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My 2 cents (which cost 2.8 cents to produce)
1 Comment · Posted by Splasho in Uncategorized
Did you know that the American government spends 1.4 cents on every one cent coin it produces?
And I hadn’t really considered:
The real problem could come if metals prices rise so high that it would be economical to melt down pennies for the metals they contain. [it goes on to explain the metals actually cost 0.8 cents]
Britain would be better off since I believe that melting down money is illegal over here.
Asked if the mint had a backup plan for what it will do if zinc prices rise far enough that it could pay to melt down pennies, a spokesman said that such issues were for Congress to decide. Perhaps the mint could go back to making steel pennies, as it did during World War II when copper was needed for the war effort.
Pennies, meanwhile, are in high demand. Last year, the mint made 7.7 billion of them — more than the number of all the other coins it produced. In the first three months of this year, the pace of penny production rose to an annual rate of 9 billion — the highest since 2001.
Why so many? Perhaps there is now some hoarding in expectation that metal prices will keep rising, but mostly it is an issue of sales taxes, which in most states are added to the retail price and assure that the total price of many items will require pennies to be given in change if a customer pays with dollar bills. That helps explain why the idea of eliminating the penny has gone nowhere.
The last paragraph reminded me of what I (a Briton) was amazed at in America. None of the prices are in any way round. In Britain all consumer prices include VAT and most are a normal figure like exactly £2 (or in some cases the slightly more annoying £1.99).
[Via Digg - no I'm not boycotting it 
]
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