US Cent, 2010

[Bimat]

Report: U.S. Mint lost over $42M making pennies and nickels in 2010

FRIDAY, 25 NOVEMBER 2011 16:17

BY BOB HOLT

NEWJERSEYNEWSROOM.COM

A New Jersey congressman says it's more trouble to make pennies and nickels than they are worth.

Politifact New Jersey reported that U. S. Representative Steve Rothman said, "Currently it costs more than a penny for the U.S. Mint to make a one cent coin and more than a nickel to make the five cent piece."

The U. S. Mint's latest report said it cost 1.79 cents to produce and distribute a penny in 2010, and 9.22 cents to make a nickel. The Mint overall lost $42.6 million on over 3.48 billion pennies and 359 million nickels circulated in 2010.

According to wisegeek.com, a penny's cost is determined by the materials that are used to make them. Pennies contain 97.5 percent zinc, with 2.5 percent copper for their copper color. Prices of these metals have gone up significantly in recent years.

David Ganz, a Bergen County Freeholder, suggested in the New York Times that the composition of the coins be changed, calling metallic alloys the best choice. He said whatever material is chosen needs to reflect four values: savings in cost, a secure supply, be acceptable aesthetically and cause minimal disruptions to vending machines. Ganz says the best approach would be for the Mint to meld aluminum and steel.

In 2010 the Mint produced 4 billion pennies and 490 million nickels.

Source

[augsburger]

All we say to them is, use your dollar coins, make $2 dollar coins, get rid of the 1 cent coin, perhaps make the 5 cent smaller and lighter like the 1 cent and hey presto!

But nothing ever changes in the US!