It's now illegal to melt down US coinage, because the value of the metals exceeds the face value of the coin:
The Mint would rather not have to replace pennies (at a cost of 1.73 cents per) or nickels (at 8.74 cents). The expectation is that Congress will mandate new compositions for some U.S. coins in 2007.
This is the dumbest thing I have read for quite some time. At least here in NZ we have the smarts to simply get rid of 1, 2 and 5 cent coins all together. After all, what does one cent, or five cents buy today?
Historically, the answer is \"quite a lot\" but today, with the rampant inflation of the 70's behind us, a cent isn't worth anything at all, and the nickle is a joke too.
Paper change is a very stupid idea. The average dollar bill lasts around 8 months in circulation before it is destroyed. The average coin lasts 30 years. If anything, they should just stop making dollar bills and force it over to dollar coins.
It would be much more efficent to either implant a chip in someone's body, or print a barcode on their skin, which would be linked to their bank account, and all they would have to do is wave their hand to pay.
I haven't lost my mind, it's backed up on disk somewhere.
You know what would be even more efficient? Runnign the entire country by complete dictatiorship, so that currency isn't needed.
No, even better: a worldwide neutralisation of the human race...
Dakatsu wrote:How is that a stupid idea. If we have 1cent and 5cent around, at least it will be.
1. Easier to store
2. The paper not worth more than the cent itself
3. Biodegradeable!!!
I wouldn't think that notes would be easier to store than small coins.
ccb056 wrote:It would be much more efficent to either implant a chip in someone's body, or print a barcode on their skin, which would be linked to their bank account, and all they would have to do is wave their hand to pay.
I assume that you are sarcastic, but in case anyone truly believes that this will help, don't forget that such a system makes one tied inextricably to the government, and, needless to say, would be ripe for abuse. I mean, if your right to purchase—which throughout history has been directly linked to your social status, and in some parts of the world/time, your right to live—was so easily and arbitrarily revoked, how could anyone speak freely against the government or against certain corporations if their purchasing power is so easily removed.
In short, such a transition would be the epitome of the much quoted phrase "Those who trade a little freedom for a little security, deserve neither and will lose both-Benjamin Franklin(IIRC)"
ccb056 wrote:Hrm, I was expecting the 'sign of the devil' or some other end of the world crap, but ok.
I was thinking of doing that, but I felt that the point I presented was far more terrifying. Also, IIRC, something similar, though obviously not involving computer chips, happened under Caesar Nero's reign, and that was over a millennium ago, yet we're still here now.
ccb056 wrote:Yeah, I was just joshing. LOL
I know you were joking, but I'm sure there are many who don't, so I felt the need to elaborate.
Unless you keep all your money under your mattress in gold bullion you are not only trusting private organizations/corperations but also the government with your purchasing power.
Anyone with any wealth knows that it is best to have money invested in many areas, and not stuffed in a vault....
Although, nothing beats buying cheap indonesian laborers.
I haven't lost my mind, it's backed up on disk somewhere.
ccb056 wrote:Unless you keep all your money under your mattress in gold bullion you are not only trusting private organizations/corperations but also the government with your purchasing power.
Yes, but they still can't hurt you as directly.
ccb056 wrote:Anyone with any wealth knows that it is best to have money invested in many areas, and not stuffed in a vault....
Well, yes, of course. The important thing is being able to access that money when necessary(and please don't lecture me about the liquidities of various forms of investment. You can usually still cash those in before term, you simply get penalized).
CDN_Merlin wrote:CAN pennies cost 1.5 cents to make.
And your dimes are close enough in size and appearance to ours that there are a ton of CAN dimes in US circulation. Do you see a lot of US dimes up north?
ccb056 wrote:Why someone would want their currency in a biodegradable form is beyond me.
Because it's cheap and it's supposed to be moving all the time, and eventually a bank is going to get its hands on it and send it back to the Fed, who will drop it off at the Treasury so it can be destroyed and a new one printed.
Sky, let's not get into this again. Suffice it to say that the metals in the coinage do NOT back it -- or else it wouldn't be illegal to melt it down!
