Hello All, Just got back from four day's off and seen this on the net, has anyone else heard about this or is it just a fictitious story? http://channels.isp.netscape.com/whatsnew/default.jsp?story=20070123-1342 Thanks John.
Sheesh, what nonsense. Lets see, if you have one cent then they'll revalue it, so that it is worth five cents? Huh? That isn't the way that revaluation of a currency usually works.
so that $20-30 in cents i have from searching rolls may be worth 5X it's face value if i hang onto it for a while longer??? How can they do this though? The coin says ONE CENT On it. How hard will it be to get people to honor this?? I mean some retailers get confused when you try to pay with a Sac dollar coin
This is something I suggested might happen. Whether it will or not is unknown. It isn't unique and from what I've read it's been done elsewhere when inflation made it unfeasible to manufacture small denomination coins. The economic windfall is generally small since few people hoard enough small change to make a difference and the few that do don't have a big impact on the economy.
That's simply not true. Mr. Velde is not speaking for the Federal Reserve Board, or even for the Chicago Fed. He is an employee giving his own stupid opinion.
I also heard it on the radio,...knowing that the radio isn't the best news sorce. Been saving mine since 1988, don't know the number but would guess 300 to 400 pounds John
Just so many stories lately about the cost of producing our monitary system is becoming a thing like the 1984 book. I don't think anyone really knows how much it costs to produce anything from, by or for the government. There was a news story on TV here last Sunday morning about the new small dollar coins. They explained the government told them it cost 1.7 cents to produce a cent coin. It cost 9 cents to produce a Quarter. They said the goverment told them it will cost ABOUT the same to produce the new dollars. They also said EVERYONE so far is fantastically happy with the new small dollars and will now be using them for parking meters, car washes, laundromants, etc. Every story about the end of the cent, the cost of the cent, the 2009 type of cent and the fact that the world will end soon just makes for good stories for the news media. I predict that in a few years our government will be outsourcing the production of our money to China and our coinage will be called the Peso. This is based on everything I buy is now made in China and everyplace I go people only speak Spanish.
There's nothing more to hear. ONE employee of ONE Federal Reserve Bank said he thought it was a good idea, and NO Fed Governors have picked up on it, praised the idea, or even mentioned it. It is a dead, dead, dead issue. IMHO it is very sad that some people prefer to believe, and recirculate, overblown rumors.
pre-'82 cents I just got a cute little sorting machine that separates zinc from copper pennies.... takes about a half-hour to sort through a whole $50 face bag. The proportion of coppers seems to be running between 10% and 20% depending on the source of the coins. The machine is an awesome thing! He's got a website at http://www.ryedalecoin.com/ Irecall back in '64 when the silver started to disappear I would get rolls of dimes and quarters at the bank and scan for dates. But at the time I didn't think about putting a lot of money into hoarding up common-date silver. In retrospect it would have been a decent investment. We're at the same cusp on copper. Now's the time boys. Salt 'em back or be sorry later. Tom
