Cost to Make Penny and Nickel Rises, Annual Loss Reaches $116.7 Million

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Post from TW in 3 ... 2... 1....

Our smallest coin is the 5 cent. Life goes on.

Unit cost, not value of materials. Unit cost including manufacture and distribution. The cost of distribution will vary according to things like gas prices.

Unit Cost to Produce and Manufacture Cent
...............................................FY 2011 FY 2010
Cost of Goods Sold .................0.0197 0.0176
Sales, General & Administrative 0.0041 -
Distribution to Reserve Banks....0.0003 0.0003
Total Unit Cost .........................0.0241 0.0179

Unit Cost to Produce and Manufacture Nickel
................................................FY 2011 FY 2010
Cost of Goods Sold .................0.0938 0.0916
Sales, General & Administrative 0.0176 -
Distribution to Reserve Banks...0.0004 0.0006
Total Unit Cost .........................0.1118 0.0922

This represents the sixth year in a row that the cost to produce and distribute the cent and nickel have exceeded their face values. For the 2011 fiscal year, the two denominations were produced at a loss of $116.7 million. This amount is nearly triple than the loss of $42.6 million generated from the two denominations during the prior year.

:2cents:

I would like to exchange these for 4.82 cents.

kthxbai

Here's what I never understood. Why MUST coins be made of odd metal alloys? Why can't they just be made from, say, aluminum, or steel for durability? They are only tokens with a given face value anyway. Now with the "new" pennies, they aren't even worth their weight in silver or copper.

Pretty soon, cash will be a forgotten relic anyway, IMO. The government will go to a cashless system so they can track all monies spent and where for what they will claim is tax purposes but will really be an attack on drug profits and citizens who for whatever reason choose to fly beneath the radar.

All money should be recorded on cards, like ID type cards. There'd be no need for paper or metal money at all!

less forgeable

Over here they started making the smallest value coins in steel fifteen or more years ago.

If Wikipedia can be trusted it was actually in 1992 and apparently as from this year at least some of the larger value coins will be steel too.

I think we should go back to using the teeth of our enemies as currency.

I like the way Clodfobble thinks.

Would I be worth less, then, what with my caps and all?

"Eh, I'd kill her for her teeth but they ain't gonna fetch me nuthin'!"

I would think you'd be worth much more b/ c of them.

Dental gold is usually very pure, and is more valued than jewellery.

The trick is in finding a better class of hobo.