Zinc pennies now cost more than 1 cent to make

[HobBob]

According to this article, the mint is now losing money on each penny they make, due to the rising cost of zinc (0.8 cents) and production costs (0.6 cents).
http://www.dailynews.com/portlet/article/html/fragments/print_article.jsp?article=3737370

Hmmm... now should we start saving the zinc pennies also?!

HH,
Bob

 

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[bazinga]

I am assuming a nickel costs more to make as well. The metal value in our nickel is at about 4.75 cents right now, so if it costs the same to produce a nickel as it does a penny then that puts our nickel up over 5 cents.....

Could we ever see the removal of the penny from our monetary system if this trend continues?

 

[Jeffro]

It wouldn't surprise me one bit if plastic or ceramic was already in the works.....LOL!

 

[Immy]

Aluminum has been brought up as a possible replacement, but I'd rather see the penny end production in 2009 on the 100th anni of the Lincoln cent and the 200th anni of Lincoln's birthday. Australia already did it in 1992. Most surveys show that the penny is still very popular, though I think America's fondness for the cent is more sentimental than practical.

 

[ZumbroKid]

They should go back to 2 and 3 cent pieces. These would save production costs and generate money for the mints with the new collector series.

 

[jeff of pa]

My Guess the Next change will be Steel Cents.

 

[jersey junkie]

won't the steel cents get stuck in the coin coun ting machines. whenever I go to turn in halves I take all the euro coins. They all get caught up in the magnets. I guess that the steel pennies would too. What would be their solution?