after a Trillion!
This happens everytime some brain dead president prints money into oblivion so he can spend the value on himself.
We are much worse. My point is that it doesn’t matter if the money is made of plastic, coins have little value as metal. The Romans left some gold in, while we haven’t had any silver for a long time.
In other words, you can’t debase the money much more than it is. Physical money isn’t “Worth” anything.