Thread: More than a pretty penny to make 'em

BY CAITLIN KELLY
DAILY NEWS STAFF WRITER
It seems senseless, but it's true - it now costs more to make a penny than it's worth.
Same for the nickel.
Amid a huge boom worldwide in metals prices due largely to fast growth in emerging economies, U.S. Mint production costs now total 1.23 cents for each penny and 5.73 cents for each nickel.
Despite the increasing expense, there are no plans for a phase out, because coins remain essential in cities like New York, said Michael White, a spokesman for the U.S. Mint.
"There's tremendous demand for pennies and nickels because of the tremendous number of business transactions that take place there every day," he said.
"Americans want this coin," added Mark Weller, executive director of Americans for Common Cents, a Washington-based group. "In every poll we've conducted over the past 20 years, 66 to 75% say they want to keep it. What's the alternative? Rounding up to the nearest nickel. People fear merchants will round up and, for those on a budget, rounding up is not a good option," Weller said.

Originally published on May 14, 2006

I don't have money so I'm carefree... like B.I.G. said "Mo Money Mo Problems"