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Started by Spht, April 01, 2005, 12:54 PM

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UserLoser.

No more gold, silver, or copper (well, pennies are copper)?

Spht

In Canada, common currency consists of bills and coins, champ.

Thing

I like the Crown Royal bag hanging from this guys belt.  That's just too classy.

http://www.worldofwarcraft.com/info/underdev/images/pandaren-xpress/px-deliveryboy.jpg
That sucking sound you hear is my bandwidth.

UserLoser.

Quote from: Spht on April 01, 2005, 02:21 PM
In Canada, common currency consists of bills and coins, champ.

In USA, common currency consists of bills and coins, champ.

hismajesty

Quote from: UserLoser on April 01, 2005, 01:35 PM
No more gold, silver, or copper (well, pennies are copper)?

No, pennies aren't.


hismajesty

Yes, but they're not pure copper their copper coated. They used to be all copper until the cost of making one was more than $0.01. We did a lab in Chemistry at the beginning of the year to determine it.

Adron

Quote from: UserLoser on April 02, 2005, 12:33 AM
http://www.pennies.org/pennyfacts.html

Haha, that's one funny site. We abandoned the coin equivalent in value to a penny some 15 years ago or so.

Look at these reasons for keeping them:

Quote
The importance of preserving the penny goes well beyond high public acceptance and historical significance. The penny makes a profit for the government. It only costs .7 cents to make; consequently, the U.S. Mint receives a .3 cent bonus on each penny produced. This "seignorage" reduces funds the government must borrow to finance the deficit. In the last 15 years, these profits from the penny have earned the Treasury over $500 million.


Quote
In 1994, production of the penny generated over $40 million in revenue for the Treasury, which the government posts as a profit. (Revenue is a result of seigniorage - the difference between the face value of the coin and the costs of its mintage.)

In 1994, the U.S. Mint produced over 13 billion pennies to meet broad public demand.

The penny costs only .7 cents to make, so the Treasury makes .3 cents on each penny minted.
 
In the last 15 years, seigniorage from the penny has earned the Treasury over $500 million.

Eliminating the penny would increase government borrowing to finance the deficit and increase the deficit by almost $4 million a year; there would not be budget savings.

With its substantial manufacturing volume, the Mint's penny production supports metals, mining and related industries. Tax payments from these supporting industries to the government would be lost if the cent was not produced.


Makes you wonder why they don't replace the penny with $100 bills, which would surely generate a larger profit per bill produced. They could solve the budget deficit problem in no time! :P

Rule

#9
Before 97 or 98, Canadian pennies used to be about 98% copper.
http://www.pennycollector.com/faq.html
Click "Can I use Canadian Pennies?"

Apparently in the states, pre-1982 pennies were about 95% copper.

hismajesty

An online publication is better than science?

I was referring to modern day pennies.

UserLoser.

Quote from: hismajesty[yL] on April 02, 2005, 04:37 PM
An online publication is better than science?

I was referring to modern day pennies.


Quote
The composition of the penny is 97.5% ... copper.

hismajesty

Nice one. Now for the real quote:

QuoteThe composition of the penny is 97.5% zinc and 2.5 % copper.

Joe[x86]

If you would mind getting back on topic *cough* userloser *cough* trust *cough*, this was an April fools joke.
Quote from: brew on April 25, 2007, 07:33 PM
that made me feel like a total idiot. this entire thing was useless.

UserLoser.

Quote from: hismajesty[yL] on April 03, 2005, 05:54 AM
Nice one. Now for the real quote:

QuoteThe composition of the penny is 97.5% zinc and 2.5 % copper.


Still copper, no?