Tuesday, August 18, 2009

Save Those Pennies


I'm such a nerd. Did you see, the US mint is putting out a new style of penny? We've had the same penny design since 1959. I'm somewhat of an amateur coin collector (or at least, used to be). I used to have a pretty decent coin collection growing up. Don't ask what happened to it, because I'm not sure. But I still have a few coins from my childhood collection, fortunately, some of the more valuable ones. Coins and paper money have always intrigued me. It's really a pattern of history if you think about it. I tried to get my daughter interested when they produced the state quarters, but she lost interest about half way thru. So it seems every fifty years is the pattern to follow for new pennies. The previous design, the wheat penny, was first coined in 1909. If you possess one of those, sell it and take about a year off from work. If it has the designers initials, V.D.B., enjoy an additional two years of relaxing. I read something a few years ago, and I don't know if this is still true, but the cost to produce the penny has exceeded the value of the coin. Typical America, upside down again. It was costing 1.2 cents to produce a penny. We could always outsource it to China. Foreign country producing our money for us, sounds like an unstable situation made in heaven. Besides, there would probably be no trace of copper in the penny, just lead based copper paint. Regardless, the penny with the Lincoln Memorial on the back (our current penny), could be collectible someday. Side point, did you know there are two Abraham Lincolns on the current penny? I'm sure everyone knows this. Obviously on the front, but on the back, in the middle of the Lincoln Memorial, there is the tiniest representation of a statue. That is the statue of Abe. 1.2 cents for your thoughts?

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