It now costs more than a penny to make a penny---1.26 cents to be exact. And the cost of a nickel is more than 7½ cents.
Surging prices for copper, zinc and nickel have some in Congress trying to bring back the steel-made pennies of World War II, and maybe using steel for nickels, as well.
Keeping the coin content means “contributing to our national debt by almost as much as the coin is worth,” Congressmen Gutierrez said.
"People still want pennies, which is why we’re still making them,” Senator Moy said.
Even Treasury Secretary Henry Paulson acknowledged in a radio interview earlier this year that getting rid of the penny made sense but wasn’t politically doable — and certainly nothing he is planning to tackle during the Bush team’s final months in office.
In 2007, the Mint produced 7.4 billion pennies and 1.2 billion nickels, according to the House Financial Services Committee.
FYI--The dime costs a little over 4 cents to make, while the quarter costs almost 10 cents. The dollar coin, meanwhile, costs about 16 cents to make, according to the US Mint.What do you think??? steel pennies?
24 comments:
If we insist on keeping the penny I think steel ones would be a good idea. Why spend the money we don't have to keep pennies made out of copper. Well, why not get rid of pennies entirely. Round everything up to the nearest ten cent, figure out taxes so you won't have odd change. Viola! No pennies.
Pennies are stupid. I think we should get rid of them. They are ugly and are just a waste of time. I think we should just get rid of all paper money all together and just have debit/credit cards for everything. It would probably be difficult to do but in the long run it would save valuable resources that could then be employed elswhere
I don't see why we shouldn't go to steel pennies. If it will save us money and not contribute anymore to the national debt then we should do it. People who want to keep the penny around will not complain about the penny going to steel. Our country really needs to start thinking about ways to cut back on spending and this sounds like a good way.
Yeah steel pennies, why not, if it will help our economy, I say go for it! We dont have to have pennies made out of copper, if it actually costs more than a penny. And a penny saved is a penny earned so they arent stupid dan! And besides you wouldnt sill have to pay off your debit and credit cards, so that would never work in the first place.
I like the idea of just getting rid of all that metal money crap. Just make everything out of paper and screw the dumb pennies and nickels and dimes and quarters and whatever else they make. It's just a waste of time, and time = money, so they're wasting money, which is what they're making. Ironic isn't it?
Steel pennies sounds like a really good idea. personally i think pennies are a waste anyway but if they still are going to continue making them then they shouldn't spend more than they are worth. Both pennies and nickels should be made out of steel from now on in order to start to get our nation out of debt.
Pennies should be steel if it is costing more money to make them than how much they are worth. Our government shouldn't even have to think on this one. Just do what would be best for the country, and that would to be as efficient as possible in producing money.
I agree with genni if we are going to keep the penny why use copper when we dont have the money to make em. So use the steel to make pennies, if it will save us money its worth it. Pennies are ridiculous!! There is not point even having them.
Yeah, steel pennies would be a good thing. It would probably be difficult to do, but in the long run save us. Just do what would be best for us.
Lets just get rid of pennies...they are pretty much pointless, and always in the way. They are valuable but are always found on the ground. Steel Pennies? No way...give them away.
steel pennies would definitely be different but it would be a benefit in the long run because it would cost less to make the penny which would save the country more money to pay off this national debt.
i say steel pennies are the way to go. we have an over abundent supply of steel. We could recycle the old cars and mke pennies out of them and we would still make money. Finally someone came up with a good idea, unfortunatly it was a democrat.
What would the cost be to convert the penny to steel? If it is cheaper I am all for it!!! Personally thou I think messing with change is a pain in the you know what.
Pennies are pennies. That's what I think. We have had them for ages and ages, so why get rid of them now. If people want steel pennies, go for it. As long as we keep pennies, I will be fine.
i think that if we plan on keeping the pennies we should consider the steal ones. If are saving money then it isn't such a bad idea. Or we could just get ride of all the pennies completely i think we should just do whatever we can to get us out of debt. WE should consider some different options. We need help to get our country back to where it used to be.....
I think that steel pennies would be a good idea. If it take more to make a penny out of copper then why keep making them out of copper? Steel pennies would be better because it wouldn't cost the government so much money.
Steel pennies sound excellent. I really dont think it makes much sense to produce pennies that cost more than a penny. I actually think we need to keep pennies in circulation because the whole money system would have to kind of be changed up, and this just would take alot of thinking and probably just as much money to do. I love having a change jar, and pennies even make me have like three more dollars. A gallon of gas!
I disagree with daniel towers i LOVE pennies the are fun to collect...hehe.. so dang it we need to keep the pennies because we wont haved to spend so much darn money on making them. Nickles are even more fun to collectbecause they are bigger and sparkly. I have a very large change jar and without pennies my change jar is incomplete. GO STEEL PENNIES
pennies are dumb lets just have like credit cards and debits saves us alot of money and just get rid of all paper money
xI dont care if we have pennies or not but whats the point of a coin that cost more to make than its value if there is a cheaper alternative go for it
lets get some steal pennnies. yay. i love pizza and i love to eat big sausages. i bet pennies are going to be cheaper than copper. or we can just do what gennifer thinks that works too.
There is no value in creating metal money any longer. I don't think it would be at all unreasonable to eliminate both pennies and nickels, and then eliminate other coins with paper money. I don't know how much it costs to create paper money, but I can't imagine it isn't more efficient.
its a good idea but china i takeing all of our steel so the steel may cost the same as copper did
i kike the look of the steel peny so make them.
I think this is a good idea if it will save us money. I kinda agree with dan on not having any money at all it would save us even more money.
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