Did You Know That It Costs 2.4 Cents To Make One Penny?

President Obama is proposing to make pennies and nickels cheaper to produce.

If passed, his plan would allow the Treasury Department to “change the composition of coins to more cost-effective materials.”

Why? Because it currently costs the federal government 2.4 cents to make a penny and 11.2 cents for every nickel. The special formula for making U.S. coins has stayed the same for the last 30 years. Changing that recipe could save more than $100 million a year.

Read more HERE.

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2 thoughts on “Did You Know That It Costs 2.4 Cents To Make One Penny?

  1. A few minutes after reading this, I saw this article (with a video) on why the penny should be abolished.
    http://deanesmay.com/2012/02/15/please-get-rid-of-pennies/
    It’s a long video, but interesting.

  2. Larry Fire says:

    Thanks Gary

    I added the video that you recommended to the post, much appreciated!

    Best

    Larry

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