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Say Goodbye to the Penny and Nickel

 
Anonymous Coward
User ID: 13490739
United States
07/31/2012 09:14 AM
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Say Goodbye to the Penny and Nickel
Mint begins trial strikes in composition tests Exploring replacement metals for the Penny and Nickel.


The United States Mint began producing trial strikes in December at the Philadelphia Mint using nonsense dies to test potential compositional replacements for current circulating coinage alloys.

The test strikes were produced as part of a two-year research study seeking alternative metals to reduce production costs.

Additional trial strikes are scheduled to be conducted in February or March at the Philadelphia Mint, according to Tom Jurkowsky, director of the U.S. Mint’s Office of Public Affairs.

Jurkowsky did not disclose what possible composition alternatives are being studied, only to say that many of the alternatives being looked at as viable candidates are currently in use in other countries for coinage.

The Mint has been battling the rising costs of copper, zinc and nickel that for the past five years have kept the combined metal acquisition, production and shipping costs for the cent and 5-cent coin above face value for each coin. The U.S. Mint’s recently released annual report for Fiscal Year 2011 noted that the cost to produce the copper-plated Lincoln cent is 2.41 cents, while that for the copper-nickel Jefferson 5-cent coin is 11.18 cents.

The alternative metals study, examining all circulating coin denominations is being conducted under provisions of the Coin Modernization, Oversight and Continuity Act of 2010, signed into law by President Obama on Dec. 14, 2010. The act not only gives the Mint authority to examine new compositions for the cent and 5-cent coin, it also extends the alternative metals study to encompass all circulating coin denominations.


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[link to www.coinworld.com]

Last Edited by SHR on 07/31/2012 09:49 AM
Anonymous Coward
User ID: 20871277
United States
07/31/2012 09:28 AM
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Re: Say Goodbye to the Penny and Nickel
bump
Anonymous Coward
User ID: 19131216
Canada
07/31/2012 09:32 AM
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Re: Say Goodbye to the Penny and Nickel
LOL..

Here in Kanuck land, they are getting rid of the penny and have already changed the chemical composition of the quarter and loonie so they can produce it cheaper.

Only thing is, the majority of vending machines will not except the new quarter due to it's weight and composition.
Looks like it will cost the taxpayers more $$ to retrofit the new machines. We had the same issues with the new plastic money we now have. The bank machines couldn't dispense them..

What a joke this is!!
Anonymous Coward
User ID: 20897224
United States
07/31/2012 09:36 AM
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Re: Say Goodbye to the Penny and Nickel
Der..... the article admits that the penny is already 99.2 percent zinc with just enough of a copper plating to keep up appearances, so who cares? The penny as we knew it is ALREADY GONE.
Anonymous Coward
User ID: 16520024
United States
07/31/2012 09:39 AM
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Re: Say Goodbye to the Penny and Nickel
Mass Inflation Ahead -- Save Your Nickels!
[link to www.survivalblog.com]
Anonymous Coward
User ID: 20971331
United States
07/31/2012 09:45 AM
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Re: Say Goodbye to the Penny and Nickel
LOL..

Here in Kanuck land, they are getting rid of the penny and have already changed the chemical composition of the quarter and loonie so they can produce it cheaper.

Only thing is, the majority of vending machines will not except the new quarter due to it's weight and composition.
Looks like it will cost the taxpayers more $$ to retrofit the new machines. We had the same issues with the new plastic money we now have. The bank machines couldn't dispense them..

What a joke this is!!
 Quoting: Anonymous Coward 19131216


your coins are so bad, the features can be rubbed off

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