A serious proposal by the Chicago Fed on how to solve the problem that pennies melted for their metal content are currently worth than one cent: Just declare that from now on pennies are worth 5 cents. This also devalues the nickel, another coin that is almost never used and worth more for its metal.
The Treasury Department can simply offer to exchange 20 pennies for a dollar bill, and you could watch all those pennies in circulation disappear very quickly.
posted by Richard Sprague at 7:50 AM on Feb 3, 2007
"Save your pennies!"
No comments yet. -