Finally, Obama wants cheaper pennies & nickels

[Guest Hester]

The U.S. Mint is facing a problem -- especially during these penny-pinching times. It turns out it costs more to make pennies and nickels than the coins are worth.

 

 

And because of that, the Obama administration this week asked Congress for permission to change the mix of metal that goes to make pennies and nickels, an expensive recipe that has remained unchanged for more than 30 years.

 

 

To be precise, it cost 2.4 cents to make one penny in 2011 and about 11.2 cents for each nickel.

 

http://finance.yahoo.com/news/obama-wants-cheaper-pennies-nickels-101600840.html

 

The government truly wastes money left and right. How did it take this long?

 

Also see the reaction to the proposal:

 

http://www.theonion.com/articles/pennies-nickels-to-change,27427/

[NormR]

At some point the penny will have to go.  Or perhaps a simple revaluation.  10 old dollars for 1 new dollar.  One can't inflate forever and not run into such issues. 

[bookie71]

When I was a youngster (in the dark ages) there was a coin called a mill which was 1/10 of a penny and was used for sales tax.  My how times have changed.