At issue is the fact that the penny now costs more to make than it's worth the us mint loses tens of millions of dollars each year producing pennies, which cost 18 cents to produce. The penny might be more trouble than it’s worth the cost to produce the one-cent coin increased to 15 cents during 2016, the wall street journal reported in 2015, the penny cost 143 cents to. Luhrman’s experience highlights a growing conundrum for the mint and for us taxpayers primarily because zinc, too, has soared in value, producing a penny now costs about 17 cents. For the past four years, it has cost the united states mint more than face value to produce the penny and the nickel the cost of the coins was recently 162 cents to produce each penny and 579 cents to produce each nickel.
But whatever it might find, making a penny will still cost more than one cent, tom jurkowsky, a spokesman for the us mint, tells the journal the high cost of making pennies regularly prompts proposals to stop their production. When the us mint first opened in 1793, coin production was a very physical, slow, and imprecise process the first mint in philadelphia consisted of a three-story brick building along with a series of smaller buildings housing crude horse and man powered machinery. According to the us mint, a penny costs 241 cents to produce that means the government spent nearly $169 million in 2013 just to put $70 million of currency into circulation. The us penny is safe -- for now according to the us mint, there are no plans to discontinue the penny, and it would require congressional approval to do so.
Making pennies wastes time - the us mint makes an average of 2027 million pennies per day to produce its 74 billion penny annual output if we just get rid of the penny, the mint would only have to do half the work. This contributes to the united states mint needing to produce more pennies than all other coins combined the final canadian penny was minted on may 4, 2012 and active distribution of the coin by the mint was discontinued on february 4, 2013. And since the us mint has minted nearly 92 billion pennies 15 billion nickels since y2k, the nation's $1 billion loss making these coins is not, like the coins themselves, chump change. Indeed, the us mint does dispute the claim: it says making each penny costs about 081 of a cent, while it collects a whole cent for each one the mint's total profit on the penny: about $24. The penny cost 18 cents to mint the nickel cost 94 cents and yet, rather than stop wasting money producing pocket change, the us government has decided to take its time.
The announcement follows years of speculation regarding when the us would stop minting pennies, as it actually costs more than 1 cent to produce a penny on average, pennies cost 14 cents to make, making penny production a losing proposition, especially when the us mint produces billions of pennies annually. Right now, a penny doesn't even buy a penny according to the us mint's 2014 annual report, the current cost of a penny is 17 cents per coin with nearly 8 billion pennies minted in 2014, the us spent almost $132 million to produce less than $50 million of circulating currency. Keep canadian copper pennies keep your canadian pennies in this particular case, canadian copper pennies these copper pennies are just like the us copper pennies: the copper metal value exceeds their canadian face value by over 25xthe canadian copper penny is made of 95% copper and 5% zinc, making it a great copper commodity investment.
As the us mint explains, the copper surface of a penny accounts for only 25% of its metal content according to the us environmental protection agency , zinc ores contain only 3% to 11% metallic zinc. The us mint has some good news and bad news in its latest biennial report to congress the good news is that we're wasting less money on pennies and nickels the bad news is we're still wasting. The part of the government that makes all of our coins is called the us mint the mint makes sure that americans have enough coins to use for shopping it actually costs the mint more than a penny to make a penny. The united states has resisted discontinuing the cent (and nickel) even though it costs more to produce a penny and nickel than the coins are actually worth that means the us treasury is losing several hundred million dollars a year on minting these coins.
History of the lincoln cent page content when the lincoln one-cent coin made its initial appearance in 1909, it marked a radical departure from the accepted styling of united states coins, introducing as it did for the first time a portrait coin in the regular series. Us mint should america get rid of the penny so, a penny for your thoughts: should the us get rid of the penny n including paying the people who work there add it up, and making a single penny costs about two cents doesn’t make much cents—er, should the united states mint stop producing. The united states should do the same pennies have virtually no buying power, yet they cost a lot to make, distribute and use, and many consumers simply throw them away. This guy saved pennies for 45 years then he cashed them in – and their total is astounding - duration: 7:22 watchjojo 7,997,968 views.