Comments (10)

• Curt Howland

  If you rub the aluminum Japanese Yen, it comes off on your fingers.

  After steel, it seems there are still "metal" options.

  Published: June 18, 2008 9:20 AM

• Tim Kern

  "General price inflation is, everywhere and always, a monetary phenomenon..." Please, even though this is primarily an Austrian outlet and Milton Friedman didn't always display enthusiasm for our own heroes, let's at least attribute the quotes we're re-using.

  Even a monetarist can stumble over basic truths now and then!

  Published: June 18, 2008 9:45 AM

• Maximus

  This article is as misleading as the politicians passing this insane law.

  I have some news for you. If you cut a penny in half you will discover that it is only coated by a super thin coating! The inside core of the penny under the copper coating is not made from nickel but from zinc.

  Therefore all this bogus talk about taking the copper out of the pennies does not even apply because it has already been taken out for the most part!

  Cut a penny in half and see for yourself.

  Published: June 18, 2008 12:34 PM

• Eric

  The full quote is, "General price inflation is, everywhere and always, a monetary phenomenon, as stated by various economists, including central bankers."

  So, just to clarify, It may be true that Friedman said this, but I think only the words, "everywhere and always" can be uniquely attributed to Milton alone.

  In addition, when Milton said this, he didn't say, "price" inflation, nor did he say "general" inflation. And he didn't say that it was all bad either, since he advocated inflation in the amount of 4% a year or so. He just wanted it done automatically, not by humans making decisions.

  As I recall from writing classes, a paraphrase does not require quotes, and the writer didn't try to say these were his words. I think that even Milton Friedman would qualify as an "other economist(s)".

  Published: June 18, 2008 12:49 PM

• Matt

  The coin most apt to change in the near future is the Nickel as we know it, it is the only coin that hasn't been tampered with (devalued) in many decades.
  In some of the WW II years it actually had some silver rather than nickel.They of course were taken out of circulation by the public, though you might find one now and then.
  Look for a P over the dome of Monticello.

  Should the steel cent return expect it to be coated with copper as is the present zinc cent.
  No need to explain why.

  Published: June 18, 2008 1:44 PM

• Florida Economist

  Now my 4 year old newphew can start a fire by rubbing two nickles together! LOL...

  Published: June 18, 2008 3:55 PM

• billwald

  Time to cut to the chase and eliminate all coinage.

  Published: June 18, 2008 7:38 PM

• Yancey Ward

  Mud coins are only a matter of time.
  

  Published: June 18, 2008 8:52 PM

• Ryan Wilson

  I think the government would try to move to a cashless society first.

  Published: June 19, 2008 12:50 AM

• George

  US coins need to be entirely reworked if they are to last into the 21st Century. The Penny and Nickel ought to be dropped and coins over $1 introduced.

  Governments trying to maintain traditional coin sets in face of inflation have resorted to cheaper metals and smaller coins. A study of Mexican coins before 1980 is instructive. Eventually (as in Mexico) the traditional set is abandoned in favor of ever larger coin denominations.

  The US could now be reaching this stage. Metal prices have made producing the two smallest coins too expensive. Eventually, even the cheapest metals will be too expensive to use.

  One wonders how our ancestors managed. They had a Gold Dollar divided into 100 units. Today, a Gold Dollar (around $50 in paper) has 5000 divisions. It ought to be clear that a few on the lower end of the scale could be dropped.

  Published: June 21, 2008 12:18 PM