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Poll: Should the United States government eliminate the penny?
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<p>[QUOTE="WhereEaglesDare, post: 715460, member: 20600"]It cost money to MARKET the coin. They advertised it, they had banners, etc up. So that, in turn, increased the cost of each coin on average. Lets say they made 1 million One dollar coins ( hypothetical) and it costs 700,000 dollars in production costs, then they spend 1 million in advertising the cost of each coin, on average, is 1.7 dollars each.</p><p><br /></p><p>When you flood the market with "Comeritives" and "Memorials" it ruins the market and drives the value of all other coins and other similar artifacts down. Its simple Supply and Demand. Same thing happened to the comic book collection market in the 90s.</p><p><br /></p><p>Needless to say, I feel these coins are a waste and hurt the hobby.</p><p><br /></p><p>That gets me back to my original point. It costs money to make a penny, yes, but if they stopped WASTING money on these superfluous items then the cost of a penny would be much more negligible in the grand scheme.</p><p><br /></p><p>And I do agree that the State Quarters could be considered a success, but again they spent money to advertise and etc. Why couldn't they just keep the sitting eagle quarters.</p><p><br /></p><p> </p><p> Condor:</p><p>Mint Seniorage? Could you explain this? </p><p><br /></p><p>If I am wrong about my assumption earlier about taxes, please excuse me.</p><p><br /></p><p>Agreed, the number one reason and its still not much of a reason to radically change our currency. IMO[/QUOTE]</p><p><br /></p>
[QUOTE="WhereEaglesDare, post: 715460, member: 20600"]It cost money to MARKET the coin. They advertised it, they had banners, etc up. So that, in turn, increased the cost of each coin on average. Lets say they made 1 million One dollar coins ( hypothetical) and it costs 700,000 dollars in production costs, then they spend 1 million in advertising the cost of each coin, on average, is 1.7 dollars each. When you flood the market with "Comeritives" and "Memorials" it ruins the market and drives the value of all other coins and other similar artifacts down. Its simple Supply and Demand. Same thing happened to the comic book collection market in the 90s. Needless to say, I feel these coins are a waste and hurt the hobby. That gets me back to my original point. It costs money to make a penny, yes, but if they stopped WASTING money on these superfluous items then the cost of a penny would be much more negligible in the grand scheme. And I do agree that the State Quarters could be considered a success, but again they spent money to advertise and etc. Why couldn't they just keep the sitting eagle quarters. Condor: Mint Seniorage? Could you explain this? If I am wrong about my assumption earlier about taxes, please excuse me. Agreed, the number one reason and its still not much of a reason to radically change our currency. IMO[/QUOTE]
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Poll: Should the United States government eliminate the penny?
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