Thursday, November 1, 2007

Hotter Than One Red Cent

Still Makes No Cents.
A few days ago I wrote about members of congress (isn't that the opposite of progress?) trying to make the penny disappear altogether. (See "Makes Perfect Cents" posting below dated 10/26/2007). Well, as though that posting were prophetic, they're on the warpath again and I don't mean just Indian head pennies or wheat pennies or even henny pennies, but ALL pre-1982 pennies. Zack Space, which sounds like a blog but isn't, an Ohio solon wants to overturn a US Treasury ban on melting down pennies for their copper content. With copper prices squeezing the heck out of $ 3.50 per pound - nearly triple what it cost four years ago, it now costs nearly two cents for every penny minted. If the ban were liften and pennies were melted it would cost an estimated $ 1 billion in losses per day to mint replacements.
But that doesn't matter to the good solon. A company in his district would benefit from the meltdown by employing some 30 workers. Wow! Talk about penny rich and pound foolish. The Ohio Representative and his Space Cadets claim the meltdown would actually SAVE money but he's not sure exactly how.
With the Euro, Canadian dollar, and most other world currencies passing the good old American buck in value, looks like we're trying to create a situation in which the only thing of value left to coin will be a phrase.
Dr. Forgot

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