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Current and 2007 Costs to Mint Pennies and Nickels
One of the pleasant side affects of the Coin Modernization and Taxpayer Savings Act of 2008, which would change the metallic composition of pennies and nickels to steel, is the revelation of current and past costs in minting coins.
Figures of coin production expenses are interesting in themselves, but charting their trends is another reminder of the volatility of metals within coins, like that of copper, zinc and nickel.
The cost of minting each penny and nickel today are:
- Penny at 1.26 cents
- Nickel at 7.7 cents
As a side note, the U.S. Mint also provided recent costs to mint the dime, which is 4 cents, the quarter at 10 cents and $1 coins at 16 cents each.
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House Passes Bill For Steel Cent and Nickel
The House debated on the legislation and finally voted yesterday to change the metallic composition of the penny and 5-cent nickel to a less expensive copper-colored steel.
Although the prices of copper, zinc and nickel metals in coins have declined in recent months, the penny and 5-cent nickel still cost more to make than what they're worth—resulting in a reported loss of about $100 million every year, or $1 billion over a decade.
It now costs about 1.26 cents to make the penny and about 7.7 cents to make the nickel.
House bill "H.R. 5512, the Coin Modernization and Taxpayer Savings Act of 2008" would seek to change those manufacturing costs by using copper-colored steal, which could cut the cost of making pennies down to about 0.7 cents each. But its recent passage in the House is no guarantee it'll make its way to the White House for signing.
H.R. 5512 must still go through the Senate and then the President, and not everyone is happy with the current legislation.
