The US Mint lost $69M making pennies last year • Hacker News Board

Re: The US Mint lost $69M making pennies last year

#221

Post by XalvinX » Tue, Jul 10, 2018, 2:52 PM UTC

protomyth wrote: post #193

XalvinX wrote: post #153

Earlier quoted context omitted.

There have been dollar coins in America forever and still are. The general public refuses to use them, or just collects them and they never circulate.

Yes, but the US has never removed the paper money.

I don't understand what you mean. They removed the paper money the explicit said "this is good for one silver dollar and can be exchanged at the US Mint at any time" (those were called "Silver Certificates" and look a lot like the dollar bills around nowadays, without the promise. Now it says "backed by the faith and credit of the US government" (or similar) ....so "backed by a bunch of hot air" basically.

HUGE DIFFERENCE.

Re: The US Mint lost $69M making pennies last year

#222

Post by los_angeles » Tue, Jul 10, 2018, 4:24 PM UTC

antcas wrote: post #218

los_angeles wrote: post #186

Earlier quoted context omitted.

In Hong Kong paper money is designed and issued by private banks. Works fine.

Are consumer brands advertised on those notes? Having private banks print money is a lot different than selling ad space to McDonald's on your dollar bill.

Yes, the consumer brand (HSBC in this one for example) is printed and advertised heavily on the money:

https://www.leftovercurrency.com/wp-content/uploads/2016/11/...

Re: The US Mint lost $69M making pennies last year

#223

Post by protomyth » Fri, Jul 13, 2018, 2:35 AM UTC

XalvinX wrote: post #221

protomyth wrote: post #193

Earlier quoted context omitted.

Yes, but the US has never removed the paper money.

I don't understand what you mean. They removed the paper money the explicit said "this is good for one silver dollar and can be exchanged at the US Mint at any time" (those were called "Silver Certificates" and look a lot like the dollar bills around nowadays, without the promise. Now it says "backed by the faith and credit of the US government" (or similar) ....so "backed by a bunch of hot air" basically. HUGE DIFFE…

They did not remove the $1 bill when the redid the $1 coin.