Monday, March 14, 2011

Cross of Paper Redux

We could not maintain the gold standard nor the silver standard. We could not maintain the copper standard, and now we cannot even maintain the zinc standard." Ron Paul referring to U.S. pennies.

This is an update of last year's Cross of Paper note. Bold emphasis is mine.

WASHINGTON - The United States Mint today announced that it is requesting public comment from all interested persons on factors to be considered in conducting research for alternative metallic coinage materials for the production of all circulating coins.
The United States Mint is not soliciting suggestions or recommendations on specific metallic coinage materials, and any such suggestions or recommendations will not be considered at this time.  The United States Mint seeks public comment only on the factors to be considered in the research and evaluation of potential new metallic coinage materials.
The recently enacted Coin Modernization, Oversight, and Continuity Act of 2010 (Public Law 111-302) gives the United States Mint research and development authority to conduct studies for alternative metallic coinage materials.  Additionally, the new law requires the United States Mint to consider certain factors in the conduct of research, development, and solicitation of input or work in conjunction with Federal and nonfederal entities, including factors that the public believes the United States Mint should consider to be appropriate and in the public interest.
See the official document here. The language is clear. The Mint is "not soliciting suggestions ... on specific metallic coinage materials". So, don't bother asking for actual honest money with gold, silver, nickel and copper.

One specific currently-minted US coin is the target: 5c nickels. See here.

The Federal Reserve working with the US Mint is debasing US money: paper and coins alike. Certain current US coins containing semi-valuable metal (5c pieces) will change composition soon. These legacy coins will picked out of circulation.

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