Penny Problem: Not Worth Metal It's Made Of

Discussion in 'Current Events' started by Sarah G, May 11, 2011.

  1. Sarah G
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    Sarah G When Nothing Goes Right, Go Left Supporting Member

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    Hmm, I wonder if they'll still be lucky being made out of steel..

    Wheat Penny Values (in U.S. Dollars)

    Wheat Penny Values - Coin Values Table for Wheat Cents - How Much are Wheat Pennies Worth? - Wheatback Pennies
     
  2. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    Maybe we should stop devaluing our money and we wouldnt have that problem.

    What you stop spending less and paying off our debts by living within our means? Crazy I know!
     
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  3. JackDan
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    JackDan ooo-ooh that smell.

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    Well, the thing is they may lose money on the penny and nickel, but they make it up on the dime and quarter, which are made of a cheaper zinc plated steel. so it ends up being a push.
    Quarter - 7.33 cents to make
    dime - 3 cents to make
     
    Last edited: May 11, 2011
  4. JackDan
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    JackDan ooo-ooh that smell.

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    My company sells a fair amount of nickel and copper in the forms of copper tubes, and stainless steel tubes, plates, and structural shapes. These are commodities that have been pretty violotile in the last 5 years and can swing up or down and have long upward and downward trends. It would be smart for the USA to switch the Penny and nickel to zinc plated metal, but from what I hear, alot of machines nationwide are weight sensitive and it is something lobbists have preached against changing due to infastructure already being in place.
     
    Last edited: May 11, 2011
  5. Sarah G
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    Sarah G When Nothing Goes Right, Go Left Supporting Member

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    They can't be worth less than what it takes to make them though. It takes almost $.02 to make a penny.
     
  6. JackDan
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    JackDan ooo-ooh that smell.

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    Right now it takes 1.67 cents to make a penny. If the price of copper were to crash, it could be below 1 cent to make a penny. This is because in the last 10 years the price of copper has tripled.

    I understand what you are saying, but I have read many articles on this, and the money gained on the dime and quarter outweigh the money lost by the penny and nickel. Yet we could be even more positive and gain more if the penny and nickel were zinc plated steel. Not much to debate about there.
     
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