|
|
|
|
#1
11-11-2005, 04:09 PM
|
|||
|
|||
Re: Are we done with the pennies yet?
[ QUOTE ]
awesome post, dude. Almost written in true Jim Anchower fashion too. you left nickels and dimes off the list too. a quarter should be the lowest (and only) coin available. in fact, let's make a poll [/ QUOTE ] How much do Penny Candies cost these days? My answer depends on this, as I can't imagine buying something less valuable than a Penny Candy. 
|
|
#2
11-11-2005, 04:10 PM
|
|||
|
|||
|
Re: Are we done with the pennies yet?
[ QUOTE ]
[ QUOTE ] awesome post, dude. Almost written in true Jim Anchower fashion too. you left nickels and dimes off the list too. a quarter should be the lowest (and only) coin available. in fact, let's make a poll [/ QUOTE ] How much do Penny Candies cost these days? My answer depends on this, as I can't imagine buying something less valuable than a Penny Candy. [/ QUOTE ] Last time I bought penny candy 10 years ago it was 5 cents.
|
|
#4
11-11-2005, 12:41 AM
|
|||
|
|||
|
Re: Are we done with the pennies yet?
I'm pretty sure I remember reading somewhere that the goverment actually makes money by printing pennies since the cost to make the penny is less than a penny (if that makes sense, and I think it applies to other coinage as well), so it would not be in their best interest to stop producing them.
|
|
#5
11-11-2005, 12:54 AM
|
|||
|
|||
|
Re: Are we done with the pennies yet?
[ QUOTE ]
I'm pretty sure I remember reading somewhere that the goverment actually makes money by printing pennies since the cost to make the penny is less than a penny (if that makes sense, and I think it applies to other coinage as well), so it would not be in their best interest to stop producing them. [/ QUOTE ] While I know you were honestly trying to be helpful, this logic fails. It has to do with inflation. Otherwise, the US Government could just print up a coin for $8,077,403,291,917,87, cash it in Europe, and solve the national debt. Of course, then every dollar in our pockets would be worth about $.22, and pennies would really be worthless.
|
|
#6
11-11-2005, 01:07 AM
|
|||
|
|||
|
Re: Are we done with the pennies yet?
Anyhow, now that I'm done overreacting...
[censored] pennies! Did you really do the math to see how much an 8 trillion dollar coin would devalue the dollar?
|
|
#7
11-11-2005, 01:17 AM
|
|||
|
|||
|
Re: Are we done with the pennies yet?
[ QUOTE ]
[ QUOTE ] I'm pretty sure I remember reading somewhere that the goverment actually makes money by printing pennies since the cost to make the penny is less than a penny (if that makes sense, and I think it applies to other coinage as well), so it would not be in their best interest to stop producing them. [/ QUOTE ] While I know you were honestly trying to be helpful, this logic fails. It has to do with inflation. Otherwise, the US Government could just print up a coin for $8,077,403,291,917,87, cash it in Europe, and solve the national debt. Of course, then every dollar in our pockets would be worth about $.22, and pennies would really be worthless. [/ QUOTE ] Clearly I'm not an economist, but if something cost me less to produce than I could sell it for, I'm pretty sure I'd be churning them out as fast as possible. I realize that if I churn out way too many somethings, my somethings will be worth less, but if there is current demand, then I'm going to keep producing them. Here's a link I found on google. Somewhat dated, but its what I was referring to. http://www.pennies.org/profit.html Quote from the site for those that dont want to click: The importance of preserving the penny goes well beyond high public acceptance and historical significance. The penny makes a profit for the government. It only costs .7 cents to make; consequently, the U.S. Mint receives a .3 cent bonus on each penny produced. This "seignorage" reduces funds the government must borrow to finance the deficit. In the last 15 years, these profits from the penny have earned the Treasury over $500 million.
|
|
#8
11-11-2005, 01:19 AM
|
|||
|
|||
|
Re: Are we done with the pennies yet?
That still doesn't make any sence. How much does it cost to print a $100 bill? The government can't just print money and spend it as if it's a profit, that would lead to terrible inflation.
|
|
#9
11-11-2005, 04:14 AM
|
|||
|
|||
|
Re: Are we done with the pennies yet?
I would guess pennies don't really circulate much, and there is a lot of loss from people throwing them away and keeping them in jars, hence, actual inflation is not commensurate with the volume of pennies minted. So it's a double [censored] you to all of us from the government. We have to put up with the things, and the government gets to buy [censored] from us using pennies that we largely won't recirculate.
|
|
#10
11-11-2005, 09:09 AM
|
|||
|
|||
|
Re: Are we done with the pennies yet?
[ QUOTE ]
The government can't just print money and spend it as if it's a profit... [/ QUOTE ] Um, yes it can. [ QUOTE ] ...that would lead to terrible inflation. [/ QUOTE ] Yes, this happens all the time. But inflation helps the first people to spend it, in continually decreasing amounts. The first group to spend it (the government) gets full value for the minted money because it has not yet decreased everyone's perception of the value of money. The last people to spend it (us) get screwed because by the time we get hold of the extra money, it is now worth less.
|
 |
|
|
Hybrid Mode
