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Bid Farewell to Pennies and Nickels!
Wealth Wire ^ | , November 26th, 2012 | Brittany Stepniak

Posted on 11/27/2012 1:30:24 PM PST by angelcindy

The U.S. is following Canada's footsteps regarding the production of pennies and nickels. According to U.S. Treasury Secretary Tim Giethner, our U.S. Mint intends to remove the penny and nickel coins from circulation beginning early in January 2013.

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


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: coincirculation; coins; giethner; january2013; markofthebeast; nickels; nickles; obamasfault; pennies; usmint; ustreasury
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Let the collecting begin....I wonder how long it will take before you can't find a nickel or penny...
1 posted on 11/27/2012 1:30:38 PM PST by angelcindy
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To: angelcindy
You mean let the inflation begin...
2 posted on 11/27/2012 1:33:58 PM PST by Smittie
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To: angelcindy

They should get rid of the filthy one dollar bills!
Pennies,,, okay,,, but why nickels?


3 posted on 11/27/2012 1:33:58 PM PST by Dr. Bogus Pachysandra ( Ya can't pick up a turd by the clean end!)
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To: angelcindy

Methinks ‘twould be a much better decision to end production of liberals/progressives.

Following a reasonable amount of time (which can be productively be used incinerate all vestiges of liberalism), the penny and nickel will once again be worth something.


4 posted on 11/27/2012 1:34:01 PM PST by Da Coyote
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To: angelcindy

I have a one gallon jar full of nickels and a big bag of pennies. I just keep throwing them in there and never seem to take to time to get rid of them.


5 posted on 11/27/2012 1:34:51 PM PST by Bryanw92 (Sic semper tyrannis)
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To: angelcindy

Soon the dollar will be the new penny.


6 posted on 11/27/2012 1:34:56 PM PST by Track9
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To: angelcindy

so what happens if something costs $1.99?
Does one pay $2.00 or $1.90?


7 posted on 11/27/2012 1:35:12 PM PST by 1_Rain_Drop
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To: angelcindy

Turbo Tim is sticking around?

JMJ!


8 posted on 11/27/2012 1:35:22 PM PST by onyx (FREE REPUBLIC IS HERE TO STAY! DONATE MONTHLY! IF YOU WANT ON SARAH PALIN''S PING LIST, LET ME KNOW)
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To: Dr. Bogus Pachysandra

The year 2011 marked the sixth consecutive year that pennies and nickels cost more to produce than they were worth in the market.


9 posted on 11/27/2012 1:35:49 PM PST by angelcindy ("If you follow the crowd ,you get no further than the crowd!")
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To: FReepers; Patriots; FRiends

FR really needs your help!

Please Contribute Today.

FReepathon Day 58!!

10 posted on 11/27/2012 1:36:14 PM PST by onyx (FREE REPUBLIC IS HERE TO STAY! DONATE MONTHLY! IF YOU WANT ON SARAH PALIN''S PING LIST, LET ME KNOW)
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To: angelcindy

inflation is going to hurt.


11 posted on 11/27/2012 1:36:15 PM PST by GeronL (http://asspos.blogspot.com)
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To: Dr. Bogus Pachysandra

Nickels are 75% copper and 25% nickel. The “melt value” of today’s nickels is higher than the face value. They will go for the same reason silver was taken out of circulation decades ago.


12 posted on 11/27/2012 1:36:23 PM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: 1_Rain_Drop

merchants are preparing to round all transactions to the nearest ten-cent increment,


13 posted on 11/27/2012 1:36:31 PM PST by angelcindy ("If you follow the crowd ,you get no further than the crowd!")
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To: angelcindy
Meanwhile, merchants are preparing to round all transactions to the nearest ten-cent increment

Someone should alert Timmy "Turbo Tax" that this contributes to inflation.

14 posted on 11/27/2012 1:36:43 PM PST by The Sons of Liberty ( Fast and Furious , Benghazi - What's 0bama's current body count?)
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To: angelcindy

What this country needs is a good five cent......nickel!............


15 posted on 11/27/2012 1:36:56 PM PST by Red Badger (Lincoln freed the slaves. Obama just got them ALL back......................)
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To: angelcindy

Oh Joy! /sarc


16 posted on 11/27/2012 1:37:40 PM PST by txnativegop (Fed up with zealots)
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To: 1_Rain_Drop

do you really think its going to be $1.90?


17 posted on 11/27/2012 1:38:15 PM PST by GeronL (http://asspos.blogspot.com)
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Comment #18 Removed by Moderator

To: Smittie

Exactly. What more evidence do people need?


19 posted on 11/27/2012 1:38:32 PM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
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To: Track9

Bingo!

And those hard earned dollars in your savings and any equity in your belongings are now worth?


20 posted on 11/27/2012 1:39:03 PM PST by haffast (Books serve to show a man that those original thoughts of his aren't very new at all. -Abe Lincoln)
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To: angelcindy

Obamugabe and his cabal hate America.


21 posted on 11/27/2012 1:39:16 PM PST by SoFloFreeper
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To: Dr. Bogus Pachysandra
Pennies,,, okay,,, but why nickels?

