One step closer to Apocalypse

[GarouLady]

I recently read online via the wall street journal that the mint is changing the composition of their pennies and nickels. As of the beginning of 2013 the mint will change the penny from copper to copper plated steel and the nickel to nickel plated steel. All I can think is ewwwww, nasty!! I still plan on CRHing but I am wondering if they will have to remake the coin counters. And will these new counters mean the end of our beloved War nickels, buffs and wheaties? Hmm. Anyone got any thoughts on this?

See ya, Garoulady

 

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[SilverForBrains]

Remaking the coin counters would make no sense, the new coins at least for a decade or two would be insanely diluted by coins of the old composition, if they rejected buffs and wheats they would have to reject all pennies before 1982 and all nickels. Also the penny is already copper plated zinc, I'm pretty sure zinc is cheaper than steel

 

[agme]

I read somewhere that useing steel was mostly to boost work for US steel producers, but that doesn't sound like the usual US government MO, to HELP anything in the US, so who knows.
Also I beleive that the penny can be made with steel for slighty less cost right now, but you can bet you a$$ when the mint starts useing it, the price of steel will go up overnight, the steel producers are going to want to cash in this boon to they're business.

 

[sagittarius98]

Remaking the coin counters would make no sense, the new coins at least for a decade or two would be insanely diluted by coins of the old composition, if they rejected buffs and wheats they would have to reject all pennies before 1982 and all nickels. Also the penny is already copper plated zinc, I'm pretty sure zinc is cheaper than steel

They would have to remake them, but only so that they accept both plated steel and the older composition. Also, that means no Canadian from the magnet/reject tray ,but at least the Euros and Jamaicans and pounds won't go through .

 

[quiksilver]

I may be missing something here but it has been quite some time since pennies were copper and nickels were nickel.

 

[sagittarius98]

I may be missing something here but it has been quite some time since pennies were copper and nickels were nickel.

Nickels are still the same composition since the 1860s.

 

[enamel7]

I don't know where that idea came from because no decision has been made to change the composition, unless you mean Canadian coinage.
HH
enamel7

 

[50cent]

Might as well switch to plastic coins, look cool, won't jingle around in your pocket, convenient. Light weight. just send the mint email's telling them steel is a big mistake, plastic is the way to go. would easily eliminate counterfeits too. Imagine how light a box of halves would be if they were made out of plastic.

 

[srcdco]

Can you please post the link to this article as I can't find anything that states the U.S. Mint has decided what they are going to do with cents and nickels. I know that Canada made this change many years ago and stopped minting cents back in April, with a withdrawal of them scheduled for February, 2013 (postponed from September, 2012).

Scott

 

[enamel7]

Can you please post the link to this article as I can't find anything that states the U.S. Mint has decided what they are going to do with cents and nickels. I know that Canada made this change many years ago and stopped minting cents back in April, with a withdrawal of them scheduled for February, 2013 (postponed from September, 2012).

Scott

You can't find anything because it hasn't happened. I think they just read it wrong.
HH
enamel7

 

[GarouLady]

Treasury to Cut Costs by Remaking Coins, Replacing Paper - Real Time Economics - WSJ

That is the link that I found from a Youtube video blog that I have watched. I wouldn't post something if I didn't check the facts first.

See ya, Garoulady

 

[FormerTeller]

Treasury to Cut Costs by Remaking Coins, Replacing Paper - Real Time Economics - WSJ

That is the link that I found from a Youtube video blog that I have watched. I wouldn't post something if I didn't check the facts first.

See ya, Garoulady

Not saying you're wrong, but politicians being politicians, I'll believe it when I see it. On the bright side, if it does happen, maybe this will be the final straw that will allow melting of cents and nickels...

 

[GarouLady]

I wonder if that law against melting pennies is just for american pennies or if its all currency. I mean what's to keep us from getting a bunch of canadian pennies and melting those for copper? Not that I would but I am just wondering.

Sincerely, Garoulady

 

[SilverForBrains]

I didn't find anything on the article about what they're changing the composition to. You heard they would be steel clad huh? well, much better than plastic I suppose! that would be the worst.

 

[enamel7]

You can sell the Canadian for scrap copper. I checked my local scrap yard and they said bring them in.
HH
enamel7

 

[Wilmingtonsilver]

The melting of pennies and nickles in the US is only illegal for US coinage in the US. You can melt all the foreign currency you want here, or if you can smuggle it across the border, you can melt all the US coins you want in Canada. I wouldn't recommend the second. As far as Geithner's statement, I saw that and found the part about the dollar coins really funny. It was almost the exact opposite of what the US Mint announced last week that it wanted to do. The Mint wants to do away with the paper dollar and go solely to a coin dollar to save money. A paper dollar has to be replace roughly once every 4 years, versus a coin needing to be replaced once every 30 years. The Mint's report said that they could save $400 million a year by making this change.

 

[Wilmingtonsilver]

And one thing to keep in mind, just because they say that this is what they would like to do, does not mean it is going to happen. Any change of currency has to be approved by Congress first.

 

[Kaynos]

Canada is talking about removing penny alltogether. Prices would be rounded to the closest 5 cents increment.

For example amount finishing like 5.01, 5.02 will be rounded to 5.00, amount of 5.03 and 5.04 to 5.05.

 

[GarouLady]

I thought that they had already stopped making the canadian penny? Anyone know if this is true or not. I like canadian pennies anyways and collect them. Worse comes to worse I can roll them and use them at a local store.

See ya,
Garoulady

 

[Wilmingtonsilver]

Every source I have found on the net, says that the last mintage of the Canadian penny was in May of 2012.