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Bill introduced to eliminate penny
Posted:
Mon Apr 03, 2017 6:38 amby NiBullionCu
The Currency Optimization, Innovation and National Savings Act of 2017 (COINS Act) by Sens. John McCain, R-Ariz., and Mike Enzi, R-Wyo., calls for modernizing American currency by reducing the cost of producing nickels and suspending the minting of the penny for 10 years, which costs more than one cent to produce, according to a news release on McCain's website.
https://www.mccain.senate.gov/public/_cache/files/30b76738-3c52-4e99-92de-05eeb7705620/coins-act-3-29-17.pdf
Re: Bill introduced to eliminate penny
Posted:
Mon Apr 03, 2017 4:05 pmby coppernickel
Wow! :!
Last time we saw similar was on April first. Guess we are close.
Re: Bill introduced to eliminate penny
Posted:
Mon Apr 03, 2017 4:05 pmby hobo finds
http://www.wkyt.com/content/news/McCain ... 89613.htmlAs a person who lives in Arizona I think we should get rid of all 3! The cent, dollar bill and John McCain!
Re: Bill introduced to eliminate penny
Posted:
Mon Apr 03, 2017 10:08 pmby TwoAndAHalfCents
The bill also includes replacing the dollar bill with a dollar coin. That will surely kill any shot this bill has of passing.
Re: Bill introduced to eliminate penny
Posted:
Tue Apr 04, 2017 9:07 amby blackrabbit
I'd be quite happy if only John Mccain was gotten rid of.
Re: Bill introduced to eliminate penny
Posted:
Tue Apr 04, 2017 5:22 pmby hobo finds
TwoAndAHalfCents wrote:The bill also includes replacing the dollar bill with a dollar coin. That will surely kill any shot this bill has of passing.
(d) Removal and Destruction of $1 Federal Reserve Notes.—The Board of Governors of the Federal Reserve System shall ensure that all $1 Federal reserve notes removed from circulation in accordance with the date described in subsection (b) have been destroyed.
(e) Exception.—Notwithstanding subsections (b) and (c), the Board of Governors of the Federal Reserve System shall produce such Federal reserve notes of $1 denomination as the Board of Governors determines from time to time are appropriate solely to meet the needs of numismatic collectors of that denomination. Such collectible versions of $1 Federal reserve notes shall be sold in accordance with other general provisions governing collectible versions of notes.
(f) No Effect on Legal Tender.—Notwithstanding any other provision of this section, $1 Federal reserve notes are legal tender in the United States for all debts, public and private, public charges, taxes, and duties, regardless of the date of printing or issue.
Re: Bill introduced to eliminate penny
Posted:
Mon Apr 10, 2017 4:19 pmby Shazbot57
blackrabbit wrote:I'd be quite happy if only John Mccain was gotten rid of.
I'm right there with you!
Re: Bill introduced to eliminate penny
Posted:
Wed Apr 12, 2017 1:25 amby Recyclersteve
Hopefully nobody named Penny takes offense to the title of this thread...
Re: Bill introduced to eliminate penny
Posted:
Thu Apr 13, 2017 1:15 pmby Shazbot57
Re: Bill introduced to eliminate penny
Posted:
Fri Apr 14, 2017 8:06 pmby spacemanX
So ...
they are remove penny from the big bang theory. lol
Re: Bill introduced to eliminate penny
Posted:
Tue May 02, 2017 11:41 amby JadeDragon
Of course Canada eliminated the dollar bill, the two dollar bill and the penny. It defiantely saves money and everyone got used to it quickly. Maybe the USA will eventually catch up to their Canadian friends.
Re: Bill introduced to eliminate penny
Posted:
Thu May 04, 2017 10:11 pmby Morsecode
Canada eliminated the cent? Where have I been?
As for the US dollar coin...will never work until the greenback is not an option. And it has to be bigger than a quarter.
Naturally, the pinheads in Congress will see to it that it is exactly the size of a quarter, then wonder why it hasn't gained acceptance.
Re: Bill introduced to eliminate penny
Posted:
Fri May 05, 2017 11:55 amby JadeDragon
Yes all pennies were pulled from circulation. (Almost) no bank will even sell me a roll now.
The Presidential dollars are very close in size to a Loonie. I don't know if they are counted the same by coin counters, but they would sure roll together. No one in Canada ever mixes up Loonies and quarters as the size and color is different.
I've long hoped that more presidential dollars would circulate and find their way into Canada because that would be great for coin roll hunting Loonies to find US dollars. As it is the highest US coin I've ever found is a quarter and those are exceedingly rare in Canadian Quarter rolls - like often zero in a whole box.
Re: Bill introduced to eliminate penny
Posted:
Fri May 05, 2017 8:36 pmby Morsecode
Interesting. A box of quarters in CT will often yield a half dozen Canadians. Box of dimes about the same.
Re: Bill introduced to eliminate penny
Posted:
Fri May 05, 2017 8:55 pmby JadeDragon
I live very close to the US border, like a 20 min drive. I suspect two things are happening. The coin processors are pulling US out for redemption and individuals like me save US coins they encounter in a jar. At 1.34x value, Gresham's law is in full effect. When the exchange rate is closer to par, a lot more US coins circulate in Canada.
Re: Bill introduced to eliminate penny
Posted:
Sat May 06, 2017 1:43 pmby scyther
It would be really great if this passed, but it won't.
