Page 1 of 2 12 LastLast
Results 1 to 30 of 35

Thread: no more nickels

  1. #1
    Member opal's Avatar
    Join Date
    Feb 2008
    Location
    somewhere in Florida.. no snow for me thanks
    Posts
    2,361
    Blog Entries
    1

    Default no more nickels

    http://skewnews.com/penny-and-nickel-coins-to-be-phased-out-in-2013/
    Penny and Nickel Coins to be Phased Out in 2013

    Categories: News
    by Henry Wallen



    Earlier this week Canada announced that they would be phasing out their penny coin. On the heels of the Canadian announcement, U.S. Treasury Secretary, Tim Giethner stated in a press conference today that the U.S. Mint will remove the penny and nickel coins from circulation, starting early in January 2013.
    Due to the rising costs of zinc and production related expenses, the U.S. Mint now spends 4.8 cents to make a penny. And the cost of copper and nickel have inflated the cost to create a nickel coin to 16.2 cents.
    Gone in 2013

    In 2011, the U.S. mint made over 4.9 billion pennies, at a cost of $118 million to make. That is $236 million to produce only $49 million worth of pennies, a loss of $187 million in minting costs. Minting the nickel coin also represents a significant loss in revenue.
    By comparison, the dime (which costs 9.2 cents to mint) and the quarter (21.31 cents) are economically more feasible, and will continue in circulation through 2013. However, according to Giethner, the dime may be in jeopardy as early as 2014.
    Once the phase out of pennies and nickels begins, merchants must be equipped to round all transactions to the nearest ten-cent increment.
    If something costs $1.53, for instance, it will be rounded down to $1.50, and a transaction for $1.55 or higher will be rounded up to $1.60. Credit card, debit and check payments would also be subject to the rounding rule. It is expected that the rounding will not result in higher costs for purchases or losses for merchants.
    Pennies and nickels will continue to hold their inherent cash value, and they can be traded in at financial institutions. Banks will then return the coins to the mint for recycling into their base materials. By mid 2013 it is expected that the penny and nickel will both be mostly removed from the U.S. economy
    Disclaimer: any post made after midnight and before 8AM is made before the coffee dip stick has come up to optomim level - expect some level of silliness,

    The problems we face today exist because the people who work for a living are out numbered by those who vote for a living !!!!!!!



  2. Remove this section of ads by registering.
  3. #2

    Default

    Maybe, just maybe, some of the population will notice that the dollar has been devalued...

    Wishful thinking I fear.

  4. #3

    Default

    Is there a legitimate source for this?
    .
    "Every great new thought was opposed. Every great new invention was denounced. The first motor was considered foolish. The airplane was considered impossible. The power loom was considered vicious. Anesthesia was considered sinful. But the men of unborrowed vision went ahead. They fought, they suffered and they paid. But they won."
    - Ayn Rand, The Fountainhead
    ..
    .

    I blog at Red State Eclectic, and I tweet here,.

  5. #4
    Member opal's Avatar
    Join Date
    Feb 2008
    Location
    somewhere in Florida.. no snow for me thanks
    Posts
    2,361
    Blog Entries
    1

    Default

    Quote Originally Posted by angelatc View Post
    Is there a legitimate source for this?
    that link isn't legit?
    Disclaimer: any post made after midnight and before 8AM is made before the coffee dip stick has come up to optomim level - expect some level of silliness,

    The problems we face today exist because the people who work for a living are out numbered by those who vote for a living !!!!!!!

  6. #5

    Default

    Quote Originally Posted by opal View Post
    Pennies and nickels will continue to hold their inherent cash value, and they can be traded in at financial institutions. Banks will then return the coins to the mint for recycling into their base materials. By mid 2013 it is expected that the penny and nickel will both be mostly removed from the U.S. economy
    So if I go to the bank with 5 pennies, they will round up and give me a dime in exchange?
    Quote Originally Posted by Edward Snowden;
    So its, I would say; illustrative that the president would choose to say, "someone should face the music" when he knows the music is a show trial.

  7. #6

    Default

    If you ask your bank they can get you a $100 box of nickels. Might have to wait a week if it's a small bank. Probably isn't a bad idea as it's hard money.

