RE: RE: My Two Cents Worth
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RE: My Two Cents Worth

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6y

I realized what you are talking about. The value of a penny has devalued to the point where its monetary value is way less than the cost of production.

Different sites report different things about the price of producing pennies. The government issued a report in 2019 saying it was $0.02.

https://govtrackinsider.com/it-costs-2-to-make-a-penny-and-7-to-make-a-nickel-but-cents-act-could-bring-those-costs-down-aa6aabfc9a8b

You are adding the cost of transporting the pennies to market and other costs.

When they started printing pennies a hundred years ago, a penny had the buying power of a modern dollar. A dollar coin had the buying power of about $100. This rate of inflation is not outrageous.

The full production cost of a 1920 penny was less than buying power of the penny. The production cost of a silver dollar was actually more than a dollar.

When we stopped using silver to make coins, the price of silver plummeted. I am not for the gold standard as price of precious metals is unstable.

Coinflation drives the point that the traditional value of money was the price of the metal in the money. The price of junk silver usually follows the price of metal in the silver coins.

The cost of cybercurrency is the cost of computer hardware, electricity and networking expenses. The cost of calculating my two penny upvote is probably not a lot higher than the cost of the resources that the upvote will consume. (all of the electricity and computer hardware used to calculate the exchange.)

@yintercept: I realized what | Ecency