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OBAMA: Let's Save Money By Making Coins With Cheaper Metals
BI ^ | 02/13/2012 | Joe Weisanthal

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

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


TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Government
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To: GlockThe Vote

A continued debasement of the currency. Why don’t we just agree to conduct business in Cheerio’s.


51 posted on 02/13/2012 3:50:01 PM PST by RobinOfKingston (The instinct toward liberalism is located in the part of the brain called the rectal lobe.)
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To: GlockThe Vote

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.


52 posted on 02/13/2012 3:52:13 PM PST by bert (K.E. N.P. +12 ..... Crucifixion is coming)
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To: Beelzebubba

Sure, if you can find somebody willing to pay a dime for a nickel. :)

Or wait 100 years before it becomes a collectable.


53 posted on 02/13/2012 3:53:13 PM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: Jonty30
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.

$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.

54 posted on 02/13/2012 3:54:12 PM PST by Graybeard58 (Eccl 10 v. 19 A feast is made for laughter, and wine maketh merry: but money answereth all things.)
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To: arthurus

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...


There are laws against either melting down or exporting coins. The Mint would be glad to have you arrested for the attempt.


55 posted on 02/13/2012 3:54:54 PM PST by Atlas Sneezed (Author of BullionBible.com - Makes You a Precious Metal Expert, Guaranteed.)
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To: Jonty30
It’s one of the tricks you use when you’re running low on tricks.

Actually, it's counterfeiting.

And since the government has been counterfeiting since 1965, it's really no bigger deal now.

ML/NJ

56 posted on 02/13/2012 3:57:49 PM PST by ml/nj
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To: AmusedBystander

He’ll be able to spend the recycle value right after he serves his sentence at Leavenworth for defacing US currency.


Buying and storing to sell intact isn’t “defacing”.

The law you think of refers to modifying with intent to pass as a larger denomination, or to remove valuable metal before spending.


57 posted on 02/13/2012 4:01:42 PM PST by Atlas Sneezed (Author of BullionBible.com - Makes You a Precious Metal Expert, Guaranteed.)
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To: GlockThe Vote
Why make them out of metal?

Might as well just mold them out of plastic!

Plastic money for a plastic president.

58 posted on 02/13/2012 4:03:03 PM PST by sjmjax (Politicans are like bananas - they start out green, turn yellow, then rot.)
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To: GraceG

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:

Lead.


59 posted on 02/13/2012 4:03:59 PM PST by MeganC (No way in Hell am I voting for Mitt Romney. Not now, not ever. Deal with it.)
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To: arthurus

My point exactly.


60 posted on 02/13/2012 4:06:25 PM PST by Paved Paradise
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To: GlockThe Vote

”Blah! Blah! Blah!!!”

61 posted on 02/13/2012 4:07:38 PM PST by Colonial Warrior (Help us OB/GYN! You are our only hope!)
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To: Jonty30

62 posted on 02/13/2012 4:08:35 PM PST by Colonial Warrior (Help us OB/GYN! You are our only hope!)
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To: crusty old prospector

“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.


63 posted on 02/13/2012 4:14:50 PM PST by Dr. Bogus Pachysandra ( Ya can't pick up a turd by the clean end!)
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To: GlockThe Vote

Use something we can melt and cast bullets with!


64 posted on 02/13/2012 4:16:18 PM PST by SWAMPSNIPER (The Second Amendment, a Matter of Fact, Not a Matter of Opinion)
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To: television is just wrong

Just what I was going to say. Throw Obama out this country will save trillions. Enuff said.


65 posted on 02/13/2012 4:17:15 PM PST by GrandJediMasterYoda (How ironic that Ann Coulter should write a book called Treason.)
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To: Dr. Bogus Pachysandra

” and force the public “

Really??

Hmmmmmm.....


66 posted on 02/13/2012 4:17:15 PM PST by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: Beelzebubba
Buying and storing to sell intact isn’t “defacing”.

No value other than face unless it is sold at commodity prices, so doesn't make any sense to buy otherwise.

67 posted on 02/13/2012 4:18:04 PM PST by AmusedBystander (The philosophy of the school room in one generation will be the philosophy of government in the next)
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To: null and void

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.


68 posted on 02/13/2012 4:19:37 PM PST by Twinkie (John 3:16)
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To: Uncle Ike

“Really??”

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!


69 posted on 02/13/2012 4:22:09 PM PST by Dr. Bogus Pachysandra ( Ya can't pick up a turd by the clean end!)
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To: AmusedBystander

No value other than face unless it is sold at commodity prices, so doesn’t make any sense to buy otherwise.


Uh, the point is that commodity prices can rise.

And your downside is protected because you are guaranteed face value even if commodities plummet.


70 posted on 02/13/2012 4:25:02 PM PST by Atlas Sneezed (Author of BullionBible.com - Makes You a Precious Metal Expert, Guaranteed.)
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To: Dr. Bogus Pachysandra

” 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....


71 posted on 02/13/2012 4:26:34 PM PST by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: GlockThe Vote

Reminds me of the East Germans and their aluminum coins.


72 posted on 02/13/2012 4:27:10 PM PST by GourmetDan (Eccl 10:2 - The heart of the wise inclines to the right, but the heart of the fool to the left.)
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To: Sawdring

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.


