Costs to mint U.S. coins still going up...
Swampboy
Posts: 13,120 ✭✭✭✭✭
...as recently reported in Coin World.
"During Fiscal Year 2018, the cost for producing and distributing a copper-plated zinc Lincoln cent was 2.06 cents; for the copper-nickel Jefferson 5-cent coin, 7.53 cents; for the copper-nickel clad Roosevelt dime, 3.73 cents; and for the copper-nickel clad America the Beautiful quarter dollars, 8.87 cents each."
https://www.coinworld.com/news/us-coins/2019/05/costs-continue-to-rise-for-circulating-coins.html
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why not make a 2 cent piece, there are enough cents in circulation to break it down
Legislation to eliminate the problems has been proposed, but I don't know it's status.
Keep the clad quarter.
Make the new dime the same size as the old nickel except thinner. (same material)
Make the 2 cent piece out of copper and the size of the old dime. (solid copper)
Collect & destroy all the old pennies, nickels & dimes.
My Saint Set
There is no reason to collect and destroy them other than the size confusion you introduced. The dime is already cost effective and need not be changed. Just make the 2 cent piece hexagonal or something.
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Hmmm how much do they make in printing a $100 bill? 😜
(Yes I know BEP is different from the Mint)
He who knows he has enough is rich.
This has been going on for years... perhaps they are cost averaging, considering loss on the cent and nickel, covered by dime and quarter.... Will certainly be interesting if/when a change is made....Cheers, RickO
... or trying to make up the loss with more volume.
@davewesen.... Yes... they lose a little on every coin, but make it up in volume
Cheers, RickO
Government and real world bookkeeping is a farce just like them supposably making a budget.
Making these observations may lead down the path to a decision where hard currency is no longer produced. The government will just point to the costs involved and the savings. Once everything goes to electronic transactions, all "money" will become collectible.
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Nonsense.
It does not cost nearly twice as much to make a dime as a cent. They've merely shifted the costs of making billions of less than worthless pennies to other denominations.
It's what consumers want and that's the cost.
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It might.
ZINC is $2.62 per kg, about $1.2 per pound.
Copper is $2.64 per pound
Nickel is $12 per kg which is about 5.50 per pound.
In round numbers, a dime is 92% copper and 8% nickel with a total weight of 2.3 grams. That's 1.5 cents in metal
A cent is 98% zinc and weighs 2.5 grams. That's 0.7 cents in metal.
That is half the cost difference right there. Planchet prep and die costs need only be 0.8 cents higher for dimes
The fixed costs are distributed over roughly 3x as many cents making the fixed costs cheaper for cents.
All comments reflect the opinion of the author, evn when irrefutably accurate.
The cost of producing the cent and nickel has not gone up. The value of the dollar has gone down. End the Fed.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Can you please explain?
Inflation. But here come the politics.
All comments reflect the opinion of the author, evn when irrefutably accurate.
Yawn.
All comments reflect the opinion of the author, evn when irrefutably accurate.
It gives mint employees jobs and a fun place to work with benefits and retirement. it offers mason jar companies plenty of business as people use them to fill the mostly useless coins up with.
no offense intended here, but I find that statement hilarious. Reminds me of the phrase, "I'm from the government and I am here to help."
Legislation to eliminate problems, LOL.
Yeah, I don't trust them.
It's not so bad. We could be dealing with this !
That's the issue. In the US all changes to coinage have to be done through legislation, so nothing gets done.
just how does Canada get by without the cent? I would have thought their economy would have crashed by now without it
Good legislation, enacted by representatives intent on the common good and personal responsibility, can easily yield direct and indirect benefits. Some might be in monetary savings, others in better services or more efficient use of resources.
The coinage legislation removes the direct cause of waste, provides for equitable accommodation of cash customers, and adds a $5 coin made from titanium (a 'sintered' planchet !! ) to facilitate vending machine transactions and reduce costs of manufactures related to paper currency acceptors.
Short-term thinking, political posturing and, especially, intrusive manipulation of representatives by businesses, commonly frustrate the positive aspects.
I get their cents all the time down here in NJ.
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