Title: Penny = 5 cents?
Chris B. - January 26, 2007 07:16 PM (GMT)
The US Mint has made it illegal to melt or export US coins in bulk, since the value of their constituent metals — in the case of pennies and nickels — now exceeds their face value. The new story quotes Francois Velde, senior economist at the Federal Reserve Bank of Chicago, who thinks the new rules will not be enough — he believes that determined speculators are already piling up pennies. Velde suggests "rebasing" the penny to be worth five cents. Quoting Velde: "These factors suggest that, sooner or later, the penny will join the farthing (one-quarter of a penny) and the hapenny (one-half of a penny) in coin museums."
http://www.newsmax.com/archives/articles/2...2048.shtml?s=usWhat are your comments on this situation?
Nc - January 26, 2007 08:21 PM (GMT)
saw this on Yahoo wheni was checking my mail. if so. im rich!
Lurk - January 26, 2007 08:37 PM (GMT)
Too bad I live in Canada.
It's wierd and if people on the street, regular citizens find a way to do it, there are going to be alot of rich people. ::shifty::
Chris B. - January 27, 2007 03:27 AM (GMT)
If this happens, inflation is gonna be like :|
Gerjen - January 28, 2007 01:43 PM (GMT)
In euro we removed the 1 & 2 cents near a year after they where made... They're useless.
Chris B. - January 28, 2007 08:59 PM (GMT)
| QUOTE (Gerjen @ Jan 28 2007, 09:43 AM) |
| In euro we removed the 1 & 2 cents near a year after they where made... They're useless. |
We use them for gas prices and taxes mainly.
robshoy - January 28, 2007 09:34 PM (GMT)
It's about time for the penny to be gone. It's stupid and useless. When was the last time you really used one?
Bluezone777 - January 28, 2007 10:19 PM (GMT)
I heard about this and I don't see why we still have the penny anymore. the nickel is one thing but the penny is the one coin that is still being circulatated today that no one really does anything with except collect them.