/biz/ - Business & Finance

>>10911264
Pennys can be used a million times, the cost is only once.

lmao it's subsidized for the poor

JUST

>>10911264
Instant 1.9x Buy pennies and sell them back to goobmint. They save 5%

>boo-hoo it costs twice of this imaginary unit to create a token to represents one of the imaginary unit

>>10911366
>fiat is imaginary, invest in gold
>which you have to buy with fiat
>because the miners are paid in fiat
wow, really made me think

>>10911273
/biz/ everyone

>>10911381
all im saying is the "cost" of producing money is bull. there's no cost.

it's like someone creating 1 banana at the cost of 2 bananas. it's just not a thing unless you make it a thing in your brain.

>>10911409
But that's wrong. You need metal, machinery, operators, and service technicians to operate a mint. If you are paying $1.5 for $1 worth of pennies then you are essentially subsidizing coins.
If it takes 20 cents to make a dollar bill but 1.5 cents to make a penny, why would we not get rid of the penny?

>>10911386
He's not wrong though.

>>10911264
>What's the point of keeping the penny then
Imagine being this dense. Do we blame Common Core? Obama? His parents? #smdh @federalreserve #gayasthedayislong

>>10911264
>exchange all your money for pennies
>sell pennies to metal dealer for higher price
is this possible /biz/?

>>10911657
Illegal

>>10911718
how about melting them beforehand and selling the copper to a scrap dealer ?

>>10911722
Also illegal. Also, try to remove a layer of copper then melt steel. Youd need acid to remove the copper layer, then bath the pennies into a base solution. This would be a slow process because neutralizing acid creates a ton of heat so you cant just dump everything in baking soda. Then you need to separate your pennies in years because they definitely dont use the same steel every year and prior to whatever date, they were all copper. So now you have mounds of steel that you want to melt so that the pawn buys it because he wont buy illegal products. Steel melts at 2200°C, which is a lot more than your barbecue. You would need something akin to an arc furnace or make a legitimate coal furnace which is absolute cancer to make and will scrap your carbon content so your should go electric. How do you make an arc furnace you ask? You can make the small one by grant thompson but have fun melting 2 ton of steel in that small shit, you need to figure a way to make a large, large furnance that can hold at least 1-2kg of material. If you manage to do all of this, without getting caught, good luck turning profit on this. A better alternative is to pick pennie made of copper and melt then, thats easy and more profitable.

>>10911264
Basically due to inflation, we should just reset our currency back to neutral, just divide all value by 10

>>10911718
But is it possible

>>10911264
Canada got rid of the penny for the same reason.

Transactions in cash are rounded to the nearest nickel, digital transactions are obviously not affected

There was no effect on prices / the economy, and the mint saved a lot of money, and we don't have to manage these stupid worthless tokens anymore

>>10911473
taxes for point of sale cash transactions. Still, the Eurocucks managed to get rid of the .01 euro piece pretty well. I don't know if we should use them for a model for our behavior however

>>10912570
It’s not even copper, it’s zinc plate over steel that sorta looks like copper. Compare an old penny from ~1980 and one from today if you don’t believe me.

>>10913231
No its copper plate over zinc

>>10912570

are you aware large arc furnaces are at work 24 hours a day melting whole junk cars (and the pennies suck between the cushions?)

>>10913210
>This
I live in Michigan which has a 6 percent sales tax. So either the state loses money and and lowers in to 5 percent or they raise it to 10. We all know the government isn’t interested in losing tax money so this hurts the tax payer.

>>10913304

i dunno what you fags are banging on about

anyone who believes in precious metals is buying the shit out of pennies

it's undervalued raw materials my nigs

>>10913304
No, it's a zinc plate over copper.

>>10912913
>There was no effect on prices / the economy
False, it caused slight inflation. We just didn't notice it because inflation was low already.

>>10912913
I still have over a hundred or so sitting in a drawer. I'm waiting for a good time to huck pennies at hookers again.

>>10913231
Ah yes it could be zinc, but I am positive there is a copper plating. I know about canadian pennies, not american ones to be fair. I do know some years have zinc but otherwise they are steel. Anyways, if it is zinc then melting is easy (650 °C if I recall) however it is not safe to breathe.

>>10913310
>"hi I just want to use your large arc furnace to melt my pennies illegally, is that ok with you sir"
Anyways if its zinc you can do it at home with a propane furnace.

>>10913324
Is that why it sticks to a magnet?

>>10911273

>>10911722
Modern pennies are worth more than one cent because of the labor involved. If you want to arbitrage the price of the metal versus the face value of the coin, you should hoard nickels and pre-1982 pennies, which are copper instead of the zinc used in today's pennies.

But as >>10911718 and >>10912570 state, a fairly recent law (past 10 years I believe) made it a felony to melt down U.S. coins for scrap metal. But in a highly inflationary environment, hoarding tons of nickels and pennies is a great hedge. If commodity prices crap out, you can get the face value of the coins; if commodity prices skyrocket, you can sell the coins for the scrap metal value that is higher than the face value of the coins.

>>10911264
Sounds like Bitcoin.

>>10913317
Only retards are doing it. You can melt the penny on a stove top and see for yourself that the pennies are made from pure copper.

>>10915578
are not made*

>>10911264
Thanks, just bought 100k.