We're all watching, one way or another our economy struggle right now... so can someone explain to me why the US Government is continuing to make pennies and nickels when the cost to make the coin is more then what its worth?
According to this CNN article, it costs 1.26 cents to make each penny and about 7.5 cents to make a nickel due to rising costs of metal. Go figure. The article goes on to discuss the hold ups in coming up with a solution, which is all pretty standard in terms of who gets to call the shots.
Personally my favorite part of the article is "People still want pennies, which is why we're still making them". Really? What do you do with your pennies? In our house, all loose change tends to go in a piggy bank. That's all that happens. So, think about how many of us have simply pulled coins out of circulation, to only dump it back in about once every 4 or 5 years when it gets lugged to the bank. I'm sure I could come up with some creative solutions to the penny making issue if I was the boss. How about everyone brings in their piggy banks and get a free latte? Stranger things have happened!
Thanks for posting that.
ReplyDeleteI have a friend who always gives us his pennies when he gets them as change. He says they're not worth anything. (He's right.)
I forwarded that to him, and I set the subject to be that quote about people wanting pennies. I think he'll groan.
I asked the same question and mr. know-it-all actually had an answer...the value of metal fluctuates all of the time, so it wouldn't make sense (ha ha) to start/stop making certain coins. While it's a logical answer, I still didn't like it.
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