Jump to content
CoinPeople.com

antipennyguy

Members
  • Posts

    1
  • Joined

  • Last visited

Contact Methods

  • Website URL
    http://pennyfreebiz.com

Profile Information

  • Gender
    Male
  • Location
    Estes Park, CO
  • Interests
    Getting rid of the useless coin. When was the last time you waited with hand out for a cashier to count out 3 cents change.

antipennyguy's Achievements

Just got here

Just got here (1/6)

0

Reputation

  1. Look at this from the perspective of a business owner. If the customer no longer wants or uses the product, then stop spending money to make more and remove it from use. If the product is worn out, fix it or replace it. The US Treasury charges the US Mint with keeping our money supply secure, up to date, produced as cheaply as possible, relevant to the customer's needs and distributed to banks. To that end, ALL coin and bill denominations are always under review by the U.S.Mint. Back in 1857 they decided that the 1/2 cent piece was no longer needed, so it was removed from circulation. All countries around the world use pretty much the same procedure when the decision is made to remove a coin or bill denomination from circulation. The congress is ultimately the decision maker to stop using a coin after a seemingly endless mind numbing, exhaustive analysis and review period. Once the decision is made, they issue a public announcement to turn in all those coins or bills to a local bank to be exchanged by the bank for some other coin or bill that will be continuing in circulation. During the "exchanging" period, collectors usually jump in and snap up a sizable portion. Come deadline date, there are virtually none left in circulation. Here in the U.S.A., the next coin under review and consideration (debated on capital hill by President Obama and various congressman) is the 1 cent coin (aka the penny). But the penny pressing souvenir machines (found all over the world in tourist shop) political lobby is a very powerful lobby on capital hill. They know if the coin is removed from circulation all those thousands upon thousands of machines will be worthless. They are the second most powerful lobby behind the gun control lobby. .... ahh... you know I am joking about this lobby ... right? So, all of the UK (Canada, New Zealand, Australia, et al) has removed the penny from their currencies with not even a ripple. The machine lobby was not as success there, I guess. Please offer you opinions and input at PennyFreeBiz.com
×
×
  • Create New...