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melt value of pennies and nickels higher than purchase power

Discussion in 'Political Discussion' started by otis p. driftwood, May 8, 2008.

  1. otis p. driftwood

    otis p. driftwood Rookie

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    Just got this from one of the many borderline junk emails I get during the day relating to money/investing etc.
    I make no promises to it's truth, but it sounds right.
    I like pennies, but they serve no useful purpose any longer. Maybe there's something to the idea of making them from pressed garbage though. How about making new pennies and nickels from recycled plastic bottles?


  2. Real World

    Real World Moderator Staff Member

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    Metals and stones have never been worth more than they are now. The bounce upward of many large economy's across the globe have really driven the demand side of consumption. It's why most economists only attribute a $10-15 War cost to a $120 barrell of oil. Concrete, which I use a lot of, has been rising dramitcally for 5-10 years now. In 1997 I paid $52 a cubic yard. In 2000 it was $74. Today it's $120. My office is over near the produce center on the Everett/Chelsea line. There are a number of scrap metal yards here, and they're busier than ever, cuz the $$ for metals has skyrocketed.


    For example:

  3. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Take it one step further, the Mint has been trying to do away with dollar bills.. they introduced the sacagawea dollar and now the presidential dollar.. and it has not taken off.. we are one of the few countries that continue to use a dollar bill or small denomination bill.. the coins are cheaper in the long run and last longer..
  4. fleabassist1

    fleabassist1 Rookie

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    #12 Jersey

    I read somewhere that they could put a tracking device inside every dollar for about the cost of a penny - that way you can make cash a trackable money which would also prevent counterfitting. It would also eliminate the penny :O
  5. Real World

    Real World Moderator Staff Member

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    They suck hardcore. In Italy the Euro starts with a $5 bill. Everything lower is a coin. They've got a $2 Euro, and a $1. They blow bigtime. You end up with 7 pounds of coins in your pocket. It really, really sucks. I totally see you're point about lasting longer though.
  6. scout

    scout Rookie

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    #15 Jersey

    The Penney is a freakin' joke. There are still people (with influence) who will tell you that the Penney is still economical to mint. Even when the price of metal equaled the value of the Penney, it still is not a break-even proposition. Soon, if not already, the Penney will be equivalent to the ice buckets which were placed at the door of a congressman's office (This was finally done away with long, long, long after the invention of the refrigerator).
  7. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    When I travel in Mexico, never had a problem.. the only one being is that there is not enough differentiation of the coins, so it is difficult to tell the difference between the various denominations of pesos.. time to take out the glasses..

    Canada does something similar, my friends there talk about the loonie and toonie...
    Last edited: May 9, 2008

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