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Should we be jumping on the penny hoarding bandwagon??
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<p>[QUOTE="GDJMSP, post: 1321588, member: 112"]It already does, but allow the cents and nickels to be exported and/or melted and it would cost them a whole lot more.</p><p><br /></p><p>First of all, back in 2008 it costs 1.67 cents to make each 1 cent coin and it costs 9.5 cents to make each 5 cent coin. So for every penny and nickel that the mint produced they were losing roughly 1 penny and losing 1 nickel. And with the billions of those things that they make, those losses add up pretty fast.</p><p><br /></p><p>Now, consider how many people are hoarding the copper cents as it is. Every one that is hoarded is taken out of circulation. That means the mint has to replace that coin and make another one. That increases their losses on that coin. And if they changed the ruling forbidding export and melting - how many more people would then be hoarding the cents and nickels both ? They'd start disappearing as fast as silver coins in 1964 and 1965.</p><p><br /></p><p>Beginning to get the picture ?[/QUOTE]</p><p><br /></p>
[QUOTE="GDJMSP, post: 1321588, member: 112"]It already does, but allow the cents and nickels to be exported and/or melted and it would cost them a whole lot more. First of all, back in 2008 it costs 1.67 cents to make each 1 cent coin and it costs 9.5 cents to make each 5 cent coin. So for every penny and nickel that the mint produced they were losing roughly 1 penny and losing 1 nickel. And with the billions of those things that they make, those losses add up pretty fast. Now, consider how many people are hoarding the copper cents as it is. Every one that is hoarded is taken out of circulation. That means the mint has to replace that coin and make another one. That increases their losses on that coin. And if they changed the ruling forbidding export and melting - how many more people would then be hoarding the cents and nickels both ? They'd start disappearing as fast as silver coins in 1964 and 1965. Beginning to get the picture ?[/QUOTE]
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Should we be jumping on the penny hoarding bandwagon??
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