When penny becomes obsolete

[Bill Campbell]

On Fri, Jul 07, 2006, Fairlight wrote:
>At Fri, Jul 07, 2006 at 12:47:39PM -0500 or thereabouts, 
>suspect Mike Schwartz (PC Support) was observed uttering:
>>      Without meaning to be rude, I've never heard any serious talk about
>> removing the penny coin out of circulation, if that's what you are referring
>
>I have.  
>
>CNN had an article on this within the last week.  The Treasury says it's
>costing more to manufacture than it's worth due to the rise in cost of
>materials (namely zinc), and some people want to pull the plug on it once
>and for all.  Actually, the nickel does as well, but they're not talking
>about gong that far.

It's not the rise in cost of materials, but the decline in value
of the fiat paper currency (and naturally the metallic coins tied
to the value of the paper).

Why do you think the U.S. took the silver out of coins in the '60s?

Bill
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