sailingaway
04-17-2012, 02:55 PM
WASHINGTON (MarketWatch) -- As Congress considers a plan to use U.S.-made steel in pennies and nickels to save hundreds of millions in taxpayer money, it can look to Canada for some common sense on cents. The cost of zinc, copper and other metals used in the coins has risen, making it nearly twice as expensive to make the currency than it is actually worth. It currently costs 2.4 cents to make a penny and 11.2 cents to make a nickel. “The penny had real value until about 1980 when the value of copper became more than the penny itself,” Rep. Ron Paul, Republican of Texas, said at a House Financial Services Committee hearing on Tuesday.
I remember when the Fed wanted to mint pennies out of something cheaper than zinc and Ron zinged them for not being able to maintain a zinc standard, much less a gold standard....
http://www.marketwatch.com/story/no-small-change-cheaper-pennies-and-nickels-2012-04-17
I remember when the Fed wanted to mint pennies out of something cheaper than zinc and Ron zinged them for not being able to maintain a zinc standard, much less a gold standard....
http://www.marketwatch.com/story/no-small-change-cheaper-pennies-and-nickels-2012-04-17