Because currently, there's almost a nickel's worth of metal in a nickel. They know what's coming.

22 posted on 11/27/2012 1:39:37 PM PST by tacticalogic ("Oh, bother!" said Pooh, as he chambered his last round.)
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To: angelcindy

This of course will save tens of millions of dollars, when we’re going south over $1 trillion per year.

Job well done Giethner.

Next I’m sure you’ll propose we drop all periods, comas, exclamation points, and question marks in government papers, to save on ink. What’s a few decimal places anyway.

This is like giving up one package of gum per week, to save the family home.

Idiocracy realized...


23 posted on 11/27/2012 1:39:52 PM PST by DoughtyOne (Hurricane Sandy..., a week later and over 60 million Americans still didn't have power.)
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To: angelcindy

It will also cause sales taxes to increase, which will increase...err......revenue?


24 posted on 11/27/2012 1:40:16 PM PST by IllumiNaughtyByNature ($1.84 - The price of a gallon of gas on Jan. 20th, 2009.)
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To: angelcindy
The year 2011 marked the sixth consecutive year that pennies and nickels cost more to produce than they were worth in the market.

You can say the exact same thing about EVERYTHING the government does.

WELFARE costs more to produce than it is worth in the market.

25 posted on 11/27/2012 1:40:21 PM PST by GeronL (http://asspos.blogspot.com)
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To: angelcindy

I bet they round to the next higher, not nearest. $9.91 will become $10.00.


26 posted on 11/27/2012 1:40:31 PM PST by 5thGenTexan
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To: angelcindy

So this can replace the give-a-penny / take-a-penny tray at the 7-11. But why stop there? Pure communism doesn’t even need money - It just needs a give-a-crap / take-a-crap tray.


27 posted on 11/27/2012 1:40:43 PM PST by ExxonPatrolUs (The Ameritopian Motto: Gov The Sheeple, Buy The Sheeple, Bore The Sheeple)
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To: angelcindy; Revolting cat!; Slings and Arrows

Every thing will now cost 9.9cents more including gasoline per gallon.


28 posted on 11/27/2012 1:41:22 PM PST by a fool in paradise (America 2013 - STUCK ON STUPID)
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To: angelcindy

and next year they will issue the 1 million dollar bill with Obama’s face on it ,equal to 86 euros


29 posted on 11/27/2012 1:41:37 PM PST by molson209
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To: angelcindy
According to U.S. Treasury Secretary Tim Giethner, our U.S. Mint intends to remove the penny and nickel coins from circulation beginning early in January 2013.

It is not that simple.

Frequently Asked Questions, US MINT:

Are there any plans to remove the penny from circulation?
https://answers.usmint.gov/app/answers/detail/a_id/127/kw/penny/session/L3NpZC9pUm8tT2xjbA%3D%3D

No. Removing the penny from circulation would require legislation to be passed by Congress and signed into law by the President.

30 posted on 11/27/2012 1:43:36 PM PST by thackney (life is fragile, handle with prayer)
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To: angelcindy

Does the copyright issue go away if you post the full article as a comment?

How, exactly does that work?


31 posted on 11/27/2012 1:44:12 PM PST by null and void (Knowledge increases exponentially, wisdom increases logarithmically.)
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To: Dr. Bogus Pachysandra

Agree about the penny and the dollar bill. They need to change the paper for currency. I think I read that the nickle also costs more to produce than it is worth. I think that’s why. Quite frankly, I don’t care about either being eliminated.


32 posted on 11/27/2012 1:44:41 PM PST by RIghtwardHo
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To: angelcindy
"merchants are preparing to round all transactions to the nearest ten-cent increment,

Well it's sure that the merchants will make very good profit. They will keep two sets of books. I wonder how many will declare the extra cents they received.

The loss of nickels and pennies is part of dumbing down the youth. Now they'll only know how to count by tens.

33 posted on 11/27/2012 1:44:48 PM PST by 1_Rain_Drop
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To: angelcindy
Say goodbye to the penny and nickel machines, I guess...

These one-armed bandits don't have anything on Uncle Sugar.


34 posted on 11/27/2012 1:45:41 PM PST by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: thackney

However, simply not making enough for there to be any in circulation? Piece of cake.


35 posted on 11/27/2012 1:45:49 PM PST by null and void (Knowledge increases exponentially, wisdom increases logarithmically.)
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To: angelcindy
merchants are preparing to round all transactions to the nearest ten-cent increment

So no need for quarters then?
36 posted on 11/27/2012 1:45:49 PM PST by ExxonPatrolUs (The Ameritopian Motto: Gov The Sheeple, Buy The Sheeple, Bore The Sheeple)
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To: angelcindy
The year 2011 marked the sixth consecutive year that pennies and nickels cost more to produce than they were worth in the market.

Actually, pennies have not been made form copper for a long time now, the metal is worth more than the denomination.

http://en.wikipedia.org/wiki/Penny_(United_States_coin)

37 posted on 11/27/2012 1:46:52 PM PST by Las Vegas Ron (Medicine is the keystone in the arch of socialism)
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To: RIghtwardHo
They need to change the paper for currency.

