60_minutes

CBS 60 Minutes News Video: Should We Make Cents?The CoinNews Saturday eNewsletter and the short post Sunday morning included information about the Sunday night 60 Minutes news segment titled, Should We Make Cents?

Morley Safer reports on how the penny and nickel are worth less than the U.S. government cost to manufacture them – the penny almost two cents and the nickel almost a dime.

The largest portion of the segment, as the 60 Minutes title suggests, revolves around the various points of view on whether the government should stop making Lincoln pennies.

Why is the manufacturing cost of the 1-cent penny and 5-cent nickel up so much? United States Mint Director Ed Moy summed it up:

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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 […]

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