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Common sense, and all those pennies I see in the street that no one picks up, suggest the penny should be retired. Politically this is difficult because of factions that profit from the existence of the penny.
Since a penny currently has a metal value of about 2 cents I suggest as a political compromise
that new pennies be designed and stuck at half their current weight. Over time as inflation erodes the value of the US currency the penny will get smaller and smaller and eventually disappear.
Melt pennies, or have too many nickels on that flight to Paris, and the US mint will put you in jail for five years
http://www.usmint.g...ress_release&ID=724
Who knew the mint had such power? [ldischler, Feb 23 2007]
Price of zinc
http://www.kitconet...t-zinc-6m-Large.gif
[ldischler, Feb 23 2007]
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Is this based on the price of copper? I
thought modern "coppers" were made with
a steel core precisely to keep their metal
value (hence cost) down? Or is this not the
case for US coinage? [Edit - apparently US
cents are copper-plated Zinc; so perhaps I
am talking bollocks] [Edit again - thanks
[ldisc] - I'd edited my annotation before
reading yours] |
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Might be a problem to have a variable size coin. Bad enough with the too-large dollar coin, where the images get more horrible with each issue. The new George Washington looks like something you'd use at Disney World.
Max B--the penny is now 98% zinc. Scratch the edge and drop it in vinegar. A day later you'll have a wisp of a penny, completely hollow. |
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In NZ, they came up with the ultimate solution - get rid of 1c coins altogether - along with 2c and 5c coins. The smallest coin is now 10c, recently reissued (along with the 20c and 50c) smaller and lighter, so that the new 10c is (ironically) very similar to the old 1c (it is also now a 'copper'). I'm not sure of the local 'metal' value of the coinage. |
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I kept some of the 5c coins when they were phased out last year; they're just the right size for a few magic tricks I do. The best thing about the coin change was that they also reduced the size of the 10c, 20c, and 50c coins, which were ridiculously oversized previously. That's how NZ produces so many strong rugby players; they got strong carrying the loose change around. And it's a little-known fact that the old 50c coin could legally be used as a discus in athletics events. |
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Plastic pennies. They could double as guitar picks. And they could float! |
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Whether you're talking US or UK pennies, they should simply be retired. |
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//In NZ, they came up with the ultimate solution - get rid of 1c coins altogether - along with 2c and 5c coins.// |
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The exchange rate explains that. But even in the US the only real value of a penny is for scrap copper. |
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It can be used to generate hydrogen, given some vinegar. Is that worth nothing to you folks? |
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[bungston] just solved the energy crisis! Use unwanted pennies and vinegar (all natural, derived from sour grapes or spoiled wine) to generate hydrogen fuel. |
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This is widely known to exist in UK, where all coinage has a higher face value than its scrap value (and has had for many years). But, yes, the penny really should be phased out as a coin. Incidentally, someone on minimum wage in UK earns a penny in six seconds; it's hardly worth stopping to pick one up. |
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The same problem exists with the US nickel, and last year the mint gave up trying to debase the coinage and criminalized the melting down or exporting of both pennies and nickels. The penalty is a $10,000 fine and 5 years in jail--more than the penalty for manslaughter in most parts of the country. (Will the mint goons have penny-slaughterers stamping out new pennies? Seems fitting.) |
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I think you lost a decimal point there. I believe the metal value of a penny is around .2 cents. It is just zinc after all. |
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Actually, you're wrong there [Galbinus]. A U.S. penny costs about 1.4 cents to make. It's a ridiculous problem, but I don't see turning currency into a choking hazard as the way out. Better off just scrapping them altogether. |
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Two different numbers. You are giving manufacturing costs. I am giving materials costs. A croissant costs more than a quarter cup of flour, two tablespoonfuls of butter and a bit of baking powder. |
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heat sensitive and explosive core?
//They could double as guitar picks// - only if not metal. I used to use quarters, they were not friendly to the strings. (cool sound, though). |
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//It is just zinc after all.//
With the rapid increase in the price of zinc, pennies do contain more than a penny's worth of metal. [edit] Looking at the recent price of zinc and copper, I calculate .44 cents worth of zinc and .04 cents worth of copper. So about a half cent worth of metal. |
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Let see, today's zinc spot price is $1.574/lb, which is about ten cents an ounce.. A penny is 2.35 grams or .08 ounces. That makes a penny worth .8 cents in zinc. |
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In December, the price of zinc exceeded $2 a pound. At that point, a penny was worth more than a penny in zinc. |
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I think it is illegal to melt down currency. I can't remember if a nickle is made of nickle anymore. hmm... If it is, I'm pretty sure that it by weight would be worth more than 5¢ |
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What [bungston] said, and in addition, if you use hydrochloric acid instead of vinegar, you make a useful soldering flux ! |
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In two years the warehouse level of zinc dropped by a factor of ten, and the price shot up by a factor of five. Same thing, more or less, with copper. The cause is surging growth in China and India, apparently, fueled by the US trade deficit. The US response? Put people in jail for melting pennies. |
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US pennies could also be affixed as anodes to large ferrous objects in the ocean, preventing rust. Much more efficient than boiling in wine. |
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