Pennies and nickels

General discussion board about VAMs, but no buy/sell offers
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JASONKFLO
Posts: 412
Joined: Sun Jun 14, 2020 2:59 am
Location: EMMETT IDAHO

Pennies and nickels

Post by JASONKFLO » Mon Aug 16, 2021 11:10 pm

Sorry if this has been discussed but this makes me sick . We really waste this much money a year ? It makes since how can you make anything for less than a cent . https://www.coinnews.net/2021/02/23/pen ... bbIF2CnyEk
Jason Floyd
I climb Mountains , Grow Bamboo and like Coins

neals384
Posts: 31
Joined: Wed Aug 08, 2018 11:00 pm

Re: Pennies and nickels

Post by neals384 » Thu Aug 19, 2021 3:02 pm

According to the linked chart, a penny costs 1 1/2 cents to make, so there must be a cottage industry where people melt pennies to make dollars. After all, where are the 8 billion pennies minted last year?

However, before you all start melting down your pennies, here's some math...a one cent coin weights 2.5 grams and is 2.5% copper, the rest zinc. At current metal prices, that's $.0006 of copper and $.0073 of zinc, for a total value of roughly 8 tenths of a cent. The cost of the minting process is what brings the "cost of goods sold" to 1 1/2 cents, making pennies a loser for the mint.

Nickels, however, are a potential gold mine. They weight 5 grams and are 1/4 nickel and the rest copper. A nickel has 3.4c of copper and 2.4c of nickel for a total metal value of 5.8c. Light your bunson burners, vammers!

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Kurt28
Posts: 237
Joined: Sat Jun 02, 2018 4:00 pm

Re: Pennies and nickels

Post by Kurt28 » Fri Aug 20, 2021 7:07 am

I was under the impression that the value of the cent is that it facilitates the collection of sales tax.
Many, many times.
Thus justifying it's manufacture.

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