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Ardent Listener 10-16-2006 09:24 PM
ALL cents now worth more than denomination.
 
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Zinc tops $1.80/lb --- All cents now worth more than denomination
October 16, 2006
Alec Nevalainen

Zinc passed the $1.80 mark today, that means the current "penny" has a melt value of $0.0101867. All the coins in your penny jar are worth more than their denomination (except for steel cents made during WW2).

There's been a lot of discussion lately about the elimination of the one cent piece. Jim Kolbe, the sponsor of the original bill in congress, has been mentioned several times with the Mark Foley scandal and it's unlikely his legislation will ever make it to the voting floor.

Personally, I think some kind of action is required. However, I would rather see the metal composition changed to steel or aluminum (similar to Canada) instead of outright removal of the denomination.

Shortages of cents and nickels is probably coming, maybe a lot sooner than most people think. Metal compositions of future coins should be changed before a disruption takes place, but I'm not sure there's enough time.

If copper/zinc/nickel prices continue to trend higher, not sure how mass melting could be avoided.

http://www.coinflation.com/spot-copper-5y.gif http://www.coinflation.com/spot-zinc-5y.gif http://www.coinflation.com/spot-nickel-5y.gif

To find out the intrinsic value of U.S. coins (including pre-1965 silver), visit coinflation.com.

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RealityCheck 10-16-2006 09:38 PM
Re: ALL cents now worth more than denomination.
 
Note to self: avoid Coinstar.

azxcvbnm321 10-17-2006 06:11 AM
Re: ALL cents now worth more than denomination.
 
We're no where near the point of hording and melting pennies. An economist did the math which includes the costs of melting the coins, and transporting them to a smelter. We're going to have to go a lot higher to make it worthwhile for people to start collecting pennies and melting them.

I'm against the bill that would eliminate the penny. I think it'll cause more inflation and higher prices until the nickel pretty much becomes as valuable as a penny is now. Just keep the penny around

Ardent Listener 10-17-2006 08:48 AM
Re: ALL cents now worth more than denomination.
 
Quote:
Originally Posted by azxcvbnm321 (Post 389124)
We're no where near the point of hording and melting pennies. An economist did the math which includes the costs of melting the coins, and transporting them to a smelter. We're going to have to go a lot higher to make it worthwhile for people to start collecting pennies and melting them.

I'm against the bill that would eliminate the penny. I think it'll cause more inflation and higher prices until the nickel pretty much becomes as valuable as a penny is now. Just keep the penny around
As you may know many people are already hoarding copper pennies. They may just start to hold on to zinc cents too instead of returning them to the bank after they sort out the copper ones. This will cause a penny shortage. Minting and zinc costs will cause the mint to go to another metal in the future if the penny will be saved at all. IMO it will be a steel coin.

Too Broke 10-17-2006 09:22 AM
Re: ALL cents now worth more than denomination.
 
D you think that govts are a little worried when the value of their currency is LESS than the coin is worth in weight alone?? Personally if my work was worth less than weight,i would want to know why...

j-son 10-17-2006 09:24 AM
Re: ALL cents now worth more than denomination.
 
Quote:
Originally Posted by Ardent Listener (Post 389177)
IMO it will be a steel coin.

i was thinking aluminum or a form of plastic (like casino chips).

Ash_Williams 10-17-2006 09:58 AM
Re: ALL cents now worth more than denomination.
 
I think the steel cents are better than zinc. I don't know the reasons for them picking zinc, but the Canadain steel pennies are tough. Zinc ones will turn to crap in a fire. (Although you'd probably have bigger things to worry about once your house burns down than your pennies being destroyed.)

If you want to have some fun, take a zinc penny and grind a tiny hole through the plating. Then stick it in a glass of HCL. The zinc will react (and release hydrogen gas). Eventually you'll be left with the copper plating and nothing else,

AgCollector 10-17-2006 12:33 PM
Re: ALL cents now worth more than denomination.
 
Quote:
Originally Posted by Cousi (Post 389244)
I think the steel cents are better than zinc. I don't know the reasons for them picking zinc, but the Canadain steel pennies are tough. Zinc ones will turn to crap in a fire. (Although you'd probably have bigger things to worry about once your house burns down than your pennies being destroyed.)

If you want to have some fun, take a zinc penny and grind a tiny hole through the plating. Then stick it in a glass of HCL. The zinc will react (and release hydrogen gas). Eventually you'll be left with the copper plating and nothing else,
The only thing that comes to mind is that the US has never (except 1943 pennies) had a magnetic coin, which anything with a steel core is. Why that's important, I have no idea.

Worldmariner 10-17-2006 05:44 PM
Re: ALL cents now worth more than denomination.
 
Quote:
Originally Posted by j-son (Post 389216)
i was thinking aluminum or a form of plastic (like casino chips).
Well, if we have a token or fiat currency, which we do, I embrace the cheapest form of tokens (coins) that we can make... Lik ethe Japanese. The yen coins are all aluminum. Cheap to make. Keep the cost of our money down low, since we do not use silver or gold, what is the sense in having expensive-to-manufacture- money???

The Voice Of Reason 10-17-2006 05:51 PM
Re: ALL cents now worth more than denomination.
 
Quote:
Originally Posted by Worldmariner (Post 389851)
Well, if we have a token or fiat currency, which we do, I embrace the cheapest form of tokens (coins) that we can make... Lik ethe Japanese. The yen coins are all aluminum. Cheap to make. Keep the cost of our money down low, since we do not use silver or gold, what is the sense in having expensive-to-manufacture- money???
Fine until the price of aluminum goes up to the point where it too will be worth more than its face value.

Copperhead 10-17-2006 07:25 PM
Re: ALL cents now worth more than denomination.
 
It wasn't that long ago when the penny hoarding gang called zinc cents "garbage".

Ragnarok 10-17-2006 10:12 PM
Re: ALL cents now worth more than denomination.
 
At last! HONEST MONEY IS HERE! Maybe only pennies and nickels, but it's a start. :wink:

Not for long, I'm sure.

More pressure on the fiat-meisters to come up with something completely different.

Hmm, how about a war? yeahh, that's it - make steel pennies to save copper and zinc for the war. Now why do I get a strong feeling of deja vu thinking of that? :bawling:

mooshcook 10-18-2006 12:45 AM
Re: ALL cents now worth more than denomination.
 
I'm going to manufacture my own fiat money out of bellybutton lint and dried chewing gum! Can't be worth much less than the slugs. well maybe:wavey:

GREENSILVERHORN 10-18-2006 01:26 AM
Re: ALL cents now worth more than denomination.
 
Think 500 years from now when they unearth my water bottle full of them.

It will probably be worth enough to solve their national debt.:D

Burl Ives 10-18-2006 11:03 AM
Re: ALL cents now worth more than denomination.
 
I have the answer for this problem. I'm actually surprised no one has mentioned it yet.

Since a penny is worht MORE then a penny, yet a dollar is only worth about 4 cents, all they have to do is make pennys out of paper, and dollars out of copper/zinc.

Problem solved :D

Copperhead 10-18-2006 09:16 PM
Re: ALL cents now worth more than denomination.
 
1 Attachment(s)
Quote:
Originally Posted by Burl Ives (Post 390561)
I have the answer for this problem. I'm actually surprised no one has mentioned it yet.

Since a penny is worht MORE then a penny, yet a dollar is only worth about 4 cents, all they have to do is make pennys out of paper, and dollars out of copper/zinc.

Problem solved :D

Oh great one, please give us more of your wisdom.:clap2:


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