5-cent nickels contain 75% copper and 25% nickel. 1-cent pennies contain 2.5% copper with the remaining zinc. The price of these metals have each gone up significantly and for over a year now, their melt value has been worth more than their real value. Or, more to the point, it costs the U.S. government more to make the penny and nickel than what they’re worth.
CoinNews has had several articles on the penny and nickel and one poll. In that poll last December, 45% of CoinNews readers felt the penny was no longer needed. Is it time to get rid of it and the nickel?
This time, the CBS program 60 Minutes asks the questions in a segment titled, Should We Make Cents?
It should be an interesting watch with Morley Safer reporting. Stay tuned to CBS on Sunday, Feb. 10, at 7 p.m. ET/PT*.
For a sneak peak, watch this video preview of Mr. Safer talking to U.S. Mint Director Ed Moy*.
*Editor’s Note: The entire video report by Morley Safer aired Sunday night, but it is now available online. Click the video image below to go and watch it now.
We no longer need penny and nickel for use because of inflation. Since inflation everything cost more than Penny or Nickel. Only thing is Penny and Nickel is for is coin collecting!
I wouldn’t have a problem with losing the penny. After all, they really aren’t good for anything. I never have them, and always get them in change. Who knows what I do with them – I surely don’t.
The nickel… not so sure. I suppose we could probably do without it but I wouldn’t abandon it just yet. I do occasionally use nickels in day to day life.
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My problem in all honesty with removing the penny and the nickel from our system would be taxes. You buy something for $1.00 your city has a 8% tax. That would be $1.08 after tax. With no penny or nickels it would then be rounded to $1.10, it may not seem like much but it adds up profusely otherwise people would not have such a problem giving a 1/4 % tax raise.
The % increase would only be so high on inexpensive items. When you’re talking about a $100 or $1000 transaction, it’s negligible. Guess it depends on your shopping habits.
the dollar coin will be the new penny just wait and see
The dollar coin is the new penny.