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Old July 7th 06, 08:41 PM posted to rec.collecting.coins
Fred Shecter
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Posts: 268
Default A penny saved could become a penny spurned

Jim Kolbe announced that he is not running for re-election.

He is "retiring".

You are incorrect.

Neener, neener.

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"Joe Fischer" wrote in message
...
On Fri, 7 Jul 2006 12:52:50 -0400, "Jim Higgins"
wrote:

A penny saved could become a penny spurned
http://www.usatoday.com/money/2006-0...nny-usat_x.htm


Thanks for posting that, I enjoy reading what totally
clueless people write, and news reporters are pretty much
clueless to start with.

But rumors are driven by people being clueless,
a man told me yesterday that an aluminum extension
ladder could be cut in 3 foot lengths and sold as scrap
for about $80, even though it obviously only weighed
about 40 pounds and would probably be classed as
"light aluminum".

The mint can take a number of actions, rounding
legislation is not needed, there are plenty of pennies,
and nobody really cares, Kolbe needs the hype to get
his name heard so he can get reelected (what years did
he promote this garbage the last few times?).

The ammunition for the article was probably the
spot price for unadulterated zinc in May, which was close
to $2 a pound, but it is $1.51 now, and the futures market
has it at $1.25.
For zinc contaminated with copper and corrosion,
chances are the melt price will never be more than half
of the spot market for clean heavy zinc.

So the melt part of the story is nonsense, the cost
of the metal being one cent is incorrect unless the mint
is paying a lot for planchets production.

But everybody should save coins, the more the
better, instead of paying a really nonsensical price for
gasoline, which is high only because governments
allow gasoline and crude oil to be treated as commodities.

And the mint can easily find a cheaper metal,
or can simply stop minting them or reduce production,
nobody will notice except Kroger and Walmart will
put out the penny dishes, which have almost vanished
because the only problem is on manufactured by Kolbe,
and the efficiency experts who have killed many a business
by discontinuing popular low value items that did not
earn as much profit as some other items.

This will be an aggravating election year with
dirty politics and non-issues harped by every clueless
politico with an agenda.

Is this the 3rd or 4th time Kolbe has fought
this losing battle?

Joe Fischer


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