US Pennies To Be Worth Five Cents? 729
Z-MaxX writes to point out Reuters coverage following up on last month's news that the US Mint has made it illegal to melt or export US coins in bulk, since the value of their constituent metals — in the case of pennies and nickels — now exceeds their face value. The new story quotes Francois Velde, senior economist at the Federal Reserve Bank of Chicago, who thinks the new rules will not be enough — he believes that determined speculators are already piling up pennies. Velde suggests "rebasing" the penny to be worth five cents. Quoting Velde: "These factors suggest that, sooner or later, the penny will join the farthing (one-quarter of a penny) and the hapenny (one-half of a penny) in coin museums."
Yogi-esque (Score:5, Funny)
Our dimes go to eleven (Score:5, Funny)
Re:Steel (Score:4, Funny)
1 penny = 5 pennies (Score:4, Funny)
Re:Just stop making the damn things (Score:2, Funny)
I see your grandson managed to get you on the Internet. Here's a tip: You aren't really the 1,000,000th visitor to that web site and you didn't win a free ipod.
Re:Yogi-esque (Score:5, Funny)
Re:Our dimes go to eleven (Score:2, Funny)
Tax discount! (Score:3, Funny)
Re:then make them out of plastic or such... (Score:4, Funny)
Re:then make them out of plastic or such... (Score:2, Funny)
Nickels I know, but you have farthings?!!! (Score:3, Funny)
You'll be telling me you've got thruppenny bits and silver sixpences next...
Somebody just let me know how many US guineas there are to the dollar
True story (Score:3, Funny)
Anyway, I took them down to D.C. a year or so ago to visit one of the Smithsonian museums. As my mom is standing on the sidewalk, waiting for me to get out (traffic coming), I notice she walks between the cars and bends down. When I get out of the car I see there is a penny lying in the street.
Only problem is, she can't pick it up. She calls my dad over who also tries to pick it up. The penny has been lying on top of joint sealant which has softened enough that the penny is now held fast to the street unless one has a screwdriver to pry it out.
As I'm standing there watching this, I remark to them, "You know, I'll bet there's a camera somewhere recording this. I'll bet someone put that penny there and is trying to find out how many people are desperate enough to try and pry that penny off the ground. Congrats, you're on Candid Camera!"
Re:Melt em! (Score:5, Funny)
Deficit reduction plan? (Score:3, Funny)
Re:rebase my login name.. (Score:4, Funny)
Re:Here's a thought... Use them! (Score:5, Funny)
My wife does the same thing. It drives me nuts. I'm much more into never dealing with change, putting all of my coins into a huge pile, and then dumping them into the free Commerce Bank change counter after the pile achieves critical mass and things begin to orbit it. Last time I had $80 worth, and that's with me removing the quarters for laundry.
Re:rebase my login name.. (Score:4, Funny)
Re:Investment opportunity? (Score:1, Funny)
If this were to happen, any funds you had in penny form would immediately grow by a HUGE percentage... And it couldn't really be tracked by anyone, so the tax liability wouldn't exactly be an issue.
My friend, you 100% correct! Now is the time to invest, but think BIG! Invest in PENNY STOCKS! I have a number of suggestions for your consideration. Now, I'm not going to share this rare advice with the whole-world, no siree! I'd be sending you investment recommendation via email. Just watch, and when I tell you to buy a Penny Stock, do it now and do it BIG!
Grab the stock First Thing Monday morning and reap the benefits. Get in at the ground floor and see you at the top!
Re:Melt em! (Score:4, Funny)
To whomever is modding this "informative" instead of "funny", please frequently check the batteries in all of your smoke detectors and make sure your home insurance up to date....
Re:Think of the strippers... (Score:3, Funny)
Re:then make them out of plastic or such... (Score:3, Funny)
Re:Think of the strippers... (Score:3, Funny)
Re:then make them out of plastic or such... (Score:1, Funny)
I was finishing college when Canada replaced $2 bills with coins (toonie). There was a strip joint a few blocks from where I lived, and their big selling point was allowing the patron to lay, back-down, on the edge of the stage with a bill sticking out of his mouth. The performer would then go ahead and remove the bill with her breasts. If the bill was bigger than $2 she would provide additional 'services'. So anyways, within the first month of rollout of the new coin, there were a half dozen choking incidents and even paramedics had to be involved twice. The club eventually responded by putting signs up everywhere telling patrons to exchange their toonies for club issued $2 coupons.
Of infinite number of ways one can die, this was rather original. Just think about it.
Re:then make them out of plastic or such... (Score:3, Funny)
Haven't been to the Blue Fox in Tijuana, have we? They used to have vertical slots in the edges of the tables; you'd put a silver dollar in the slot and the young lady would...ummmm...remove it.
rj
Re:181 Pennies to the Pound (Score:5, Funny)
Re:then make them out of plastic or such... (Score:1, Funny)
The founding fathers would be proud. Or at least aroused.
Re:no more pricing in penny increments? (Score:3, Funny)
The second law of thermodynamics.