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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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To: 1_Rain_Drop
Does one pay $2.00 or $1.90?

Duuuh, $2 of course.

101 posted on 11/27/2012 2:22:17 PM PST by bgill (We've passed the point of no return. Welcome to Al Amerika.)
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To: djf
I stuck it in a coin jar I have for wheat pennies, etc.

When will people start hoarding their Lincoln Memorial pennies and only spend their new shield pennies? When the shield pennies first came out I kept them separate, but now they are common enough that I don't bother. Sometime (if the penny elimination doesn't happen), the memorial ones will start getting rarer and rarer and kids will get excited when they see one like whenever I got a wheat penny.

102 posted on 11/27/2012 2:23:48 PM PST by KarlInOhio (Big Bird is a brood parasite: laid in our nest 43 years ago and we are still feeding him.)
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To: Rio

Darned if I know. I’m pretty sure congress authorizes production, but I think the director of the mint has the authority to coin any quantity up to that amount.

And of course, LASSO (Lord And Savior Saint Obama) can make any adjustment that pleases him by Executive Order.


103 posted on 11/27/2012 2:24:00 PM PST by null and void (Knowledge increases exponentially, wisdom increases logarithmically.)
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To: WVKayaker

I just dug it out and looked.

1937.

I would grade it VG. A bit of high-point wear and a few scratches...


104 posted on 11/27/2012 2:24:08 PM PST by djf (Conservative values help the poor. Liberal values help them STAY poor!!!)
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To: HangnJudge

They are a pain, but the good thing is a “pocketful of change” can be $40...

I went through Toronto’s airport with over 150 of the dollar coins in my coat (I used to get Canadian coin - including $1 and $2 - for $.30 on the dollar, and traveled there enough to make it worthwhile); as the coat went through the X-ray one of the workers asked me if I knew these coins were in my jacket. I lifted it up and asked them how I couldn’t know; they simply shrugged and waved me through. I also spent about $200 in old paper currency (not in good shape, so it had no collectible value) in a duty-free shop, because they didn’t know if they could change it for fresh notes but were certain I could spend it there. Even the older workers didn’t recognize the bills. Heck, I even changed one of their Olympic sets in a coin shop in Niagara Falls (Ontario) because the face value of the coins had risen so much higher than the silver value, even factoring in the exchange rate (for which I had bought it).


105 posted on 11/27/2012 2:24:38 PM PST by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: angelcindy

Penny loafers just went up to a dime.


106 posted on 11/27/2012 2:26:56 PM PST by Liberty Valance (Keep a simple manner for a happy life :o)
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To: Track9
Soon the dollar will be the new penny.

Believe me, to some of us old timers it already is...

$0.05 candy bars are all over a buck now and that $0.05 Coke is but a hazy memory.

107 posted on 11/27/2012 2:27:02 PM PST by metesky (Brethren, leave us go amongst them! - Rev. Capt. Samuel Johnston Clayton - Ward Bond, The Searchers)
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To: discostu

I’m nutty enough to look at it the other way, and think I don’t see any reason for anyone to see where I’m spending my money. I think part of getting “off the grid” is simply using an ATM, then doing as you please with your cash.


108 posted on 11/27/2012 2:27:40 PM PST by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: KarlInOhio

I have a 5 gallon plastic jar of sorts.

It’s full, up to within about 1 inch from the top, of pennies and nickels.

I am assuming that after Jan 1st, pennies and nickels will still be legal tender!

But they would be worth more as collectors items than as money. Unless the government makes THAT illegal!


109 posted on 11/27/2012 2:29:13 PM PST by djf (Conservative values help the poor. Liberal values help them STAY poor!!!)
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To: djf
1937, huh. Does it have three legs? If so, buy a lottery ticket tonight (I already blew my 10 bucks on five Powerball quick-piks)!!! Good condition is worth more than $500...


110 posted on 11/27/2012 2:31:43 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: Travis McGee
See coinflation.com

The value of a current melt value of a nickel is 5.01 cents, a penny is .52 cents.

111 posted on 11/27/2012 2:32:18 PM PST by glorgau
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To: djf; WVKayaker

Did it look like this? I'll give you five of Obamao's paper dollars for it.

112 posted on 11/27/2012 2:33:25 PM PST by crusty old prospector
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To: djf

VG would be so worn that only about half the buffalo’s horn remains visible.

If you can see the whole horn it’s at least VF - Very Fine.


113 posted on 11/27/2012 2:34:21 PM PST by null and void (Knowledge increases exponentially, wisdom increases logarithmically.)
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To: angelcindy

This is a clever ploy to increase local gross receipts or sales tax revenue in the short term and to do away with currency altogether in the long term.


114 posted on 11/27/2012 2:34:29 PM PST by elkfersupper ( Member of the Original Defiant Class)
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To: editor-surveyor
The nickel is presently worth about 30 cents as scrap metal.

A nickel weighs 5 grams and is 75% nickel and 25% copper. Nickel's price is $7.61 / pound http://www.kitcometals.com/charts/Nickel.html, while copper is $3.53 per pound http://www.kitcometals.com/charts/copper.html.

Entering "($7.60 per pound * 0.75 + $3.53 per pound * 0.25) * 5 grams" into google gives $0.073 per nickel for the scrap metal value.

115 posted on 11/27/2012 2:35:41 PM PST by KarlInOhio (Big Bird is a brood parasite: laid in our nest 43 years ago and we are still feeding him.)
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To: Track9
Soon the dollar will be the new penny.

What do you mean by "soon"?

116 posted on 11/27/2012 2:36:11 PM PST by elkfersupper ( Member of the Original Defiant Class)
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To: angelcindy

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

And as this monetary change moves close to fruition, we’ll see merchants upping prices that end in .99 to the nearest dollar.01 so they can reap and instant 4% increase when it becomes law.


117 posted on 11/27/2012 2:37:43 PM PST by Rebelbase
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To: Brookhaven

Where can you get pennies in bulk to run thru the sorter? Do banks keep them on hand?


118 posted on 11/27/2012 2:38:54 PM PST by Gasshog
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To: The_Reader_David

Yup. Read the article after I commented. Bye bye nickels!

“BTW, I agree with abolishing dollar bills, once we don’t have pennies or nickels, we should move to the more economical dollar coin, and probably add a two dollar coin as well.”

YES! They’re filthy, and have a life measured in months, as opposed to decades for recyclable coins.


119 posted on 11/27/2012 2:39:49 PM PST by Dr. Bogus Pachysandra ( Ya can't pick up a turd by the clean end!)
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To: glorgau

Just out of curiosity, are there still gum ball machines out there? If so, what coins do you put in them? It’s been a long time.


120 posted on 11/27/2012 2:40:12 PM PST by pieceofthepuzzle
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