  8. #7

    Default

    However, according to Giethner, the dime may be in jeopardy as early as 2014.
    Me says the $100 Dollar Bill will be in jeopardy before 2020.

  9. #8

    Default

    Quote Originally Posted by opal View Post
    Once the phase out of pennies and nickels begins, merchants must be equipped to round all transactions to the nearest ten-cent increment.
    If something costs $1.53, for instance, it will be rounded down to $1.50, and a transaction for $1.55 or higher will be rounded up to $1.60. Credit card, debit and check payments would also be subject to the rounding rule. It is expected that the rounding will not result in higher costs for purchases or losses for merchants.
    ROTGLMAO!

    More like: All prices will forever be between $x.x5 and $x.x9 in the future.


    Quote Originally Posted by opal View Post
    Pennies and nickels will continue to hold their inherent cash value, and they can be traded in at financial institutions. Banks will then return the coins to the mint for recycling into their base materials. By mid 2013 it is expected that the penny and nickel will both be mostly removed from the U.S. economy
    This sounds like it's going to be a MAJOR CASH COW for the banks and the fed gvmt.

    -t
    Public education is not education ... it is schooling.
    Our military is not defense ... it is warmongering and empire building.
    Government police do not protect ... they control.
    Regulations do not regulate ... they protect the status quo.
    Government banks do not distribute money based on effort ... it is gifted to close friends ... and some of it trickles down.

    The result is war, poverty, fear, chaos, and hopelessness for most people with abundance for a few elite.
    -Travlyr

  10. #9
    Member Zippyjuan's Avatar
    Join Date
    Feb 2008
    Location
    Out Of This World
    Posts
    21,125

    Default

    This article is from March:
    http://abcnews.go.com/blogs/headline...coin-farewell/
    U.S. Penny to Be Kept as Canada Bids Coin Farewell

    ABC News’ Jonathan Karl and Robin Gradison report:

    These days a penny made is a penny wasted.

    Thanks primarily to rising costs of zinc – the main material in a penny – the U.S. Mint now spends 2.4 cents to make a penny.

    Just last year, the U.S. mint made 4.9 billion pennies. It doesn’t add up: That’s $118 million to make just $49 million worth of pennies.

    No wonder Canadian government announced this week that they doing away with the Canadian penny.

    But here in America, the penny doesn’t seem to be going anywhere.

    It’s not that powerful people have tried to nix the penny.

    Treasury Secretary Hank Paulson tried to eliminate it in 2008.

    The current Treasury Secretary, Timothy Geithner told Congress earlier this week that something has to be done about the sky-rocketing costs of making U.S. coins. And it’s not just the penny: the lowly nickel costs 11.18 cents to make.

    “Currently, the costs of making the penny and the nickel are more than twice the face value of each of those coins,” Geithner said in his remarks.

    By comparison, the dime (which costs 5.65 cents to mint) and the quarter (11.14 cents) are relative bargains.

    The U.S. Mint, at the request of Congress, will soon make recommendations on reducing the cost of making coins.
    I cannot find any other sources to support the claim of the original post.
    Last edited by Zippyjuan; 11-28-2012 at 12:13 PM.
    I am Zippy and I approve of this message. But you don't have to.

  11. #10

    Default

    Quote Originally Posted by Zippyjuan View Post
    I cannot find any other sources to support the claim of the original post.
    Neither could I.

    It may be a while before this happens, but it will happen. They've devalued the currency too much. I don't expect them to scrap them entirely, though. I expect them to make em cheaper. Steel perhaps. Here's an interesting article from earlier this year. http://www.lifeslittlemysteries.com/...th-1-cent.html
    "And now that the legislators and do-gooders have so futilely inflicted so many systems upon society, may they finally end where they should have begun: May they reject all systems, and try liberty; for liberty is an acknowledgment of faith in God and His works." - Bastiat

    "It is difficult to free fools from the chains they revere." - Voltaire

  12. #11

    Default

    It will be made of cheap aluminum soon.
    Sign up, Log in:
    http://forums.officer.com/
    Surviving
    http://www.themodernsurvivalist.com/

    • Libertarians need to stop deluding themselves that people WANT them. They don't. They want free healthcare, free soc sec, free meds, free education,...at anyone but themselves expense.
    • Fiat Banking - Your supply of capital is limited to whatever arbitrary limit those who have limitless currency resources allow.
    • If you don't want the mafia, don't disgrace yourself by paying the mafia.