Umm... Paper money is currency, FRiend.

Do you mean coin?

38 posted on 11/27/2012 1:46:57 PM PST by TChris ("Hello", the politician lied.)
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To: 1_Rain_Drop
Rounding. Over here, the local currency is the Czech Koruna. However, there is also the halar, which was phased out of use around 2002 or 2003 as I recall. Go to the store, though, and you'll see stuff priced at, let's say, 15,06 for a loaf of bread (less than a buck for a one-pound loaf). In this case, that ,06 is halar....so they total you up at the register, and ,50 halar is the rounding point. Less than ,50 halar, and it's rounded down; more than ,50 halar and it's rounded up. One nice thing here, as I must say in pretty much all of Europe, sales tax is reflected in the price, so if a computer is 13,950 Kč, or about 650-odd bucks, that's what you pay at the register. Wish they did back in the States.
39 posted on 11/27/2012 1:47:06 PM PST by AnAmericanAbroad (It's all bread and circuses for the future prey of the Morlocks.)
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To: 1_Rain_Drop

If the Euro conversion was any guide all prices were rounded up...

This is a bad sign.


40 posted on 11/27/2012 1:48:51 PM PST by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: angelcindy

Economically, they should move to coin dollars as well. It’s not worked in the past for one key reason: they need to also quit producing cloth dollars.

“Paper dollars” have too short a life span to be economical. Plus, the mint has plenty of coin dollars already warehoused and ready to go.

When I was overseas on active duty 20 years ago, we didn’t use pennies. Transactions were still made ‘to the penny’ and rounded. 1-2 cents round down, 3-4 round up. Worked just fine.


41 posted on 11/27/2012 1:49:27 PM PST by ziravan (Are you better off now than you were $9.4 Trillion dollars ago?)
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To: angelcindy
Let the collecting begin...

Been there, done that!

I have more than 10,000 BUFFALO nickels, ranging from junk to UNCircs...! Actually, my GRANDchildren own them now, but they are still in my possession. Unfortunately, all mine have four legs!


42 posted on 11/27/2012 1:49:38 PM PST by WVKayaker ("Mitt Romney couldn't keep up with lies and spin of Barack Obama" - Sarah Palin 10/24)
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To: ExxonPatrolUs

Still need quarters as the easy way to get to 50 cents. But it’ll be strange. In the end they probably won’t really round off to 10 cents, but to things you can make change to easily with quarters and dimes.


43 posted on 11/27/2012 1:50:07 PM PST by discostu (Not a part of anyone's well oiled machine.)
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To: angelcindy

Bid farewell to all American currency. They will push us to marks on the wrist and forehead soon.


44 posted on 11/27/2012 1:50:26 PM PST by bmwcyle (Women reelected Obama)
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To: Track9
Soon the dollar will be the new penny.

I'm thinking the same thing. They'll downsize dollar coins, then make $5 coins and $10 coins. The new $10 coins will be worth an old dime. Not as bad as Zimbabwe hyper-inflation, but we're headed down an inflationary path.

45 posted on 11/27/2012 1:51:44 PM PST by roadcat
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To: GeronL
"do you really think its going to be $1.90?"

As a consumer, I have the right to fantasize.

Penny for your thoughts? Got a wooden nickel?

Oh geez, gas will now be $3.90, $4.00, $4.10, $4.20.... fuel prices will falsely sky rocket... as will everything else. It's hitting me now. We'll be broke in six months. At least we'll have obamacare.

46 posted on 11/27/2012 1:52:16 PM PST by 1_Rain_Drop
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To: 1_Rain_Drop

Sounds like everything will be rounded off up to the nearest dime. More sales taxes from this, also.


47 posted on 11/27/2012 1:53:10 PM PST by ridesthemiles
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To: ziravan

Except the people LIKE the paper dollars, which is why we keep using them. The government is supposed to work for us, they should stick with paper. The people don’t really give much of a crap about pennies and nickles. But we use paper dollars, the mint can shove the coins.


48 posted on 11/27/2012 1:53:26 PM PST by discostu (Not a part of anyone's well oiled machine.)
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To: Travis McGee
The “melt value” of today’s nickels is higher than the face value.

The same applies to the "zinc" penny [97.5% Zn, 2.5% Cu] and is the reason that it is against the law to melt them for the metal value nor can a traveler take more than $5 of them or ship more than $100 at any one time (face-value).

The real question and quandary is, what will happen to the penny/nickel bubblegum machines? (Yeah, I know, they are already gone!)

49 posted on 11/27/2012 1:53:31 PM PST by SES1066 (Government is NOT the reason for my existence but it is the road to our ruin!)
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To: tacticalogic

“Because currently, there’s almost a nickel’s worth of metal in a nickel.”

It is worse than that; much of Europe in the 1950s (both Western & Warsaw Pact) started using cheap metals and/or paper. The fact is that soon everything you can buy in a store will cost more than $.09 (it won’t even be possible to make a piece of candy for less than $.10); that is why they aren’t even bothering to make them more cheaply.


50 posted on 11/27/2012 1:54:25 PM PST by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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