Didja Know . . . . . . . . ? Tuesday, 8 May 2012 (buying, military, American, money)

[AksarbeN]

Originally Posted by JustJoy

Morning y’all

. . . . . Didja Know?

As of 2012, it costs the United States Mint 2.41 cents to make one penny due
to the cost of materials and production. This resulted in a production loss in
2011 of $60,200,000, an increase from 2010’s production loss of $27,400,000.



Penny (United States coin) - Wikipedia, the free encyclopedia

Personally I wouldn't give you two cents for today's Did you Know thread.




LOL

[AksarbeN]

Oh the government! First they came for your pennies then they’ll come for your Susan B Anthony dollars.

[PJSinger]

Originally Posted by JustJoy

Morning y’all
<B>

. . . . . Didja Know?

As of 2012, it costs the United States Mint 2.41 cents to make one penny due </B>to the cost of materials and production. This resulted in a production loss in 2011 of $60,200,000, an increase from 2010’s production loss of $27,400,000.

Yes, I've heard that before. It's pretty sickening.

.

[Dallas Kitty]

Long ago I would roll coins and take them to the bank. But the bank stopped taking them and at the time banks didn't have a counting machine for customers. That's about the time super markets started having the coin machines. It costs about 9 cents per dollar but definitely worth it. Since coins get so heavy I keep them out of my purse, dump them into the box between car seats and also in a bag inside. At some point I tug them to the market in a fanny pack and cash in. Comes in handy if a mugger gets after me on the way from car to store. Blam!

I didn't know it costs so much to make pennies. They should be done away with. That way stores could increase the cost of stuff by a nickel instead of making everything .99 to look like a big deal.

Originally Posted by Ilene Wright

That's ridiculous! Pennies are nothing but a nuisance anyway, no one picks them up when they drop them and they just pile up in a drawer somewhere waiting to be rolled and cashed in but no one takes the time to do it cause it's just not worth the time and effort. I've got a ton of them right now that I need to roll but it certainly isn't a priority at this point. So I guess I'm a collector of pennies.

[Cunucu Beach]

Wonder how much the copper in them is worth. Might be worthwhile to save them for scrap metal.

[Jezer]

So maybe you should offer to send them back to the mint at a rate of say 50 to the $.

That way both parties win!

[TT Dave]

I knew it cost more than a penny to make a penny but I didn't realize it was that much! That's ridiculous, typical government waste.

[AksarbeN]

I believe I heard about a week ago that Canada stopped making their pennies. maybe we'll start to convert to the Mexican peso instead of making our own penny? lol

[JustJoy]

Originally Posted by AksarbeN

I believe I heard about a week ago that Canada stopped making their pennies. maybe we'll start to convert to the Mexican peso instead of making our own penny? lol

There are actually a lot of countries that have eliminated their penny. Course not here since US currency and Panamanian are interchangeable.

Maybe though you're right and we should explore converting to the peso; probably worth more now

Penny debate in the United States - Wikipedia, the free encyclopedia

[Magnum Mike]

2.41 cents to make a penny.. no wonder the treasury is... Pennyless..