The Cashless Penny
Posted on Friday, July 06 at 13:02 by BrentWay back before about 1919 (the timeline varies slightly for the 5, 10 and 25 cent coins) our silver looking coins were actually silver. 92.5% to be exact. From 1920 to 1967 they were reduced to 80% silver. Immediately after that in 1968 the sliver was completely removed and the coins were then composed of nickel. One last time, in 2000 the coin compositions were switched to 94% steel, 3.8% copper and 2.2% nickel plating.
The penny had a similar fate, recently being changed from copper to zinc to steel.
This short history of our coin composition represents quite nicely the shrinking value of our currency.
The value of the currency had dropped so much that the silver content made the coins too expensive to make.
The value of the currency had dropped so much that the nickel content made the coins too expensive to make.
The value of the currency had dropped so much that the steel content made the coins too expensive to make.
Now the penny is essential worthless, so why bother?
Read full article here. [Proofreader's note: this article was edited for spelling and typos on July 9, 2007]
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9.99, pay 10, then the extra penny on the tax too.
legalized theft is all it would be, plain and simple.
Like those types don't get enough already?
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If George W. Bush and Tony Blair are really Christians, then pork and shrimp are Kosher.
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And I though the penny was 94% steel, 1.5% nickel, 4.5% copper plate? It is the copper that makes it so expensive, as world copper prices are off the charts.<br />
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Just as an aside - the 25 cent 'coin' used to be a paper note. I still have a couple of these. <br />
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<a href="http://en.wikipedia.org/wiki/Shinplaster">http://en.wikipedia.org/wiki/Shinplaster</a><br />
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And who remembers the $4 and $25 bill?<br />
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<a href="http://en.wikipedia.org/wiki/Withdrawn_Canadian_banknotes">http://en.wikipedia.org/wiki/Withdrawn_Canadian_banknotes</a><br />
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The penny will go. It's about time.<p>---<br>The preceding comment deals with mature subject matter, however immaturely presented. Viewer discretion is advised.<br />
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I gazed at every mirror on the planet, not one gave back my reflection - Jorge Luis Borges
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The preceding comment deals with mature subject matter, however immaturely presented. Viewer discretion is advised.
Based on the old precious metal standard the "dollar" has abour 2cents purchasing power
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I gazed at every mirror on the planet, not one gave back my reflection - Jorge Luis Borges
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The preceding comment deals with mature subject matter, however immaturely presented. Viewer discretion is advised.
that and "crack" habits need feeding
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I gazed at every mirror on the planet, not one gave back my reflection - Jorge Luis Borges