Thursday, February 25, 2021
Tags Coin production

Tag: coin production

The Slow Death of U.S. Circulating Coins

credit cardIt's no secret. The currency of choice is not change, and it's no longer paper money. For many Americans, both forms have become annoyances — especially in high value purchases. Coin usage is declining, and trending toward extinction. These days, it's about plastic with the convenience of credit and debit cards.

While the U.S. Mint is spending money on mandated marketing and a doomed promotion of Presidential $1 coins, or announcing the exciting four new 2009 Lincoln penny design images, the reality is Americans dislike to receive or use these coins more than any other pocket change. And how a coin looks or feels is mostly inconsequential to anyone but collectors. But it goes beyond the penny and dollar $1 coin, as the outlook for every circulating coin further declines.

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Current and 2007 Costs to Mint Pennies and Nickels

Stack of U.S. coinsOne 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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The Making of US Coins: The History Channel Answers the Questions

The emergence of Internet on-demand videos has not only provided the excitement of action-packed movies that can be viewed straight from your...

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