http://www.usatoday.com/news/nation/story/2012-01-07/million-dollar-penny/52440226/1

Idiot!

1 mil for a penny all because of the date. It's a copper penny, not gold.

Here's a pic of it.

http://www.usatoday.com/news/nation/story/2012-01-07/million-dollar-penny/52440226/1

Kind of symbolic of how the modern dollar has become worth less than the paper it's printed on. The Fed basically prints bills out of thin air.

How can they be sure that is "Lady Liberty"? Sort of looked like Ben Franklin, too me. I have lots of old money, I knew it would be worth more than the Reserve's "Funny Money" would ever be.

It certainly does not "prove" how the fed prints money out of thin air

What it does prove is how 1% of the population has gamed the system to the point where they can spend obscene sums on trivial things while the rest of the population can barely feed cloth and house themselves

Fall of the Roman empire

Can anybody tell me what facts you are basing your opinion on to call the United States currency "Funny Money"? Tell us trust2112, with a name like that we would be crazy not to "trust" your opinion. The United States took the currency off the gold market in 1933 and the silver market sometime during Nixon's administration in 1970 where the last silver coin being the Kennedy half dollar which only contained 40% silver unlike the 90% predating and including 1964 everything except pennys and nickels. The currency today is backed up by the United States government and is also minted by the same but that is where it ends. "Funny Money" as you call it trust is owned by the Federal Reserve Bank which is not owned or operated by any government. It has the mint make more currency for two reasons. One of which is not to just print money when their bank account run short like some idiots believe. The first reason is money gets old and wears out. When this happens the Federal Reserve burns or shreads the currency and then the US mints prints more to replace it. Second, as the economy grows so does the need for a instrument for exchanging goods and services. The United States currency is a universal "IOU". As the economy grows or strinks so does the flow of money which is controled by the Federal Reserve, the United States central bank. They own and control the money given to banks to keep them solvent meaning they are able to supply a given bank currency so if a depositor were to ask for their money deposited in this given bank then the bank could do so to eliminate a panic. Banks are lent money from the Federal Reserve based on that given banks portfolio of assetts which is auditted each year by the state in which the bank performs their business. The state issues the bank or lending institution a charter. If the bank or lending institution is found insolvent than the state will revoke the charter. As long as the bank is in good standing then Federal Reserve will lend that bank money but the Federal Reserve charges a fee and so the bank returns all their money at the end of each business day and then they are lent a new supply of currency each day. This process is very complex and the reason is so that the currency you hold in your hand will never be "Funny Money". So lets here your story of when your US currency was ever refused for exchange making your claim valid.

Sounds like you work for the Fed or teach economics. What will you do WHEN (not if) someone refuses to accept your reserve notes. Too late then pal.

Having the money to BE a "major collector" would be nice.

I wonder what that penny would have gone for if it hadn't had that chip in it?

Well geoco, until people are trading with beans and apple seeds than only the stupid people will refuse to accept currency marked Federal Reserve Note that is backed by the United States government and your little brained comment of WHEN (not if) kind of falls under one of those things like WHEN (not if) the United States government is no longer around to back up its currency, money will be the least of our worries, so eat drink and be merry until that day comes if it ever does because you might say WHEN (not if) but there are millions of people betting on and working on keeping that WHEN from ever happening and my money is on them, not you. If you choose to not accept US currency then great try trading those chicken eggs of yours at the doctors and see how little of medical care you get.

@Bill-1169807

That's it, turn it in to a class warfare issue while the Fed continues to undermine our currency while not even being subject to proper audits. You know the funny thing is, even the OWS protesters agree that the Fed needs to be auditied. I guess you were too busy blaming everything on the rich to get that memo.

Wow...the likeness of Lady Liberty on that coin made her look pretty rough. She looked more like Ben Franklin after a weekend moonshine bender!

Conway Twitter, I looked it up on the mint. They didn't have hardened dies back then. A lot of them turned out bad. They minted 36,103 the first year I believe it said 3 different designs.

Doesn't George Washington on the 50 State quarters look a lot like Queen Elizabeth on the Canadian quarter???

I wonder if there were cross-dressers way back when....

They could of given them the day off and just run the AP story like they normally do. MSLSD must be running short on funds because they didn't want to buy the picture either.

Hey, lay off the Journalists. They paid at least 40K to learn the "Monkey See, Monkey Do" Higher Learning standards of College.

Yet here you are reading and commenting about it.

We call people like you enablers.

Mike - You don't know that the article sucks until after you click on it.

Hey pragmatic 3918582-- Your beaten down 1794 coin may be worth 2 cents, 600 years it may be worth

$1,000,000 too. But then again, a loaf of bread if they still eat in the future will cost $7,000 a loaf.

