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 ...
I agree. The $1 bill should have been eliminated decades ago. But, somehow the govt keeps screwing up the minting of a $1 coin.
“This is a tax increase in disguise.”
No, this is undisguised inflation.
Even if we stop making pennies and nickels, most merchants will still accept them. So if a merchant tries rounding up to the next dime increment, you can probably force them to take your pennies and nickels. Smart merchants would, just for the value of the metals. (My wife would kill me if I touched her stash of hundreds of thousands of pennies.)
Don’t take any wooden nickels!..........of course in a few years we may all be taking wooden nickels...........
Wow! ‘Hope’ Congress would stop Omugabe from instituting the ‘change’. sarc/:)
I think its vitally important for people to know how much of the price is tax. I wish there was a way to calculate how much of the price is corporate taxes too
Anyone who's done any foreign traveling recently knows that it already is.
I bought something at a 7-11 about six months ago, and the change immediately caught my eye.
There was a Buffalo nickel in it!! 1942, IIRC. I stuck it in a coin jar I have for wheat pennies, etc.
Pretty soon a dollar won’t be worth the paper it is printed on...
Nope, we can't have our currency being worth
the value printed on it,
it's unAmerican. /sarc
It cost them 30 cents to make those new presidential dollar coins. But no bank would take them. There’s 2 billion coins locked up somewhere in DC.
In theory (or so they say) the reason our dollar coins are always quarter sized is for vending machines. Most of them can handle the dollar coins. Except of course that quarter size makes them even more annoying for us, so we don’t use them.
Of course as electric money gets more prevalent the whole discussion becomes more and more meaningless. I know of plenty of vending machines that take debit cards, even for cheap stuff like soda. The whole physical money thing is on the path of obsolescence.
“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.”
Not me. I would much rather have a combination of $2 bills and $1 coins.
So by eliminating the penny and nickel, we can make dollar coins the size of a nickel and every vending machine will take it!
It’ll just round, like it already does. Most sales tax rate don’t actually result in clean pennies anyway. The big question is will they bill differently for non-cash customers, since debit cards don’t really care about pennies and nickles. If they don’t round for non-cash that’ll hasten the demise of physical money.
I say we get rid of the second.
As a unit of time they are too short to get anything really done, outside of a quick burp or a fart. ; )
Against the law or not, people are melting them down.
You can even buy sorters that will spot the coins that are higher in the desirable metal.
Buy nickels, even now that copper has gone done it has a smidgeon more than .05 in copper and nickel.
Not likely. The environmentalists will file suit.
At 1,000% hyper-inflation, it’ll cost $19.90
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