Senate - "Abandon the Penny"

[ZenOps]

http://www.vancouversun.com/business...892/story.html

Not official, but the Senate has put down their recommendation to abolish the penny.

Copper is now over 25 cents per ounce, probably due entirely to the US fiat money being increasingly worthless. Stocks suck, because if a loaf of bread costs 3 Billion US dollars, that 5% you made in buying a US stock to recieve money back in US dollars when sold - will seem pretty silly.

My advice: Hoard hoard hoard! They might be making dollar value quarters and then loonies with copper before the next decade is up.

Copper, Silver, and Gold. Videogames know what real currency is.

http://www.coinflation.com/canada/ 3 cent pennies next week.

[NuclearPizzaMan]

Something has value only because we as a society have placed value in it, or it can do something for us. The difference between a piece of paper, a gold brick, and an electronic bank statement is only that 1/3 of these can be used to smash someone's skull in.


Most pennies in circulation these days are primarily zinc.

[Guillermo]

Originally posted by ZenOps
http://www.vancouversun.com/business...892/story.html

Not official, but the Senate has put down their recommendation to abolish the penny.

Copper is now over 25 cents per ounce, probably due entirely to the US fiat money being increasingly worthless. Stocks suck, because if a loaf of bread costs 3 Billion US dollars, that 5% you made in buying a US stock to recieve money back in US dollars when sold - will seem pretty silly.

My advice: Hoard hoard hoard! They might be making dollar value quarters and then loonies with copper before the next decade is up.

Copper, Silver, and Gold. Videogames know what real currency is.

http://www.coinflation.com/canada/ 3 cent pennies next week.

you're going to end up being one of those old crazy homeless guys who walks around in a sandwich board reading "THE END IS NEAR," aren't you?

[suen17]

Originally posted by NuclearPizzaMan
Most pennies in circulation these days are primarily zinc.

Since 2000, pennies are 94% steel. Zinc was only in play 1997-1999.

http://www.mint.ca/store/mint/learn/1-cent-5300004#1_1

EDIT:

Just looked it up, from 2000 onwards, pennies, nickels, dimes and quarters are all mainly made of steel. Precious metals, i.e. zinc, copper, nickel are marginally used, with the exception of the loonie and the toonie.

[NuclearPizzaMan]

Originally posted by suen17


Since 2000, pennies are 94% steel. Zinc was only in play 1997-1999.

http://www.mint.ca/store/mint/learn/1-cent-5300004#1_1

100% correct. Perhaps when I am stealing facts from wiki I should read them completely.

http://en.wikipedia.org/wiki/Penny_%28Canadian_coin%29

[BigMass]

Originally posted by Guillermo


you're going to end up being one of those old crazy homeless guys who walks around in a sandwich board reading "THE END IS NEAR," aren't you?

[BigMass]

Originally posted by ZenOps
http://www.vancouversun.com/business...892/story.html

Not official, but the Senate has put down their recommendation to abolish the penny.

Copper is now over 25 cents per ounce, probably due entirely to the US fiat money being increasingly worthless. Stocks suck, because if a loaf of bread costs 3 Billion US dollars, that 5% you made in buying a US stock to recieve money back in US dollars when sold - will seem pretty silly.

My advice: Hoard hoard hoard! They might be making dollar value quarters and then loonies with copper before the next decade is up.

Copper, Silver, and Gold. Videogames know what real currency is.

http://www.coinflation.com/canada/ 3 cent pennies next week.

it's actually a good idea for those with limited funds. Go to the bank and grab rolls of pennies and sift through them. Canadian pennies are great because they were made of mostly copper quiet late on so it's easy to find. Any left over you just take back. You can try the same with dimes and quarters for the silver, but those are picked through to a far greater extent

[speedog]

Apparently, a silver Canadian quarter is now worth about $4.00 in it's weight in silver - biggest problem is that you have to break the law to get at that $4.00.

[Xtrema]

Let's do away with both nickel and penny.

And turn quarter into 1/2 dollar.

[speedog]

Funny as Canada already has half dollars available - they're called a 50 cent piece.

[Xtrema]

Originally posted by speedog
Funny as Canada already has half dollars available - they're called a 50 cent piece.