  13. #12

    Default

    Quote Originally Posted by opal View Post
    http://skewnews.com/penny-and-nickel-coins-to-be-phased-out-in-2013/
    Penny and Nickel Coins to be Phased Out in 2013

    Categories: News
    by Henry Wallen



    Earlier this week Canada announced that they would be phasing out their penny coin. On the heels of the Canadian announcement, U.S. Treasury Secretary, Tim Giethner stated in a press conference today that the U.S. Mint will remove the penny and nickel coins from circulation, starting early in January 2013.
    Due to the rising costs of zinc and production related expenses, the U.S. Mint now spends 4.8 cents to make a penny. And the cost of copper and nickel have inflated the cost to create a nickel coin to 16.2 cents.
    Gone in 2013

    In 2011, the U.S. mint made over 4.9 billion pennies, at a cost of $118 million to make. That is $236 million to produce only $49 million worth of pennies, a loss of $187 million in minting costs. Minting the nickel coin also represents a significant loss in revenue.
    By comparison, the dime (which costs 9.2 cents to mint) and the quarter (21.31 cents) are economically more feasible, and will continue in circulation through 2013. However, according to Giethner, the dime may be in jeopardy as early as 2014.
    Once the phase out of pennies and nickels begins, merchants must be equipped to round all transactions to the nearest ten-cent increment.
    If something costs $1.53, for instance, it will be rounded down to $1.50, and a transaction for $1.55 or higher will be rounded up to $1.60. Credit card, debit and check payments would also be subject to the rounding rule. It is expected that the rounding will not result in higher costs for purchases or losses for merchants.
    Pennies and nickels will continue to hold their inherent cash value, and they can be traded in at financial institutions. Banks will then return the coins to the mint for recycling into their base materials. By mid 2013 it is expected that the penny and nickel will both be mostly removed from the U.S. economy
    uh why...digital nickels and pennies still cost the same??

    bogus
    "Liberty lies in the hearts of men and women; when it dies there, no constitution, no law, no court can save it; no constitution, no law, no court can even do much to help it."
    James Madison

    "It does not take a majority to prevail ... but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men." - Samuel Adams



    Μολὼν λάβε
    Dum Spiro, Pugno
    Tu ne cede malis sed contra audentior ito

  14. #13

    Default

    Gosh, it sounds like inflation "might" begin to happen if they do this hate thing to our 1c and 5c coins.

    ;-)

  15. #14

    Default

    I know US military bases that don't use pennies/cent denominations... round up or down to the nickle. Worked perfectly and no complaints... same could be said for nickles.
    The American Dream, Wake Up People, This is our country! <===click

    "All eyes are opened, or opening to the rights of man, let the annual return of this day(July 4th), forever refresh our recollections of these rights, and an undiminished devotion to them."
    Thomas Jefferson
    June 1826



    Rock The World!
    USAF Veteran

  16. #15

    Default

    That the coins are more expensive to make than their face value shouldn't be a big issue - physical currency is a tiny percentage of the overall money supply, and pennies and nickels are an even tinier percentage. The only way this makes sense is if people are actually melting down minted coins to make a profit by selling the metal.
    “If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen.”

    - SAMUEL ADAMS

  17. #16

    Default

    When I visited New Zealand a few years ago they had already phased out pennies and were starting on nickles. Cash registers would round to the closest dime but they still had nickles in circulation.

  18. #17

    Default

    The decimal point is travelling? IMHO this is still tinfoil. Find me a real source. I can't. Everything points back to this skynews source; nothing MSM that I can see.