73 posted on 02/13/2012 4:32:28 PM PST by Rusty0604
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To: GlockThe Vote

Obama is such a clown. He’s the dumbest ............. to ever come down the pike. Geeez America! What the hell were you thinking?


74 posted on 02/13/2012 4:42:01 PM PST by FlingWingFlyer (FOX News! In the barrel for Barry!)
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To: bert

Yea, that would make confiscation easier too.


75 posted on 02/13/2012 4:42:33 PM PST by Rusty0604
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To: GlockThe Vote

“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.


76 posted on 02/13/2012 4:51:18 PM PST by headsonpikes (Mass murder and cannibalism are the twin sacraments of socialism - "Who-whom?"-Lenin)
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To: Sawdring; blam

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.

Ping Blam


77 posted on 02/13/2012 4:54:31 PM PST by Jet Jaguar (Romney=Gun Grabber.)
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To: Beelzebubba

Reread. There is nothing I said about either melting or exporting.Your inference is a stretch.


78 posted on 02/13/2012 5:32:33 PM PST by arthurus (Read Hazlitt's "Economics In One Lesson.")
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To: GraceG

Perhaps the Mint should be buying nickels from the banks to melt them to make more nickels.


79 posted on 02/13/2012 5:53:33 PM PST by arthurus (Read Hazlitt's "Economics In One Lesson.")
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To: null and void
Are there no FReepers old enough to remember when silver coins were really silver?

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...

80 posted on 02/13/2012 5:56:19 PM PST by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: arthurus

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.


81 posted on 02/13/2012 6:03:26 PM PST by Atlas Sneezed (Author of BullionBible.com - Makes You a Precious Metal Expert, Guaranteed.)
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To: GlockThe Vote

“Don’t Take Any Obama Nickles”


82 posted on 02/13/2012 6:20:00 PM PST by Charles Martel (Endeavor to persevere...)
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To: GlockThe Vote
Based on Daily Spot Price of Metals

Current Melt Value of US Coins

83 posted on 02/13/2012 6:45:38 PM PST by HP8753 (Live Free!!!! .............or don't.)
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To: GlockThe Vote

Except that we stopped having “real” money decades ago. Most of the money in “circulation” doesn’t exist. It is electrons.


84 posted on 02/13/2012 8:06:51 PM PST by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: redgolum

http://mises.org/daily/3663

Check this out. We are doing the same thing the Romans did.


85 posted on 02/13/2012 8:12:19 PM PST by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: andy58-in-nh

Well said.


86 posted on 02/13/2012 8:14:52 PM PST by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: AmusedBystander

http://www.ebay.com/itm/OVER-10-POUNDS-PENNIES-1959-1982-15-FV-COPPER-BULLION-/220949051551?pt=LH_DefaultDomain_0&hash=item337196f89f#ht_500wt_951

http://www.ebay.com/itm/OVER-10-POUNDS-PENNIES-1959-1982-15-FV-COPPER-BULLION-/220949051551?pt=LH_DefaultDomain_0&hash=item337196f89f#ht_500wt_951

http://www.ebay.com/itm/5000-Copper-Lincoln-pennies-1959-1981-Bullion-/320846312367?pt=Coins_US_Individual&hash=item4ab3ee33af#ht_500wt_951


87 posted on 02/13/2012 8:17:14 PM PST by FLAMING DEATH (Are you better off than you were $4 trillion ago?)
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To: GlockThe Vote
OBAMA: Let's Save Money By Making Coins With Cheaper Metals

We're not saving money by having a president with a cheap character.
88 posted on 02/13/2012 8:17:59 PM PST by aruanan
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To: Twinkie

oh geez....that’s terrible....sounds like something I would do.....


89 posted on 02/13/2012 8:19:18 PM PST by cherry
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To: FLAMING DEATH

There’s a sucker born every minute.


90 posted on 02/13/2012 8:41:52 PM PST by AmusedBystander (The philosophy of the school room in one generation will be the philosophy of government in the next)
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To: GlockThe Vote

Grounding Airforce 1 would be a great start at saving money!


91 posted on 02/13/2012 8:49:24 PM PST by dalereed
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To: dalereed

Thugbama is not interested in saving money.


92 posted on 02/13/2012 8:51:07 PM PST by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: forgotten man
They said that if you hoarded the silver coins you would not make a profit.

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.

93 posted on 02/13/2012 9:04:56 PM PST by Stentor ("All cults of personality start out as high drama and end up as low comedy.")
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To: Jet Jaguar; Sawdring
Why You Need to Own Nickels, Right Now

Why You Need To Own America's Last Honest Currency, Now

94 posted on 02/13/2012 9:11:43 PM PST by blam
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To: Jet Jaguar; Sawdring
Why You Need to Own Nickels, Right Now

Why You Need To Own America's Last Honest Currency, Now

95 posted on 02/13/2012 9:12:42 PM PST by blam
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To: GlockThe Vote

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!


96 posted on 02/14/2012 3:42:34 AM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: headsonpikes
Issue one New$ for 50 Old$ and start all over

This happens everytime some brain dead president prints money into oblivion so he can spend the value on himself.

97 posted on 02/14/2012 3:52:23 AM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: GlockThe Vote

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.


98 posted on 02/14/2012 6:52:29 AM PST by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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