NEW Lincoln PENNIES?!? Really?

[quade 4]

Ok, you have GOT to be kidding me.

Pennies should have been eliminated a LONG time ago. They cost to make more than they're worth and they do not interact with anything in the real world any more. They are only being kept around for sentimental value as it is. Oh and to occasionally be used by some wiseass that pulls up to some dipshit company to pay his bill with a wheelbarrow full of them.

Read this;
http://money.cnn.com/2008/09/22/news/economy/US_onecent/index.htm?cnn=yes

1 TRILLION dollar bailout and we're worried about pennies?

Why is even a dime of my tax money being spent on "new" pennies? Was somebody getting rich counterfeiting them?

quade -
The World's Most Boring Skydiver

[peregrinerose 0]

The Mint actually makes a mint when they unveil new designs of coins (regardless of denomination). They sell packaged rolls (one of each mint, Phila and Denver) to collectors. Collectors pay more than face value for those coins, and the mint makes a profit.

If pennies were eliminated, a lot of people would be out of work.... Coinstar, etc process more pennies than any other coin. Armored car companies transport lots of pennies, along with other coin (and that's two drivers per truck as they are required to have 2 and they must be armed) Companies that then subcontract with the Mint, Coinstar, and other related companies to sort and/or roll the coins employ hundreds of people (my husband happens to work for one of them).

There's a lot more money in coins than just the face value of the coins themselves, and a good number of people that are employed as a result.

Do or do not, there is no try -Yoda

[quade 4]

Ok, so you're saying the cost associated with the creation and retooling of the new designs will not only pay for itself, but will make a profit?

Somehow I doubt that, but I'll take your word for it.

As for it keeping people employed . . . that's silly. The armored car companies would still be in business transporting other currency. Coinstar would still be in business sorting nickels, dimes and quarters.

quade -
The World's Most Boring Skydiver

[peregrinerose 0]

I forget what percent it was, but the largest percent of coin processed/transported/etc is pennies. If these comanies lost say 30% of their business, do you really think it wouldn't affect employment?

Do or do not, there is no try -Yoda

[billvon 3,116]

> If these comanies lost say 30% of their business, do you really think it
>wouldn't affect employment?

While I agree that it might affect employment, that's sort of a silly argument. I mean, if we got people to litter less we'd need fewer janitors. Is that really a good argument to keep littering?

[peregrinerose 0]

Last I heard, Janitors aren't walking the streets cleaning up litter... they are the housekeepers of public buildings

Silly arguement to you, very personal one to me as my husband would be out of work, the company he works for (300 employees) would have to downsize considerably and most likely close... pennies are the bulk of their processing. He and I had this converstation more than once. He never ventures into Speakers Corner though, so I know he won't see this thread.

Do or do not, there is no try -Yoda

[peregrinerose 0]

www.usmint.gov

Check out this website and their online catalog. They are selling 2 rolls of state quarters for $32.95 plus shipping (which gives a profit). That's $20 of quarters for $32.95.

Lets say they charge a conservative $10 on the penny sales to collectors for 2 rolls of pennies. Pennies are 1.4 cents each to manufacture. Pennies come 50 to a roll, so $1.40 to make two rolls of pennies. That's a minimum of $8.60 profit on the sale (probably more since I pulled $10 out of my ass as an insanely conservative guess). That's not even counting bags to collectors and other forms of collector sets.

The mint sells many many thousands of these items. So yes, the mint does make a profit (and the mint is essentially a business, it must make a profit to stay alive).

Check out their site, it's almost sick how much they charge for coins. I don't know how much I'm allowed to say regarding sales of those things since I get it from my husband and am not comfortable giving numbers without his permission (his boss doesn't like number getting out publically)... but lets say its a whole lot.

Do or do not, there is no try -Yoda

[billvon 3,116]

>Silly arguement to you, very personal one to me as my husband would be out of work . . .

Oh, I imagine it's personal to a lot of people.

But I have never been one to support things just because they give people jobs. Wars give defense contractors work. Epidemics mean more jobs for healthcare workers. Massive airliner crashes help the local economies as the NTSB, reporters and cleanup workers move into the area. (Actually happened in my hometown.)

