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Should we downsize the Lincoln cent?
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<p>[QUOTE="medoraman, post: 3209535, member: 26302"]What you are missing sir is scale. All cents that exist to be used might total 1/100th of one percent of dollars in existence, (I think I am very high in this number). Many of these are wheat cents or otherwise being collected. Total that people would go out of their way to use might be 1/200th of 1 percent, (again being very high). So total USD growth would be 1/40th of 1 percent growth in the money supply. Completely irrelevant in every way for inflation, GDP, etc.</p><p><br /></p><p>Just how many people do you think have 10 million cents lying around in your $100,000 scenario? I have about 15,000 wheat cents, and maybe 10,000 misc cents, and own more cents than ANYONE I know of. </p><p><br /></p><p>Like I said, a few people might get lucky, but have the gov't slowly retrieve spare cents from banks, then one day have a surprise announcement of the change. No real change for manipulation, people are happy because maybe they made $5 bucks on the conversion, and no issues for the economy. Far few people would make $100k on it than have done so in bitcoins or Amazon stock.[/QUOTE]</p><p><br /></p>
[QUOTE="medoraman, post: 3209535, member: 26302"]What you are missing sir is scale. All cents that exist to be used might total 1/100th of one percent of dollars in existence, (I think I am very high in this number). Many of these are wheat cents or otherwise being collected. Total that people would go out of their way to use might be 1/200th of 1 percent, (again being very high). So total USD growth would be 1/40th of 1 percent growth in the money supply. Completely irrelevant in every way for inflation, GDP, etc. Just how many people do you think have 10 million cents lying around in your $100,000 scenario? I have about 15,000 wheat cents, and maybe 10,000 misc cents, and own more cents than ANYONE I know of. Like I said, a few people might get lucky, but have the gov't slowly retrieve spare cents from banks, then one day have a surprise announcement of the change. No real change for manipulation, people are happy because maybe they made $5 bucks on the conversion, and no issues for the economy. Far few people would make $100k on it than have done so in bitcoins or Amazon stock.[/QUOTE]
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