But no machine will take it.

If we are trying to get rid of cents, let's do it right. All the coin mechanism changes for vending machines and such ain't cheap.

[Jay911]

When I spent 3 weeks in Australia over the summer/fall, it took several days for me to realize that they didn't have any pennies. Their financial transactions weren't any harder to get done than anywhere else.

Then again, they also list their after-tax price for everything, so you don't have to calculate GST and/or PST or whatever the hell else there might be. If it says something is $13.45, it's $13.45.

[ZenOps]

It may not be such a crazy idea.

If you hoareded silver dimes and quarters back in 1967, they would now be worth 17.7x their face value (Actually you could have hoarded all the way into the mid-70s as they were still circulating well into that period)

Thats 43 years for 17.7x return. Nowadays, with any stock - you would be lucky to get a 2x return in 20 years. If you invested in Citibank or Bank of America, its more like lose 10x in one devastating month.

I know people who are happy to get a 2x return on a house over 40 years... Crazy people.

[adam c]

Originally posted by ZenOps
It may not be such a crazy idea.

If you hoareded silver dimes and quarters back in 1967, they would now be worth 17.7x their face value (Actually you could have hoarded all the way into the mid-70s as they were still circulating well into that period)

Thats 43 years for 17.7x return. Nowadays, with any stock - you would be lucky to get a 2x return in 20 years. If you invested in Citibank or Bank of America, its more like lose 10x in one devastating month.

I know people who are happy to get a 2x return on a house over 40 years... Crazy people.

right cause everyone on beyond was alive back then

[ZenOps]

Hey, if you want to save for a kids future right now... A pure copper penny could easily be worth a dollar (sooner than anyone might think)

If your grandfather was foolish enough to store away a $100 paper bill under his mattress for his kid, then you would have $100 today. If he had converted it to coinage - $1770. Both are considered to be legal tender.

The "ING guy" will say give your $50 a month to me, and I will make you 2% interest a year (maybe) I say - buy 5,000 copper pennies.

Even otherwise educated people in the US will risk their lives to steal copper electrical wiring, that alone should be an indicator of where things are going.

The US has 8,000 tons of gold reserves, which sounds like a lot - but when you compare it to the US dollar and the amount they owe it really only works out to be a little over a half years worth of interest payments.

If you don't want to break Canadian law, hoard US pennies. You are alllowed to export $100 a day legally. Although copper pennies in the US are quite rare compared to Canada.

[e36bmw///]

nm

[e36bmw///]

nm

[ZenOps]

Old Quarters are over 5 grams (technically supposed to be a around a quarter of an ounce, but more like a fifth.)

http://en.wikipedia.org/wiki/Canadian_quarter

Its actually closer to $4.50 cdn per silver quarter. (80% silver)

2.33 grams is a dime (technically supposed to be 1/10th of an ounce, but not quite)

Just like everything else, they shrink in size and metal value with time and a hyperinflated dollar.

A Metal Yuan is actually appreciating in metal value.

[Supa Dexta]

The time you waste posting this shit you could go work a part time job and make more then you do off your stupid ideas.

[ZenOps]

Originally posted by e36bmw///



First. Are you saying that US currency is backed by gold??

Second. Just because you can export $100 of coins into Canada, doesnt mean you can melt them. It's still against the law.

Its illegal to melt a Canadian coin in Canada. In the US, it was legal to melt pennies and nickels all the way to Dec 2006.

http://www.usatoday.com/money/2006-1...ban-usat_x.htm

US currency is not backed by gold, I already mentioned that if the US sold all its gold it would be able to pay about 6-7 months worth of interest on the debt it owes - nevermind covering the debt itself or the ridiculous amount of circulating fiat currency.

http://www.forbes.com/2010/11/08/gol...orld-bank.html

Not that I would necessarily melt a penny. Hyperinflation scenario: $3 Billion paper dollars in trade for a loaf of bread, or one pound of copper in trade for a loaf of bread. Copper has inherent value, paper does not, electronic money is even worse than paper as you are at the whims of some banker who can add or subtract $600 Billion with a keystroke and presidential approval.