Cost to produce U.S. penny still more than its face value
- Published: Dec 16, 2014, 2 AM
1. Penny problems
The U.S. Mint reports that the price of making a U.S. cent has come down 31.1 percent from Fiscal Year 2011 to Fiscal Year 2014, but the cost still exceeds the value of the coin.
According to the Mint's latest Research and Development report, which Coin World Senior News Editor Bill Gibbs wrote about last week, striking one penny cost 1.7 cents in Fiscal Year 2014. Three years earlier, that cost was 2.4 cents.
Read the Mint's full report here.
At 8.1 cents per coin, the nickel also cost more to make than its face value in 2014. The dime (3.9 cents) and quarter (9 cents) have costs that are lower than their values.
2. Precious metals pricing
Kitco.com listed the following prices per ounce at 6:59 a.m. ET Tuesday:
3. What's new on CoinWorld.com?
The U.S. Mint has released images of its 2015 crop of America the Beautiful quarters, which honor Kisatchie National Forest, Blue Ridge Parkway and Saratoga National Historical Park, among others.
Get the full Coin World story here.
4. Yesterday's most-viewed post
X-ray performed on Boston time capsule that may contain 17th century Pine Tree shilling
5. Anti-hoarding law pushed
The legislature in the Philippines is moving forward a measure aimed at stopping the large-scale hoarding and exporting of the country's coins, according to the Manila Bulletin.
Officials want to deter the supply of coins to groups who melt them down so they can be used as metal parts in a number of electronic devices, the Bulletin reports.
Piggy banks will be protected.
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