    CBS affiliate Updated: Nov 28, 2012 9:18 AM EST :

    http://www.kgwn.tv/story/20199058/5-...tes-your-money
    Increasing demand for copper and zinc has forced Treasury secretary Geithner to propose the use of steel alloy to replace the more expensive metals. This change requires congressional approval, but it doesn't address the diminishing use of the penny due to decades of inflation. Perhaps the government should consider abolishing the penny altogether.
    Same line repeated here:
    http://www.sfgate.com/business/inves...ey-4037207.php
    http://www.investopedia.com/financia...#axzz2DcINXPjR


    Tim Giethner stated in a press conference today that the U.S. Mint will remove the penny and nickel coins from circulation, starting early in January 2013.
    Taken out of context, I expect. To be replaced with non-zinc copper alloy.

    Quote Originally Posted by LibForestPaul View Post
    It will be made of cheap aluminum soon.
    My bet is steel alloy; stainless.

    I'm dropping HOAX on this

    cite me wrong...
    Last edited by presence; 11-29-2012 at 07:20 AM.
    It does not require a majority to prevail, but rather an irate, tireless minority keen
    to set brush fires in peoples minds! Revolution is Action upon Revelation!

    The small green parakeet, Tito, was flung helplessly from the cage, landing on the floor. When a girl screamed, the officer sneerd:
    "F*** THE BIRD !!!"
    ...and stomped on it with his jackboot. READ MORE: http://www.policestateusa.com/2013/n...lugo-parakeet/


  19. #18

    Default

    United States Mint
    FY 2013
    President’s Budget
    Submission

    http://www.treasury.gov/about/budget...0Mint%20CJ.pdf

    However, the PEF funding model for circulating operations currently faces a risk because of the rising cost of metal. Increasing metal prices have driven production costs to exceed the face value of one-cent coins (pennies) and 5-cent coins (nickels) since FY 2006. Positive seigniorage from minting and issuing higher denominations has fully offset the losses the Mint incurs from minting and issuing pennies and nickels. Consequently, overall positive seigniorage from the circulating coin program has become highly dependent on the production of higher denominations, but increases in metal prices have dramatically reduced the seigniorage accrued from these higher denomination coins as well. To address the effect of rising metal prices on the financial viability of the circulating coin program, the Mint is conducting research and development (R&D) on potential new metallic coinage materials, pursuant to the Coin Modernization, Oversight, and Continuity Act of 2010 (Public Law 111-302). From this R&D effort, the Mint must issue biennial reports to Congress, analyzing production costs for each circulating coin, cost trends for such production, and possible new metallic materials or technologies for the production of circulating coins. These reports also must include detailed recommendations for any appropriate changes to the metallic content of circulating coins in such a form that the recommendations could be enacted into law as appropriate, as well as recommendations for changes in the methods of producing coins that would further reduce the costs to produce circulating coins. Notes on the legislative changes that are necessary to achieve such goals must also be included. The first biennial R&D report is due to Congress in December 2012.
    Circulating
    Based on current economic data and assuming a steady economic recovery, circulating coin demand is anticipated to grow over each of the next three fiscal years. In FY 2011, circulating coin shipment volumes increased to 7.4 billion from 5.4 billion in FY 2010, and seigniorage increased by 16.0 percent. Revenue growth in FY 2011 was due to increased shipments of all denominations. In FY 2012, increases predominantly in lower denomination coin shipments are projected. However, the Mint expects the Federal Reserve will order significantly more quarters in FY 2012 to fulfill both collector and transactional demand. The Mint expects to continue to mint and issue the penny and nickel at costs above their face values.

    Circulating coin production for FY 2013 is forecasted at 8.4 billion coins—approximately a 9 percent increase over the FY 2012 projection and a 14 percent increase over FY 2011 production. Penny, nickel and dime coin shipments are expected to increase eight to 11 percent in FY 2013 from FY 2012 as coin demand steadily improves. Anticipated quarter-dollar coin shipments reflect a 27 percent increase in demand, the largest projected increase for FY 2013 among the coin denominations.

    ...

