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
Bill introduced to eliminate penny
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Bill introduced to eliminate penny
by NiBullionCu » Mon Apr 03, 2017 6:38 am
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Re: Bill introduced to eliminate penny
by coppernickel » Mon Apr 03, 2017 4:05 pm
Wow! :!
Last time we saw similar was on April first. Guess we are close.
Last time we saw similar was on April first. Guess we are close.
Silver Monometalism is the most permanent and stable form of money the world has seen. Natural law and history prove silver value is best multiplied by gold and best divided by copper. It is only in this counterfeit currency time when the natural law appears suspended.
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Re: Bill introduced to eliminate penny
by hobo finds » Mon Apr 03, 2017 4:05 pm
http://www.wkyt.com/content/news/McCain ... 89613.html
As a person who lives in Arizona I think we should get rid of all 3! The cent, dollar bill and John McCain!
As a person who lives in Arizona I think we should get rid of all 3! The cent, dollar bill and John McCain!
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Re: Bill introduced to eliminate penny
by TwoAndAHalfCents » Mon Apr 03, 2017 10:08 pm
The bill also includes replacing the dollar bill with a dollar coin. That will surely kill any shot this bill has of passing.
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Re: Bill introduced to eliminate penny
by blackrabbit » Tue Apr 04, 2017 9:07 am
I'd be quite happy if only John Mccain was gotten rid of.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered....The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
-Thomas Jefferson
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Re: Bill introduced to eliminate penny
by hobo finds » Tue Apr 04, 2017 5:22 pm
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.
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Re: Bill introduced to eliminate penny
by Shazbot57 » Mon Apr 10, 2017 4:19 pm
blackrabbit wrote:I'd be quite happy if only John Mccain was gotten rid of.
I'm right there with you!
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Re: Bill introduced to eliminate penny
by Recyclersteve » Wed Apr 12, 2017 1:25 am
Hopefully nobody named Penny takes offense to the title of this thread... 
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
NOTE: ANY stocks I discuss, no matter how compelling, carry risk- often
substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) and selling short as well.
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Re: Bill introduced to eliminate penny
by Shazbot57 » Thu Apr 13, 2017 1:15 pm
Recyclersteve wrote:Hopefully nobody named Penny takes offense to the title of this thread...
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Re: Bill introduced to eliminate penny
by spacemanX » Fri Apr 14, 2017 8:06 pm
So ...
they are remove penny from the big bang theory. lol
they are remove penny from the big bang theory. lol
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Re: Bill introduced to eliminate penny
by JadeDragon » Tue May 02, 2017 11:41 am
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.
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
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Re: Bill introduced to eliminate penny
by Morsecode » Thu May 04, 2017 10:11 pm
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.
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.
From hence ye beauties undeceived, know one false step is ne'er retrieved
and be with caution bold.
Not all that tempts your wandering eyes and heedless hearts is lawful prize,
nor all that glistens gold.
- Thomas Gray, 1747
and be with caution bold.
Not all that tempts your wandering eyes and heedless hearts is lawful prize,
nor all that glistens gold.
- Thomas Gray, 1747
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Re: Bill introduced to eliminate penny
by JadeDragon » Fri May 05, 2017 11:55 am
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.
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.
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
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Re: Bill introduced to eliminate penny
by Morsecode » Fri May 05, 2017 8:36 pm
Interesting. A box of quarters in CT will often yield a half dozen Canadians. Box of dimes about the same.
From hence ye beauties undeceived, know one false step is ne'er retrieved
and be with caution bold.
Not all that tempts your wandering eyes and heedless hearts is lawful prize,
nor all that glistens gold.
- Thomas Gray, 1747
and be with caution bold.
Not all that tempts your wandering eyes and heedless hearts is lawful prize,
nor all that glistens gold.
- Thomas Gray, 1747
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Morsecode - Too Busy Posting to Hoard Anything Else
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Re: Bill introduced to eliminate penny
by JadeDragon » Fri May 05, 2017 8:55 pm
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.
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
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Re: Bill introduced to eliminate penny
by scyther » Sat May 06, 2017 1:43 pm
It would be really great if this passed, but it won't.
267,500 pennies and 186,000 nickels searched. Hand sorter.
10/13/18
10/13/18
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