It Costs 1.4 cents to make a penny now, no inflation?

[IChing]

John Faherty
The Arizona Republic
Apr. 27, 2006 12:00 AM

The penny is being pinched by the rising cost of production.

It could now cost 1.4 cents for the U.S. Mint to make each penny.

The first thing you need to understand is that the penny is not what it seems.


The coin is 97.5 percent zinc; copper plating makes up the remaining 2.5 percent.

Last year, the Mint produced each penny for 0.97 cent. That was before the price of zinc more than doubled.

The Mint says it is not possible to nail down the cost of each coin right now but acknowledged the lowly penny has grown more expensive.

"Yes, the costs are going up," said Becky Bailey, public-affairs director of the Mint. >>>>>snip

http://www.azcentral.com/business/articles/0427penny0427.html


folks this is just simple math think about it

[Warpy]

1. Someone posted the costs of metals here yesterday

Aluminum alloy went up the least, and it went up a whopping 50%. Some metals have doubled and a couple have tripled.

This may be due to Stupid's war talk, since war eats metal and shits death. It may be due to the declining dollar combined with increasing inflation.

In any case, folks, this is about to visit a Walmart near you. We are going to see some serious inflation.

[IChing]

2. Grab your penny jar and turn it over to a metal recycler vs a bank

Think about it folks, this is something that can't be hidden in their fuzzy math.

IF YOU HAVEN'T SEEN THIS YET IT IS FUNNY AS HELL

FUZZY MATH:http://www.thebots.net/FuzzyMathVideo.htm

[TahitiNut]

7. I have over 30 years of accumulated pennies in my "Penny Jar."

Yep. That's right. In over 30 years, I've not spent a penny - or so few times that it's virtually never. At the same time, I've not bought any pennies. All the pennies in the jar (too heavy to lift, now) are pennies I've gotten in change, emptying my pockets at the end of each day.

Dumb, huh? :silly:

[IChing]

8. Now you are in the commodities market

6lbs of pennies is about 1,000 pennies or $10 but at with a metal trader it is worth $14.
However, you probable have some pennies that are worth
a lot more because of their rare Numismatic value.

[Bucky]

5. "war eats metal and shits death"

Nice quote

[BlueEyedSon]

3. Maybe plastic, made-in-China pennies would be cheaper...?

[valerief]

6. They call them credit cards now. n/t

[IChing]

4. I think this bit of news is important and reveals

something fundamental wrong with the federal accounting system

This is how many pennies are made each year in 1998 ( a lot more now)

13 billion pennies which equals = 130 million dollars x .4 =52 million dollar loss each year

52 million is not chump change in my book.

[eppur_se_muova]

9. So ... we start minting 2-cent pieces ? nt