I was thinking about this very issue after seeing a video about how the Roman emperors kept diluting their silver coins until the silver content was a light dusting, right before the bottom fell out of their world. Then I picked up a couple of dimes and looked at the sides. 1/2 dark metal. Then I peered at some quarters which felt bendable. Don’t look. You will feel robbed. I have a stomach ache.
The loss of our " Penny" is another piece of our history being erased from our country's history & a sign that the government wants to force the " cashless" society! On the people!
The fact that a penny costs more than it's nominal value is the fault of government policy. And a government that can't respect the value of a penny can't know the value of a dollar.
The premise that it costs more than a penny to mint a penny seems like a silly reason to end its production to me. Am I to believe that it's 100 times more costly to mint a 100 Dollar bill Than it is to mint a 1 Dollar bill?
In Australia we lost our 'Pennies' (1 cent pieces), as well as our 2 cent coins, in 1992.
A one dollar coin replaced our $1 note in 1984, and a two dollar coin replaced our $2 note in 1988.
Our currency stopped being redeemable for gold sometime in the mid-1900s. At least into the 1920s, notes had printed on them that they were redeemable for gold.
This article is on a VERY IMPORTANT subject that gets far too little attention. Going off the gold standard plus the creation of the Fed supposedly to prevent periodic recessions and depressions is one of the biggest deceits ever to hit the realm of public policy. As the article states, the Fed was created to prevent periodic recessions and depressions. Yet, our biggest depression came just a few years later. FDR’s answer was to go off the gold standard. This is like a drug addiction who takes drugs but still feels bad (or feels worse!) but thinks it’s because he did not have enough of his drug of choice, and then takes some more. Extravagant investments in wrongheaded projects was the cause of our depression cycles, but with the creation of the Fed that moral failure went unacknowledged. Thank you for this most valuable and needed article!!
FDR did more than go off the gold standard. He confiscated gold. And that was just the beginning of his crimes. See John T. Flynn's The Roosevelt Myth (1948).
I believe you’re off by a decimal point on your production costs but your points are dead on point. I hope the rumors of shutting down one of the US mints, like the one in very high cost San Francisco maybe, and downsizing that workforce is true.
Because why exactly.... because you want a CBDC and complete Gov't control over everything you do ? Or is it that you only want the Gov't to control what OTHERS do ?
Heh buddy, you can't be more wrong about my position. I'm anti CBDC but pro realism and dollar debasement is REAL. The penny is a joke, most just throw them in the trash. I've toured Philly & Denver mints and both admit large percentage, half?, of their workforce make ridiculously useless and worthless pennies. Worse they overcharge gold/silver Eagle/Morgan buyers to offset the losses on pennies. Way overdue to shutdown penny production and downsize the mint.
Hey Buddy, you can't have actions which further devalue our currency and take away the freedom of meney AND have an environment whci is anti-CBDC. Just like Musk said the BBBill could be be BIG or Beautiful...but couldn't be both.
You ain't anti-CBDC in any way.
Gold and Silver inflated prices have to do with major manipulation due to derivatives, Options and futures ( themselves prime candidates for conversion to CBDCs)
Fact is they will be doing the exact same to ALL coins and the $1 bill. They already tried a while back withe the $2 bill -- remember that.
And people like you will be cheering as they wipe away all change and make the $5 bill the lowest denomination as they push for Digital control of everything.
Maybe we can agree the politicians, on either side, have any serious interest in correcting fiscal imbalances or reducing the slope of debt growth? Fiat currency will continue to lose buying power and most of the American public will continue to whine about inability to pay their bills vs hold their representatives accountable (reduce spending slope, balance budgets, etc), force deep dives into financial mismanagement, prosecute some of those responsible.....eh where do we stop lol. Agree digital currency is bad news for most. Not fully with you on manipulation point as much of the world is now running from fiat currency, and hard assets are slowly replacing US Bonds as reserve assets in Central Banks, re Basel III. Hopefully we're years away from paper/change going away....but if we can't agree on pennies after 230 years, being a useless relic....we're not going to get there..respectfully.
I believe in "Hard Assets" ( not to include Real Estate or properties) . In fact have some. Last I bought was at Silver $ 8.87 and Gold at $823. And yes I have land as well. Needless to say I am very happy with the outcome so far ( as long as another FDR confiscation via EA/EO doesn't happen).
