Why Mint the Penny When It Costs 1.675 Cents?
CBS 60 MINUTES--Should the U.S. Mint continue to produce pennies and nickels whose metal content is worth more than their face value? Why mint the penny, when it costs $134 million to make $80 million worth of what most people consider nuisance coins (see chart above of rising copper prices)?
The situation irks Edmund Mony, the director of the U.S. Mint, who would like Congress to find a solution. “You can’t sustain losses on pennies and nickels and expect to be a viable organization that benefits the American people,” says Moy.
Is that really a bureaucrat talking!
Watch "60 Minutes" this Sunday night at 7 p.m. on CBS for the story.