Privatize Pennies??

Heres an idea.... Why not allow the private mintage of circulating One cent coins by private parties, and allow them as legal tender. In fact, the government could sell rights to coin ten million "Hillary for president cents", or a hundred million "Apple Computer" pennies.
Only restriction is that they buy a standard planchet supplied by present suppliers.
The Mint wouldnt have to coin any more pennies. Private industry would.
Imagine the Advertising Potential, and the collectors....what a field day
It would be much the same as 1863 when a wde variety of one cent federal and private coins were accepted as legal tender.
Only restriction is that they buy a standard planchet supplied by present suppliers.
The Mint wouldnt have to coin any more pennies. Private industry would.
Imagine the Advertising Potential, and the collectors....what a field day
It would be much the same as 1863 when a wde variety of one cent federal and private coins were accepted as legal tender.
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I mean, what if you saved for retirement your whole life, and then when you retired, you could actually stop working?
Nah, it's just a pipe dream.
I knew it would happen.
who knows ....just a saturday afternoon thought
I'd have said that was crazy, but history has proven otherwise, with the Hard Times and Civil War tokens.
I really like the idea the more I think about it, but heck, I'm a coin dweeb. The general public might have an entirely different reaction. But if the government gave the nod, and basically said something along the lines of, "OK, we're done making cents- y'all can do it now- just keep 'em this size and struck in this metal, and it's OK with us", then... who knows?
<< <i>I would think they'd have to stick to one standard composition and diameter for the "cents" to be recognizable. Perhaps an aluminum token the size of the current cent? Beyond mandating the size and/or composition, Uncle Sam could wash his hands of the whole affair and save some money.
I really like the idea the more I think about it, but heck, I'm a coin dweeb. The general public might have an entirely different reaction. But if the government gave the nod, and basically said something along the lines of, "OK, we're done making cents- y'all can do it now- just keep 'em this size and struck in this metal, and it's OK with us", then... who knows? >>
If I'm not mistaken I read a recent article in CW where 40% of the U.S. Mint's production capacity is used to mint Cents at a loss. The Cent costs about 2 cents to manufacture. We taxpayers could save a lot if Uncle Sam privatized cent produciton and distribution.
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From a numismatic perspective I like it but not sure how I view it otherwise as I am already bombarded with advertising everywhere else.
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