Lincoln Cent, another Bush blunder.

The US really needs to drop the 1 dollar and 2 dollar bill and start producing a 2 dollar coin like we do up here in Canada. Come over to the darkside!

You have to admit... our 2 dollar coin is a sexy beast!

 

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I think that idea is downright loonie.

 

Its kind of hard to fold a coin to put it into my wallet...

 

You could make them out of tin foil...

Ooooh, then they could double as a nifty hat!

 

Ooooooh, ouch. Good one, lol. :thumb:

Phoenix

 

It sounds crazy, but both you and the mint would come out ahead if the mint could acquire them for 1.5 cents each instead of paying 2 cents to make new ones.

I don't know how your bank works, but my bank can only produce about 20 rolls of cents at a time. It would take a lot of trips to a lot of banks.

 

Thank you. Congradulations, you actually know the difference between the legislative branch and the excecutive branch; I wish more people did.

The next time someone is tempted to start another "Bush makes a mistake about something to do with coins" could they please review your civics and learn the difference between the legislative and executive branches, and what powers they have?

The legislative branch (Congress) passes laws. The executive (president and cabinet) either signs the bills into law or vetoes them; if he vetoes them the Congress can overide the veto with a 66% or higer vote.

So the creation of coins, redesign of coins, discontinuation of coins, etc, has a lot more to do with Congress than the president. Any blame or credit for whatever coins are made should go there. Please remember that.

And at the risk of straying into politcal commentary, may I remind you all that Bush is constitutionally prohibited from seeking a 3rd term. If any of you don't like what he does, you just have to wait until January 20, 2009 and he'll be gone anyway. Also, the entirety of the House and 1/3 of the Senate is up for re-election this year; don't like what they do, consider who you give job extensions to when their performance review comes up this November.

 

I think it's 0.0001% of the problem. Why worry about pennies when there's massive waste that's 1,000,000 times bigger ?

As long as citizens find pennies useful, their manufacture is a necessary expense - a legitimate use of tax dollars.

Spending money to do one's chartered responsibility is not "losing money". Making pennies is deemed necessary, so they do it.

The Mint was not founded to run on a profit - it was an expense to provide a neccesary service to the people.

It appears it's time to change the composition to reflect metals prices, so let's get on with it... we did it in 1853 and 1873 with silver !

 

There is no material that can be fabricated uinto a penny for less than a cent unless it's tiny.

One cent isn't really money any longer. It's a nuisance. ...A very expensive and toxic nuisance.

 

Then why did we complain about $800 hammers and $600 toilet seats etc. They had the responsibility to get those things that the military needed so obviously they weren't losing money by paying those amounts.

And the labor/fabrication cost are rising to the point that soon it won't matter what the composition and size are , they will still be made at a loss. When labor cost exceeds one cent each, well.

 

True same old complaints, same old storys. I just can not figure out why so many think that our government is concerned about saving money on the production of coins. Even if they stopped all production of all coins, where would the money go from no more coins. If they stopped all coin production for, say 10 years, they would save billions of dollars and where would it all go? Just how many people continue to think that if the government saved a few million on no more cents anything would change? Any such savings would simply go for a bigger desk for some politicians. Maybe a few more Gold Pens.
Many years ago in Illinois the government said if we have a state lottery once a week the proceeds would pay for the school system. Today we have a state lottery every day and the school system is broke.
Does anyone really think that if we stopped the cent the money saved would be used for something worth something of value.
Remember that regardless of how much it costs to produce a cent, it is just tax money and there is no limit to that.

 

You should run for office.

I don't know if you'd do any good but I'm sure you can win. :whistle:

 

Here's my two cents. I wouldnt give a plug nickel to all those loonies who live on Penny Lane. OOOHHHHH. Somebody stop me!!!

 

I guess if he says it then it must be true. (choke, choke)
It isn't like the citizens of our fine country haven't been losing money for the past
umpteen years on other things as significant as a little copper colored coin.

jeankay

 

I'm sure this is the reason that the legislation under discussion here
H.R. 5512: Coin Modernization and Taxpayer Savings Act of 2008

also specifies that "The coins shall be coined, minted and materials fabricated in the United States."

One obvious solution to the rising costs of producing coins is to outsource them to countries with lower labor costs. HR 5512 would take that option off the table.

 

Yeah, that's a good idea. Let's send our coin dies to China. Their production will be something like "One for you. Two for me. One for you. Three for me."

And the quality of their counterfeit coins will surely increase.

 

Oh yea, thats the answer. Then we can turn Monticello and Mt. Vernon into time shares for Euro-trash. In fact lets get rid of all traditions. Why does one have to be a natural born citizen to be President? Let's change that. Put Mt. rushmore up for sale. I'm sure we can get someone to buy it. Hmm...Mt. Quadafi. Outsource indeed. I hope you were kidding.

 

I wasn't saying I agreed with outsourcing. But it is an obvious solution to the problem and someone must be seriously considering it; otherwise, the legislators wouldn't take the trouble to rule it out in the bill.

As for counterfeiting, first, no one would bother counterfeiting pennies. They'd be too difficult to distribute. Second, China doesn't need an official contract from the US government to make US coins for themselves. They do it plenty already, although usually with collectible coins, not current circulating coins.

Third, China is already too busy counterfeiting movies, computer software, and designer handbags which have a much higher profit margin and are much easier to distribute.