Comments on: Chicago Fed: Could the Penny Be Worth Five Cents? http://www.consumerismcommentary.com/2007/01/24/chicago-fed-could-the-penny-be-worth-five-cents/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Philip http://www.consumerismcommentary.com/2007/01/24/chicago-fed-could-the-penny-be-worth-five-cents/#comment-81922 Philip Sun, 04 Feb 2007 06:39:37 +0000 http://www.consumerismcommentary.com/2007/01/24/chicago-fed-could-the-penny-be-worth-five-cents/#comment-81922 Sorry about the 5 typos. Sorry about the 5 typos.

]]> By: Philip http://www.consumerismcommentary.com/2007/01/24/chicago-fed-could-the-penny-be-worth-five-cents/#comment-81920 Philip Sun, 04 Feb 2007 06:38:13 +0000 http://www.consumerismcommentary.com/2007/01/24/chicago-fed-could-the-penny-be-worth-five-cents/#comment-81920 I've read that thsiis Veldes attempt to protect the Nickel as well as the penny, but don't see how. Regardless of the value of the penny adn the number fo five cent pieces in curculation, if the nickel is worth melted, people will melt. But if they do this to the penny...$1 million in pennies becomes $5 million, wow. Pennies are looking like a nice investment. %400 gain overnight aint bad. I’ve read that thsiis Veldes attempt to protect the Nickel as well as the penny, but don’t see how. Regardless of the value of the penny adn the number fo five cent pieces in curculation, if the nickel is worth melted, people will melt. But if they do this to the penny…$1 million in pennies becomes $5 million, wow. Pennies are looking like a nice investment. %400 gain overnight aint bad.

]]> By: Global Investor http://www.consumerismcommentary.com/2007/01/24/chicago-fed-could-the-penny-be-worth-five-cents/#comment-80647 Global Investor Sat, 27 Jan 2007 11:36:35 +0000 http://www.consumerismcommentary.com/2007/01/24/chicago-fed-could-the-penny-be-worth-five-cents/#comment-80647 It's an interesting solution, but would create such a flux in the economy. How can you balance the effect on the penny versus the nickel? I think they should stop making pennies, and keep the value the same. It’s an interesting solution, but would create such a flux in the economy. How can you balance the effect on the penny versus the nickel?

I think they should stop making pennies, and keep the value the same.

]]> By: Flexo http://www.consumerismcommentary.com/2007/01/24/chicago-fed-could-the-penny-be-worth-five-cents/#comment-80256 Flexo Wed, 24 Jan 2007 15:23:53 +0000 http://www.consumerismcommentary.com/2007/01/24/chicago-fed-could-the-penny-be-worth-five-cents/#comment-80256 Well it would discourage people from melting down pennies if they're worth 5c each in coin form. The Congress will likely do what they have done in the past -- change the composition of the coin to contain less valuable metal, like steel. They've already made melting coins illegal, which they've done in the past around the time coins were rebased, according to the Fed letter. Well it would discourage people from melting down pennies if they’re worth 5c each in coin form.

The Congress will likely do what they have done in the past — change the composition of the coin to contain less valuable metal, like steel. They’ve already made melting coins illegal, which they’ve done in the past around the time coins were rebased, according to the Fed letter.

]]> By: Nick http://www.consumerismcommentary.com/2007/01/24/chicago-fed-could-the-penny-be-worth-five-cents/#comment-80251 Nick Wed, 24 Jan 2007 14:49:02 +0000 http://www.consumerismcommentary.com/2007/01/24/chicago-fed-could-the-penny-be-worth-five-cents/#comment-80251 I hope they do this so the value of my piggy bank quintuples! Seriously, if this happened, wouldn't there be a mad rush to grab pennies? And those already hoarding would earn three times more per penny than if they melted them down. I hope they do this so the value of my piggy bank quintuples!

Seriously, if this happened, wouldn’t there be a mad rush to grab pennies? And those already hoarding would earn three times more per penny than if they melted them down.

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