Larry Gude
Strung Out
That's pretty interesting...
...right there.
There has been an argument for some time that pennies are near worthless as money and cost more to make than they are worth and should be discontinued. The problem with that is the folks in the penny pipeline. Pennies are different from other coins and we'd be hurting a bunch of jobs and some companies; they can't just start making dimes, nickels and quarters.
I was thinking the other day what would happen if all coins values were changed. I'd hadn't thought about people melting down pennies because the material was worth more than the face value and we, as a society, have been giving them away for years; the penny cup at the store. And I hadn't thought about changing the value of just pennies. Nickels ain't worth much either.
So what happens to nickels if we make pennies worth $.05?
...right there.
There has been an argument for some time that pennies are near worthless as money and cost more to make than they are worth and should be discontinued. The problem with that is the folks in the penny pipeline. Pennies are different from other coins and we'd be hurting a bunch of jobs and some companies; they can't just start making dimes, nickels and quarters.
I was thinking the other day what would happen if all coins values were changed. I'd hadn't thought about people melting down pennies because the material was worth more than the face value and we, as a society, have been giving them away for years; the penny cup at the store. And I hadn't thought about changing the value of just pennies. Nickels ain't worth much either.
So what happens to nickels if we make pennies worth $.05?
ylexot
Super Genius
Nothing new. Dimes and quarters used to be pure silver until people realized that they could shave a little off of each coin and have a little silver as well as a usable coin. Then they started using alloys and putting the copper core in them. I would be surprised if the materials of a penny and the effort of melting/separating them become worth more than a penny though. The materials are one thing. Separating the materials is another.
LexiGirl75
100% Goapele Head!
So, what y'all saying is... I can make jewelry out of my pennies? Do I need a kiln? 
pingrr
Well-Known Member
Nickles are the same way. The cost to produce a nickel is around 6 or 7 bucks. There is a bout 5 dolars worth of nickel in them if they are melted down. I was reading somthing about a new law that made it illegal to transport more than a certain amount of changeout of the country. Due to people taking it to other places to hav e it melted down.
pingrr said:
Where do you get this stuff? Do you know how colossally stupid it would be to spend 500 cents to make a coin worth *5* cents?
BTW - Nickels and dimes have a 75% copper composition.
Here's another article that might clear things up.
http://www.usatoday.com/money/2006-05-09-penny-usat_x.htm
pingrr
Well-Known Member
That is an old article 6 months ago the price may have only been 5.5 cents but it has gone up drasticly since then. I am going to search for the article were I found my info.
I have been looking and can't find the original article. Maybe I was drunk when I read it.
I have been looking and can't find the original article. Maybe I was drunk when I read it.
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pingrr
Well-Known Member
http://news.yahoo.com/s/nm/20070122/us_nm/usa_pennies_shortage_dc_1
This suports the new law I said was passed that everyone said was BS. Now just wait and see the price to produce a Nickel will be released shortly. Then everyone will see that my facts were indeed correct.
This suports the new law I said was passed that everyone said was BS. Now just wait and see the price to produce a Nickel will be released shortly. Then everyone will see that my facts were indeed correct.
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