Copper cents (pre-1982) worth more than Face Value?

Again, It wont disapear until sales tax does. If someone has a solution to that
besides rounding to the nearest 5 Cent piece then I'm all ears.

Let's say you spend per year a total of $20,000. Let's assume, for example of
course, that those we all $1 purchases. Now lets apply a Sales tax rate of 6%.
That means the the goverment gets $0.06 revenue.

So you're telling me that the geovernment is going to round down to $5 to avoid
dealing with pennies? That's aprox a 16% revenue loss.... So why not then just
round it up to a dime? YEA RIGHT!! You think any citizen would go for that? that
would be in effect a tax hike.

Face it. The penny may cost money to make but it eliminating it would either cost
consumers, or business/governments. And I'll give you one guess who wins that one....

 

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I get charged 7.75% sales tax here, because localities can impose levies as well.

We already round things just to get to the nearest penny. Rounding to the nearest nickel won't, on average, disadvantage any party (buyer, seller, government).

If not, why aren't we petitioning for the return of the half-cent coin, or even tenth-cent or smaller coins?

 

At some time in the future, and it may be nearer than you think, all cash will be replaced by electronic transfer.

Selling points will be"

1. Cost savings from making coins and cash. Fiduciary
2. Reduce the ability to trade in the black market economy. Law and Order
3. Make sure all transactions are reported and TAXED. Tax Fairness

We may or may not transition via a card system before going to the implant on the forehead or on the hand.

What will not be a public selling point, but first in the minds of Tyrants is the ability to control the economy from a central location and by an individual.

But just because this has been prophesied for two thousand years, it will be judged irrelevant and inappropriate.

 

There's one snag that I'm a bit surprised that no one has mentioned yet. In December of 2006, the Mint issued a rule effectively making it illegal to melt pennies or nickels, and limiting export of same:

http://www.usmint.gov/pressroom/?flash=yes&action=press_release&ID=724

I don't know if the rule is currently in effect; if not, SecTreas could reinstate it at any time and for any reason.

 

Try www.coinflation.com

No math necessary!

 

Last year, I called seven companies in Florida that bought scrap metal. Like Mike said, the price you most often see is for pure copper. If you wanted to sell your Lincoln cents for melt value, you will only get about 25% of that price.

Chris

 

It is still in effect, no melting of cents or 5 cent pieces, and also about exporting.
​

 

I think the prophets of that period were too fixated on "chips" and "implants". I suppose one can hardly blame them, having just been vouchsafed a vision of RFID technology. But they apparently didn't foresee that we would have machines able to recognize you by your eyes, by your ears, even by the way you walk -- and, soon enough, by the way your DNA tastes and the way your body smells as you walk past.

Implants will be passé before they even arrive.

 

Coininflation.com gave the total melt value of a copper cent today as 2.7c. No there is no way to get rich saving copper, but since I search rolls for errors and varieties anyway, I never dump copper cents back. Eventually, I may get enough face value to amount to something, probably not. But it's a facet of my hobby and it's what I do.

gary

 

When my mom was little back in the 1930's sales taxes were collected in some states with Mil coins, valued in 1/10 th of a cent. We don't see them around any more. Just got a coin in a roll that was a 2c Euro. I believe the day of the one cent coin are numbered. IMHO

gary

 

The gas thing is ridicurous, everybody just pumps to a roundish amount like $54. Even if it is $53.67...no problem with credit.

Even at the supermarket the cans of peas can still be 67 cents....rounding is only on the total of $127.34 becoming $127.35 or $127.32 becomes $127.30.

Mostly electronic ( like debit) anyway, so it can still be $127.34 without a cent coin anyway.

 

Cannot argue with that. When I got my first job back in 1962, the guys told me that the paycheck would one day be a thing of the past. That we would one day just use a piece of plastic for all transactions. That way the government could tax every cent. It sure sounded futureistic at the time and almost beyond belief. Hey, we're there ! Go figure

 

Who can possibly hit an even number at a gas pump ? It NEVER hits a rounded off number for me, no matter how much I try to do it. I think you need to pre pay to do that ?

 

Just slow down as you get near the number....

 

At least where I buy gas, it's prices at $X.XX.9 cents a gallon, so I'm getting a rounded off price 9/10th of the time as it is.

The point behind bringing up that little bit of silliness is that rounding is always matter of granularity. The finer the granularity, the more precise the price, but that precision comes with administrative overhead. So any choice of minimum currency unit is going to be a compromise based on the perceived value of that precision.

One of the first coinage choices the U.S. made was not to mint a farthing and limit granularities to 1/2 cent. Then the elimination of the half-cent upped the ante to 1 cent. Great Britain followed a different philosophy and kept farthings around for almost 100 years after the U.S. eliminated the half cent.

Silently, inflation has made a 1-cent granularity finer and finer. While making buying power comparisons over long periods of time is suspect, I believe that a nickel has less buying power today than a half cent did in 1857. So my personal opinion is that cost of keeping around the cent isn't worth the benefit it provides, and after the next spate of inflation the nickel won't be worth keeping around either.

 

and by the year 2000 man will be living on the moon...

cash won't be 100% replaced. it will always be an option.

 

A few years ago, I would have agreed with that. But now, I am not as certain. Unemployment is now issued by pre-paid credit card, Social security is encouraging direct deposit and may do away with checks altogether. A few years ago when I was still working, they companies were also trying to get everyone to use direct deposit. Currency, may become obsolete sooner than one might think. IMHO

gary

 

At every gas station near home and on my travels, I can never round off to the nearest $1 at the pump. The $3+ a gallon moves the dial so fast and it's difficult to slow down to hit the number. In the past 3 years, I hit a whole number maybe once. lol But since it's on plastic, it doesn't matter.