Friday, March 21, 2008

Slow news day…

US is making cents, but for far more than a peny

Who else but the government would shell out almost two cents for a penny? In fiscal 2007, it cost the U.S. Mint 1.7 cents to make and distribute a one-cent coin, due to rising metal prices. "With each new penny and nickel we issue, we also increase the national debt by almost as much as the coin is worth, and these losses are rapidly mounting," Edmund Moy, director of the Mint, told House lawmakers. Baker added that producing coins that are worth more than their face value could lead to hoarding.

Posted by little professor @ 06:24 PM (651 views)
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2 thoughts on “Slow news day…

  • A light hearted thought during the holiday :

    “Changing the composition of pennies and nickels could save up to $100 million per year, according to Edmund Moy, director of the Mint.”

    I like this, especially as they will soon be issuing $100. Coins —– actually makes sense.

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  • European-bear says:

    well at least it puts the dollar on a copper standard

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