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Are they Ramping up a Penny Demonetization Again?

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#1
I heard on NPR the other day that "they are" ceasing production of the penny in April? Prolly not correct. Yet when is it gonna happen?

http://www.npr.org/2015/11/26/457397908/critics-wonder-whether-pennies-make-sense-anymore
Is it finally time to get rid of the penny? The question was put to the top currency official in the country this week after comedian John Oliver took a swing at pennies on his TV show.

"Two percent of Americans admitted to regularly throwing pennies in the garbage, which means the U.S. Mint is spending millions to make garbage," Oliver said.
http://www.moneycrashers.com/get-rid-penny-reasons/
According to an old superstition, it’s good luck to find a penny on the sidewalk. But whether or not you believe picking up that penny will bring you luck, one thing it definitely won’t bring you is wealth. Pennies are worth so little now that by taking five seconds to pick one up, you’re earning just $7.20 an hour – less than the federal minimum wage.

Pennies are so close to worthless that many people argue it’s time to do away with them altogether. A nonpartisan organization called Citizens to Retire the U.S. Penny has attracted the support of economists from Harvard and Wake Forest University. Representative Jim Kolbe of Arizona has twice introduced bills in Congress to eliminate the penny, and in February 2014, President Barack Obama argued during a YouTube chat that pennies were obsolete and a symbol of U.S. government waste.

However, while many people are calling for the penny’s retirement, others are working just as passionately to keep the coin in circulation. A lobbying group called Americans for Common Cents – which represents Jarden Zinc, the company that makes the zinc and copper blanks from which pennies are produced – has conducted polls showing that more than two-thirds of Americans favor keeping the penny. On its website, the group marshals an array of arguments that eliminating the penny would lead to disaster for consumers, charities, government, and the economy as a whole.

https://en.wikipedia.org/wiki/Penny_debate_in_the_United_States
Penny debate in the United States
From Wikipedia, the free encyclopedia


A proof-quality penny
A debate exists within the United States government, and American society at large, over whether the one-cent coin, commonly called the penny, should be eliminated as a unit of currency in the United States. Two bills introduced in the US Congress would have ceased production of pennies, but neither bill was approved. Such a bill would leave the nickel, at five cents, as the lowest-value coin. On February 15, 2013, President Barack Obama stated his willingness to eliminate the penny.[1] Although a 2015 memo revealed that Secretary of the Treasury Jack Lew has considered eliminating the penny, there are currently no plans to abolish the penny.[2]


I like the copper zinc combo to make Voltaic piles.
https://en.wikipedia.org/wiki/Penny_battery


A copper-zinc voltaic pile.

The penny battery is a voltaic pile which uses various coinage as the metal disks of a traditional voltaic pile. The coins are stacked with pieces of electrolyte soaked paper in between (see diagram at right). The penny battery experiment is common during electrochemistry units in an educational setting.

Each cell in a penny battery can produce up to 0.8 volt, and many can be stacked together to produce higher voltages. Since the battery is a wet cell, the effectiveness will be reduced when the electrolyte evaporates.

Contents
Coinage selection
So I just ordered 8 box's. Plus I'm doing my floors in the zinc clads.
 

ErrosionOfAccord

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#2
Enzi is the typical RINO but the state of WY loves him because none of them pay attention.

U.S. Senators Enzi & McCain Shaking Up US Currency

3/30/2017




U.S. Senators Enzi & McCain reintroduce the Coins Act

Washington, D.C. – U.S. Senators Mike Enzi, R-Wyo., and John McCain, R-Ariz., today reintroduced the Currency Optimization, Innovation, and National Savings Act of 2017 (COINS Act), legislation that would modernize the US currency by moving to a $1 dollar coin, reduce the cost of nickel production and suspend the minting of the penny, which currently costs more than one cent to produce. These money-saving reforms, which have been studied and supported by the non-partisan Government Accountability Office, could generate up to $16 billion in taxpayer savings.

“Change can be hard sometimes, but switching to a dollar coin could save our country...

... $150 million a year,” said Senator Enzi. “Our country is in a difficult financial position because we didn’t value the cost of the dollars we spent. We can’t afford to keep that up, and these innovative opportunities are a way to save taxpayer money that is really just being wasted with each new dollar we print and penny we mint.”

“With our country facing $20 trillion in debt, Congress must act to protect the American taxpayer,” said Senator

McCain.
“By reforming and modernizing America’s outdated currency system, this commonsense bill would bring about billions in savings without raising taxes.”





http://www.wyomingstatenews.us/wyoming/us-senators-enzi-mccain-shaking-up-us-currency
 

Uglytruth

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#3
“Change can be hard sometimes, but switching to a dollar coin could save our country...
" "COULD" save our country" The same asshats that put us in this position are now going save us with $1 coin. Ya going to make it out of gold or silver? If not STFU bitches and banksterside yourselves.
 