    Coinage Materials Modernization Act (CMMA)
    The recently passed Coin Modernization, Oversight and Continuity Act (Act) (CMOCA) (Public Law 111-302) provides the Secretary R&D authority; it does not give the Secretary the flexibility and agility to approve coinage materials that would result in significant long- and short-term savings to the taxpayers. Requiring legislation for each change in coin composition will greatly slow the process. As metal prices are extremely volatile, the delay incurred by proposing and passing legislation could result in the new compositions being outdated by the time of their enactment.
    Increasing metal prices have driven production costs to exceed the face value of one-cent coins (pennies) and 5-cent coins (nickels) since FY 2006, and have deteriorated the returns realized from other circulating coinage. Should the total cost of producing coins ever exceed their face value (thereby reducing seigniorage) the United States Mint has reserved $248.8 million in its PEF to pay for capital expenditures and unplanned expenses. Although unlikely, if results are worse than expected and the United States Mint is required to exhaust the $248.8 million in its PEF, the United States Mint could eventually require an appropriation or borrowing authority to fund circulating operations.
    The Mint is proposing legislative changes that would modernize the nation’s coinage materials for the first time since 1965. Specifically, these changes would amend 31 U.S.C. § 5112(a)-(c) to grant the Secretary the same authority he presently possesses with respect to the $1 coin—that is, the authority to prescribe the weights and compositions of all circulating coins, and to provide the Secretary flexibility to change the composition of coins to more cost-effective materials.
    The proposed amendments would allow the Secretary to explore, analyze, and approve new, less expensive materials for all circulating coins based on factors that he determines to be appropriate. Such factors may include physical, chemical, metallurgical and technical characteristics; material, fabrication, minting, and distribution costs; material availability and sources of raw materials; coinability; durability; effects on sorting, handling, packaging and vending machines; risks to the environment and public safety; appearance; resistance to counterfeiting; and commercial and public acceptance.
    Sec. 122. (a) Sections 2 and 3 of Public Law 111-302 are hereby repealed.
    (b) Section 5112 of Title 31, United States Code, is amended as follows:
    (1) Subsection (a)(2) is amended by striking “ and weighs 11.34 grams.”
    (2) Subsection (a)(3) is amended by striking “ and weighs 5.67 grams.”
    (3) Subsection (a)(4) is amended by striking “ and weighs 2.268 grams.”
    (4) Subsection (a)(5) is amended by striking “ and weighs 5 grams.”
    (5) Subsection (a)(6) is amended by—
    (A) striking “except as provided under subsection (c) of this section, ”; and
    (B) striking “ and weighs 3.11 grams.”
    (6) Subsection (b) is amended by striking the first, second, third, fourth, sixth, seventh, and eighth sentences, and striking “metallic, ”.
    (7) Subsection (c) is amended to read as follows: “The Secretary shall prescribe the weight and the composition of the dollar, half-dollar, quarter-dollar, dime, 5-cent, and one-cent coins. In prescribing the weight and the composition of the dollar, half-dollar, quarter-dollar, dime, 5-cent and one-cent coins, the Secretary shall consider such factors that the Secretary considers, in the Secretary’s sole discretion, to be appropriate.”
    (c) Section 5113(a) of Title 31, United States Code, is amended by—
    (1) striking “and ” and inserting after “dime” “, 5-cent, and one-cent”; and
    (2) striking the second and third sentences.

    -t
    Public education is not education ... it is schooling.
    Our military is not defense ... it is warmongering and empire building.
    Government police do not protect ... they control.
    Regulations do not regulate ... they protect the status quo.
    Government banks do not distribute money based on effort ... it is gifted to close friends ... and some of it trickles down.

    The result is war, poverty, fear, chaos, and hopelessness for most people with abundance for a few elite.
    -Travlyr

  20. #19

    Default

    I need to get involved personally when this phase out plan is programmed into the banks computer systems!

    I know just what to do with those tiny fractions left over when rounding off. They won't even be missed, right?
    My idea for the software algorithm is to only round down (it makes me get rich and prevents inflation at the same time!).

  21. #20
    Member
    Join Date
    Jul 2010
    Location
    Land of Indians
    Posts
    26,212

    Default

    I bought a 1945 S nickel this week . I paid more for it than they pay to make them now

  22. #21
    Member John F Kennedy III's Avatar
    Join Date
    Sep 2011
    Location
    Portland, OR (FEMA Region X)
    Posts
    11,509

    Default

    Quote Originally Posted by oyarde View Post
    I bought a 1945 S nickel this week . I paid more for it than they pay to make them now
    Yeah but it's worth more than 5 cents
    Quote Originally Posted by Origanalist View Post
    There would be riots in the streets, if boobus gave one shit about his honor.
    UN Agenda 21 Explained

    The Single Most Important Documentary I've Ever Found

    Robert Downey Jr will learn you how to pimp. If you ever need to know.

