Free Republic

Johnny Carson might have quipped about the economy, "Inflation is so bad these days… that pennies are now selling on the street for two cents." This joke may not be all that funny, even with the great Carnac delivering it, but it does have the underpinnings of good comedy: an absurd story based on a kernel of truth. Old pennies are routinely traded at premium prices, sometimes twice or more their face value. This is not because they are rare or precious — they were minted by the tens of billions — but simply because they are worth more as...

I offer here a list of spots you mught use to arm yourself and your family against current economic pressures. Please feel free. I don't work for any of these places. I just think things may tighten up before they loosen up, and would like to have a discussion aimed at helping people out.

WASHINGTON (AP) — Further evidence that times are tough: It now costs more than a penny to make a penny. And the cost of a nickel is more than 7 1/2 cents. Surging prices for copper, zinc and nickel have some in Congress trying to bring back the steel-made pennies of World War II, and maybe using steel for nickels, as well. Copper and nickel prices have tripled since 2003 and the price of zinc has quadrupled, said Rep. Luis Gutierrez, D-Ill., whose subcommittee oversees the U.S. Mint. Keeping the coin content means "contributing to our national debt by almost...

Treasury secretary wants to dump pennies By MARTIN CRUTSINGER, AP Economics Writer 4 minutes ago A penny for your thoughts? Treasury Secretary Henry Paulson thinks the answer to that question should be not much. In fact, if he had his way, he would like to get rid of the penny. Asked Friday whether he thought the penny should be eliminated, Paulson agreed that it would make sense, saying, "The penny is worth less than any other currency." However, he quickly added that he didn't think it was "politically doable" to eliminate the one-cent coin and it wasn't something he planned...

Two Oakland County men and nine others have been indicted by a federal grand jury in Detroit on charges they took part in an international scheme that allegedly drove up prices in Chinese penny stocks by using illegal e-mail spamming techniques. Once the stock prices were inflated, Alan Ralsky, 62, and his son-in-law, Scott Bradley, 46, both of West Bloomfield Township, sold their stocks, taking huge profits. Buyers who made purchases through the Internet were stuck losing money, the government said. The indictment that arose from a three-year investigation by the Federal Bureau of Investigation, the Internal Revenue Service and...

U.S.’s dilemma: It costs 1.7 cents to make a penny Maker of zinc blanks fear end of the coin By Dibya Sarkar - ASSOCIATED PRESS Updated: 08/19/07 7:18 AM WASHINGTON — The U.S. penny is not what it appears to be, and some in Congress would like to see it change further, if not disappear entirely. Because of a surge in the price of copper, the U.S. Mint decided 25 years ago to manufacture the coins almost entirely with zinc, save for the coating on which Abraham Lincoln’s profile is engraved. Now, the fate of the penny is up in...

Talk about pennies from heaven. A potential shortage of coins in the United States could mean all those pennies in your piggy bank could be worth five times their current value soon, says an economist at the Federal Reserve Bank of Chicago. Sharply rising prices of metals such as copper and nickel have meant the face value of pennies and nickels are worth less than the material that they are made of, increasing the risk that speculators could melt the coins and sell them for a profit. Such a risk spurred the U.S. Mint last month to issue regulations limiting...

The devil got his due yesterday. An American penny with a mark thought to resemble the devil sold for $170.10 through an online auction yesterday. A Winnipeg man topped 13 other bidders when he bought the coin, which has a mark on its surface that looks like a demon's face, complete with horns, to the right of former U.S. president Abraham Lincoln. Dieter Hoch said he bought the penny on behalf of a friend who lives in Germany. Hoch said his friend -- a holistic medicine practitioner -- wanted to add the demon coin to his collection of strange and...

If the penny were eliminated, rounding prices to the nearest nickel would not cost consumers extra money, according to a new study by Robert M. Whaples, professor of economics at Wake Forest University. Whaples, an expert on the history of the U.S. economy, recently presented his findings at the John Locke Foundation, a nonprofit, nonpartisan think tank. "It's time to eliminate the penny," said Whaples, who estimates that the United States loses roughly $900 million a year on penny production and handling. In a penny-free market place, what consumers pay at the cash register would be rounded to the nearest...

PLYMOUTH, Mass. (July 2) - In this village settled by thrifty Pilgrims, you can still buy penny candy for a penny, but tourist Alan Ferguson doubts he'll be able to dig any 1-cent pieces out of his pockets. He rarely carries pennies because "they take up a lot of room for how much value they have." Instead, like so many other Americans, he dumps his pennies into a bucket back home in Sarasota, Fla. Pity the poor penny! It packs so little value that merry kids chuck pennies into the fountain near the candy store, just to watch them splash...

