US Coin Metal Recovery?

[DCR Jerry]

Does anyone think the government may start pulling existing coinage out of circulation (like Canada is) if the steel coin act or possible 2013 coin composition change is adopted?

[DCR Jerry]

Here is a related article:

http://news.coinupdate.com/multi-ply-plated-steel-for-u-s-coins-1328/

[Pennysaved]

I hope note; that would hurt us little guys and our sorting.

[My2Cents]

I personally think that a major overhaul of all US coinage is inevitable.... If that is going to be in the next 12-18 months is unknown. But looking at our governments history of coin composition changes, it's coming at some point. I would think that it's time to start putting back some nickel boxes if you haven't already done so.

[avidbrandy]

In an opening statement, Subcommittee Chairman Ron Paul took a broader view on the subject of circulating coinage composition. He stated that changing the composition of the cent and nickel fails to address to root cause behind currency debasement and also fails to provide a viable solution for both the dollar and circulating coinage.

"If Congress were truly interested in the cost of coinage, it would begin by reining in and eventually abolishing the Federal Reserve System. The Fed alone is responsible for the devaluation of the dollar. The problem with the penny and nickel is not that the price of copper and nickel are rising, but that the purchasing power of the dollar is declining due to the Fed's currency debasement... Unless Congress puts an end to the Fed's loose monetary policy and returns to a sound and stable dollar, the issue of U.S. coin composition will be revisited every few years until inflation finally forces coins out of circulation altogether and we are left with only worthless paper."



Good man.

[reddirtcoins]

Look at section 3(a).
Makes you think this researching could go on and on....

http://www.gpo.gov/fdsys/pkg/PLAW-111pu ... ubl302.pdf

..."and at 2-year intervals following the end of such period,".

[penny pretty]

canada was smart in recovering the old coins to save $$. Even if a composition change EVER get enacted in the US, the electorate has too many social,international, and fiscal(paper dollar) problems to deal with a recall of nickels and pennies. Unlike 1967 when the treasury began keeping silver coins,today it wouldnt be worth the effort, considering our debt.

[cesariojpn]

canada was smart in recovering the old coins to save $$. Even if a composition change EVER get enacted in the US, the electorate has too many social,international, and fiscal(paper dollar) problems to deal with a recall of nickels and pennies. Unlike 1967 when the treasury began keeping silver coins,today it wouldnt be worth the effort, considering our debt.

Plus, it's a "no duh" idea that sadly will be ignored. Look at the dollar coin/dollar bill. easy to save more money with the coin, but we still waste money on the bill. And look what happened.

[avidbrandy]

Look at section 3(a).
Makes you think this researching could go on and on....

http://www.gpo.gov/fdsys/pkg/PLAW-111pu ... ubl302.pdf

..."and at 2-year intervals following the end of such period,".

Thanks for pointing that out that's really weird. As if any change would be temporary as well.

[midiglass]

I doubt that will occur, however I am saving copper pennies in hopes of devaluation.