I just noticed on the site coinlfation that the melt value price of a penny is 2.3 cents. Does this mean that if you have 100 pennies ($1), it's melt value would be $2.30??? Why would they make a penny when it costs more? Some one please explain.
They already changed the composition in 1982. Coins since then are only worth 1/2 cent in metal value, although that doesn't include production cost for the mint. It is cents before 1982 that are worth 2.3 cents.
That's because the value on nickel has gone DOWN. It wasn't that long ago the metal value of the five cent piece was close to 10 cents apiece.
There is thread on the coin chat forum that talks about this and the melt value of the cent and nickel. Check it out.
