The U.S. Mint recently admitted that it now costs 1.67 cents to produce a single penny. They say pennies
now are 97.5 percent zinc with thin copper plating and admit that the value of the metal exceeds the coin’s face value! To borrow Peppercom’s Deb Brown’s favorite expression, ‘you simply can’t make this stuff up.’
So, in a period of tremendous economic uncertainty, market flux and job loss, our country is deficit-spending to create coins that no one wants or uses. What’s wrong with this picture? A penny for your thoughts. Make that 1.67 pennies for your thoughts.
I’m surprised I haven’t read more news stories about this farce. I’m also surprised McCain, Hill or Barry haven’t jumped on the issue to position it as yet another example of big government waste. God knows Clinton and Obama need something right now to distract negative stories.
If I were running the show, I’d tell the U.S. Mint management team we’ll be deducting an extra .67 cents from their annual salaries for every new penny they make. That should get their attention. I’d also enroll them in an Economics 101 class ASAP.
Whoever’s running the U.S. Mint is one bad penny. One might even call them cents less.
Thanks to Deb Brown for the idea.
Well, I’d suggest a letter-writing campaign to one’s local congressman, but no one writes letters anymore.
The US Mint doesn’t have the authority to change coin composition on its own. There needs to be some enabling legislation from Congress.
Same goes for the nickle!