Does anyone know if the US Government is still planning on rebasing the Penny ?

Since the value of a penny has become less than the cost of making it, there was news in late January that the Fed had considered making the US penny worth 5 cents on the dollar, ... has anyone else heard anymore about this 400% rise on the value of a penny and if so, when is this expected to take effect ? I am wondering if I should continue to horde them for the potential windfall I could expect if and when this happens ??? I have over 120 thousand pennies saved... this would translate into at least a $6000 dollar return on my $1200 investment !!!

They wont re-value the penny because we already have a currency that is worth 5 cents. And yes the cost to make a penny is higher than the value itself (which makes it very illegal to melt down pennies and sell the metal for a profit) but the mint makes a lot more profit off of dimes and quarters than it loses on pennies.

Overall, not gonna do away with pennies any time soon.

I read that also but really can't believe that could ever be done. I could see them removing the penny from circulation and the banks sending them to the mint rather than returning them to circulation. Just let people cashup to other coins. Making them worth 5 cents would cause a houge range of problems.

During WW TWO.....the copper of a penny was needed for the war, so they made pennies out of steel.

In the early 1990s, they stopped making pennies out of copper and started making them out of zinc, with a copper coating. One disadvantage of that is zinc eats holes in stomachs so if a child swallowed a penny, you could no longer ignore it.

Now even the zinc is worth more than a penny. What will probably happen is we will stop making and using pennies and we will round up and down to the next nickel. The problem there is the metal in a nickel is ALSO worth more than the nickel. So if we do away with the nickel, we will have to round to the nearest dime. Some businesses will insist on rounding up and thus increase their profit margin.

In the mean time, the federal government wants to do away with the dollar bill and go with a coin. That has failed three times in the past because Americans were too stupid to tell the difference between a dollar coin and a quarter... Even today with the new coins, Americans are fighting it.

call he government on this phone + 000 0 000000
or e-mail them on : usagov@somedomain.com
they wont do it...trust me