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snoopwiz · ‎03-30-2012

As most of us have heard, the lowly penny is about to be no more. Besides being having relatively no real purchasing power, apparently it has been costing the Government approx 1.5 cents to mint each penny. When they finally discovered they were not going to "make up for it in volume" the hammer came down in the recent budget. RIP my dear non-copper friend.

femmefan1946 · ‎03-30-2012

I've never understood the arguement about the cost of minting the penny.

Since it effectively is immortal (check your penny jar- how many George VI pennies did you find?) the original cost is not important. It continues to be worth a penny no matter how many times it is used.

BTW, if you can't find any older pennies, it is because pre-1994 coins were being bought up as bullion at 1.5 cents last year, and shipped to the USA for melting. The copper content in those coins is high enough to make this worthwhile for a dealer.

nan*55 · ‎04-19-2012

I'm not looking forward to the Issues this is going to cause 😞

parent_family · ‎04-24-2012

Our daughter works at a bank. Every day people are coming in with rolls of pennies to deposit. They have so many pennies they don't know what to do with them! If we had all deposited our pennies from our stashes at home over the years, they would not have had to make new ones for many years.

We deposited $12.00 dollars last week, and still have a ashtray full in our old van.

Cash those pennies in!!!

dipmicro · ‎05-03-2012

I've never understood the arguement about the cost of minting the penny.

if cost of material is more, then people would be melting it for copper

and to your argument about the initial cost not relevant - why not making them from gold, they will not corrode 🙂

westernstargifts · ‎05-03-2012

Speaking of currency, has anyone seen the new loonies? Apparently they are already in circulation. I didn't even know we were getting new ones until I heard it the radio last week.

Apparently they will save the mint several million dollars in production costs (I think it was 4 million). Problem? Parking meters, vending machines, etc. will not take them and will have to be changed to accomodate them. It may save money in production costs but the cost to make all those changes will far exceed the savings. Not to mention it's just another PITA.

And then there are laundromats, carwashes, change machines....and the list goes on.....

dipmicro · ‎05-04-2012

Public can reject new currency by not accepting it. Simply post the sticker on your vending machine that it does not accept new coins, period. If enough places reject new coins, they become hot potato which everyone will try to get rid off and government will have to discontinue it, eventually costing them more.

Government of Zimbabwe has been trying unsuccesfully to implement currency and their people just keep rejecting it. Every few years they come up with new currency striking 6-10 zeroes from old one and it just goes to the bucket again.

westernstargifts · ‎05-04-2012

Good idea dipmicro. Maybe we should do the same with the new plastic bills. My Mother had some recently that she had rolled up. Just try to flatten those things out once they have been curled! They will be a nightmare in cash drawers.