Did you know that it costs almost a dime to manufacture a nickel? And 1.4 cents to make a penny?
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ANSWERS: 2
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Yeah. It is true, there was recently an article I read in some very reputable publication that assessed the cost of making pennies at 1.7 cents and nickels at 7-8 cents. This is pretty recent actually, due to the surge in prices of base metals, and congress from what I understand is contemplating a bill to allow the Treasury/Mint to make coins out of whatever metal they feel is most economical, rather that the composition of the coin being some arbitrary formula. It is a slippery slope, though, because there was a time not too long ago when the silver in dimes I believe was worth more than ten cents, so people would melt them down and sell the metal.
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Did you know that a coin is not used just one time? When you think of a new car do you consider the price and then plan to drive it one time? No -- you factor in the life of the car and how much use you will get out of it and spread the cost over the use. The price of zinc and copper will eventually fall and then a one cent coin will cost less than one cent to make... and it still won't matter. If a one cant coin can circulate for 15 years and pass through hundreds of thousands of transactions then it doesn't matter if it costs slightly more than its value to make. Do the math. http://www.snopes.com/business/money/pennycost.asp
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