Comments on: Penny Costs 1.5 Cents to Make in 2016, Nickel Costs 6.32 Cents; US Mint Realizes $578.7M in Seigniorage

By: Vachon

Vachon — Fri, 24 Feb 2017 02:20:54 +0000

I’ve been carrying the four 2009 cents and one 2010 cent in my pocket as I go about my business for almost seven years now to see how they take wear since they’re unlikely to ever show natural wear from circulation (most cents I encounter dated later than 1964 show little to no wear). I’ve noticed the zinc cents don’t corrode provided they’re kept in constant circulation. If the zinc gets exposed on a little used cent, it will quickly corrode but constant circulation wear keeps the corrosion from taking hold.

If the cent (and let’s face it, nickels, dimes, and quarters too) had actual purchasing power, they would circulate like intended and just accumulate wear rather than corrosion.

By: Seth Riesling

Seth Riesling — Thu, 23 Feb 2017 05:04:09 +0000

Solomon –

Welcome to this forum. The Mint is, strangely, not always the best or easiest source of numismatic information. The largest numismatic publication (since 1960) is “Coin World” with a weekly newspaper, monthly magazine & daily online publication with subscribers in all 50 states & about 40 foreign countries. CW Editor William T. Gibbs has been there since 1976 & has an encyclopedic mind when it comes to numismatics. He can be reached by phone at 937-498-0853 M-F or by email at: cweditor@amosmedia.com at their Sidney, Ohio headquarters. As a professional, unbiased journalist, I am sure he will guide you to the best research sources for your project. Good luck Solomon!

-NumisDudeTX

By: Solomon

Solomon — Thu, 23 Feb 2017 04:23:11 +0000

Greetings, I am currently researching the pros and cons of minting the one-cent coin in order to write up a persuasive speech about the issue for my public speaking and debate class. Where can I find the sources used in this article? I have already searched Google, but alas have come up blank. Not even the Us Mint website has been of any help. Thank you in advanced.

By: Munzen

Munzen — Wed, 22 Feb 2017 15:59:01 +0000

Nothing’s going to change so long as so many vested interests and naysayers want to keep the current system. We need to get Congress out of the picture so that decisions don’t depend on whoever shouts the loudest.

Lots of other countries have changed sizes and denominations without ending civilization as we know it. The most common scheme is a simple, fully-decimal set in ratios of 1:2:5 with distinctive metals and sizes/shapes. There’s no reason we should continue to base coins’ sizes on their former silver content or issue a non-decimal 25¢ coin for compatibility with Spanish bits. Even Canada is looking at eliminating their 5¢ and 25¢ pieces and switching to denominations of 10¢, 20¢, and 50¢ along with the loonie and twonie.

By: Kon Mannington

Kon Mannington — Wed, 22 Feb 2017 14:00:06 +0000

We could do this, make a copper penny for the mint and proof sets and raise the price by $1 or $2 for the sets and that could off set the cost of the pennies.

By: T

Wed, 22 Feb 2017 04:04:52 +0000

They should get rid of the penny, dime and quarter and just go to a nickel and 20 cent coin. The nickel should be made dime like to reduce the cost of it.

This won’t win any votes from collectors but will help with the expense associated with the current way.

By: Seth Riesling

Seth Riesling — Wed, 22 Feb 2017 02:31:48 +0000

FYI –

When the price of base metals started spiking above face value for the cent & 5-cents coins in 2006, the Mint Director, Treasury Secretary & Congress got involved & made it illegal to melt any cents or nickels & even put a limit on how many you can take out of the USA! Therefore, we don’t really even legally totally “own” any circulating cents or nickels anymore to do with what we want (only in America! LOL).
It is simply insane for Congress to continue to allow the production of any more cents. They cannot purchase anything, cannot be used in any vending machines & are found on the parking lots of stores all over as many people just throw them away!

-NumisDudeTX

By: Richard

Richard — Wed, 22 Feb 2017 02:14:28 +0000

Mammoth, you’re right if he can put his picture on the obverse (maybe groping Liberty on the reverse). Gilt plate them too and you’ll have something, just like the late night “commemorative opportunities”.

But it is surprising that nickels still have their high copper composition. Every now and then somebody says to put away bank boxes of them because they will be withdrawn. I suppose someday it could happen. Personally I’ve been keeping the high copper composition Lincolns, being old enough to remember when silver disappeared. But the margin there is so narrow it’s barely worth it and anyway they are vanishing through normal attrition.

By: Bilelle

Bilelle — Tue, 21 Feb 2017 19:58:54 +0000

Mike Unser, Do you have or can you get data on like the Canadian mint cost to produce its coins? It might be interesting to comparison their cost against the US cost.
Also Mike do you have like data on what it cost to produce, distribute etc on Gold and other precious metals from West Point and the Acadian mint.
Thank you for this interesting data set.
Bilelle

By: RonnieBGood

RonnieBGood — Tue, 21 Feb 2017 19:54:12 +0000

Agreed. The new penny looks horrible only a short time after mintage. Who wants to collect a poor quality coin? We can do much better here.