AI
Monday, June 21, 2004 4:19:07 AM
U.S. Mint targets piggy banks, seeks pennies
WASHINGTON -- A penny for your thoughts? Maybe not.
The U. S. Mint and the Federal Reserve Board report that the nation is experiencing a penny shortage. Demand so outstrips supply that the Philadelphia and Denver Mints -- the largest mints in the world -- are manufacturing pennies at least six days a week, round-the-clock.
"Demand for pennies is increasing dramatically, which has led to instances of temporarily low local penny inventories at commercial banks and financial institutions in several regions of the nation," according to a statement by the U.S. Mint and the Reserve Board.
Over the last 30 years, the Mint has produced more than 312 billion pennies. That's more than 114 billion pennies circulating in the United States -- more than 426 pennies for every man, woman or child in the country.
But not all those pennies are being used.
According to published reports, businesses have temporarily run short on pennies in places including the Philadelphia area, Charlotte, North Carolina, Cape Girardeau, Missouri, over the last couple of months.
The problem is that people hoard coins, and also, demand surges, especially in the summer or around holidays, coin experts said.
"Most members of the public stash them away in coffee cans and desk drawers. So it's really a reycyling problem," said Donn Pearlman, spokesman and legislative liaison for the Professional Numismatists Guild.
Pearlman said demand for pennies and other coins rises in summer when people are on vacation and traveling, and during the holidays when people are shopping more.
Shipments of pennies from the Mint to the Federal Reserve are running 33 percent higher than last year, said the Mint and the Reserve in their joint release.
From January through April, the Mint shipped 3.6 billion pennies compared to 2.7 billion pennies shipped during the same period last year, the Mint and Federal Reserve said.
This year, projected demand for all coins is running 21 percent above the all-time high demand of 1994, officials said.
The Mint and Reserve are encouraging banks to accept coins from the public so the coins can be recirculated.
What the Fed and the Mint do not realize is that one man has been buying up pennies for a nickel each from the homeless around the country for the past decade, giving them a 500% return on their savings, a return higher than any bank has ever paid, as a way to combat the spiraling costs of everything and teaching stupid idiots and ignorant bankers how to undo the evil they have done for the past 100 years.
As part of a socio political protest against the capitalist imperialist government run by the military financial industrial media complex, backers of the Penny King, the man so called by the homeless for his ability to turn pennies into nickels, have called for the assembly of thousands of people in front of 13 Federal Reserve Banks in this country to chant "Show us the money" until interest rates reach zero and until then, when at least a thousand have assembled at any given banking location, the Penny King's will appear and buy pennies for a dollar each, thereby driving both the penny and dollar to new heights, causing the collapse of foreign currencies, and speculators to have the biggest field days in the history of currency trading.
The Free and Clear Press contributed to this report.
WASHINGTON -- A penny for your thoughts? Maybe not.
The U. S. Mint and the Federal Reserve Board report that the nation is experiencing a penny shortage. Demand so outstrips supply that the Philadelphia and Denver Mints -- the largest mints in the world -- are manufacturing pennies at least six days a week, round-the-clock.
"Demand for pennies is increasing dramatically, which has led to instances of temporarily low local penny inventories at commercial banks and financial institutions in several regions of the nation," according to a statement by the U.S. Mint and the Reserve Board.
Over the last 30 years, the Mint has produced more than 312 billion pennies. That's more than 114 billion pennies circulating in the United States -- more than 426 pennies for every man, woman or child in the country.
But not all those pennies are being used.
According to published reports, businesses have temporarily run short on pennies in places including the Philadelphia area, Charlotte, North Carolina, Cape Girardeau, Missouri, over the last couple of months.
The problem is that people hoard coins, and also, demand surges, especially in the summer or around holidays, coin experts said.
"Most members of the public stash them away in coffee cans and desk drawers. So it's really a reycyling problem," said Donn Pearlman, spokesman and legislative liaison for the Professional Numismatists Guild.
Pearlman said demand for pennies and other coins rises in summer when people are on vacation and traveling, and during the holidays when people are shopping more.
Shipments of pennies from the Mint to the Federal Reserve are running 33 percent higher than last year, said the Mint and the Reserve in their joint release.
From January through April, the Mint shipped 3.6 billion pennies compared to 2.7 billion pennies shipped during the same period last year, the Mint and Federal Reserve said.
This year, projected demand for all coins is running 21 percent above the all-time high demand of 1994, officials said.
The Mint and Reserve are encouraging banks to accept coins from the public so the coins can be recirculated.
What the Fed and the Mint do not realize is that one man has been buying up pennies for a nickel each from the homeless around the country for the past decade, giving them a 500% return on their savings, a return higher than any bank has ever paid, as a way to combat the spiraling costs of everything and teaching stupid idiots and ignorant bankers how to undo the evil they have done for the past 100 years.
As part of a socio political protest against the capitalist imperialist government run by the military financial industrial media complex, backers of the Penny King, the man so called by the homeless for his ability to turn pennies into nickels, have called for the assembly of thousands of people in front of 13 Federal Reserve Banks in this country to chant "Show us the money" until interest rates reach zero and until then, when at least a thousand have assembled at any given banking location, the Penny King's will appear and buy pennies for a dollar each, thereby driving both the penny and dollar to new heights, causing the collapse of foreign currencies, and speculators to have the biggest field days in the history of currency trading.
The Free and Clear Press contributed to this report.
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
