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Penny Cost More Than One Cent to Make!

By Alex in Everything Else on May 17, 2006 at 1:02 am


For the first time in US history, it costs more to manufacture a penny and a nickel than the value of the coins themselves!

The Mint estimates it will cost 1.23 cents per penny and 5.73 cents per nickel this fiscal year, which ends Sept. 30. The cost of producing a penny has risen 27% in the last year, while nickel manufacturing costs have risen 19%.

Link (via Something of Interest, Thanks Jason!)

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COMMENT
  1. Dan
    May 17th, 2006 at 1:42 pm

    Why don't we just stop making them? When I've traveled to England, I've noticed that their coins seem much older than ours. Some of the coins I received as change were even said "shillings", an obsolete form of currency. Couldn't we just back off on the manufacture of our coins and let the small Thomas Jefferson heads wear out a little more before we replace them?

  2. mrgoodbar
    May 17th, 2006 at 4:18 pm

    The bigger story is that precious metals are up at the same time the dollar is down. Mostly this is due to our massive deficit.

    This is probably one of those economic indicators that should alarm the right people.

  3. rob
    May 17th, 2006 at 8:47 pm

    take one... leave one.
    pennies are obsolete.

  4. Jake
    Sep 20th, 2007 at 4:24 pm

    All coins need a redesign.
    10 cent
    25 cent
    50 cent
    1.00 coin

    each should be bigger and thicker than the rest in order. See Austraila...
    The $1 bill needs to go.
    the penny needs to go.

    We need a $2.50 bill instead.

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