Recycle a Penny for Two Cents
As of January 2007, the United States of America spends 1.73 cents to make a one cent coin and spends 8.74 cents to make a five cent coin. That’s right, it costs more money to make a penny and nickel than they are worth!
The recent increase in certain medals (specifically copper, zinc, and nickel) has caused the penny and nickel coins to be worth less than their base metals. As a result, you would get more money recycling these coins than their face value or if you deposited them in the bank.
In December of 2006, the United States Mint (the organization that produces America’s coins) passed a law that would make it illegal to melt coins or export coins in bulk quantities. This new law is only an attempt to minimize the amount of money the U.S. government is losing. Historically, coins that are worth more in their base metals than their face values quickly disappear out of circulation despite the law.
Another solution needs to be implemented immediately by the United States Congress. Some of the long term solutions could be:
- Have the U.S. Mint make new types of pennies and nickels out of metals worth less than their face values.
- Re-value the penny to be worth a nickel, and re-value the nickel to be a worth dime.
- Phase out the creation of new pennies and nickels.
- Or any combination of the above solutions is possible.
No matter what solution Congress selects, this problem needs to be implemented immediately. This is another example of the United States wasting taxpayers’ money when the problem can be easily and quickly corrected.
Therefore, I am asking each and everyone who reads this article to please contact your local congressmen and congresswomen to have them resolve this problem as quickly as possible. Here is how you can contact your local Congress representatives using this website: congress.org.
by Phil B.