Re: Libertarian cartoons
- From: "Eric S. Harris" <eric_harris_76@xxxxxxxxx>
- Date: Sun, 06 Sep 2009 08:26:59 -0500
Garrett Wollman wrote:
In article <oJudnQqCValrZz_XnZ2dnUVZ_g2dnZ2d@xxxxxxxxxxxxx>,
Eric S. Harris <eric_harris_76@xxxxxxxxx> wrote:
Last I checked, that isn't quite so for U.S. 1 and 5 cent coins, which are worth more as scrap metal than their face value -- so much so that it's now a crime to make the conversion.
Actually, that happened back when the clad quarter was substituted for
the silver quarter. The cent and nickel have only recently gone into
negative seignorage (and for all I know, with the drop in basic metals
prices resulting from the recession, it may well be positive again).
Yep. I was going to mention that, but it didn't seem relevant as they quit making silver "silver" coins.
For cents and nickels, they'll have to switch to cheaper metals, or use plastic, or laminated paper, or quit making them altogether, or something. If not now, soon.
Either that, or continue to destroy value by turning useful metal into coins that are worth less. Which, come to think of it, isn't as absurd as it sounds. I think they're already doing that with the dollar bill.
OOTC: Weren't there plastic coins in RAH's "The Door Into Summer"? I'm thinking a plastic coin with initials scratched on it was sent back in time a few days.
Even if metal prices have fallen a bit due to the recession, it may only been enough to eliminate the face value scrap value inversion, not to bring the manufacturing cost below their face value.
The half life of the dollar's purchasing power will continue to be sufficiently short that soon no metal will do for the 1 and 5 cent coins, ever again, short of a major economic collapse or a revaluation of the dollar. -Eric
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