But that doesn't mean I hope any of those things happen.

[quade 4]

Quote

Check out this website and their online catalog. They are selling 2 rolls of state quarters for $32.95 plus shipping (which gives a profit). That's $20 of quarters for $32.95.

Which means they think they can mark up the price by 165% and people will still buy them.

Scaling this to pennies, they can probably only sell $1 worth of pennies for $1.65 and since it cost them (according to you) $1.40 to make them, that's hardly a good return on the investment. Especially when you have to also back out the design and retooling costs.

Look, I'm not saying that the US government needs to ditch the penny (although certainly a case can be made for that), what I'm saying is that it makes no real sense for them to make these new Lincoln pennies just from a design perspective.

quade -
The World's Most Boring Skydiver

[peregrinerose 0]

Again, check out their web site, their online catalog, and the small fortune they charge for 'collector' coins, sets, bags, rolls, etc. The mint is a profitable company. The whole reason these new state quarters, new dollars, new pennies come out is to keep it a profitable company. Susan B dollars didn't make them any money, which is why it was discontinued. Saca dollars have made money, which is why they get made periodically... it's business decisions.

Do or do not, there is no try -Yoda

[peregrinerose 0]

Let's revisit this next year when they price the penny sets... I bet it's a crapload more than $1.65

Do or do not, there is no try -Yoda

[quade 4]

It's still silly.

The business of government isn't to be IN business.

quade -
The World's Most Boring Skydiver

[skydivingchad 0]

I'm the guy who works for the company that processes coins for the mint and other companies, I'm also married to the beautiful Peregrinerose.

My company counts and wraps coins mainly for armored car companies who in turn sell the coin to banks. I am in charge of the specialty end of things and process all the crap that the mint sells on their website.
We have approx. 350 employees nationwide. 40 just working on the mints stuff.

Just on the State Quarters that have gone from 2001 till now the mint has made a nice profit. I found the following short answer on how much (I love google)

"5. How much is the State Quarters program costing the taxpayers?

Surprise, but this federal program is completely self-supporting. What's more, by the time the last State Quarter is released in 2008, the program will have saved taxpayers $6-9 billion. This cash is derived from proof and mint set sales to the public, and from the profit the government makes for each quarter socked away by collectors. Every quarter released into circulation nets Uncle Sam more than 20 cents (the quarter is "sold" to a Federal Reserve Bank for 25 cents, but costs less than 5 cents to manufacture. This process is called seigniorage).

The profits from the United States Mint are directed to the Treasury general fund, to help finance U.S. government operations, reduce the need for new or higher taxes, and to slightly alleviate the national debt. "

The cost of making a new penny design is very small.
They make new dies all the time. I have yet to see the new designs but if history in any predictor then I am going to be very, very busy for a while.

Right now we are processing the new dollar coins. 4 new ones every year. I have one more to wrap to complete the second years production.
No one knows about these things. No one wants these things. Americans are extremely lazy and set in their ways. We all want to stay with the one dollar bill and the penny since everyone loves them.If we were smart they both would go away but I don't ever see that happening.
It's the same reason why the majority of the world uses the metric system and the US doesn't. We can't be bothered to learn something new.Even if it is better.

Sometimes you're the windshield, sometimes you're the bug.
Pelt Head #3

[peregrinerose 0]

I got called beautiful in Speakers Corner.... wow. That has to be a first

Do or do not, there is no try -Yoda

[kallend 2,148]

Quote

Last I heard, Janitors aren't walking the streets cleaning up litter... they are the housekeepers of public buildings

Silly arguement to you, very personal one to me as my husband would be out of work, the company he works for (300 employees) would have to downsize considerably and most likely close... pennies are the bulk of their processing. He and I had this converstation more than once. He never ventures into Speakers Corner though, so I know he won't see this thread.

Hey, if we all went around poking people in the eyes, there would be more business for optometrists.

...

The only sure way to survive a canopy collision is not to have one.

[akarunway 1]

Quote

Ok, you have GOT to be kidding me.

Pennies should have been eliminated a LONG time ago. They cost to make more than they're worth and they do not interact with anything in the real world any more. They are only being kept around for sentimental value as it is. Oh and to occasionally be used by some wiseass that pulls up to some dipshit company to pay his bill with a wheelbarrow full of them.

