DUmmy Pedro Picasso Is Outraged By.......Coins?

[GOBUCKS]

DUmmy Pedro Picasso, risking his job to rummage through the DUmp on Mission Control time, takes a break from drawing empty speech bubbles to make a really DUmb post. This time, even his fellow DUmpmonkeys point out his stupidity:

Atman  (1000+ posts)        Wed May-11-11 09:35 AM
Original message
It costs 1.7¢ to mint a penny, and 10¢ to mint a nickel...what is wrong with this picture?
Just heard this on the newz. You know what's wrong with this picture? Who could possibly be lobbying to keep manufacturing coins that cost twice as much to make than they're worth? "Big Zinc." No shit...there is a lobbying group for everything. Including the "Pro Abe" lobby, apparently. Not even making this up. Big Zinc and Pro Abe lobbies. Meanwhile, we cut heating assistance and education and Medicare and........

The madness has got to stop.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1081532
We are all at the mercy of Big Zinc.
Once again, Pedro has put on display why it is that he's the number three cartoon boy on a staff of three.

Fumesucker  (1000+ posts)        Wed May-11-11 09:37 AM
Response to Original message
1. That would be very valid point..
If coins were only used once..

Like, say cruise missiles.

In other words, it's a stupid post.

mopinko   (1000+ posts)        Wed May-11-11 10:39 AM
Response to Reply #2
17. nobody collects modern pennies.
at least, not for profit. maybe kids still like to full up those little blue coin folders (or do they have photo covers of justing beiber now?)
even the old pennies with the wheat backs are only worth 2 cents.

eta- i hate pennies. the sooner they die the better. nickels can go too. 

 

KittyWampus  (1000+ posts)        Wed May-11-11 10:07 AM
Response to Reply #5
9. I pick up off the ground, on average, about 10 cents a week.

DUmmy KittyWampus uses a $500 metal detector to find that money.
 
 

Atman  (1000+ posts)        Wed May-11-11 10:21 AM
Response to Reply #9
12. This same story said that the time it takes you to bend down and pick up a penny...
...amounts to LESS than being paid minimum wage. Nothing profound, just interesting.

DUmmy Pedro is outraged that coin hunters aren't being paid a living wage, even if most of them are staying in a $5000 a week beach house.
Union now!

Johonny  (1000+ posts)        Wed May-11-11 10:06 AM
Response to Original message
8. still think the future is electronic money
The younger you are the more likely you are to use 1 and 0 instead of coins anyways. Even today with smartphones places like farmers markets are becoming friendly to electronic money. Those I see this problem going away.

The debit card is one of the greatest uses of digital technology since Pong.
 

ieoeja (1000+ posts)      Wed May-11-11 10:25 AM
Response to Reply #8
13. I see a lot of that. And it is probably a good thing. But it is still annoying.
 
Those Visa (I think) commercials where everything is flowing smoothly until someone pulls out cash instead of a card causing everything to come to a grinding halt is, in reality, the exact opposite of what happens. It is when someone pulls out the card that everything slows down.

Though that does depend on the place. While it brings things to a halt at the lunch counter, it doesn't matter a wit at the grocery store (if you swipe before they finish ringing up).

The cards only slow things down if it's a democrat DUmbass with a maxed-out or stolen card.

slampoet (1000+ posts)      Wed May-11-11 10:59 AM
Response to Original message
28. That penny collects THOUSANDS of dollars in sales tax over its 30-50 year lifespan
Want to do some REAL MATH besides just figuring the cost of metal?

Explain to me how to collect a 7% sales tax without pennies?
Show the math.

Pedro Picasso doesn't do math. He draws empty speech bubbles above junk mail cartoon characters.

 

jeff47 (1000+ posts)      Wed May-11-11 11:50 AM
Response to Original message
34. What's wrong with this picture is your assumption that the coins are only used once.

 

Atman  (1000+ posts)        Wed May-11-11 11:56 AM
Response to Reply #34
36. Why would I assume that? That's ridiculous!
The coins are only used once? I said that? Where? I didn't assume it, either, because I have jars of them at home, too. Lots of them are quite old, so assume they've been used MORE than once. 

Then what, exactly, is Pedro's point? Oh... he has none.
It's really lucky for Pedro that he and his children can continue to live solely off his wife's income.

[Ralph Wiggum]

Meanwhile, we cut heating assistance and education and Medicare and........

The madness has got to stop.

Do I dare even look to see if Bobo the Hobo responded to this?  Usually those key words bring her running to the thread like one of Pavlov's dogs.

[JohnnyReb]

If $1 in foodstamps is worth a $1.80 to the economy then a penny that cost 1.7 cent to make should be worth 1.8 cent in the economy....so that's a 0.1 cent profit to the government...right?

[DumbAss Tanker]

If $1 in foodstamps is worth a $1.80 to the economy then a penny that cost 1.7 cent to make should be worth 1.8 cent in the economy....so that's a 0.1 cent profit to the government...right?

And...THEN IT'S A WITCH!!!

