NostoNews, May 1, 2012
by Tommy Jasmin
Nickel for your thoughts?
Way back in February 2006 I ran a story on how at the time the copper value in U.S. pennies was more than a penny - 1.4 cents. The not too Earth-shattering takeaway was that if you saved 100 pre-1982 pennies (easy to find), you now had $1.41 in copper and zinc value, an instant 40% profit gain, not bad!
Even a few months ago, I ranted that the U.S. should just do away with the penny altogether. Now, our often surprising leaders to the north, Canada (1st GIS system in the world!) have done just that - ditching the penny for good this year. The production cost there is now 1.6 cents per penny, and ditching the penny will save $11 million a year. Good move.
RIP 2012, 1.6 cents a pop
So how will this work at the sales counter? Round to the nearest nickel. If the price is $1.02, you pay a buck. If the price is $1.03, you pay $1.05. It will all average out. They'll get used to it, we'd get used to it. It's time, U.S. Mint.
That's all I've got for you this month folks, very busy at the moment. I promise something more substantial next time. Peace all.
Thanks, we'll see you all next month.
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