What happens when coins cost more to make than their own value?
60 Minutes recently reported that to make $80 million in US pennies costs taxpayers $134 million. Same kind of story with nickels.
The reason is the rising prices of metals imported from around the globe, such as zinc from China – and the deep love affair Americans have with their small change. Over half of the production of the Mint is in pennies (97.5% zinc). All recent attempts to do away with them, such as the proposals of Jim Kolbe (Representative for Arizona) have been met with a lack of enthusiasm. Let’s not even get started on the environmental issues.
A sustainable material for U.S. currency would look terrific on the world stage! It’s time we bid adieu to the beloved but worthless penny (apologies, K. Fed). The penny is nothing but a pit for our pocketbooks and for our planet.
Related: when it comes to money, it’s all about money. Dollar bills are finicky to process, so out rolls the $1 coin“¦in copper and brass. Good news for furniture makers, but not quite an example of forward-thinking…
Image: uhuru1701