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.
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.
Thanks Gary
I added the video that you recommended to the post, much appreciated!
Best
Larry