I saw a story on 60 minutes on Sunday about the production of the penny. It costs the US mint almost two cents to produce the one cent penny. It also costs them about 10 cents to produce a nickel. This is like when you try to trick a little kid into giving you one nickel for two shiny pennies. Okay, maybe I just try to trick little kids out of their money.
How can we continue to rely on such poor economic decisions? The government has now made it illegal to melt down coins because the raw metal is worth more than the money itself. If it wasn’t illegal, you could melt your change and simply double your money by selling the raw metals. Double your money! Wow! But, it is illegal.
Isn’t this a lot like your buddy who will drive 100 miles to get a good deal on gasoline?
What a beautiful coin. No wonder it costs so much to make.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.