Cost to Make Penny and Nickel Rises for US Mint in FY 2010

MsMorrisine

But Wait, There's More

5 x 1 cents = 8.95 cents
1 x 5 cents = 9.22 cents

So, eliminating the cent would cost more, because the US would lose more making nickels than cents.

mingot

They can just raise the prices on the stuff they sell to collectors. Problem solved.

ambro51

cut the lincoln cent mintage back to 10,000 and sell them to collectors for $2000 each.


*they would sell out the day of issue*

(One thing I have noticed, when you hold the coins a certain way they appear to be upside down)

cladking

"For the fiscal year, production of the smallest denomination generated a loss of $27.4 million."


This is utter nonsense.

The cost of producing the less than worthless penny is simply astronomical. It's not
only the loss when it's mined, moved, nd minted but there's a cost very single time one
of these is given in change or otherwise used. They're so worthless that they have to
be counted almost verytime they're used since they don't circulate. People have tens
of billions of them just sitting idle in their homes not earning interest or doing anything.

There is a huge cost associated with these and much of it is passed on to other denom-
inations with creative accounting. It's probably going to be impossible to get our multi-
billion dolar investment in dollar coins to pay off because there isn't room in cash regis-
ters for the penny and the dollar. How many billions of dollars in sales are lost because
our coinage system was made for the 1950's and is utterly obsolete today? How many
billions of dollars are lost by sickness of Americans caused by passing paper notes that
are a primary vector for disease?

Make no mistake about it; pennies cost billions, not a few million.

The nickel should immediately be switched to aluminum and the ban on melting coin lifted.

cladking

But we live in a society founded upon waste so don't lose any sleep waiting for anything to change.

MsMorrisine

My money faces the wrong way

messydesk

<< <i>They can just raise the prices on the stuff they sell to collectors. Problem solved. >>


Been there, done that, so it would seem.