PDA

View Full Version : Did You Know It Costs More Than a Penny to Make a Penny?



kvanar
16th January 2011, 11:46
http://finance.yahoo.com/banking-budgeting/article/111756/when-it-comes-to-the-penny-washington-makes-no-sense

InsiderSchneider
16th January 2011, 12:06
Also costs more than 5 cents to make a nickel in the U.S.

silverheartbone
16th January 2011, 12:41
The costs are not important, they could be bogus.
The base metal melt value is the bottom line.

Ardent Listener
16th January 2011, 14:42
It cost more because the value of the metals used to mint them along with the minting process and labor exceeds the value of the finished product. But there are a lot of things that the goverment provides as a service to the public that loses money. Very few anti-penny and anti-nickel advocates mention that the goverment makes money on coins too. If they really wanted to make money the U.S. mint would mint $5.00, $10.00, $25.00, $50.00, and $100.00 base metal coins. Such coins would compete with Federal Reserve notes and would be credited to the United States Treasury instead of the Federal Ripoff.

maplesilverbug
16th January 2011, 16:46
The Canadian Senate (one of the most cushiest and useless jobs around) has voted to nix the production of the penny because of cost.

I vote to nix the Senate because of cost, but that's another issue.

Revolt! Hoard pre-97 one-centers! :p