A Penny Saved is... Half a Penny Lost
New research shows that it costs the U.S. Mint 1.5 cents to manufacture a penny – 50% more than the coin is actually worth. The majority of costs associated with making a penny come from metal, manufacturing and transportation, and these costs have actually gone down since 2010 when it cost 2.5 cents to make the coin. Pennies are not alone in their high cost plight, as nickels too cost more than their worth with each costing 6.32 cents. Congress has considered eliminating the penny altogether; the move has been successful in several other countries including Canada where the phasing out of their lowest denomination is estimated to save consumers $11 million.
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