The cost of the metals in a penny rose above 0.8 cents this week. The US Mint spends another 0.6 cents in creating a penny. Therefore, the mint will lose half a cent in making new pennies. Pennies contain mainly zinc, which tripled in price since 2003. The mint expects to produce 9 billion pennies this year. At current prices, that is a loss of $45 million.
Saturday, April 22, 2006
2 Pennies For 3 Cents
The cost of the metals in a penny rose above 0.8 cents this week. The US Mint spends another 0.6 cents in creating a penny. Therefore, the mint will lose half a cent in making new pennies. Pennies contain mainly zinc, which tripled in price since 2003. The mint expects to produce 9 billion pennies this year. At current prices, that is a loss of $45 million.
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