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U.S. Mint initiates process for major U.S. coinage overhaul

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posted on Mar, 8 2011 @ 11:56 AM
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...the Mint now has the authority to research and test less expensive alloy alternatives for coins. Currently the Lincoln Penny and the Jefferson nickel cost more to produce than their corresponding face values. The Treasury Secretary is expected to address this situation under the auspices of the new act.


www.mineweb.com...

Take this as a hint.... if you haven't already been hoarding pre-1982 US pennies (metal value @ $.03 each) and all US nickels (metal value @ .07 each), perhaps it wouldn't be a bad idea to start. For those of us not fortunate enough to be alive when the US stopped making their dimes, quarters, and half dollars out of 90% silver, now is your chance to try again to play in the metals market at very low stakes and a very low investment.

I'm expecting to see pennies and nickels made out of steel, aluminum, or maybe even some sort of ceramic or plastic.



The value of the metal content of one-cent and five-cent coins has exceeded their face value, compelling the U.S. Mint to implement regulations to protect them from arbitrage, the notice says.


www.gsnmagazine.com...

www.coinflation.com...




posted on Mar, 8 2011 @ 12:10 PM
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I've been hoarding the pennies for years now. I wasn't aware of the nickels. Thanks for the info.



posted on Mar, 8 2011 @ 12:11 PM
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Why don't they just make them out of hardened bovine excrement? Since the latter is the foundation of the current system? I do wish they would make the paper bills a bit softer, since we will soon be using them to wipe are arses with.



posted on Mar, 8 2011 @ 12:17 PM
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Originally posted by VictorVonDoom
I've been hoarding the pennies for years now. I wasn't aware of the nickels. Thanks for the info.


The nice thing about the nickel is that, at 5 grams, and made of 75% copper and 25% nickel, it carries two semi-precious metals and a nice, hefty weight... and you can't beat the price.


Good move on the pennies, as they still carry the most bang for the buck on metal-vs-face-value terms.

I expect that once the metal content of the pennies and nickels change, the law forbidding their melting will shortly be revoked thereafter, much like what happened after 1964 when the US stopped with 90% silver content.

Already on eBay, you can see folks selling bags of pre-82 pennies (not 'collectible' wheat pennies either) for a premium... and you can't even melt them down yet. For the pennies, you still can pull them from pocket change, but it takes time to sort. With the nickels, you can go to your local bank and buy them by the roll, box, or bag at face value.



posted on Mar, 8 2011 @ 12:20 PM
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Originally posted by HUMBLEONE
Why don't they just make them out of hardened bovine excrement? Since the latter is the foundation of the current system? I do wish they would make the paper bills a bit softer, since we will soon be using them to wipe are arses with.


Who knows... with the price of cotton exploding, the bills probably won't be getting any softer.


money.cnn.com...



posted on Mar, 8 2011 @ 12:38 PM
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It'll actually cost more in fuel to melt the said coins than what you will make in profit. Smelters are huge energy consumers.

I've been looking for the mint to do this for awhile now,seems they will,probably do away with the penny altogether also. In the end we the people will lose and they will gain,like always.



posted on Mar, 8 2011 @ 12:43 PM
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Originally posted by nickoli
It'll actually cost more in fuel to melt the said coins than what you will make in profit. Smelters are huge energy consumers.


They said that about silver once, too.



posted on Mar, 8 2011 @ 01:25 PM
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reply to post by larphillips
 
They did and they were correct...at the time.
by all means get copper pennies and nickels now while they are cheap.
Go to bestmetalresearch.com for more info on the precious metals situation.
Silver is way in short supply and is set to go to the moon shortly.
Don't worry about price
remember: bestmetalresearch



posted on Mar, 8 2011 @ 01:27 PM
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Was that a commercial?



posted on Mar, 8 2011 @ 02:08 PM
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reply to post by larphillips
 


We are truely screwed my brother. No more American idol, no more pabst blue ribbon and no more pork rinds? Now I have to wipe my arse across Ben Franklin's rough face? The horror...the horror...



posted on Mar, 8 2011 @ 02:17 PM
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well we will not have to worry about the penny cashmoneylife.com... from the link, The Death of the Penny – US Mint to Cease Penny Production in 2011, that is fine by me can not stand the darn things, when i need a dime, it is a penny.



posted on Mar, 8 2011 @ 02:44 PM
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Originally posted by bekod
well we will not have to worry about the penny cashmoneylife.com... from the link, The Death of the Penny – US Mint to Cease Penny Production in 2011, that is fine by me can not stand the darn things, when i need a dime, it is a penny.


I think you missed the final line in the article:


$$$ And if you haven’t figured it out by now – Happy April Fools Day!



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