Costs 1.7 cents to make a penny???

[teach1rusl]

Okay, I admit to always being a day late and a dollar short when it comes to what's happening in the world...
But I was watching something the other day that talked about how many wanted to totally do away with pennies, and they brought up that it costs 1.7 cents to create the penny, worth only 1 cent. Am I the only one that didn't know this??? Am I the only one who thinks this is just plain crazy??? Why would we put more into a penny (or any coin/bill) than its value??

 

[redhen]

Figures..

Cant the govt afford a better acct. or something,..

 

[Forrest_Flock]

maybe one day we will end up like Australia

I thought it was sort of weird when I went
and they had no 1 or 2 cent coins

 

[Mac in Wisco]

Quote:
It's just a token of a specific value. The government doesn't "sell" them for one cent, they put them into circulation.

If it costs them $1 to make a $100 bill, does that mean they are ahead by a bunch? No... nor are they behind because they made a penny for 1.7 cents.

 

[teach1rusl]

Quote:
It's just a token of a specific value. The government doesn't "sell" them for one cent, they put them into circulation.

If it costs them $1 to make a $100 bill, does that mean they are ahead by a bunch? No... nor are they behind because they made a penny for 1.7 cents.

Logically, I see what you're saying... But it still just seems wrong...

 

[SarahFair]

Quote:
Whats up with Australia?

 

[Forrest_Flock]

the smallest they have is 5c haha, nothing wrong with that

 

[fuzziebutt]

And when the penny was first made, it didn't cost that much to make. But I also LOVED what Mac in Abilene said. Makes alot of cents. Bahhahahahaaa! I graduated from Cooper High School in Abilene!

 

[Mac in Wisco]

Quote:
My oldest son graduated from there in '09.

 

[magicpigeon]

Quote:
Don't holdyour breath...they're thinking of getting rid of that too