Every once in awhile someone in Washington makes the argument against the penny, saying it needs to be replaced, etc.
Guess there’s a reason for that after all , most of which is that copper and nickel are worth more than your $0.01 and $0.05 pieces themselves:
What’s the big deal? First, Mint officials said, the coins are needed for their normal purpose. Second, it costs money to make them. According to the Mint, each nickel costs more than 8 cents to produce, while each penny costs 1.73 cents.
Of course, if you get caught melting down your change, it’s a $10,000 fine and five years in federal prison.
All this having been said, eight cents to make five cents isn’t exactly brilliance.