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Joe King

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#4
could generate up to $16 billion in taxpayer savings.
No matter what they do, it won't constitute any savings for the taxpayer. What'll happen is they'll simply find some other use for the money. The tax payer won't see any difference.
 

latemetal

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#5
Control inflation first, or you are just wasting time...
 

Joe King

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Control inflation first, or you are just wasting time...
Can't do that without revamping the whole enchilada. Which I'd be ok with, but under the current monetary system inflation has been baked into the cake since it's inception. Ie: it's one of it's main ingredients.
...but hey, leeches gotta leech right?



Prior to the creation of the Fed, it was sold to the People and their Reps that Uncle Sam needed an elastic currency.

Political cartoon from 1908. Panic of '07 was still fresh in everyones minds.

1908_editorial_cartoon_promoting_elastic_currency.jpg


...but this is really a piss poor cartoon. The problem is that elastic means it goes both ways. Ie: it stretches when needed, but then shrinks back to where it had been.
.,..but the ones running it never want it to go back to what it was, only expand further. I suppose whoever drew the cartoon was dumb enough to think that once Uncle Sam bends over to pick up the crops, he's supposed to just stay bent over?

That, or they were selling the idea that it would inflate and deflate relatively equally, thereby leaving the purchasing power of the peoples money relatively unchanged over time. If they been honest and come out and said they wanted a monetary system with a virtually permanent rate of inflation that would erode away the purchasing power of our money, no one would have went for it.
Edited to add: well, no one other than the leeches of course.
 

solarion

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#9
I suppose whoever drew the cartoon was dumb enough to think that once Uncle Sam bends over to pick up the crops, he's supposed to just stay bent over?
Well someone is being bent over in our current currency system...that's fo sho.
 

Mujahideen

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#10
Is anyone asking the question of why does it cost more than one cent to produce a penny?
 

Joe King

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Is anyone asking the question of why does it cost more than one cent to produce a penny?
That's just part of the price of inflation. If you're trying to maintain a particular price point, at some point, it always becomes too expensive to keep doing things the way it used to be done. Ie: it ends up costing more than it's worth. Doesn't matter if it's pennies or TV's or cars. If it keeps going, at some point it'll be Nickels. Then at some point, dimes and quarters.
 

Mujahideen

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#12
Price inflation is caused by currency inflation.

The elastic currency robs everyone who holds it.
 

southfork

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#14
How about saving hundreds of billions and ending all foreign aid, and cut funds to illegals, shits getting so old we need another tea party
 

glockngold

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#15
Should we bring back the half cent?!

Pennies are a stupid waste of time, energy & resources.
Stop making them yesterday.
The dollar coin is a fine idea that didn't work because Washington didn't have the guts to simultaneously drop the dollar bill.
The size should have been a little bigger so as not to be confused with a quarter.
 

Mujahideen

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#16
Should we bring back the half cent?!

Pennies are a stupid waste of time, energy & resources.
Stop making them yesterday.
The dollar coin is a fine idea that didn't work because Washington didn't have the guts to simultaneously drop the dollar bill.
The size should have been a little bigger so as not to be confused with a quarter.
The copper 82 or prior cent and the nickel are the closest things that we have to real money as currency.

We need to stop debasing the currency.
 

latemetal

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#17
Or some how do a currency reset so that a dime can buy a candy bar again...
 

glockngold

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#18
The copper 82 or prior cent and the nickel are the closest things that we have to real money as currency.
We need to stop debasing the currency.
Sure, I get that. But it is like libertarians arguing over whether we should have public funded roads or all private turnpikes.
We are where we are.
Too late. Currency is debased. Pennies are jack shite.

And latemetal, that is a nickle candy bar not a dime. You must still be a puppy.
 

southfork

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#20
The copper 82 or prior cent and the nickel are the closest things that we have to real money as currency.

We need to stop debasing the currency.
For sure, have a few gallons of them salted away.
 

SongSungAU

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#21
If McCain is for it I'm against it!
Quoted for truth. That guy needs to retire while he still can. His butt has grown roots in Washington DC. Time for him to go (a long time ago).
 

Howdy

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#22
“With our country facing $20 trillion in debt, Congress must act to protect the American taxpayer,” said Senator

McCain.


It goes without saying, McCain will never mention the obvious solution.
 

hernancortes

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#24
The public has rejected every dollar coin since the Ike dollar, so yes let's try again. lol
 

Buck

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#25
One dollar coins are made by the Treasury, the country wins when we use coins and as long as the paper dollar exists, the dollar coins will take a back seat and each paper note is an IOU to the Fed Reserve

It was, at one time, the implementation of paper notes that replaced the "hassle" of carrying coins and most won't go "back" until they have to

Removal of the cent will be a terrible decision