Dollar Mint
Posted in Uncategorized on 04/11/2008 02:12 pm by admin
Dollar Mint
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US $11.99
On February 10, 2008 on 60 Minutes the US Mint Director said the US Mint makes about 8 billion pennies each year. Those 8 billion coins are worth $80 million dollars but it costs the mint $134 million to manufacture them. The difference between $80 million and $134 million is $54 million. That $54 million comes straight out of the pockets of US taxpayers.
Note; the following comments only address the consumer use of pennies in the day-to-day purchase of merchandise paid for with cash. The use of cents in financial transactions and payment by check and credit/debit cards would not need to change if penny coins did not exist.
When the Lincoln penny was introduced in 1909 having them was necessary. A first class postage stamp cost only 3 cents. I walked through a drug store and a Wal-Mart and could not find anything priced at less than a dime. So why is our government wasting millions of dollars each year printing pennies?
There have been attempts to eliminate the penny but all attempts have failed. The main argument for use of pennies is that stores will have to round to the nearest nickel and you will have to pay more. If you only buy one item that is priced at 6.98 and there are no pennies you will have to pay $7.00 and the store will have an extra profit of two cents. That is true but for most trips to the store several items are bought and the law of averages will protect you. For example; if you buy items priced at $3.99, $8.97, $1.99 and $18.97 the total will be $33.92 and you will pay $33.90. For any items that cost less than a nickel, if there are any, they can simply be repackaged or resized so they cost a nickel.
The 60 minutes report indicated that the real reason we still have the penny is because of the high powered lobbying effort of the Zinc industry. Pennies used to be made out of copper but when the price of copper skyrocketed the mint switched to using zinc for the core and only a small amount of copper for the plating so it would still look like a penny. It is the Zinc lobby that is promoting the round-up story so they can still sell large amounts of Zinc to the US mint. The fact that one industry may be hurt a little is not justification for our government wasting $54 million dollars each year in the production of a needless coin!
Because of the 60 Minutes report there will hopefully be another attempt to stop using pennies. I recommend that you show your support by writing your representatives in Washington. Regular e-mails to them do not help as they are usually deleted by their spam filters. A snail mail letter is best but you can also use your representative's website feedback form. Contact information for your representatives can be found at house.gov and senate.gov.
The writer of this article is the author and webmaster of the http://www.iconject.com blog. The iconject blog expresses the authors view on a variety of political, religious, and moral issues.
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Presidential Dollar Folder-2007-2016 $5.72 littleton presidential dollar series p d collection color folder. holds the philadelphia and denver mint issues of each dollar design. has a colorful glossy cover with 4 inner fold out panels. it is also filled with exciting facts this folder measures 7.5 x 10 when folded. |
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Morgan Silver Dollar Set, 1878 to 1881 - San Francisco Mint $485 "Straight out of the Wild West! This historical four-coin collection presents the FIRST FOUR YEARS of the Morgan silver dollar, from 1878 to 1881. These are original, authentic silver dollars, 90% fine siler and more than 125 years old. Each coin is investment quality and BRILLIANT UNCIRCULATED. These hard-to-find silver dollars were produced at the U.S. Mints in San Francisco and carry the ""S"" mint. The silver comes from the famous Comstock Lode, one of the greatest silver strikes in history, discovered in Nevada in the late 1850s. Morgan silver dollars were produced form 1878-1904 and for one more year in 1921. These 1.5"" coins come in a beautiful blue velvet display box. A great gift and a wonderful way to start your own legacy. The coins come with a fascinating 32-page New York Times booklet on the Wild West, when these coins were as prevalent as gunslingers and cattle drives. The booket is must-have for Old West buffs. It is filled with reprinted pages on all the legends: Wild Bill Hickok, Wyatt Earp, Buffalo Bill, Calamity Jane, Jesse James. " |
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