Which U.S. Coin Is The Most Cost Effective To Mint?
One of the problematic aspects of minting metal currency is the rising cost of the very metals you craft the coins with can (and does) outpace the value of the minted coin itself. While many people are aware that it costs more to mint a penny than the penny is worth (1.8 cents to produce with a face value of 1 cent), it is also cost ineffective to mint a nickel (9.4 cents to produce with a face value of 5 cents).
When we get into dime territory, things start to look more favorable; it costs 4.6 cents to produce a dime but the face value is 10 cents. Quarters are even more practical; it costs a mere 10.5 cents to produce a quarter, but the face value is 25 cents.
So how much money does the U.S. Mint lose in the process of minting pennies and nickels? The rising cost of metals started affecting coin production around 2006 and by 2011, penny and nickel production expenses had reached over 100 million dollars per year.
What Bit Of Space Memorabilia Was Auctioned Off For $68,000 In 1993?
The Largest National Park In The World Is Located In Which Country?
The Diamond Grip Pattern Frequently Found On Metal Tools Is Called?
Which Author Was Forced To Bring One Of His Beloved Characters Back To Life After Years Of Public Pressure?
In The United States, Stop Signs Are Octagonal Because?
Insects Don’t Breathe Through Their Mouths But Through?
A Big Chunk Of Which Video Game’s Advertising Budget Was Spent On Educational Videos?
Which One Of These Common Food Crops Is Deadly If Stored Incorrectly?
What Modern Use Have World War II-Era Swiss Bunkers Been Converted For?