WEDNESDAY, FEBRUARY 12, 2025 - GOODBYE ABRAHAM LINCOLN

 

FEBRUARY 12, 2025 - GOODBYE ABRAHAM LINCOLN

Abraham Lincoln was born on February 12, 1809.  

Two comments about that date - and coins.

In 1909 the US Mint stopped making Indian Head Cents - and started making the Lincoln Penny 

In 1959, the US Mint changed the back of the Lincoln Penny to the Lincoln Memorial (instead of two wheat stalks)

In 2009, the US Mint had four backs on the Lincoln penny;  Birth in Indiana, Early years in Indiana, Life in Illinois, and as US President.  

President Trump has called on the Mint to stop making pennies - saying it costs about 2 cents to make the 1 cent coins. Research shows it costs almost 3 cents to make pennys.

According to the latest annual report from the US Mint, each penny cost 3.7 cents to make, including the 3 cents for production costs, and 0.7 cents per coin for administrative and distribution costs. But each nickel costs 13.8 cents, with 11 cents of production costs and 2.8 cents of administrative and distribution costs. These figures are for the government’s fiscal year, which ends on September.  

(Talk about government efficiency)

Probably most of us use credit and debit cards mostly to buy groceries and other items.  (I did use currency yesterday for a beverage after our granny basketball game.)

If we have a bank account, we can generally have a band debit (or credit card).  Will we all go to electronic currency?

Bitcoin and other cryptocurrencies have also been created and discussed. 

BITCOIN

Mining a Bitcoin depends on your energy rate per Kwh, it costs $11,000K to mine a Bitcoin at 10 cents per Kwh and $5,170K to mine a Bitcoin at 4.7 cents per Kwh.

The process of making a bitcoin is called “mining” - but it really isn’t mining like we are used to.  Long algorithms and process to make a unique computerized coin can require a lot of electreicity. As stated above it can cost $11,000 to create a Bitcoin.  But, Bitcoins (aka cryptocurrencies) are traceable - so they can not be counterfeited. And, if stolen, they can be traced back to who and where they were stolen.  They are NOT physical items (like Lincoln cents), but items on a computer.  I can buy things with a bitcoin (or with a partial bitcoin).  I could fill up my gas take with a small fraction of a bitcoin.  As of my writing, one Bitcoin is worth $95,584.78!!  (So, it would take a ten thousandth of a bitcoin to pay for filling my car tonight)

I suppose since they are not physical you could have a Lincoln cryptocurrency.

On the other hand, a $5 bill with Lincoln on it takes about $0.11 (11 cents).  

Where is money going to go?  I’m not sure - but physical money is probably on the decline!!!  

This weekend, I will get my social security electric funds transfer directly deposited in my bank account. .  When I pay my electric bill, I do it online and the electric company retrieves the amount directly from my checking account.  I could go to my bank and write a check for (say) $10 - and have only coins (probably mostly quarters) to make up that money.  

I bet Abraham Lincoln would be amazed at money and currency today.  There are dollar coins - but not the big heavy silver dollars of his day.  There are some gold currencies in the world - but they are mostly for collectors. I can’t imagine walking into my HEB grocery store and trying to pay for my purchase with gold coins.  

Well - happy 216 anniversary of Lincoln’s birth!!  

One thing that hasn’t changed is God’s agape love - and LOVE WINS

LOVE TRANSFORMS

Karen Anne White, February 12, 2025