No.... Central Banks are NOT replacing US Bonds with Au/Ag. I have been in this investment business since 1992. And that story is always the same. Never happen..... believe me Private placed Derivatives, Options and Futures control the AU/AG market....here as as well as the "City of London".
We won't prosecute diddly.... you know it . I know it and more importantly THEY know it. They OWN the Courts , so called "police" and h entire Goobermint.
Taking away options for payment by inching towards Digital Currency is the exact OPPOSITE of the Constitution.... Fiat currency notwithstanding. At this point it is the ONLY THING which keeps the little guy moored to the Constitution......and YES the penny matters in this regards ! ... respectfully.
To go back to any semblance of the penny being worth what it costs now would cause massive chaos. Re-valuation of the penny (dollar) would make debts, like the national debt, totally un-affordable and incredibly difficult to pay back. How would it even be accomplished, a gold standard with new money valuations?
While the growth of inflation over time is the cause of the retirement of the penny, its not truly fair to blame the Federal Reserve for the fact that it costs way more to make a penny today than the one cent it is worth. The money creation policies of the Fed have been at full tilt for the last 17 years, but that profligacy is caused as much by the fiscal irresponsibility of the US Congress and Presidents as it is Federal Reserve policies. As the lender of last resort, the Fed has no choice but to lend to professional dealer investment firms the money to invest in government securities required to finance the US deficits created by Congress. Additionally, to maintain the dollar's status as the world's reserve currency, the Fed needs to ensure a sufficient supply of dollars globally to facilitate global trade.
Putting these priorities of the US government together allows you to uncover the true culprit in the debasement of the US currency, right down to the cost of making of pennies. And it will inform you that you never in a democracy underestimate the willingness of national representatives to bankrupt the national Treasury in an effort to buy votes for re-election.
I was thinking about this very issue after seeing a video about how the Roman emperors kept diluting their silver coins until the silver content was a light dusting, right before the bottom fell out of their world. Then I picked up a couple of dimes and looked at the sides. 1/2 dark metal. Then I peered at some quarters which felt bendable. Don’t look. You will feel robbed. I have a stomach ache.
Ridged coins ( Both Silver and Gold) were introduced so they couldn't bt scrapped off in weight.
The ONLY US Coin worth anything is actually the Nickel because of it's Copper and Nickel content.
Pennies 1981 and before are worth about 2.5 to 2.8 cents depending on the daily copper prices BTW. 1982 and newer are worthles because they are Zinc.
The loss of our " Penny" is another piece of our history being erased from our country's history & a sign that the government wants to force the " cashless" society! On the people!
The fact that a penny costs more than it's nominal value is the fault of government policy. And a government that can't respect the value of a penny can't know the value of a dollar.
The premise that it costs more than a penny to mint a penny seems like a silly reason to end its production to me. Am I to believe that it's 100 times more costly to mint a 100 Dollar bill Than it is to mint a 1 Dollar bill?
Exactly. It's all just part of moving to a Gov't controlled Digital " currency".
In Australia we lost our 'Pennies' (1 cent pieces), as well as our 2 cent coins, in 1992.
A one dollar coin replaced our $1 note in 1984, and a two dollar coin replaced our $2 note in 1988.
Our currency stopped being redeemable for gold sometime in the mid-1900s. At least into the 1920s, notes had printed on them that they were redeemable for gold.
We officially went off the gold standard in 1971.
We've all been screwed for 100+ years.
This article is on a VERY IMPORTANT subject that gets far too little attention. Going off the gold standard plus the creation of the Fed supposedly to prevent periodic recessions and depressions is one of the biggest deceits ever to hit the realm of public policy. As the article states, the Fed was created to prevent periodic recessions and depressions. Yet, our biggest depression came just a few years later. FDR’s answer was to go off the gold standard. This is like a drug addiction who takes drugs but still feels bad (or feels worse!) but thinks it’s because he did not have enough of his drug of choice, and then takes some more. Extravagant investments in wrongheaded projects was the cause of our depression cycles, but with the creation of the Fed that moral failure went unacknowledged. Thank you for this most valuable and needed article!!
FDR did more than go off the gold standard. He confiscated gold. And that was just the beginning of his crimes. See John T. Flynn's The Roosevelt Myth (1948).
Excellent comment Jeff.... great historical and moral perspective.
Another Excellent article Roger !!
The Powers That Be had actually been planning their monetary coup as early as 1905-1909 .....before Jekyll Island in fact.
I believe you’re off by a decimal point on your production costs but your points are dead on point. I hope the rumors of shutting down one of the US mints, like the one in very high cost San Francisco maybe, and downsizing that workforce is true.
