I am an Ultra-Conservative, Alpha-Male, True Authentic Leader, Type "C" Personality, who is very active in my community; whether it is donating time, clothes or money for Project Concern or going to Common Council meetings and voicing my opinions. As a blogger, I intend to provide a different viewpoint "The way I see it!" on various world, national and local issues with a few helpful tips & tidbits sprinkled in.
US Mints $ 36 Million Worth of Pennies - Costs $ 50 Million
The US government has redesigned and minted 3.6 billion pennies for a total face value of $ 36 million. At a cost of $ 0.014 each, the pennies cost $ 50.4 to actually produce.
The coins 4 designs are set to commemorate the 2009 bicentennial of Abraham Lincoln's birth. It is the first redesign of the coin in 50 years. A Lincoln commemorative dollar coin is set to be released next year also.
As in World War II, it has been suggested to use steel in the making of the coins or even to abolish them completely.
I just don’t understand why the U.S. Mint cannot just mint pennies every other year. This would save the U.S Mint and thus us, the taxpayers, money. We have plenty of pennies in circulation with many of them in people’s jars at home. I turn my change in every few months and my daughter gets the money for her account.
It just doesn’t make sense (no pun) to produce the penny every year when we lose money making it. My understanding is that the cost of all the change added together still comes out ahead, so it is a wash! I don’t want to do away with it because of the rounding and increase of a cost, albeit a penny. Pennies add up!