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My grandfather used to pack a silver dollar around with him all the time because, as he put it, no matter what inflation did you could always afford a good steak dinner with a silver dollar. Looks like he should have saved his pennies, too.
A Fed official now suggests “rebasing” the penny to make it worth 5 cents as a way to cut the costs of coin production (as the cost of metals rise) and to do away with the nearly worthless 1-cent coin.
It’s a common misconception that modern pennies are mostly copper, by the way. They’re not. So if you plan to start hoarding pennies, look for those made prior to 1982. [What's in a penny?]
