The Penny King Talks About Pennies

The House of Representatives has recently approved a bill that would change the metallic composition of pennies to make them cheaper to produce by utilizing steel.

"This is dilution at its finest point on the scale of human greed," says the Penny King

Skyrocketing metal prices over the past two decades have driven up the price of producing each penny to at least one and a quarter cents, some say as much as two cents, depending the source and supply of copper to the United States Mint!

"They should simply do away with this ancient piece of coinage as well as all other forms of coin used as mediums of exchange and issue plastic debit cards that can be electronically loaded and unloaded, just like change," says the Penny King who has been buying up pennies since 1995 for as much as a dollar each.

Under the proposed new bill, new pennies would be made mostly of steel, which is priced not by the pound, but by the ton, as opposed to the current zinc, copper and nickel combination.

"Imagine what is going to happen to steel prices if the Senate approves this ridiculous bill?" asks the Penny King.

The new pennies would be copper-plated, so unlike the steel pennies produced in World War II, the new pennies would still look like current pennies.

Of all the demand for coinage from the general public, the U.S. Mint says that 65% of all coins produced by them are pennies because they are in such high demand all around the world.

"Lincoln represents freedom from slavery and people who save their pennies have power over the government controlled bankers and lawyers by pinching them and placing more value on less than more!

Some experts say that steel pennies would cost about 7/10 of a cent to make, saving the government about $100 million a year.

But the Penny King says, "if you shut down all three U.S. Mints, and stopped coining money, the value of existing pennies and all other coinage in the world would skyrocket as collectors items because they would not be making them any more, while saving taxpayers trillions of dollars over the next billion years!"