Since 2006, the United States has lost over $573 million in producing pennies and nickels.
$573 million in coins you let collect in your car’s ashtrays, and take and leave at gas station registers. We’ll let that sit with you for a moment.
President Barack Obama has proposed eliminating the penny, a move that seems to make sense considering the penny’s cost of production – each one-cent piece costs 1.83 cents to produce (down from 2.4 cents in 2011.) The nickel, another money-vacuum, costs 9.41 cents to produce (down from 11.2 cents in 2011.)
Proposed solutions from these commenters include dropping the penny and making the nickel cheaper to produce and dropping both penny and nickel, and making the dollar in coin only. Others wonder the cost and benefit of allocating time and resources to this endeavor, given how much this loss actually impacts the total national debt.
What do you think? We encourage you to discuss in the comments below!
By Denise Kruse