We all may be getting a little richer...

[Dustin00whoop]

Don't know if any of you have heard this, but there is talk of doing away with the penny. In order to do that, the Fed would make all outstanding pennies worth a nickle. The reasoning is that the price of copper has gotten so high that the penny isn't worth the copper that it takes to make it.

Copper is currently selling for $4.16 a lb. It takes 152 pennies to make a pound of copper. People are currently melting down pennies & selling the copper on the black market. Now you could commit a felony & do the same thing, or just wait around & see what the Fed does. :D

[CoolaidWade]

Damn. I'm a millionaire now. Well, that's good news I guess.

[Burnetaggie99]

Me too.

[Mole]

Sweet :cool:

[hmiles619]

i better start investing in pennies

[dresbf]

Yeah except that pennies are 97.6% zinc and only have a copper plating that makes up 2.4% of the coin.

http://en.wikipedia.org/wiki/Cent_%28United_States_coin%29

[Pumchavas28]

Yeah except that pennies are 97.6% zinc and only have a copper plating that makes up 2.4% of the coin.

http://en.wikipedia.org/wiki/Cent_%28United_States_coin%29


YOu think everything on the black market is legit including melted pennies?:spy: ;)

[Kyle98]

Yeah except that pennies are 97.6% zinc and only have a copper plating that makes up 2.4% of the coin.

http://en.wikipedia.org/wiki/Cent_%28United_States_coin%29

I think that's only pennies minted after 1985, though. Somewhere in the 80's, anyway, they moved to the copper plating on 97% zinc.

[Dustin00whoop]

say what you want dre's other half, but the plan is a fact.

http://wcco.com/local/local_story_025094234.html

[dresbf]

It costs 1.4 cents to MAKE a penny per the wikipedia article, a melted down penny is only worth 1.1 cent. The reporter in your story is confused.

So in an effort to keep a small number of people from making 1/10th of a cent for every penny they melt down, they are going to give everyone in the world 5 cents for every penny they have? Besides from your article that is just a suggestion from Francois Velde from the Fed, not the US Treasury's plan. They just need to stop losing money by making pennies and all will be solved, rebasing them will just make things worse.

Copper prices have been steadily going down since the strike ended, zinc is going back down as well.
http://commodities.thefinancials.com/

[Dustin00whoop]

Oh yeah, wikipedia is very reliable. Hold on a sec...I'll go change what you read so it too supports what I'm saying.

[Dustin00whoop]

And I'm not sure what your looking at on the commodity price website, but its been increasing steadily again for the last week! Granted, those things flucuate, but they haven't been "steadily going down".

[hmiles619]

why not just stop minting pennies and keep it how it is?

[dresbf]

Oh yeah, wikipedia is very reliable. Hold on a sec...I'll go change what you read so it too supports what I'm saying.


:bored:

Alternate source.
http://www.nytimes.com/2006/04/22/business/22charts.html?ex=1303358400&en=a4046a4dea6fa38e&ei=5088&partner=rssnyt&emc=rss

[Pumchavas28]

Why not just keep them as valued at $0.01, and just not make any more... continue making everything else but stop making pennies & as they circulate back into the Banks, don't re-distribute them & collect them as time goes on & destroy them in the process.....:huh:

Turn em into Bullett Shells or something..

[Dustin00whoop]

Why not just keep them as valued at $0.01, and just not make any more... continue making everything else but stop making pennies & as they circulate back into the Banks, don't re-distribute them & collect them as time goes on & destroy them in the process.....:huh:

Turn em into Bullett Shells or something..


Because that does not nothing to stop the problem of people defacing federal money.

[Dustin00whoop]

Nevermind....if you're going to use a liberal source like the NY Times for your info, lets just stick with wikipedia. ;)


Wait, their source for that article is wikipedia. ;)

[dresbf]

And I'm not sure what your looking at on the commodity price website, but its been increasing steadily again for the last week! Granted, those things flucuate, but they have been "steadily going down".

Copper has gone down 1/3 since May and Zinc had dropped 21% since the beginning of December. Maybe there was a small rise this week, but they are quite a bit down from their peak and don't show any signs of "skyrocketing" as Mr. DeRusha says in his article.

[macduff93]

What's my debit mastercard worth?

[Dustin00whoop]

What's my debit mastercard worth?

As much as I can get out of that damn thing. ;)

[polish]

Dresbf is right in this instance. The guy in the article is a nutjob and Dustin typically goes along with it. :laugh:

[Dustin00whoop]

Damnit...why did you have to come back. :(