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Thread: This could hurt the hobby

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  1. #1
    us
    The Mad CRH

    Mar 2011
    KY
    152
    18 times

    This could hurt the hobby

    CoinWorld.com - Testimony cites savings from using steel

    The article mentions recommending culling out older coins like canada does. CWR would still be good but this would be very detrimental to the hobby if this happened.

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  3. #2
    us
    May 2012
    NYC
    Garrett Ace 250
    20
    Metal Detecting
    That's really bad. How soon could it happen? Also it would be harmful to metal detectorists; those new coins would rust up so fast in the ground!
    It says switching to steel could save the mint 200 million a year, but that's really not that much. Maybe they won't think it's worth it to go through the trouble.

  4. #3
    Charter Member
    us
    MINELAB XS-2 Pro ....... XTERRA 305 ....... EXPLORER SE PRO

    Dec 2003
    S.W. Schuylkill County
    45,261
    4610 times
    All Types Of Treasure Hunting
    yes would definitely effect coin roll hunting,

    it would take a long time though.

    They claim the law preventing pennies & Nickels from being melted is to prevent shortages in circulation.

    removing all but the steel ones would do the same faster unless they have a trillion or so steel ones
    in circulation first, which I don't see happening because most people throw away pennies &
    throw nickels into change jars.

  5. #4
    us
    Jul 2010
    Garrett Ace 250, Bounty Hunter Quick Draw
    1,362
    260 times
    Coin roll hunting, British coins, ancient coins, antiquities
    The switch to steel is bad for a few reasons:

    1) Steel coins won't work in vending machines. Just about every single one of them are specifically designed to reject steel coins.
    2) Steel is just a bad coinage metal. Silver/Gold are great, long lasting, won't wear down too much, easy to put designs on, etc. Copper is decent, it will corrode but holds up decently. Zinc is terrible, steel is terrible, manganese is terrible (manganese is what makes war nickels look green and the presidential/sacajawea coins turn black with minimal circulation) and iron is terrible.
    3) Any "savings" will be quickly eroded by the root of the problem: printing of money and the printing shows no sign of stopping anytime soon.
    4) A civilization's prosperity has historically been linked to the quality of its coinage. Rome started with a nearly pure silver coin which as the empire got weaker and weaker had less and less silver in it until it was a plated copper coin. The British empire had a sterling base and was .925 silver from the early modern age (some medieval rulers debased the coinage) until WWI when it was reduced to 50% silver and finally eliminated once the British empire entered into a decline after WWII. There are many, many other examples, the switch to steel signals only one thing, the decline of the American dollar and with the decline of the dollar comes the decline of the civilization itself.
    SilverMan86 likes this.
    Speeding up Gresham's law one roll at a time

 

 

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