TLP: Don't Worry, You'll Still Be Able to Choose "Head" or "Tail"
Faithful readers will know that JDA finds the U.S. dollar to be worthless. Actually, any reader should know that. Wonder if she'll care about this ...
It costs the federal government up to nine cents to mint a nickel and almost two cents to make a penny. So, in addition to overhauling Big Finance, President Barack Obama wants to tinker with America's small change.My guess? It's a big no-brainer WTF. The more people's payment options move toward things that aren't "money," the less people care about it. Debit cards at the corner store, EZ-Pass on the expressway, FastPass on the bus, paper tickets in casino slots — The Lazy Paperboy hasn't put a coin in anything but a CoinStar machine in who knows how long.
The president's plan to save money by making coins from cheaper stuff seems simple on its face. But history shows it would rekindle an emotional debate among Americans who fear changing the composition of their currency will hurt its value.
On top of that, trade groups from the coin-laundry owners to the Zinc Association have lobbied for years to keep small change just the way it is.
Like many things produced in Washington, U.S. coins aren't what they seem. A penny is a copper-coated token made mostly of zinc. The nickel contains more copper than it does actual nickel. And no coin contains silver anymore.
If the move saves the $100 million a year the Treasury estimates, coins really will be nothing but small change.