(AP) PLYMOUTH, Mass. -- In this village settled by thrifty Pilgrims, you can still buy penny candy for a penny, but tourist Alan Ferguson doubts he'll be able to dig any 1-cent pieces out of his pockets. He rarely carries pennies because "they take up a lot of room for how much value they have." Instead, like so many other Americans, he dumps his pennies into a bucket back home in Sarasota, Fla. Pity the poor penny! It packs so little value that merry kids chuck pennies into the fountain near the candy store, just to watch them splash...

I never noticed this until I was testing the macro focus settings on a camera. The engraving actually depicts a seated Lincoln.

The information on the website has the following as the first sentence. This was what broke my heart; "This is a true story of how in one day with no warning two, American children Dereck and Sandra McClurg lost their single mother to the Department of Homeland Security on July 01, 2004." Let's just imagine for a moment the following scenario...a beautiful young 33 year old woman, a White South Africaaner, permanent resident in the US for over 15 years, owner of a successful business and a gorgeous home, with two children born in the USA, one failed marriage and...

In a Feb. 22 editorial the Star Tribune wrote favorably of Rep. Martin Sabo's Social Security "fix." The Sabo "fix" essentially promises to pay a higher rate of interest on Social Security's trust fund than is now being paid. However, both Sabo and the Star Tribune fail to acknowledge that the trust fund doesn't consist of real money, but is simply an IOU from one part of the government to another. Raising the interest rate on bonds issued to the trust fund simply raises the amount of general fund revenue that the government will eventually be required to transfer back...

1)The penny greatly facilitates commerce. The U.S. Mint produces between 10 billion to 13 billion pennies annually to meet broad public demand.2) Most Americans still "count their pennies." A recent poll by Opinion Research Corporation found that more than 70% of Americans support keeping the penny in circulation. Not surprisingly, that same poll showed that those with the least annual income found the penny most valuable. When the economy slows, Americans count their pennies and cash them in. There is a flow of coinage from American homes into the economy confirmed by statistics showing a correlation between U.S. Mint demand...

...The interest in coins comes as sophisticated investors are increasingly looking for assets outside of the U.S. stock market, which many market observers expect to post only modest gains during the coming year. In buying rare coins, individuals not only acquire a collectible asset, but they are also getting exposure to precious metals. The prices of gold and silver, from which many popular U.S. coins are made, are both rising smartly. The Internet and coin-grading services are playing a part in drawing a new breed of coin investors. The Internet allows collectors to buy and sell rare coins at locations...

A Penny Saved Isn't Always a Penny Earned LOS ANGELES (AP) — A man is trying to get rid of his pennies — all 1 million of them. Ron England bet his brother 30 years ago that he could save a million pennies in exchange for a dinner in Paris. And he did, eventually stacking up 20,000 rolls that fill 13 boxes in his garage. Now that he's moving, England wants to cash in the $10,000 in coppers, which weigh 3.6 tons, but is having a tough time finding someone who will take them without a price. "I've been working...

#315 - Move Over, Gold... The Investment U E-Letter Friday, February 27, 2004 * * * * * * * Move Over, Gold... Here's why it might be time to start burying pennies and nickels in your back yard, too... By Dr. Steve Sjuggerud President, Investment U You need to make some room next to the gold buried in your backyard... Room for pennies and nickels... I'm only half joking. Starting this year, pennies and nickels may be worth more for their metal content than for their purchasing power. It's true... The U.S. dollar has been crashing in value in...

Spending: Having spent themselves into a hole, politicians are trying to make us feel sorry for them as they devise ways to climb out with anything but real cuts. Watch your wallet and listen up. The terms used as they work through their problems are right out of Alice in Wonderland. Herewith, a short though incomplete list. cuts, n. Reductions not in dollars spent but in the rate at which spending is allowed to increase. The University of California budget, up 68% in eight years, is said to face "extraordinarily significant cuts," though it's scheduled for a 4.9% increase. Draconian,...

<p>ST. PAUL, Minn. (AP) -- The tragedy that struck Minnesota's Senate race could reshape the contest for governor as well, with some saying the sorrow over Sen. Paul Wellstone's death could help carry fellow Democrat Roger Moe to victory.</p> <p>Democrats "will go to the polls with a heavy heart," said Joe Peschek, a political science professor at Hamline University in St. Paul. "All of this has underscored the commitment people will feel to get out and support their ticket."</p>