Sure, the bankers thought I was crazy because they hadn’t heard of this subject yet, but they were polite and even helped me carry the 5 boxes (weighing 22lbs each) to me car. They arrived three days later in rolls which are in boxes of $100 face value. I called my bank and ordered $500 worth of nickels. Back up the truck and buy all you can while they are on sale!Īnyone can buy as many nickels as they want right now because it is legal currency. If the government wants to subsidize my purchase of copper and nickel by making then into a coin and declaring by FIAT that is MUST be worth 5 cents, then shame on them. Without gold and silver money the only way to protect yourself from government theft via deliberate inflation is to buy metal or other tangible assets. The offenders are the people running the government and the federal reserve!!! So Uva, instead of proposing more restrictions on the American citizens, why are you not proposing a return to sound money in the form of gold and silver? The offenders here aren’t American Citizens. Shame on them for giving the power to produce money to a PRIVATE (for profit) bank known as the federal reserve. Shame on them for violating the Constitution which mandates only the use of gold and silver coinage as money. So I hoard metal shamelessly and declare it proudly! In fact, shame on THEM for stealing our wealth with an unconscionable, and invisible inflation tax which has the worst impact on the poor and uneducated. So much so that since the last silver quarters and dimes were circulated as money in 1964 they have gone up in value 24X when compared to the US Dollar. The problem is that the government is printing so much money that inflation is shrinking the value of the dollar. Last year, the United States Mint shipped a total of $777.6 million in circulating coins, which earned $427.8 million in offense but what you are proposing is stupid, fascist and unenforceable. The gains from other denominations more than made up for this amount. In the most recent fiscal year, the US Mint lost a combined 22 million on production of the cent and nickel. Historical Cost of Producing the Nickel Fiscal YearĪlthough producing and distributing cents and nickels has generated losses each year, the gains from other denominations more than make up for the losses. Historical Cost of Producing the Penny Fiscal Year The current composition of the nickel is 75% copper and 25% nickel. The current composition of the cent is 2.5% copper and 97.5% zinc. Since 2006, it has cost more than face value to produce the cent and nickel due to the increased costs of base metals. Amounts earned through seigniorage are transferred to the United States Treasury General Fund. Seigniorage arises from the difference between the face value and the cost to manufacture and distribute the coins. The Mint recognizes revenue based on the face value of coins as they are shipped. The United States Mint produces and issues coins for circulation, which are distributed through the Federal Reserve Banks in quantities needed to replenish inventories and meet the needs of commerce. The cost of the coins was recently 1.62 cents to produce each penny and 5.79 cents to produce each nickel. For the past four years, it has cost the United States Mint more than face value to produce the penny and the nickel.
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