Jeffrey - I appreciate that you called a date. Too many people say things like "the dollar will tank" and don't say when. I also like that you are quantifying the crash with "the million dollars will be worth less than a penny." Good solid predictions that will be true or not at a specific time. Well done.

P.S. Get meds soon.

Jeffery, I thought the world was going to end on 12/21/2012? This would be 7 days after we are all dead

I have a bet with someone who stated the world would end on 12.21.2012. It's a $5,000 bet. If we're still around after that, I win $5,000. If we're not around after that, it doesn't make a difference.

i don't get it . how is 02/29/12 7 days after 12/21/12? even 12/29/12 is eight days after but we are talking months here. did I miss something?

Even if the date was 12/29/12 then it would be eight days not seven so I missed something too. But I think it was obvious he missed the whole date completely.

I am glad the one percent can spend their money on such job creating expenditures like buying collector coins ;)

Well, hey there, Tiny Tim.

@ satanick

It is their money and they can do with it as they please just like you get to do with your money as you please once you cash your guberment check. The thing about this coin is that it will probably be put on exhibit in museums and create money for the owner and a few jobs on the side.

What puzzles me the most is why didn't a museum or group of museums get together and outbid to own this coin? This coin, from the first year of minting, could be considered a national treasure. I would even agree with the Smithsonian buying it with taxpayer dollars to preserve and display this piece of national history.

It was probably bought for the copper content, worth more melted down than what it is for face value. Notice all our coins are lighter? They've (Government) has been stealing the silver out of our coinage for years. Started with the State Quarters. New coins have almost NO silver. But you were probably too busy watch FoxNews and Glenn Beck telling you that Black Man in office is an affront to their White Jesus who was born in the Middle East.

trust2112----- You are a complete idiot, US coins havent had silver since 1964.

trust2112 ...

Are you daft? Before you make statements about which you obviously are clueless (and prove that Darwin was wrong) do a little research. The "government" removed silver from our circulating coinage in 1965, with the exception of the half dollars struck for circulation in which the silver content was reduced from 90% to 40% in 1965 through 1969. Oh, and this may come as a real shocker for you, the "golden" Presidential and Sacagawea dollars actually don't contain any gold at all. So you can stop hoarding them.

A 1793 Chain cent purchased for $1.38 million its copper content? Either you need serious practice as a humorist our you are a gargantuan idiot.

The State Quarter Program started in 1999, 34 years after the silver was removed from circulating quarters. It's amusing to think that you were under the economic delusion that our currency has been backed by precious metals until 1999. Well, so much for public education.

Try this ... read a book and open your mind. Stop blindly blaming those people on the opposite side of your political narrow mindedness. After all, it was under a Democratic administration that silver was removed from circulation ... whoops!

Front Ranger: Republican Nixon took us off the gold standard in 1971. It was BOTH of the parties that did this to us. Blaming one or the other is just plain stupid. They both did this...both of them.

They've (Government) has been stealing the silver out of our coinage for years.

Never mind the fact that the U.S. mint hasn't used silver in coins for nearly 50 years and you are just spouting off complete fabrications, but please explain how they are stealing something that isn't even there.

Besides, if they were even still using silver, how could they be stealing something you never had possession of in the first place?

I shudder at the other things you think to be true.

ha occupy nuts thats so good TIM go full retard. at least they have a party. conservatives sold you dumb butt out decades ago. THEY ARE NOT CONSERVATIVE.Anyone that has a functioning brain,and pays attention knows The last fiscally conservative president we had unfortunately was Clinton. at least democrats have always been the same idiotic party, and don't lie and call themselves something they are not, like conservative. VOTE RON PAUL FOR REAL CHANGE. HE will probably RUN AS AN INDEPENDENT if need be AND SPLIT THE VOTE ,and take votes from BOTH SIDES!!

WTF1920

Front Ranger: Republican Nixon took us off the gold standard in 1971. It was BOTH of the parties that did this to us. Blaming one or the other is just plain stupid. They both did this...both of them.

Actually Roosevelt took the US off the gold standard in 1933 and forced people to trade their gold for paper money. Nixon decreed that dollars would no longer be exchanged for gold.

coins are collected worldwide. it is certainly possible that who ever bought this coin is a foreigner. this being said, i do not think this person really cares who our president is or will be or if our economy falls and the dollar is worthless. this coin is a piece of art and history, that is why it is so valuable. for those complaining about wealth and waste. try understanding the wealth and waste and curruption behind our governemnet . if we keep re-electing republicans and democrats in office and settle on keeping congress and the senate the way it is, well, our dollar will continue to fall, and the only thing worth anything in our currency will be the old pennies and silver dollars and gold coins.

JJBM1: You're partially correct. US coins for general circulation, made of 90% silver, have not been minted since 1964. However, the Kennedy half dollar did contain 40% silver until 1971, at which time the alloy was switched to the same copper / nickel alloy as the dime and quarter.

