Posted on Apr 21, 2023
New bipartisan bill would let the U.S. Mint alter the metal content of coins to save money
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Posted >1 y ago
Responses: 4
Good. The metal content of the coin should not be worth more than the face value -- hence the transition away from silver back in the day or the zinc change in pennies in 1982
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PO1 William "Chip" Nagel
CSM Chuck Stafford That is what Immediately came to My Mind, Haven't We been doing that for some time? I know Pure copper pennies haven't been around for a long time now.
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“Only Washington could lose money making money" - truer words haven't been spoken.
Hmm... time to start thinking about melting down my kid's coin jar (Satire .. Don't do that. It's illegal to melt down coins for the purpose of selling the metals for profit). I just ran the numbers (a nickel is 25%/75% nickel/copper mix weighing 5g ... copper is $4/lb .. Nickel is $11.53/lb) and it comes out that just the metals alone in the coin are at 6.5 cents each.
Hmm... time to start thinking about melting down my kid's coin jar (Satire .. Don't do that. It's illegal to melt down coins for the purpose of selling the metals for profit). I just ran the numbers (a nickel is 25%/75% nickel/copper mix weighing 5g ... copper is $4/lb .. Nickel is $11.53/lb) and it comes out that just the metals alone in the coin are at 6.5 cents each.
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Canada stopped the penny production in 2013. We round up or round down. USA should do the same. American dime, quarter and half dollar were 90% silver until 1964.
https://yipinstitute.org/article/the-rise-and-fall-of-the-american-silver-dollar-and-standard#:~:text=The%20Birth%20of%20the%20Silver%20Certificate&text=This%20system%20continued%20until%201971,Silver%20standard%20was%20eventually%20abolished.
https://yipinstitute.org/article/the-rise-and-fall-of-the-american-silver-dollar-and-standard#:~:text=The%20Birth%20of%20the%20Silver%20Certificate&text=This%20system%20continued%20until%201971,Silver%20standard%20was%20eventually%20abolished.
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