5-cent nickels contain 75% copper and 25% nickel. 1-cent pennies contain 2.5% copper with the remaining zinc. The price of these metals have each gone up significantly and for over a year now, their melt value has been worth more than their real value. Or, more to the point, it costs the U.S. government more to make the penny and nickel than what they’re worth.
CoinNews has had several articles on the penny and nickel and one poll. In that poll last December, 45% of CoinNews readers felt the penny was no longer needed. Is it time to get rid of it and the nickel?
This time, the CBS program 60 Minutes asks the questions in a segment titled, Should We Make Cents?
It should be an interesting watch with Morley Safer reporting. Stay tuned to CBS on Sunday, Feb. 10, at 7 p.m. ET/PT*.
For a sneak peak, watch this video preview of Mr. Safer talking to U.S. Mint Director Ed Moy*.
*Editor’s Note: The entire video report by Morley Safer aired Sunday night, but it is now available online. Click the video image below to go and watch it now.