Most people have unwanted collections of them gathering dust in their cars and houses. Stores leave trays of them out for the taking. Vending machines, toll booths, and many other places won't even accept them. They are worth less than the materials they contain. It costs the U.S. government many millions of dollars to produce more of them every year.
By most accounts a U.S. penny today is worth roughly one tenth of what it was 70 years ago. If nothing in 1938 needed to be priced to the tenth of a penny, then surely nothing in 2008 needs to be priced to the penny.
What's the deal with pennies?
Quote:
Originally Posted by sumpy
If this is true, then just convert all of your money to pennies. Melt them down and sell the metal for profit. (Which you would of course convert into more pennies.)
sumpy, you hit the nail right on the head. If the logic of the OP is sound, then why doesn't he capitalize on this with a simple plan reaping the rewards?
sumpy, you hit the nail right on the head. If the logic of the OP is sound, then why doesn't he capitalize on this with a simple plan reaping the rewards?
This has already been answered. Even if it were not a federal crime, the time and resources required presumably would make it highly impractical.
That's because pennies obviously are not worth less than the material they contain. Obviously if they were, people would be able/willing to capitalize on this to no end.
That's because pennies obviously are not worth less than the material they contain. Obviously if they were, people would be able/willing to capitalize on this to no end.
Assuming the process of converting pennies into pure material was completely cost-free, instantaneous, required no equipment, and wasn't illegal, I would agree.
Assuming the process of converting pennies into pure material was completely cost-free, instantaneous, required no equipment, and wasn't illegal, I would agree.
Assuming the process of converting pennies into pure material was completely cost-free, instantaneous, required no equipment, and wasn't illegal, I would agree.
But that's fixed in the price. If you have an iron ore, for instance, the worth of the ore isn't exactly equal to the worth of the iron inside.
