Re: Penny Controversy




"Tony Clayton" <tony.clayton.1962@xxxxxxxxxxxxx> wrote in message
news:ef5e1e4c4e%tony@xxxxxxxxxxxxxxxxxxxxxxx
In a recent message Joe Fischer <joefischer@xxxxxxxxxxxxxxxxxxxxx> wrote:

On 24 Jul 2006 08:15:12 -0700, dwheeler@xxxxxxxx wrote:

The debate over continuing mintage of cents continues.

Would eliminating the cent from coinage be such a bad thing?

Of course. All things considered, it could be
a disaster, the scope of implementing the "elimination"
is far beyond anything ever attempted.
The number of cents currently "in circulation"
may exceed the total number of coins of all denominations
of all the other countries in the world (unless China has
more coins than I can imagine).
It would be far more sensible to just stop minting
cents in 1909, and not pass any legislation at all about
what merchants must or can do.
There is not enough room in mint or FRB vaults
to store them all.

Why store them? The older cents are bronze, and the newer
ones are copper plated zinc, which makes brass if melted.

Not exactly. Brass is an alloy of copper and zinc, it is true, but copper
has to be the dominant ingredient by far. A copper-plated zinc cent is
99.2% zinc. Melt one down, and you end up with slightly impure zinc, not
brass.

Mr. Jaggers


.



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