    How the GOP stole the nomination

  23. #22
    Member Keith and stuff's Avatar
    Join Date
    Feb 2009
    Location
    The Live Free or Die state
    Posts
    9,648
    Blog Entries
    70

    Default

    Quote Originally Posted by angelatc View Post
    Is there a legitimate source for this?
    No. A lot of folks here are conspiracy kooks.
    Lifetime member of more than 1 national gun organization and the New Hampshire Liberty Alliance. Part of Young Americans for Liberty and Campaign for Liberty. Free State Project participant and multi-year Free Talk Live AMPlifier.

  24. #23
    Member John F Kennedy III's Avatar
    Join Date
    Sep 2011
    Location
    Portland, OR (FEMA Region X)
    Posts
    11,509

    Default

    Quote Originally Posted by FindLiberty View Post
    I need to get involved personally when this phase out plan is programmed into the banks computer systems!

    I know just what to do with those tiny fractions left over when rounding off. They won't even be missed, right?
    My idea for the software algorithm is to only round down (it makes me get rich and prevents inflation at the same time!).
    Quote Originally Posted by Origanalist View Post
    There would be riots in the streets, if boobus gave one shit about his honor.
    UN Agenda 21 Explained

    The Single Most Important Documentary I've Ever Found

    Robert Downey Jr will learn you how to pimp. If you ever need to know.

    How the GOP stole the nomination

  25. #24
    Member
    Join Date
    Jul 2010
    Location
    Land of Indians
    Posts
    26,212

    Default

    Quote Originally Posted by John F Kennedy III View Post
    Yeah but it's worth more than 5 cents
    Yeah, it is 35 % Silver.

  26. #25

    Default

    I bet they eventually drop all coins under $1 and introduce a new "Lincoln $3 coin" to replace the penny.

    "ROUNDING ERROR VIRUS" another movie plot.
    Watch from 1:55 through 3:08


  27. #26
    Member John F Kennedy III's Avatar
    Join Date
    Sep 2011
    Location
    Portland, OR (FEMA Region X)
    Posts
    11,509

    Default

    Quote Originally Posted by FindLiberty View Post
    I bet they eventually drop all coins under $1 and introduce a new "Lincoln $3 coin" to replace the penny.

    "ROUNDING ERROR VIRUS" another movie plot.
    Watch from 1:55 through 3:08

    +rep! This is the video I was trying to find last night. Found the Superman 3 one instead.
    Quote Originally Posted by Origanalist View Post
    There would be riots in the streets, if boobus gave one shit about his honor.
    UN Agenda 21 Explained

    The Single Most Important Documentary I've Ever Found

    Robert Downey Jr will learn you how to pimp. If you ever need to know.

    How the GOP stole the nomination

  28. #27
    Member
    Join Date
    Jul 2010
    Location
    Land of Indians
    Posts
    26,212

    Default

    I have worked on my , pre 1913 nickel collection a little bit this year. Been fooling with it since I was a kid , I have 1883 - 1974 done , except 4 nickels. I plan to just stop there , the only four I need are pricey.

  29. #28

    Default

    higher taxes
    It was too weird to live, and too rare to die - hunter s. thompson .
    ..this is the darkest timeline..

  30. #29
    Member
    Join Date
    Jul 2010
    Location
    Land of Indians
    Posts
    26,212

    Default

    Coolest nickel I picked up this year , may be , the 1880 five cent sterling silver Canadian I got .

  31. #30
    Member
    Join Date
    Jul 2010
    Location
    Land of Indians
    Posts
    26,212

    Default

    Or , maybe , my 1850 O , silver Half dime
    Last edited by oyarde; 12-01-2012 at 04:07 PM.

Page 1 of 2 12 LastLast





« Previous Thread | Next Thread »


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •