End of the Penny and Nickel

[RxForPain]

Not sure if anyone has seen this, but I came across it on another site.

"The U.S. is following Canada's footsteps regarding the production of pennies and nickels. According to U.S. Treasury Secretary Tim Giethner, our U.S. Mint intends to remove the penny and nickel coins from circulation beginning early in January 2013."

http://www.wealthwire.com/news/inflation/4210?r=1

[TXBullion]

Any confirmed sources? Highroller ?

[uthminsta]

Is this legit? Thoughts?

[HoardCopperByTheTon]

I don't think it's legit. Our government never moves that fast. We are still going off a cliff.

[uthminsta]

But I'm telling you now... I'm increasing my copper sorting to as much as I can spare to set back.

[scyther]

I would be very surprised if this is true. Early January? That's sooner than Canada.

[Engineer]

Maybe it's time to start stockpiling unsorted cents...

Worst case scenario is I'd need to sort them and dump the zincs, but best case scenario would be well above face for all pennies (at least for a short time). It's all a matter of timing, I suppose.

[henrysmedford]

The author Brittany Stepniak https://plus.google.com/109993745408835228331/postsis the only one in the world who know this. There is a thumbs up/down button at the end of her article we should all vote thumbs down, It is now at 10+ .

[barrytrot]

Patently false.

[reddirtcoins]

I found more value in this.

http://www.wishbookweb.com/

[willy13]

Penny I could believe, but there is no way the nickel would be "removed from circulation". Instead they would switch to steel, for the nickel.

[henrysmedford]

So I emailed the Treasurys Public Affairs and Business Affairs & Public Liaison this--

Good Day --

There is this article on the internet Bid Farewell to Pennies and Nickels! that states "According to U.S. Treasury Secretary Tim Giethner, our U.S. Mint intends to remove the penny and nickel coins from circulation beginning early in January 2013."

Is this True.


Thanks Joe Henry

I will post if/what I hear back.

[henrysmedford]

The story has been pulled down.

[Morsecode]

Patently false.

Beat me to it. So let me add ridiculous, silly, and while I'm warmed up...not in this lfetime.

So, despite the Fiscal Cliff paranoia, we're just gonna start rounding up prices to the next highest dime? No added monetary instability there!

[reddirtcoins]

WOW!... Now look, at silverdoctors no less.

http://www.silverdoctors.com/penny-and- ... t-in-2013/

[everything]

Can't be true, seems to quick. Here is a working link though.

http://skewnews.com/penny-and-nickel-co ... LPIi4dqa8l

[RxForPain]

Sorry to all about raising the alarm bell. I think we all know it is coming sooner or later and I wanted to make sure everyone here gets the first jump out of the gate if it does happen.

[Copper Catcher]

There is no stated source to back this up that is from the US Treasury. It is just a statement made and reported by one then reported again.

The following however was a statement made on 3/28/2012

Written Testimony of Secretary Geithner before the House Committee on Appropriations Subcommittee on Financial Services and General Government on the FY2013 Budget of the U.S. Department of the Treasury

Source: http://www.treasury.gov/press-center/pr ... g1508.aspx

The Budget also proposes legislation to provide Treasury with the ability to change the composition of coins to utilize more cost-effective materials. Currently, the costs of making the penny and the nickel are more than twice the face value of each of those coins. In addition to this proposal, Treasury is implementing measures to improve the efficiency of coin and currency production, including improved manufacturing practices and administrative cost reductions, which will save more than $75 million in FY 2013.


Nothing was said about phasing out the coins....

[reddirtcoins]

I agree.. What ever happened to fact checking.?

[everything]

Still, you have to wonder, what got this rumor flying about the coin communities in the first place. We've got to be just about the last country in the world that has not stopped minting the penny, it can't be to far away. Especially with all this fiscal cliff talk, they'll come up with money saving measures, hire some actual financial consultants who will tell them what to do, and one of those ideas might be to stop minting the penny. Then, finally things will change for us, and for us, any change would seem relatively quick. Ryedale prices will temporarily go through the roof, prices on 59-82 LMC will change, and who knows, maybe even the melt ban on pennies might finally be gone.

[Engineer]

Still, you have to wonder, what got this rumor flying about the coin communities in the first place.

If they repeat these stories enough times, people will be conditioned to accept the end of the penny without a fuss. If the penny was yanked without that conditioning, the sheeple might start a fuss about inflation.

[HoardCopperByTheTon]

They couldn't do it anyway.. the zinc lobby is too strong. We're still going off the cliff.

[Morsecode]

Discontinuing the minting of cents and nickels, or changing compositions = high probability

"Removing" them from circulation, as originally posted in the article = no way

[highroller4321]

Not legit....they pulled the listing I see.

[cesariojpn]

The GAO is gonna lobby again to do away with the dollar bill for the dollar coin sometime this week......but thats it.

http://money.cnn.com/2012/11/28/news/ec ... ?iid=HP_LN

I support this idea....only because I get more action with $2 bills in strip clubs than $1 bills.