NEW YORK (CNNMoney.com) -- The U.S. Mint has implemented a rule against melting down pennies and nickels which, at current metal prices, could be worth more as metal than as currency...READ MORE
2 comments:
Anonymous
said...
Personally, I would think that abolishing the smaller forms of legal tender would be a good thing. Perhaps not your nickel but definatly the penny. In Ireland, we use the Euro and our 1cent piece is both a waste of money and unused. It most definately would go to better use if it were turned into purchaseable metal and used in the masnfacturing of pipework etc. We are one of the few countries in the Euro zone with 1 and 2 cent pieces in circulation. It is a shame because people, as I am sure they do in the US, simply throw their cent coins in the trash or collect them, but never actually spend them. An incentive by governments to encourage people to donate those unused pennies would be a good way for the Government to collect the coins and exchange them for paper cash to give to the charities. Of course, in this day and age, who can really trust their governments to make a bold statement like this and actually follow through?
2 comments:
Personally, I would think that abolishing the smaller forms of legal tender would be a good thing. Perhaps not your nickel but definatly the penny. In Ireland, we use the Euro and our 1cent piece is both a waste of money and unused. It most definately would go to better use if it were turned into purchaseable metal and used in the masnfacturing of pipework etc. We are one of the few countries in the Euro zone with 1 and 2 cent pieces in circulation. It is a shame because people, as I am sure they do in the US, simply throw their cent coins in the trash or collect them, but never actually spend them. An incentive by governments to encourage people to donate those unused pennies would be a good way for the Government to collect the coins and exchange them for paper cash to give to the charities. Of course, in this day and age, who can really trust their governments to make a bold statement like this and actually follow through?
I just find humor in the fact that the fiat system has wrecked money so much that it has become worth less than the materials it is made from.
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