Posted on 06/19/2010 2:22:58 PM PDT by AZ .44 MAG
I agree. Based on the CPI, the dollar of a century ago had 20 times the purchasing power of today's dollar. We didn't have a 1/20¢ coin back then; in fact, the half-cent coin had long passed from the scene by then.
Oh the "irony" of it since dimes and quarters were changed from silver to copper in '65, I assume to cut costs....
And to many your statement would be considered a foolish one as sad as that is.
Honor Lincoln another way. It's useless.
There is no practical value anymore. It's wasting money making them. What logical reason is there to be dealing in one hundreths of a dollar!? ever!????
Think of all the time wasted counting back pennies!
They are a nuisance.
People won't even bother to pick them up off the ground.
Funny vid, caution some strong language though..
So the one cent coin or penny should be about half the size and thickness of the dime and made of pure copper.
The present penny is 19 mm in diameter, 1.55 mm thick, and 2.5 grams.
The present dime is 18 mm in diameter, 1.35 mm thick, and 2.3 grams.
The penny should be 10 mm in diameter, 1.00 mm thick, and 0.7 grams.
Such a one cent copper coin would have 0.5 cent of copper at $3 per pound.
Then the nickel could be smaller -- midway between the dime and penny.
Not to cut costs but to a debasement of the currency to allow for increased government spending which led to massive inflation.
Yeah, they should put him on the $5 bill.
Lately I've been finding more of them in change. Several from 20s and 30s this month.
I try to get rid of dollar coins ASAP.
***Not to cut costs but to a debasement of the currency to allow for increased government spending which led to massive inflation.***
At that time (1966-1969) I saw an increase in prices of about 20% even though we were told the clad .25cent piece was supposed to be the same value of a silver .25 cent piece.
Have you seen the new penny where old Abe is taking a crap on the log? I sear he has toilet paper and reading material and there he sits. /S
Actually pretty funny when you first see it.
Bump!
Next came the fair trade laws attack, Nixon took care of that, thus we now have "rebates" which didn't exist before 1970.
Bottom line, less freedom more government and "graying" of all common sense directive.
The 13 vertical stripes of the shield represent the states joined in one compact union to support the federal government, represented by the horizontal bar above. The horizontal bar features the inscription E PLURIBUS UNUM—"out of many, one"—while the inscription UNITED STATES OF AMERICA is depicted along the upper rim of the coin. The union shield, which dates back to the 1780s, was used widely during the Civil War. The shield is also featured on frescoes by Constantino Brumidi throughout the halls of the U.S. Capitol Building completed in the mid-19th century.
Desperate people spending their coin collections made when they were kids?
Totally agree.
Ha! Every one I pick up is another one I don't have to earn...and it's tax free!
I do not want to retire the penny. Once you do, the nickel will become the new penny. It will be everywhere ... and worthless.
And, I pick up pennies from the ground. Anyone who does not is an elitist.
The melt value of the coins (for their silver content) exceeded face value. If the penny had remained copper, the same would have been the case often over the last couple of years.
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