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24HourForums.com > Supported Forums > Smitty79's U.S. Coins, Currency & Bullion > Coming Soon To a Bank Near You! |
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Saint Forum-Blogger© Pioneer100© Member  Polymath
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I saw that it now costs 1.23 cents to make a penny and much more than a nickel to make a nickel so the Treasury is thinking about making them from steel like in WWII. WASHINGTON - Further evidence that times are tough: It now costs more than a penny to make a penny. And the cost of a nickel is more than 7½ cents. Surging prices for copper, zinc and nickel have some in Congress trying to bring back the steel-made pennies of World War II, and maybe using steel for nickels, as well. Copper and nickel prices have tripled since 2003 and the price of zinc has quadrupled, said Rep. Luis Gutierrez, D-Ill., whose subcommittee oversees the U.S. Mint.Keeping the coin content means “contributing to our national debt by almost as much as the coin is worth,” Gutierrez said. A penny, which consists of 97.5 percent zinc and 2.5 percent copper, cost 1.26 cents to make as of Tuesday. And a nickel — 75 percent copper and the rest nickel — cost 7.7 cents, based on current commodity prices, according to the Mint. That’s down from the end of the 2007, when even higher metal prices drove the penny’s cost to 1.67 cents, according to the Mint. The cost of making a nickel then was nearly a dime. Gutierrez estimated that striking the two coins at costs well above their face value set the Treasury and taxpayers back about $100 million last year alone. A lousy deal, lawmakers have concluded. On Tuesday, the House debated a bill that directs the Treasury secretary to “prescribe” — suggest — a new, more economical composition of the nickel and the penny. A vote was delayed because of Republican procedural moves and is expected later in the week. Unsaid in the legislation is the Constitution’s delegation of power to Congress “to coin money (and) regulate the value thereof.” The Bush administration, like others before, chafes at that. Just a few hours before the House vote, Mint Director Edmund Moy told House Financial Services Chairman Barney Frank, D-Mass., that the Treasury Department opposes the bill as “too prescriptive” in part because it does not explicitly delegate the power to decide the new coin composition. The bill also gives the public and the metal industry too little time to weigh in on the new coin composition, he said. “We can’t wholeheartedly support that bill,” Moy said in a telephone interview. Moy said he could not say whether President Bush would veto the House version in the unlikely event that it survived the Senate. Sen. Wayne Allard, R-Colo., who is retiring at the end of the year, is expected to present the Senate with a version more acceptable to the administration in the next few weeks. The proposals are alternatives to what many consider a more pragmatic, but politically impossible solution to the penny problem: getting rid of the penny altogether. “People still want pennies, which is why we’re still making them,” Moy said. Even Treasury Secretary Henry Paulson acknowledged in a radio interview earlier this year that getting rid of the penny made sense but wasn’t politically doable — and certainly nothing he is planning to tackle during the Bush team’s final months in office. In 2007, the Mint produced 7.4 billion pennies and 1.2 billion nickels, according to the House Financial Services Committee. Other coins still cost less than their face value, according to the Mint. The dime costs a little over 4 cents to make, while the quarter costs almost 10 cents. The dollar coin, meanwhile, costs about 16 cents to make, according to the Mint. Last edited on Thu May 8th, 2008 06:14 pm by Saint |
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librtyhead Original500© Member 
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Great now my pockets will get all rusty! ......www.
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Saint Forum-Blogger© Pioneer100© Member Polymath
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Yeah, but you can spot weld holes in your car with your pocket change!
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librtyhead Original500© Member
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Why not make nickels thinner?
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24HourNut Administrator  aka Frank
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Great topic, Saint. I keep waiting for plastics to show up somewhere.
 Hey, start a cool new topic. |
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Brian Grand Poobah of Moderation 
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Soon we'll all switch to electronic money entirely, and we won't have to worry about it. 
"It's been a long December, and there's reason to believe maybe this year will be better than the last." -- "A Long December", Counting Crows |
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Saint Forum-Blogger© Pioneer100© Member Polymath
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Brian wrote: Soon we'll all switch to electronic money entirely, and we won't have to worry about it. Bite your tongue, rich boy! 
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Brian Grand Poobah of Moderation
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Saint wrote: Brian wrote:Soon we'll all switch to electronic money entirely, and we won't have to worry about it. Rich, my  !  I'm mostly on unemployment right now.  I still think that hard currency's going to go away sooner, rather than later, though. It's mostly already happened. There are very few things in this world you can't buy with plastic or a keyboard at this point. It hasn't gotten cheap enough to pay the kid down the street for mowing your lawn, but that's not that far off.
"It's been a long December, and there's reason to believe maybe this year will be better than the last." -- "A Long December", Counting Crows |
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Smitty79 Pioneer100© Member  Earthbound Misfit
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Nah, as long as there is a demand for coins and paper money in commerce, it'll never go away completely. It'll just play second fiddle to plastic much like plastic did to cash when credit cards were introduced.
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Marie5656 Forum-Blogger© Original500© Member  Just hanging out
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Not exactly on topic..but every once in a while we hear of the proposition of eliminating the penny from circulation. Think it will ever happen? edit to include..well Sait, if I had read your entire post before responding, I would have seen the article mentioned the penny thing. But still...do you think it will happen?? Last edited on Sat May 10th, 2008 03:39 pm by Marie5656 
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shirohniichan Original500© Member  Obscurius per obscurum
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Brian wrote: Saint wrote:Brian wrote:Soon we'll all switch to electronic money entirely, and we won't have to worry about it. When I mowed lawns as a kid, the neighbors paid me in wampum-- and that's the way we liked it, dagnabbit! 
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Smitty79 Pioneer100© Member Earthbound Misfit
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shirohniichan wrote: Brian wrote:Saint wrote:Brian wrote:Soon we'll all switch to electronic money entirely, and we won't have to worry about it. And all the lawns were uphill, weren't they? 
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Millennium Original500© Member 
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Well...they could always make the cent smaller...
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seekeroftruth Original500© Member
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Brian wrote: Saint wrote:Brian wrote:Soon we'll all switch to electronic money entirely, and we won't have to worry about it. you're right and I know you are because the bible says so. you will also be forced to take a mark and will not be able to buy or sell without it.
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Popeyesays Guardian1000© Member
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One should consider that after all that penny circulates and is a penny in hundreds of transactions. It's not being made new each time it's spent. Regards, Scott Last edited on Thu May 22nd, 2008 07:03 am by Popeyesays |
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24HourForums.com > Supported Forums > Smitty79's U.S. Coins, Currency & Bullion > Coming Soon To a Bank Near You! | ||||||||||||||||||||||||||||||||||||||||
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