Just saw on the news, in honor of Lincoln's birthday; they have changed the bacl of the penny & will make changes every 3 months of this year.

Fot the past several years, we have heard that it costs more than a penny to make on.
We really don't need the penny, as a coin.

So, if all this is true, WHY are we spending extra money changing something that is a deficit item.

More Govt. waste.

If it is a limited edition it will be worth a lot of money to collectors.

Hmmmmm, I see your point, Don!! Talk about .

Well, collectors won't make too much out of any new penny unless there are ones with flaws and errors, or if they are mint. But since collectors will be looking for mint condition, the sellers will glut the market with mints and there will actually be no real value in the collection.

All this will do is cause a bit of hoarding, not enough to impact the country's money from what I can see.

Hum wasn't someone complaining about no day honoring Lincoln in a thread not long ago? Never mind that there is...now we have this honor as well.

Collectors in the US aren't the only ones that will grab these. Others will as well.

I look forward to the new designs.

However if you are really concerned about wasting money making money I suggest you begin to regularly use the new dollar coins. Coins stay in circulation longer than paper currency making they use much more economical in the long run.

Most efficient?

A cashless society with everyone having a debit type instrument!

hahah

Efficient yes..will I use it? Never! But that's another thread.

The post office where I live steals pennies. You put 45 cent in the stamp machine and it says please get your change at the window. Now who is going to wait in line for ten minutes for 3 cent?

Interesting...

Imagine if all post offices are doing this daily? That's not chump change.

Makes me wonder. I think I will have to go try the machine at my local post office.

Because, as the state continues to "tax" everyone accepting his coin, the stated value of the coin approaches and goes below the value of the metal in the said coin.

For example, say we issue a coin to the people, in which a value of the metal is only a one tenth of the stated, i.e., in case of one penny, the value of the metal we had to buy to make the coin of, is only 1/10 of a penny.

Now, as soon as you grab a hold of it, we need to take away the value, but leave you thinking you still have what you always had.

This is why, we start with a coin worth only 1/10 of what we print on the face of it. We "overprice it".

Now, we start to add new and additional money to the circulation, by either printing or making accounting entries.
When we have increased our money supply ten times, the value of the metal in the penny and it's stated, face value become equal.

We continue devaluing the money, stealing from you invisibly, while keeping your attention to taxes, those that you see.

So, now we have debased our original money supply say 20 times over. We have extracted 19 parts of every 20 of what you had. You will not feel significantly poorer, because you are comparing now and then, and forgetting all the hard work you have done. You grew used to the fact that the hard work is only a price to stay even, to exist. If you not used the coin in question, by now you would be 20 times richer, due to the work you have performed all this years (or the welfare you sucked away).

Now, we have a problem. We can't continue to extract your wealth through the coins you hold, because the metal is already worth more than the face value, and even though we have created a law that punishes coin smelters under some fake pretense cause, you still are going to melt the coin and sell the metal. The metal is now worth twice the coin face value, and some people are going to make you an offer sooner or later.

So, we do cosmetic changes, and issue new coins. This time the same penny will have nickel instead of copper, or copper instead of silver, or aluminum instead of nickel, so the worth of the metal in the new coin is once again 10 times less than the coin face value.

Now we can do the trick over again.

This is why you see silver coins going away, then the coins with some silver content going away, then copper going away and replaced by nickel, the next stage of banana republic is always a mix with yellow insert in a coin, then aluminum coin.