This coin is really stupid. The Federal government has issued "commemorative penny designs".
It costs the Federal government more than $0.01 to make each penny! Why would they make a collectible version? They *DON'T* want people to collect pennies!
The penny is an amusing political issue. Politicians can't discontinue the penny, because that would be an admission of inflation. They can't continue the penny, because it costs more than $0.01 each to make one. (The melt value is currently under $0.01, but there are also minting costs.)
One solution is to declare that pennies are worth $0.10, nickels $0.50, dimes $1.00, and quarters $2.50. Some other countries with a hyperinflation problem revalue change, so they continue circulating. However, that would provide the slaves with a way to avoid hyperinflation. I don't see that happening.
The penny will probably be discontinued soon. The composition of "nickels" will soon be changed. "Nickel" was originally derogatory, because it wasn't silver like dimes and quarters. "Nickel" refers to the metal, and not "1/20". However, even nickel is no longer suitable for money. Dimes and quarters currently have a melt value of approximately 25% of the face amount. In a couple of years, they'll also be worth more than the melt value.
Commemorative pennies are an example of State waste. A penny costs more than $0.01 to mint!
Thursday, January 13, 2011
Commemorative Pennies
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3 comments:
Four different fonts on the obverse. Man it looks hideous.
No danger of me collecting them.
Rats, I thought obverse was the word for back of coin, but it beans front. (Sigh.)
The one pence and two pence coins in the United Kingdom are no longer made of copper now as the copper is worth more that the coin's face value.
So now they are just plated at best.
Copper is the red gold.
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