Recent Buzz on Eliminating Penny

[AnnieF]

This is the third article I've seen in a week on killing the penny -> Minting Coins Cost U.S. Taxpayers $436 Million: Chart of the Day - Bloomberg

 

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[Whatacoin]

It makes sence to get rid of it. However everything would have have to be rounded to the nickel. Which costs about 11¢ to make.

 

[dejapooh]

The idea would be to get rid of the Penny and nickle.

 

[AnnieF]

There are folks who read this forum who surely know more about these matters than I do, but why can't we use a cheaper metal to make our coins? I mean... There IS that option, isn't there?

 

[Whatacoin]

There are folks who read this forum who surely know more about these matters than I do, but why can't we use a cheaper metal to make our coins? I mean... There IS that option, isn't there?

Well think about it, we switched from copper cents to zinc cents. The zinc producer for the mints also has an influence on the government.

 

[enamel7]

Nickels don't cost 11 cents to make and this being brought up a lot to take your attention off the really bad stuff that's happening.

 

[Whatacoin]

Nickels don't cost 11 cents to make and this being brought up a lot to take your attention off the really bad stuff that's happening.

You may be right I just remember hearing 11¢ somewhere..

 

[AnnieF]

Well think about it, we switched from copper cents to zinc cents. The zinc producer for the mints also has an influence on the government.

I should have been more clear: what I didnt say was - Are there other metals that are a cheaper alternative or have they all inflated past face value?

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[enamel7]

I should have been more clear: what I didnt say was - Are there other metals that are a cheaper alternative or have they all inflated past face value?

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Steel and aluminum come to mind.

 

[Jason in Enid]

The only way to make the penny cheap enough to make sense for production would be to make it out of some form of plastic. zinc is about as cheap a metal as you can get, just slightly under the cost for Aluminum. Steel is cheaper but it cost a lot more to mint into coins so you lose any cost savings in material.

 

[dimedigger]

how about poker chips

 

[Chug And Red]

I Have several Hundred Zink Cents that I would Like to sell SLIGHTLY DAMAGED~!!!!!! CHUG

 

[Sheldon J]

Sales tax would round up, prices at the shelf would round up, (for all cash transactions), this would be a huge money maker for both the stores and the government...
Back in the late 70's some bright guy did a computer program, it hacked the odd cent from the transactions of multiple company's, something they would never miss... He made millions and that is how he got caught....