Posts Tagged 'coin modernization act 2010'

President Barack Obama on Eliminating Penny 2013

President Barack Obama on
Eliminating Penny 2013


 
 

 
 
Pennies

Obama 2013 Exert Transcript on
the One-Cent Coin:

 
 

“I don’t know.”

“It’s one of those things where I think people get attached emotionally to the way things have been,” the president said. “We remember our piggy banks and counting out all the pennies and then taking them and getting a dollar bill or a couple of dollars.”

“This is not going to be a huge savings for government. But anytime we’re spending more money on something that people don’t actually use, that’s an example of something we should probably change,” Obama said. “One of the things that you see chronically in government is it’s very hard to get rid of things that don’t work so that we can then invest in the things that do.”

 

– Barack Obama, 44th President of the United States
 

Opinion on Obama’s Penny Speech 2013

 

Let’s be blunt. Eliminating the penny means admitting that inflation has run rampant and the one-cent, is, essentially and literally, worthless.

The penny is, however, money. Remember that it is still a legal form of currency. So when money becomes worthless, it is an admitting there is a problem with the money system.

Meanwhile, Obama and Bernanke are printing unlimited amounts of money. Buying up bonds and other various things to attempt to stimulate the economy. Eliminating the penny would bring attention to rampant inflation currently going on under Obama’s administration.

This would be a big ‘No No” to do. Therefore, side-stepping the issue is the politically motivated thing to do. And exactly what happened.

In fact, it is important to note that while this article may single out both Obama and Bernanke, this isn’t a political party issue. This is a United States political issue. Meaning, the policies from the mainstream political wings on both sides are manipulated by the financial institutions and their benefactors (think Federal Reserve is neither Federal or a Reserve). This has been going on since the inception of the latest Federal Reserve in the United States one hundred years ago.

Penny Nickel Composition Change Findings

Penny Nickel Composition Change Findings


 

 
Pennies

The Coin Modernization Act of 2010 has officially announced their findings. So what is the answer?

‘We need more time.’

No news is the absolute best news as it means that we all have a lot more time to capitalize on pennies and nickels before the Government takes them in themselves.

Most intriguing is the part on the one-cent coin:

 

“At Present, changes to the metals formulation of the one-cent coin would not yield significant cost improvements over the current formulation because the current market price of zinc is competitive with the prices of the credible alternatives, steel and aluminum.”
 
 

What solution does this leave? Elimination of the one-cent as the only viable solution.

Buy pennies and buy nickels while you can. If supply drops to zero from a coin denomination elimination, whether you’re a bullion investor or a numismatic coin collector, prices inevitably must go up.

 

Read the Official US Mint News Page for the Coin Modernization Act of 2010 Findings: Official US Mint News Page for the Coin Modernization Act of 2010 Findings
 

Read the Official Government PDF file for the Coin Modernization Act of 2010 Findings: Coin Modernization Act 2010 Report and Findings

Coin Modernization Act 2010 Reports 2012

Coin Modernization Act 2010 Reports 2012


 

 
Pennies
A friendly reminder that the Coin Modernization Act 2010 is to report its findings mid-December 2012. That means, any day now, we could get the update on whether the penny is being eliminated or having a metal composition change. This also goes for the nickel being eliminated or having a change in metal composition.

Most likely, any change in metal composition would be a change to steel. Right now, pennies are made of 97.5% zinc and 2.5% copper. Nickels are 75% copper and 25% nickel. Each costs more than twice its face value to mint.


The Coin Modernization Act of 2010 itself was passed on December 14th, 2010 and was enacted to:
 
 

‘provide research and development authority for alternative coinage materials to the Secretary of the Treasury, increase congressional oversight over coin production, and ensure the continuity of certain numismatic items’”

 
 

Since its inception, there are many rumors floating around of trials of new compositions for both the penny and nickel, particularly steel. Taking a look at Canada, one can see the penny was made of steel in Canada by the Royal Canadian Mint, and actually eliminated as of this year, 2012.

The Canadian nickel is currently made of a metal composition of 94.5% steel, 3.5% copper, and 2% nickel plating coming in at a weight of 3.95 grams.

So what happens next? Only time will tell. But one thing is certain.

History repeats. The price to buy pennies sky rocketed as soon as the announcement of the Canadian penny elimination came out. Will it happen again in the United States? Perhaps the impending “fiscal cliff” talks will push the change or elimination of the penny and nickel right over the edge. After all, the cost to make the penny is 2.41 cents.

Hindsight may be 20 – 20. But we can all conclude that buying pennies and nickels now creates huge potential gains for you with their respective face value to fall back on.

Buy pennies and buy nickels while you can. If supply drops to zero from a coin denomination elimination, whether you’re a bullion investor or a numismatic coin collector, prices inevitably must go up.

 

Read the Official Government PDF file for the Coin Modernization Act of 2010: Coin Modernization Act 2010

 

Wheat Cents Unsearched

Wheat Cents Unsearched

Search through unsearched wheat cents to find rare coins. Test your luck with our wheat pennies sourced across the entire country today!

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Copper Nickel Investing

copper nickels investing

Low-risk investing is wise for any long-term investor looking to have gains while preserving wealth. Nickels offer a great solution for low-risk tangible investing.

Read more: Copper Nickel Investing

Copper Penny Bullion

copper penny bullion

Take advantage of copper penny investing before all copper pennies are sorted out of circulation and prices inevitably skyrocket.

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