U.S. mint bans melting nickels and pennies.Inflation has diminished di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. the purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. of our money to such an extent that nickels
Nickels is a gambling coin game played with any desired denomination of coins. and pennies are now worth more melted down than their face value. The metal in a nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. costs the U.S. Mint 6.99 cents and the metal in a penny costs the Mint 1.12 cents. When the production costs are figured in, the Mint spends a total of 8.34 cents for every nickel it produces and 1.73 cents for every penny. What to do? When dimes and quarters containing silver became too expensive to produce back in the '60s, the government responded by taking the silver content out of dimes and quarters. The "old" silver dimes and quarters soon disappeared from circulation for their face value, and many of them have since been melted down for their silver content. But so far as we know, the U.S. Mint does not plan to cheapen cheap·en v. cheap·ened, cheap·en·ing, cheap·ens v.tr. 1. To make cheap or cheaper. 2. the modern-day nickels and pennies. Nor does it plan to stop producing nickels and pennies--a step that would make all too obvious the extent to which the government has destroyed the purchasing power of our money through inflation. Instead, in December the U.S. Mint has issued a new "interim" rule making the melting of pennies or nickels punishable pun·ish v. pun·ished, pun·ish·ing, pun·ish·es v.tr. 1. To subject to a penalty for an offense, sin, or fault. 2. To inflict a penalty for (an offense). 3. by up to five years in jail and up to a $10,000 fine. After reviewing public comments, the Mint will issue the final rule. "We are taking this action because the nation needs its coin age for commerce," Mint Director Edmund Moy said in a December 14 statement. "We don't want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer." Moy's statement ignores the fact that it was the government that took advantage of the American taxpayer by destroying the currency's purchasing power to such an extent that the metal in nickels and pennies is now worth more than the coins' face value. |
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