Kenosha Kid
Sr. Member
Any company, anywhere in the world, that makes a product which costs more to make than the product is actually worth, would:
a) stop making the stupid thing, or
b) raise the price of the item, or
c) outsource / change the material(s) contents.
Anyone would...except for the US Government:
http://finance.yahoo.com/banking-bu...-comes-to-the-penny-washington-makes-no-sense
The cost to make a penny = 1.62 cents *
The cost to make a nickel = 5.79 cents *
*Actual costs from 2009. The gov't hasn't released the 2010 costs yet.
2010 mint production:
Pennies: 4,010,830,000 minted ($40,108,300 worth) at a cost of $64,975,446 to make = a loss of $24,867,146 *
Nickels: 490,560,000 minted ($24,528,000 worth) at a cost of $28,403,424 to make = a loss of $ 3,875,424 *
http://mintnewsblog.blogspot.com/2011/01/us-mint-produces-637-billion.html
True, total gains from other denominations more than made up for this amount, but we've lost well over $200 million (since 2006) from just making pennies and nickels.
http://news.coinupdate.com/us-mint-cost-to-produce-the-penny-and-nickel-0137/ (per fiscal year reports)
a) stop making the stupid thing, or
b) raise the price of the item, or
c) outsource / change the material(s) contents.
Anyone would...except for the US Government:
http://finance.yahoo.com/banking-bu...-comes-to-the-penny-washington-makes-no-sense
The cost to make a penny = 1.62 cents *
The cost to make a nickel = 5.79 cents *
*Actual costs from 2009. The gov't hasn't released the 2010 costs yet.
2010 mint production:
Pennies: 4,010,830,000 minted ($40,108,300 worth) at a cost of $64,975,446 to make = a loss of $24,867,146 *
Nickels: 490,560,000 minted ($24,528,000 worth) at a cost of $28,403,424 to make = a loss of $ 3,875,424 *
http://mintnewsblog.blogspot.com/2011/01/us-mint-produces-637-billion.html
True, total gains from other denominations more than made up for this amount, but we've lost well over $200 million (since 2006) from just making pennies and nickels.
http://news.coinupdate.com/us-mint-cost-to-produce-the-penny-and-nickel-0137/ (per fiscal year reports)
