What do history's most notorious despots have in common with many of the flag-waving, patriotic politicians of our day? Both groups rise to power through the exploitation of fear, which has become a societal plague. There have been widespread casualties. We need an antidote. Feardom offers its readers a much-needed immunization.
Your coins are now more valuable when melted down than they are at face value.
The Associated Press has recently reported that the metal used to create a nickel costs the U.S. Mint 6.99 cents and the metal inside a penny costs the Mint 1.12 cents. After production costs, the Mint spends a total of 8.34 cents for each nickel it produces and 1.73 cents for each penny.
The above-linked article has some disturbing quotes:
U.S. Mint officials said Wednesday they were putting into place rules prohibiting the melting down of 1-cent and 5-cent coins. The rules also limit the number of coins that can be shipped out of the country.
“We are taking this action because the nation needs its coinage for commerce. We don’t want to see our pennies and nickels melted down so a few individuals can take advantage of the American taxpayer,” Mint Director Edmund Moy said in a statement.
“Our” pennies and nickels? Shouldn’t the money that I earn by mine? The money isn’t on loan to me from the government. It’s mine. I should be able to turn it into art or make a coin ring, should I choose to do so. But the government, for whatever reason, thinks that the money really is theirs.
If I design a website for a client and hand it off to them upon completion, I don’t tell them what they can and can’t do with it. It’s theirs. Transferral of ownership dictates that they’re free to do with it as they please. Don’t I have similar ownership over the currency I’ve obtained through my labor?
The new regulations prohibit the melting of 1-cent and 5-cent coins, with a penalty of up to five years in prison and a fine of up to $10,000 for people convicted of violating the rule.
This reminds me of when FDR confiscated private gold from U.S. citizens. Why the government thinks they have a right to do this is beyond me.
The actions reek of hypocrisy and shifting blame. First, the government inflates the supply of money circulating in our economy which causes the price of metal to rise above the face value of the coins. Then to prevent potential consequences of their own actions, they threaten imprisonment and a fine for anybody who dares melt their own coins.
I’m baffled by this move on the part of the Mint. Perhaps their is time to reverse this idiocy:
The new regulations are being published in the Federal Register and will go into effect as interim rules which will not become final until the government has a chance to consider possible modifications based on public comments.
I have a proposal for a “possible modification” of the Mint’s new “regulations”. It is this: Don’t presume to tell me what I can do with my private property.