Thread: New Penny design

Sweet, thanks for the post. They're so SHINY!

Now I have around 50,000 pennies that will be collector's items in my Milk Jar!

Sadly they are "shiny" because metal prices for copper have gotten so ridiculous, and they contain even less copper than before. BTW, this does not mean you should start melting pennies down for copper, most of the ones in circulation aren't pure copper. Shows you how metal prices can make it silly to make currency out of them.

Looks like the 1943 steel penny, what's that tell you? Copper is too expensive and they took most of that out when they changed the Wheat Penny! I have many many Wheat Pennies, should I sell?

Originally Posted by nnuut

Looks like the 1943 steel penny, what's that tell you? Copper is too expensive and they took most of that out when they changed the Wheat Penny! I have many many Wheat Pennies, should I sell?

Hey Norm..if you have a 1943 COPPER penny, I'll pay you $500.00 for it sight un seen..

Originally Posted by Buster

Hey Norm..if you have a 1943 COPPER penny, I'll pay you $500.00 for it sight un seen..

I WISH!!! I do have 10 UC steel ones though! Shiny!

First- here's another pic of that new design:

penny2.JPG

Next- Is a Penny saved, a penny earned?

It costs more than a penny, to make a penny!



US Mint Cost to Produce the Penny and Nickel

By Coin Update Staff on February 3rd, 2010
Categories: US Coins, United States Mint
For the past four years, it has cost the United States Mint more than face value to produce the penny and the nickel. The cost of the coins was recently 1.62 cents to produce each penny and 5.79 cents to produce each nickel.

The United States Mint produces and issues coins for circulation, which are distributed through the Federal Reserve Banks in quantities needed to replenish inventories and meet the needs of commerce. The Mint recognizes revenue based on the face value of coins as they are shipped.

Seigniorage arises from the difference between the face value and the cost to manufacture and distribute the coins.

Amounts earned through seigniorage are transferred to the United States Treasury General Fund.

Since 2006, it has cost more than face value to produce the cent and nickel due to the increased costs of base metals.

The current composition of the cent is 2.5% copper and 97.5% zinc. The current composition of the nickel is 75% copper and 25% nickel.

pennycost.JPG

(No wonder our government is going broke. THIS is the REAL reason. )

Although producing and distributing cents and nickels has generated losses each year, the gains from other denominations more than make up for the losses.

In the most recent fiscal year, the US Mint lost a combined 22 million on production of the cent and nickel. The gains from other denominations more than made up for this amount.

Last year, the United States Mint shipped a total of $777.6 million in circulating coins, which earned $427.8 million in seigniorage.

Originally Posted by James48843

First- here's another pic of that new design:

penny2.JPG

Why did the first pic look silver and this is copper? Don't confuse me!!

It's the Britney Spears penny....It only looks good in the right light..


I didn't say that, I did not say that!!!

You need help. Go see Steady

Originally Posted by Frixxxx

It's the Britney Spears penny....It only looks good in the right light..


I didn't say that, I did not say that!!!

Words of wisdom my friend, words of wisdom.