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As of 2012, it costs the United States Mint 2.41 cents to make one penny due
to the cost of materials and production. This resulted in a production loss in
2011 of $60,200,000, an increase from 2010’s production loss of $27,400,000.
As of 2012, it costs the United States Mint 2.41 cents to make one penny due </B>to the cost of materials and production. This resulted in a production loss in 2011 of $60,200,000, an increase from 2010’s production loss of $27,400,000.
Yes, I've heard that before. It's pretty sickening.
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Long ago I would roll coins and take them to the bank. But the bank stopped taking them and at the time banks didn't have a counting machine for customers. That's about the time super markets started having the coin machines. It costs about 9 cents per dollar but definitely worth it. Since coins get so heavy I keep them out of my purse, dump them into the box between car seats and also in a bag inside. At some point I tug them to the market in a fanny pack and cash in. Comes in handy if a mugger gets after me on the way from car to store. Blam!
I didn't know it costs so much to make pennies. They should be done away with. That way stores could increase the cost of stuff by a nickel instead of making everything .99 to look like a big deal.
Quote:
Originally Posted by Ilene Wright
That's ridiculous! Pennies are nothing but a nuisance anyway, no one picks them up when they drop them and they just pile up in a drawer somewhere waiting to be rolled and cashed in but no one takes the time to do it cause it's just not worth the time and effort. I've got a ton of them right now that I need to roll but it certainly isn't a priority at this point. So I guess I'm a collector of pennies.
I believe I heard about a week ago that Canada stopped making their pennies. maybe we'll start to convert to the Mexican peso instead of making our own penny? lol
I believe I heard about a week ago that Canada stopped making their pennies. maybe we'll start to convert to the Mexican peso instead of making our own penny? lol
There are actually a lot of countries that have eliminated their penny. Course not here since US currency and Panamanian are interchangeable.
Maybe though you're right and we should explore converting to the peso; probably worth more now
2.41 cents to make a penny.. no wonder the treasury is... Pennyless..
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First they came for your pennies then they’ll come for your Susan B Anthony dollars. 
