Why isn't the Treasury doing anything to get cents out of hiding?

291fifth · April 27, 2007 4:29AM

There are billions and billions being hoarded. Rather than losing money making new cents it seems that expending some effort to get the hoarded cents back into circulation is what's called for today.

itsnotjustme · April 27, 2007 4:32AM

Maybe they could offer 1.5 cents for each!

Cladiator · April 27, 2007 4:33AM

Say you had 500 rolls of cents in your hoard. What would it take the government to do, to get you to spend those cents?

StrikeOutXXX · April 27, 2007 4:38AM

<< Say you had 500 rolls of cents in your hoard. What would it take the government to do, to get you to spend those cents? >>

Not all areas have free coin counting machines, maybe have a few roaming RV's/Semi Trailers with coin counters and tour the country advertising free coin redemption. Throw in some cheezy grab bag of trinkets and literature of all the mint products and have a small gift booth set-up with mint products, and it would pay for itself, along with getting a boat-load of cents back into circulation (which instead of re-minting them, would really pay for itself).

basestealer · April 27, 2007 4:39AM

Perhaps banning the melting and export of pennies was not enough. I think we need confiscation. Not just copper, but gold and silver coins too. It's definatley possible under one of the many Homeland Security or Patriot Act provisions. There is simply no reason why any American needs more than 4 cents on thier person or in their possession. No need for more than 1 nickel, either, or 2 dimes, or 3 quarters. Think about it. They mint demoninations for a reason, not so that you can collect and hoard an inordinate amount of any single one--but to share, and participate by making change with all the alternatives available to you. Remember folks, collecting coins is only patriotic when the government is making money minting them. It's terroristic to hoard them now that base metals have increased beyond their face value. Your hoards are fueling the drug, terrorist, and immigration rackets. I'm serious, now. Don't be a combatant, be a patriot, haul your hoards to Wells Fargo and self-surrender. FEMA camps are waiting with warm sheets and bread.

Barry · April 27, 2007 4:39AM

Maybe they realize how stupid cents are, but know they are powerless to stop making them.

291fifth · April 27, 2007 4:44AM

My recollection is that the Treasury actually had a plan to get cents back into circulation in the late 60's or early 70's. I seem to recall certificates being awarded.

cladking · April 27, 2007 4:46AM

They may fear anything they do to draw attention to the situation will cause more hoarding.

flaminio · April 27, 2007 4:52AM

They're being hoarded, but not for value; rather, for lack of value. A cent's life typically goes like this: Mint > Fed > Bank > Merchant > Consumer > Jar. That's not real circulation.

Cents have long exceeded their usefulness. Make 2009 the last year of them -- Lincoln bicentennials, and then no more.

ttown · April 27, 2007 4:53AM

How about a "trade you cents for guns" promotion? That should do it.

tahoe98 · April 27, 2007 5:38AM

<< They're being hoarded, but not for value; rather, for lack of value. A cent's life typically goes like this: Mint > Fed > Bank > Merchant > Consumer > Jar. That's not real circulation.

Cents have long exceeded their usefulness. Make 2009 the last year of them -- Lincoln bicentennials, and then no more. >>

but our gov can't see things that make sense.................or is it cents

Enjoymint · April 27, 2007 6:29AM

<< Say you had 500 rolls of cents in your hoard. What would it take the government to do, to get you to spend those cents? >>

Free coin exchange machines.

mrpotatoheadd · April 27, 2007 6:32AM

<< A cent's life typically goes like this: Mint > Fed > Bank > Merchant > Consumer > Jar. >>

Or this...

Mint > Fed > Bank > Merchant > Consumer > Mini-mart parking lot

InYHWHWeTrust · April 27, 2007 7:22AM

<< Or this...

Mint > Fed > Bank > Merchant > Consumer > Mini-mart parking lot

>>

Our 7 year-old is a cent (and other denom's) recovery expert and has been officially keeping his finds in a piggy back since 12/1/06. [We estimated he recovered about $25.00 in found change the year before that] On 12/1/07, the piggy bank will be opened... then the following progression:

Mint > Fed > Bank > Merchant > Consumer > Mini-mart parking lot /Target or Walmart floor under cashier's feet / CoinStar reject bin> My son's piggy bank > CoinStar machine >.. whereever they go from there.

The suspense is killing him to dump 'em into that CoinStar machine

Don

Edited to add: as much as I am fond of Lincolns as they were my entry to this hobby, I vote for them ending at 2009.

