The end of the penny?

[cavalierlwt]

http://news.yahoo.com/s/nm/20070122/us_nm/usa_pennies_shortage_dc_1


Wow, according to the article 154 pennies contain a pound of copper--worth a peak high of $4.16 a pound! Thus, the penny is in danger of being melted down by people for a profit. No kidding, a 270% gain by melting your pennies.
Hmmm....

[Sabres]

"The end of the penny?" Let's fricken hope so. Usually when I get pennies as change I throw them anyways.

[cartboy519]

And people think i am wierd when i keep my pennies, and keep ones i find. Also, i think i am going to start melting my pennies down! lol

[jenky33]

my reply has nothing to do with pennies but..............


DROOOOOOOOOOOOOOLLL (over the Benelli Supernova):worship:


so cartboy do you own one? ive never owned a benelli but have been fortunate enough to shoot a few of them, and i must say i loved every round of it

[cartboy519]

Originally posted by jenky33
my reply has nothing to do with pennies but..............


DROOOOOOOOOOOOOOLLL (over the Benelli Supernova):worship:


so cartboy do you own one? ive never owned a benelli but have been fortunate enough to shoot a few of them, and i must say i loved every round of it

Actually it is a nova, and yes thats my baby! I love it and shoot skeet pretty well with it, and i haven't shot another Benelli. However i had the pleasure of shooting my cousins brand new Franchi I-12 which is pretty much the benelli SBE II.

[cavalierlwt]

I did a little research, and I have to call bullshit on the very article I started this thread with. Pennies made before 1982 were 95% copper, 5% Zinc, but since 1982 to present pennies are made of 97.6% Zinc and 2.4% copper. Also, the price of copper was over $4 per lb in May, but is back down to $2.61, Zinc is about $1.71 per pound. So, at the moment each penny is worth about....a penny.

[Namloot]

I've been saving coins of all values for *years*.

[jfmaday]

There is still a problem with pennies though. OK the materials only figure out to a penny but you need to have machines make the pennies and everything else to the point of them getting to the public. I think final cost to produce a penny is somewhere around 1.45 cents per penny. So the mint is still losing money producing those things so there is still a problem.

[cavalierlwt]

Originally posted by jfmaday
There is still a problem with pennies though. OK the materials only figure out to a penny but you need to have machines make the pennies and everything else to the point of them getting to the public. I think final cost to produce a penny is somewhere around 1.45 cents per penny. So the mint is still losing money producing those things so there is still a problem.

Spot on, we're definitely losing money minting the coin, and as metal prices fluctuate/rise it worsens and occasionally even enters the realm of 'melting down coins for a profit'

People are sentimental though, I wonder if they are prepared to let go of the penny. I think it's just a nuisance at this point, I'd be fine to see it gone.

[Porsche_997]

The end of the penny? That wouldn't make any CENTS at all!

[Sabres]

very clever Porsche

[]DP[Nuckle]

Originally posted by jenky33
my reply has nothing to do with pennies but..............


DROOOOOOOOOOOOOOLLL (over the Benelli Supernova):worship:


so cartboy do you own one? ive never owned a benelli but have been fortunate enough to shoot a few of them, and i must say i loved every round of it

I own the Benelli SBE II and I like it. I am sending it off next week to get camo put on it like the Franchi is in that picture.

Nuck