Monday, April 24, 2006

Making Cents?

The Saturday edition of the NY Times is the inspiration for my dervish-like spin today.

The follow are excerpts from the article written by Floyd Norris:

What happens if a penny is worth more than one cent?

That is an issue the U.S. Mint could soon face if the price of metals keeps rising. Already it costs the mint well more than a cent to make a penny.

This week the cost of the metals in a penny rose above 0.8 cents, more than twice the value of last fall. Because the government spends at least another six-tenths of a cent -- above and beyond the cost of the metal -- to make each penny, it will lose nearly half a cent on each new one it mints.

Logic would tell all of us to STOP MAKING THE PENNIES! They are a pain in the first place! Let's move on! Retire the damn penny - along with the phrase "penny candy" and "penny arcade" - outmoded, outdated, useless.

Well, we could either do that or we could cash in.

I'm thinking collecting pennies could turn into a very profitable venture. If each penny is inherently worth 40% more than it's face value, then... if we had a million dollars worth of pennies - it would be worth 1.4 million to the govt... BUT we offer to sell our pennies to Uncle Sam for 1.25 million. EVERYBODY WINS!

You are welcome.

I'm off to CoinStar - The suckers who use that are getting ripped off for 9% of their change! I'm gonna offer them a 110% value on all pennies... and still make a 15% profit! EASY STREET, here I come!


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