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RE: Silver of the Day #5 - Penny For Your Thoughts
Seems crazy that a coin worth 0.01 actually costs 0.03 to make. I think that was the issue with us too, so they were scrapped. Actually Brian's brother had buckets of them and he used to work at GM, so he took them there and melted them down. Not legal tender anymore ;)
That's cool about the wheat penny; I had no idea. And I get "hanging on to them because they look cool" too. That's what it's all about. You love it, so keep it.
Yeah, you'd hope that if you were going to put money into making something that it would be worth more than the cost... especially when the thing that you're making is legal tender. Whatever.
I imagine that within a few years we'll see the same thing happen in the USA. There's not much reason in a physical location to hand out pennies. I think a smart business could eliminate them already and just post a sign that says something like, "All transactions will be rounded up to the nearest nickel and the difference will be donated to ________ charity." Then every transaction, cash, check, credit card, or cryptocurrency will be rounded to a nickel and charity will be supported. It might not be the best solution, but it seems like it could work. They'd probably get a lot of positive PR from it.
Yes, once they're not legal tender, then they can be melted. I don't like the idea of melting the wheat ones though, so I'll find something else. There aren't a lot of things that I want to hang onto, so I figure I should be ok.