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Congress Considering A Steel Penny

Congress Considers Bringing Back the Steel Penny

As it exists in its shiny copper and zinc state, the penny costs more to produce than it's actually worth. The rise in prices of such metal commodities has initiated conversations in Congress about reverting to the steel penny used during World War II. The future of the nickel's composition is also in question as it currently costs 7.7 cents to make, while the penny's cost is 1.26 cents.

It's estimated that the coins set taxpayers back $100 million just last year, which is why on Tuesday the House debated a bill that would prompt the Treasury to come up with nickels and pennies that are more economical. A vote on the bill is expected to take place later in the week. In case you're curious, the Mint says that the dime costs a little over 4 cents to make, the quarter costs almost 10 cents, and the dollar coin costs about 16 cents to produce.

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nolasiren nolasiren 8 years
The more money that is produced the further in debt we are in to the privately owned Federal Reserve (not owned or overseen by the government). There is also the costs of switching the components to mint the coins as well. I can see the Federal Reserve saying it needs new machines in order to do it. In the end it would cost us billions. I say just leave it alone the debt is high enough and as someone else mentioned we can even pay for Bush's war as it is.
brdwaystarlett brdwaystarlett 8 years
Getting rid of the penny is, no offense guys, kind of dumb. If everything was rounded, it would no doubt be rounded up, which, over time, would take a hefty toll on all our wallets. Who cares if the penny is made of copper for a time or not? The fact of the matter is that this article indicates the gravity of our economic crisis. Did anyone else read the article on how the Pentagon is having to push Congress to give them money because as of June 15th, they've got none to pay to the soldiers???? THAT, my dears, is frightening.
shanimalcracker shanimalcracker 8 years
It's interesting to think that steel pennies might be the norm and then the old steel pennies wouldn't be as exciting to come across.
bellaressa bellaressa 8 years
Make them steel, I h6ope they do not get rid of it. I do not want to raise and round up in 5s.
verily verily 8 years
Meh. I don't think I'd really care if my pennies were no longer copper.
SkinnyMarie SkinnyMarie 8 years
I don't approve of getting rid of a penny. To the consumer, fine. But when large companies buy in bulk, they go to the fraction of the penny. Your savings account would be all f'ed up. Gas would rise in increments of 5, so the price of a barrel would be thrown off too.
carhornsinapril carhornsinapril 8 years
i don't love pennies, but i REALLY don't love the idea of rounding. i'm so cheap, i just imagine how much all of those pennies add up to over a year, and that's not exciting. i say "why not?" to steel pennies.
carhornsinapril carhornsinapril 8 years
i don't love pennies, but i REALLY don't love the idea of rounding. i'm so cheap, i just imagine how much all of those pennies add up to over a year, and that's not exciting. i say "why not?" to steel pennies.
MindayH MindayH 8 years
pennies are annoying. I say get rid of them
gooniette gooniette 8 years
Okay, so if the Mint makes the same amount of each coin, it's costing them 38.96 cents to make $1.41 in change. If you take out the dollar coin, which I think they make less of, it costs 22.96 cents to make .41 in coins. I think they are doing okay and don't need to change anything. If they want to get rid of the penny, that's okay with me too though. Unless the value of the dollar rises again....
gooniette gooniette 8 years
Okay, so if the Mint makes the same amount of each coin, it's costing them 38.96 cents to make $1.41 in change. If you take out the dollar coin, which I think they make less of, it costs 22.96 cents to make .41 in coins.I think they are doing okay and don't need to change anything.If they want to get rid of the penny, that's okay with me too though. Unless the value of the dollar rises again....
RosaDilia RosaDilia 8 years
They need to make up their minds. They either do away with the penny or figure out a less expensive way to produce pennies.
imLissy imLissy 8 years
why do we even have the penny anymore? Really, if I'm supposed to get three cents in change back, I doesn't matter, it ends up on the bottom of my purse anyway. Why can't we just round?
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