Because why exactly.... because you want a CBDC and complete Gov't control over everything you do ? Or is it that you only want the Gov't to control what OTHERS do ?
There's a Name for that.....communism/fascism.
Heh buddy, you can't be more wrong about my position. I'm anti CBDC but pro realism and dollar debasement is REAL. The penny is a joke, most just throw them in the trash. I've toured Philly & Denver mints and both admit large percentage, half?, of their workforce make ridiculously useless and worthless pennies. Worse they overcharge gold/silver Eagle/Morgan buyers to offset the losses on pennies. Way overdue to shutdown penny production and downsize the mint.
Hey Buddy, you can't have actions which further devalue our currency and take away the freedom of meney AND have an environment whci is anti-CBDC. Just like Musk said the BBBill could be be BIG or Beautiful...but couldn't be both.
You ain't anti-CBDC in any way.
Gold and Silver inflated prices have to do with major manipulation due to derivatives, Options and futures ( themselves prime candidates for conversion to CBDCs)
Fact is they will be doing the exact same to ALL coins and the $1 bill. They already tried a while back withe the $2 bill -- remember that.
And people like you will be cheering as they wipe away all change and make the $5 bill the lowest denomination as they push for Digital control of everything.
Maybe we can agree the politicians, on either side, have any serious interest in correcting fiscal imbalances or reducing the slope of debt growth? Fiat currency will continue to lose buying power and most of the American public will continue to whine about inability to pay their bills vs hold their representatives accountable (reduce spending slope, balance budgets, etc), force deep dives into financial mismanagement, prosecute some of those responsible.....eh where do we stop lol. Agree digital currency is bad news for most. Not fully with you on manipulation point as much of the world is now running from fiat currency, and hard assets are slowly replacing US Bonds as reserve assets in Central Banks, re Basel III. Hopefully we're years away from paper/change going away....but if we can't agree on pennies after 230 years, being a useless relic....we're not going to get there..respectfully.
I believe in "Hard Assets" ( not to include Real Estate or properties) . In fact have some. Last I bought was at Silver $ 8.87 and Gold at $823. And yes I have land as well. Needless to say I am very happy with the outcome so far ( as long as another FDR confiscation via EA/EO doesn't happen).
No.... Central Banks are NOT replacing US Bonds with Au/Ag. I have been in this investment business since 1992. And that story is always the same. Never happen..... believe me Private placed Derivatives, Options and Futures control the AU/AG market....here as as well as the "City of London".
We won't prosecute diddly.... you know it . I know it and more importantly THEY know it. They OWN the Courts , so called "police" and h entire Goobermint.
Taking away options for payment by inching towards Digital Currency is the exact OPPOSITE of the Constitution.... Fiat currency notwithstanding. At this point it is the ONLY THING which keeps the little guy moored to the Constitution......and YES the penny matters in this regards ! ... respectfully.
Ai says $0.0369 is the cost. Typical government inefficiency.
It exhibits the massive devaluation of our currency. As Steve Miller sang, “Your cash ain’t nothing but trash!”
Now we would have 20.99
To go back to any semblance of the penny being worth what it costs now would cause massive chaos. Re-valuation of the penny (dollar) would make debts, like the national debt, totally un-affordable and incredibly difficult to pay back. How would it even be accomplished, a gold standard with new money valuations?
Quite happy to not have any more pennies. They have become useless. Tired of the signs showing $xx.99.
Well, Deagle 2025 IS going forward on the whites/Christians/men.
😢
While the growth of inflation over time is the cause of the retirement of the penny, its not truly fair to blame the Federal Reserve for the fact that it costs way more to make a penny today than the one cent it is worth. The money creation policies of the Fed have been at full tilt for the last 17 years, but that profligacy is caused as much by the fiscal irresponsibility of the US Congress and Presidents as it is Federal Reserve policies. As the lender of last resort, the Fed has no choice but to lend to professional dealer investment firms the money to invest in government securities required to finance the US deficits created by Congress. Additionally, to maintain the dollar's status as the world's reserve currency, the Fed needs to ensure a sufficient supply of dollars globally to facilitate global trade.
Putting these priorities of the US government together allows you to uncover the true culprit in the debasement of the US currency, right down to the cost of making of pennies. And it will inform you that you never in a democracy underestimate the willingness of national representatives to bankrupt the national Treasury in an effort to buy votes for re-election.