Read this;
http://money.cnn.com/2008/09/22/news/economy/US_onecent/index.htm?cnn=yes

1 TRILLION dollar bailout and we're worried about pennies?

Why is even a dime of my tax money being spent on "new" pennies? Was somebody getting rich counterfeiting them?

Interesting thread. A little info. Govt. fucking the taxpayer again.>http://en.wikipedia.org/wiki/Cent_(United_States_coin) "According to the US Mint, the costs of producing and shipping one-cent (penny) and five-cent (nickel) coins during fiscal year 2007 are $0.0167 per penny and $0.0953 per nickel."

I hold it true, whate'er befall;
I feel it, when I sorrow most;
'Tis better to have loved and lost
Than never to have loved at all.

[Broke 0]

Actually we should get rid of nickles if we are going to get rid of any coin. It is the least used coin of them all. If we eliminate the penny then the nickle will become the new penny.

Divot your source for all things Hillbilly.
Anvil Brother 84
SCR 14192

[peregrinerose 0]

Damnit, you figured out how I stay in business.... don't tell anyone please

Do or do not, there is no try -Yoda

[headoverheels 334]

Speaking of currency, I hear that the value of the dollar is getting so low that they are considering putting Bush's picture on it.

[NewGuy2005 53]

Quote

I forget what percent it was, but the largest percent of coin processed/transported/etc is pennies. If these comanies lost say 30% of their business, do you really think it wouldn't affect employment?

Buggy whips went out a long time ago. Those people got jobs doing something else.

[jcd11235 0]

Quote

I forget what percent it was, but the largest percent of coin processed/transported/etc is pennies. If these comanies lost say 30% of their business, do you really think it wouldn't affect employment?

I fail to understand how companies would lose 30% of their business unless they are making special trips just for pennies or they get paid by the pound rather than the trip.

Those two possibilities notwithstanding, the armored transport companies could save on fuel costs (perhaps minimally) without pennies.

Math tutoring available. Only $6! per hour! First lesson: Factorials!

[Lucky... 0]

Could be worse.......


http://cgi.ebay.com/1828-1-2-CENT-13-STAR-OLDER-PCGS-HOLDER-C3-B-2-MS65RB_W0QQitemZ290262440618QQcmdZViewItem?hash=item290262440618&_trkparms=72%3A1207%7C39%3A1%7C66%3A2%7C65%3A12%7C240%3A1318&_trksid=p3286.c0.m14

[LouDiamond 1]

I can't believe no one else has figured it out yet. The solution to this problem is simple. First we figure out where all these coin collectors are having their coin swapping orgies around the country. Then, when a bunch of them are in the building, we lock it and set it on fire. Any of them that come running out , we shoot. Do this all over the country until people are afraid to collect coins, no more wasted money. There you have it, problem solved.

"It's just skydiving..additional drama is not required"
Some people dream about flying, I live my dream
SKYMONKEY PUBLISHING

[BillyVance 35]

Quote

I forget what percent it was, but the largest percent of coin processed/transported/etc is pennies. If these comanies lost say 30% of their business, do you really think it wouldn't affect employment?

I'm not going to get into the argument over lost jobs or business, but this is just a personal observation from several months ago when I emptied a jar full of coins and counted them all. I even crunched the numbers just to see how much of each I had. I'm currently working on filling up the jar again to see what changes I see next time. Here are the numbers and percentages:

quarters.... 257.....15.65%
dimes........313.....19.06%
nickels.......159.....9.68%
pennies.....913......55.60%

"Mediocre people don't like high achievers, and high achievers don't like mediocre people." - SIX TIME National Champion coach Nick Saban

[Lucky... 0]

Quote

I can't believe no one else has figured it out yet. The solution to this problem is simple. First we figure out where all these coin collectors are having their coin swapping orgies around the country. Then, when a bunch of them are in the building, we lock it and set it on fire. Any of them that come running out , we shoot. Do this all over the country until people are afraid to collect coins, no more wasted money. There you have it, problem solved.

Hey, I'm a numismatic, back off