The true cost of a penny…$134 Million and my 2 cents

Basic economics 101

The U.S. Produces $80 Million dollars in pennies each year at an actual cost of $134 million. 1.3 billion nickels cost $124 million dollars in 2007 (CBS_60 Minutes).

Demand for the zinc and copper used in producing pennies and nickels has caused the price increase in recent years. Personally, I would not miss the penny. I rarely carry pennies and if I do I try my hardest to get rid of them quickly. The portrait of Honest Abe, I would miss. It seems that a government that pays $1000 for a hammer mine as well keep producing a currency that doesn’t make financial sense. Change, it does seem to take a longtime (Pardon the pun). But when the Lincoln penny was first introduced in 1908 debit cards were not even a thought in the most inventive individual.

So a penny for your thoughts but with inflation the way it is, I should phrase it more like a dollar for your thoughts.