Thread View: misc.invest
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Started by Tarapia Tapioco
Tue, 06 Jul 2004 18:49
The INFLATED Penny
Author: Tarapia Tapioco
Date: Tue, 06 Jul 2004 18:49
Date: Tue, 06 Jul 2004 18:49
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Will the penny be the big catalyst that will finally wake up the public, and drive gold and silver prices upwards? Maybe. It will soon cost more than a penny to make a penny--again. Last time this happened, they started making zinc pennies, since zinc was cheaper than copper. That was in 1982. And they have already debased the penny as far as they can, now it's 95% zinc. What is cheaper than zinc? Lead? But lead is only slightly cheaper, and much heavier, and poisonous, and that would not work. This may be it, we could reach a breaking point here. Surveys show that the public hates the idea of giving up the penny, and if we do, it's proof that inflation has run it's course, and gone as far as it can go. Cost of production for the penny: FY1999: .00835 or $8.35 per thousand pennies (production and distribution) FY2000: .00821 or $8.21 per thousand pennies (production and distribution) FY2001: .00800 or $8.00 per thousand pennies (production and distribution) FY2002: .0089 or $8.90 per thousand pennies (production and distribution) FY2003: .00986 or $9.86 per thousand pennies (production and distribution)
Re: The INFLATED Penny
Author: Bob Flaminio
Date: Tue, 06 Jul 2004 20:44
Date: Tue, 06 Jul 2004 20:44
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Paul Anderson wrote: >> Surveys show that the public hates the idea of giving up the penny, >> and if we do, it's proof that inflation has run it's course, and gone >> as far as it can go. > > Oddly, while most people are opposed to eliminating pennies, most > people don't use them! > > Once they're gone, I bet almost no one will miss them. Especially that idiot who saved one million of 'em. -- Bob
Re: The INFLATED Penny
Author: Paul Anderson
Date: Tue, 06 Jul 2004 21:25
Date: Tue, 06 Jul 2004 21:25
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In article <a1b97b63aa5ec495847db774e49ac91f@firenze.linux.it>, Tarapia Tapioco <comesefosse@ntani.firenze.linux.it> wrote: > Surveys show that the public hates the idea of giving up the penny, > and if we do, it's proof that inflation has run it's course, and gone > as far as it can go. Oddly, while most people are opposed to eliminating pennies, most people don't use them! Once they're gone, I bet almost no one will miss them. And those who want to use them can reach into their jars of pennies at home and spend them to their hearts' content. Paul -- Paul Anderson OpenVMS Engineering Hewlett-Packard Company
Re: The INFLATED Penny
Author: A You
Date: Sun, 11 Jul 2004 02:21
Date: Sun, 11 Jul 2004 02:21
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> It will soon cost more than a penny to make a penny--again. Last > time this happened, they started making zinc pennies, since zinc was > cheaper than copper. That was in 1982. And they have already > debased the penny as far as they can, now it's 95% zinc. What is Gosh ! A penny is 97.5% zinc and 2.5% copper ? When was that done ? The price of copper is way up and any penny that is 100% copper should be held onto...
Re: The INFLATED Penny
Author: A You
Date: Sun, 11 Jul 2004 03:00
Date: Sun, 11 Jul 2004 03:00
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> Gosh ! A penny is 97.5% zinc and 2.5% copper ? > > When was that done ? > > The price of copper is way up and any penny that is 100% copper should be > held onto... Okay, the pre-1982 penny is 95% copper and 5% zinc. I find a price of copper at $1.25 a pound and find a measured weight of the penny at 3.1g. So the pre-1982 penny has $0.0081 worth of copper in it...and of course a face value of $0.01 .
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