 

[Karin]

It would really funny if a lurker took JohnnyReb's post and ran with it.   

[GOBUCKS]

It would really funny if a lurker took JohnnyReb's post and ran with it.   

The DUmmies would just get into a big argument over whether it's possible to have a profit of 0.1 cents, since there's no coin for that.

[jukin]

What a great topic to discuss the inefficiencies of big government.

The melt value for a penny:

1. Calculate 97.5% zinc value :

    (0.9618 × .00220462262 × 2.5 × .975)  =  $0.0051682


2. Calculate 2.5% copper value :

    (3.9100 × .00220462262 × 2.5 × .025)  =  $0.0005385


3. Add the two together :

    $0.0051682 + $0.0005385 = $0.0057067




$0.0057067 is the melt value for the 1982-2011 zinc cent on May 11, 2011.

Raw material of penny = 57% of the value. that means 43% is overhead. However if the DUchebag is correct in the .0017 cost for a penny then it is much worse. That means that the overhead of this business with no marketing department, no sales force, and no competition is three times the material cost.

Now these economic and managerial geniuses will be controlling health care.

[GOBUCKS]

What a great topic to discuss the inefficiencies of big government.

$0.0057067 is the melt value for the 1982-2011 zinc cent on May 11, 2011.

Raw material of penny = 57% of the value. that means 43% is overhead. However if the DUchebag is correct in the .0017 cost for a penny then it is much worse. That means that the overhead of this business with no marketing department, no sales force, and no competition is three times the material cost.

It's much worse than that. DUmmy Pedro claims the penny cost $0.017 to mint, not $0.0017.

But...uh, the DUmmies want to melt the pennies down for scrap value. So they would net $0.0057 per penny, minus what it would cost to melt, assay, and transport? Or, they could take the penny to the bank and get $0.01 for it. That is why DUmmies like Pedro draw speech balloons, and don't do engineering or accounting.

[Ralph Wiggum]

The DUmmies would just get into a big argument over whether it's possible to have a profit of 0.1 cents, since there's no coin for that.

The 0.1 cent coin should be called the Obama.

[thundley4]

The 0.1 cent coin should be called the Obama.

That name is reserved for the $1,000,000 note to be issued once inflation takes a full grip on the economy.

[JohnnyReb]

That name is reserved for the $1,000,000 note to be issued once inflation takes a full grip on the economy.

Order your certified "ZERO" pen now for only three easy payments $19.95 each plus shipping and handling by the USPS. No, it's a not an Obama souvenir. It's for drawing zeros on your soon to be outdated dollar bills.

[jukin]

It's much worse than that. DUmmy Pedro claims the penny cost $0.017 to mint, not $0.0017.

But...uh, the DUmmies want to melt the pennies down for scrap value. So they would net $0.0057 per penny, minus what it would cost to melt, assay, and transport? Or, they could take the penny to the bank and get $0.01 for it. That is why DUmmies like Pedro draw speech balloons, and don't do engineering or accounting.

Oops that was a typo. I meant .017 or 1.7 cents. In the automotive field the starting point for a first tier firm is the weight-spot prices of the materials in your product. Nothing for overhead, engineering, energy use or profit. then the haggling begins.

[I_B_Perky]

That name is reserved for the $1,000,000 note to be issued once inflation takes a full grip on the economy.

 

[franksolich]

Oh damn.

I just get back, and the first thing to greet me is another glaringly stupid campfire by Pedro Picasso.

It might, or might not, cost more to mint a one-cent piece or a five-cent piece than one cent or five cents, but really, the amount of coinage as compared with the entire money supply is a pittance, not even an anthill.

One needs a microscope, to see the amount of coinage as compared with the amount of money.

Cutting the one-cent piece, and even the five-cent piece, wouldn't do shit for helping increasing heating assistance or other welfare programs; it just doesn't add up to much, pennies if at all.

[Randy]

That name is reserved for the $1,000,000 note to be issued once inflation takes a full grip on the economy.

They'll be issued early next year when the price of gas hits 6 Obamas to the gallon.

[DumbAss Tanker]

The 0.1 cent coin should be called the Obama.

That's a "mill," actually, though in Googling it, apparently mill coinage was provided for in the first coinage act but none were ever actually minted by the US.  Some states made their own mill tokens for sales tax purposes, and the US did mint a half-cent coin up until shortly before the Civil War, but samples I found of it on-line are not marked in mills but as 'Half-cents."

I think thundley4 nailed it on what the "Obama" will be.

[franksolich]

That's a "mill," actually, though in Googling it, apparently mill coinage was provided for in the first coinage act but none were ever actually minted by the US.  Some states made their own mill tokens for sales tax purposes, and the US did mint a half-cent coin up until shortly before the Civil War, but samples I found of it on-line are not marked in mills but as 'Half-cents."

There was an article in a Time magazine from the late 1930s, that described a controversy down in Missouri, where the state was issuing "mill" tokens for fractional payment of the state sales-tax.

The U.S. Treasury didn't like it.

I dunno how it ever came out.