The US Government mint continues to produce silver, as well as gold coins, for the collector markets. They are not released for general circulation, but are indeed legal tender, if anyone was actually foolish enough to spend them at face value.

http://www.usmint.gov/

I'll bet you 10 thousand dollars it was not 1971. I'm not running for office for a goodness sakes.

takenaka: I don't know if you were talking to me, or commenting in reference to the 1971 gold standard comment, but if, by chance, you were talking to me, I'll be happy to take a check.

http://en.wikipedia.org/wiki/Kennedy_half_dollar

JJBM1

trust2112----- You are a complete idiot, US coins havent had silver since 1964.

JJBM1, You are wrong. From 1965-1970 The mint produced Kennedy 1/2 dollars that were 40% silver. The silver content was 0.1479 troy ounce.

Also from 1971 - 1976 the mint produced Eisenhower $1 coins that were 40% silver. The silver content was 0.3161 troy ounce.

The silver content is worth more than the coin value. The 1/2 dollar coin has around $4 in silver content. The $1 coin has around $9 in silver content.

Debra, it is 2012...how on earth would Bush be even remotely related to a crash in Feb of this year? Get a grip.

Oh, by the way the "crash" of 1929 was actually the crash of 29-32 starting with a 21% loss of the stock market on "black Thursday" in Oct of 1929. The main cause of the ensuing decline was margin buying, speculators, and overblow public utilities and venture capital, known recently as Fanie mae and Fannie mac who thought up derivitive mortgages. The president at the time had nothing to do with it and in fact many historians believe the media and certain public groups who tried to control the stock market led to the chaos with little to nothing to do with the federal government. What led to the 2008 decline? Speculators, margin buying, and overblown government public ventures. Guess we haven't learned.

Bet your a dumbocrat who voted for change, oops I mean ODUMBA. Your just another person who belives it was Bush when he is just a figurehead. Why doesn't anyone ever point at congress or the house? I guess if people actually knew how the government worked, wait that would take common sense. You might also look at the banks that ODUMBA financed with the taxpayers money too. Oh too much for that feeble brain to actually think huh Debra?

we need to get rid of speculators, they only raise the price to profit(at our expense), after all how the heck do they know what something is really worth till its gone?

@ alwaysanother, You might also want to point out that "Dubya's" Granddaddy was a Nazi sympathizer and made their family money off selling too the enemy, NAZI'S. Prescott Bush, One of America's greatest traitors!

@lynnial...if Obama hadn't bailed the banks we'd be speaking Chinese. All the banks have paid back what they were loaned and so have the car manufactuers. But, make one thing clear...Obama had nothing to do with it, he just gets blamed.

Maddog - You've got that all wrong. WE bailed out the banks - Obama just used our money to do it.

What was so funny to me, I was at my 80 yr. old mothers house when it came out that Bush had won the election. The first thing she said was "we are going back to Hoover days". She was born & raised during the depression.

Well, it's ONE thing George "Dumba$$" Bush got right in 8 years in office!!!

Nah.....has to be political comments on EVERY thread.....Mr. Obama says so.

Thank you, it always goes back to politics and statements about the 1%!

If I had the cash I'd spend it on anything I wanted to buy. See that's what you get to do with money YOU earn. You don't just sit around bitching about what everyone else has boo hoo.....

If I was a 1%'er I would buy me a multi million dollar fishing yacht & get my captains license & go fishing anywhere in the world I wanted to go. Right now I couldn't afford the fuel to run it for 10 minutes. lol

Or a U.S. dollar bill with Mr. Obama's picture on it.

Agreed on the copper 43 penny. Mine are all steel :(

Or, find a steel 1944 penny (er, make that "1-cent" coin, as uncle Franklin et al deprecated that term for good reason). Both 43 copper and 44 steel exist, and are worth a fortune. BTW, 44 coppers are really brass (recycled bullet casings?), and have a different color or sheen, when compared to the typical cent of that era.

You should calm down. "Penny" is derived from the British slang "pence." It's just a way of saying "cent." There's a concept in the English language called a synonym.

No WA-Moscow, it is NOT a synonym. It is a misnomer, though the term "slang" applies.

The Cent and the Penny share some similarities, but the old British monetary system was NOT based on tens and hundreds (it was not decimal). See my post below.

Wow, thanks for the history lesson. Now can you explain world economics to the group here?

Let's split hairs over a poorly written article.

It is a ONE CENT COIN!

Somehow the phrase “a one cent coin for your thoughts” just doesn’t have the same ring to it…

penny I say.

I'll second that.

Do you know real math? It's ((1.38M - 0.01)/0.01)*100%. You've underestimated it by a factor of 13.8, just like an idiot knowing only liberal math while s(p)ending our economy into the toilet. Don't blame the GOP for your stupidity.