Newcomp103 · April 27, 2007 8:15AM

<< A cent's life typically goes like this: Mint > Fed > Bank > Merchant > Consumer > Jar. >>

Have you been spying on me?

lathmach · April 27, 2007 8:49AM

You can't blame me, I'm doing my share to get em back into circulation.
On Thursday or Friday evenings when the grocery stores are the busiest. I take my big jars of pennies down and go shopping.
When I check out I carefully count out the $40 to $50 bucks needed to pay for my things with pennies.
Then I ask the clerk to count them to double check me.

Ray

mercurynut · April 27, 2007 8:52AM

Pay me melt and I will turn in my $900+ in cents in water juggs.

drwstr123 · April 27, 2007 9:00AM

"FEMA camps are waiting with warm sheets and bread."

Now, let us go to a happy place and think good thoughts.

Texast · April 27, 2007 6:35PM

Check with your local bank, there was a time in the early 70's when they would pay a premium for them in quantity, plus they ran them through their counting machine.

itsnotjustme · April 27, 2007 7:02PM

The US Military Exchange stores in Europe have eliminted the cent from thier cash trasactions. If you pay cash, all transactions are rounded to the nearest 5 cents. Works great. I have never been upset at paying two cents more for my purchse, nor have I jumped for joy when getting it two cents cheaper.

I agree. Let 2009 be the last year the US produces a cent. Write your Congressman today!

brenda · April 27, 2007 7:17PM

<< Perhaps banning the melting and export of pennies was not enough. I think we need confiscation. Not just copper, but gold and silver coins too. It's definatley possible under one of the many Homeland Security or Patriot Act provisions. There is simply no reason why any American needs more than 4 cents on thier person or in their possession. No need for more than 1 nickel, either, or 2 dimes, or 3 quarters. Think about it. They mint demoninations for a reason, not so that you can collect and hoard an inordinate amount of any single one--but to share, and participate by making change with all the alternatives available to you. Remember folks, collecting coins is only patriotic when the government is making money minting them. It's terroristic to hoard them now that base metals have increased beyond their face value. Your hoards are fueling the drug, terrorist, and immigration rackets. I'm serious, now. Don't be a combatant, be a patriot, haul your hoards to Wells Fargo and self-surrender. FEMA camps are waiting with warm sheets and bread. >>

Exactly, hoarding is anti-social, Exactly why I do it !!! To get even with the world, let them just try and take my pennys and coins, they can just kill me now. Each store or service is out there to try and steal your wealth usually for a worthless product. Supermarkets are a perfect example, I rather starve than spend my wealth. They can keep there $3.79 Hellman's mayo, I rather keep and hoard the cash, then I become in charge and I'm in control.

basestealer · April 27, 2007 7:23PM

I'm glad you brought up the mayo, especially Hellman's (Best Foods for the west coasters). Hellman's is better than Kraft, and I'm not just saying that because I artificially tone coins with it--I also use it on my bologne sandwiches.

brenda · April 27, 2007 7:30PM

the mayo was the first thing that came to mind.

DBSTrader2 · April 27, 2007 10:44PM

The talk in this thread is about how senseless it is to keep producing pennies, etc.............. but does anyone think writing to our congressmen will achieve anything even approximating common sense?

After all, these are the same idiots who included in their legislation the requirement to continue to mint a ratio of Sac dollars for every new Presidential dollar coin minted - - just so they can go and languish in some Fed vault somewhere never seeing the light of day, adding to the economy or money supply, or bringing in any seignorage............ just a complete waste of the entire mining, smelting, minting, storage, distribution, etc chain......

Better they should have taken those same resources/metals/money and fashioned them into better armor for our men & women over in Iraq.................

sonoranmonsoon · April 27, 2007 10:45PM

<< They're being hoarded, but not for value; rather, for lack of value. A cent's life typically goes like this: Mint > Fed > Bank > Merchant > Consumer > Jar. That's not real circulation.

Cents have long exceeded their usefulness. Make 2009 the last year of them -- Lincoln bicentennials, and then no more. >>

The reason why the government does not want to put all the hoarded cents into circulation is obvious to me. The Jar manufacturing lobby is spending big bucks to prevent it from happenning. Without hoarding of pennies, there would be a massive over supply of jars. The jar companies would have to slow or stop manufacturing. This would lead to job layoffs. Then reccession. Then anarchy. Do we really want to let this happen? My slogan is: Save a penny, create a job!

Why isn't the Treasury doing anything to get cents out of hiding?

Comments

Leave a Comment