When I was 16 in 1974, there was a penny shortage because people were hoarding the coins for their copper content. Even then it cost more than a penny to make a penny, until they changed the metal composition.
No administration wants to be the one that abandoned the penny, so fifty years later we still have the penny.
It costs nearly 3 cents now to make a penny, a dime to make a nickel and a nickel to make a dime, and a dime to make a quarter.
The reason for new coins for about fifty years now, is to reduce costs.
Could "alternative" metals make nickels, dimes and quarters cheaper?
money.com
But before we complain, in all human history the United States dollar has been the most stable currency ever declared by fiat.
And for decades now, the entire world uses fiat currency.
We should count our blessings every single day, we were born American.
We have our problems, but ours are less than all the other 194 nations that issue fiat currency.
And we have the best traditional hillbilly music, hands down.
Merle Haggard sang this about forty years ago.
Everybody that ever bet against the United States, has lost the bet.
Today, are the good old days, until tomorrow brings better.
We have so much gold, that if we sold it the gold market would crash:
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What Country Has the Most Gold?
The country with the most gold is the United States, with 8,133 metric tons in the American gold reserve. This amounts to a value of $480.84 billion, going by the price of gold at the beginning of January 2023. With more than 8,000 metric tons, the U.S. gold reserve has almost as much as the next three biggest gold reserves combined. The next three countries with the most gold in reserve are Germany, Italy, and France, which have 3,355 metric tons, 2,452 metric tons, and 2,437 metric tons of gold respectively.
Why does the U.S. have such a large gold reserve? Even though the gold standard was abandoned more than 40 years ago, the U.S. still maintains the biggest gold reserve in the world. One reason is to protect its currency in case of economic disaster, but another reason is that if the United States sold its huge amount of gold, that would wreak havoc on the market. (link removed) The price of gold would drop drastically, and many large banks could fail or need to be bailed out.
I should have listened to the old timers then, "save all your silver coins" they said when I was a kid, thought to myself, what do they know,candy is more important than those stupid silver coins
