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View Full Version : No small change: Cheaper pennies and nickels




sailingaway
04-17-2012, 02:55 PM
WASHINGTON (MarketWatch) -- As Congress considers a plan to use U.S.-made steel in pennies and nickels to save hundreds of millions in taxpayer money, it can look to Canada for some common sense on cents. The cost of zinc, copper and other metals used in the coins has risen, making it nearly twice as expensive to make the currency than it is actually worth. It currently costs 2.4 cents to make a penny and 11.2 cents to make a nickel. “The penny had real value until about 1980 when the value of copper became more than the penny itself,” Rep. Ron Paul, Republican of Texas, said at a House Financial Services Committee hearing on Tuesday.

I remember when the Fed wanted to mint pennies out of something cheaper than zinc and Ron zinged them for not being able to maintain a zinc standard, much less a gold standard....

http://www.marketwatch.com/story/no-small-change-cheaper-pennies-and-nickels-2012-04-17

sirgonzo420
04-17-2012, 03:02 PM
Yeah I remember that. Haha.

evilfunnystuff
04-17-2012, 05:51 PM
.Ron zinged them for not being able to maintain a zinc standard, much less a gold standard....

Lol, I musta missed that one.

WilliamC
04-17-2012, 05:57 PM
If you have some excess cash and a bit of space buy boxes of pennies and nickles as part of your emergency fund.

They will never lose value and when the melt laws are lifted they can be sold for their metal value, which is already more than their face.

Of course silver probably has a greater upside, but with pennies and nickles you can never lose your principal.