Saturday, February 03, 2007

Save your pennies!

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.

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