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<p>[QUOTE="Phil Ham, post: 1528976, member: 5787"]Always the skeptic, I question the calculations that the mint is losing lots of money on the cent. Currently, the cent has USD$0.0051 in metal value. Thus, the mint makes a fluctuating proift of USD$0.0049 for every cent. If they make 1 billion cents in 2012, the fluctuating profit is USD$4.9 million. If the mint stops making the cent, it will need to shed a minimum of USD$4.9 million from its currently operating costs. Reduction in volume never leads to a proportional reduction in costs. The mint will still need to mint the other stuff. Thus, we won't save as much as we think when we stopping making the cent. Now, let's say that the cent cost USD$0.02 to make and it is sold to the public for USD$0.01. It will cost our government a total of USD$10 million in 2012. I think the impact on inflation will have more of an impact than the USD$ 10 million on our economy. In my opinion, it is common sense to keep cents. As I first started saving pennies as a 10-year old, I would say that my opinion is heavily tainted from my collecting them for the past 43 years.[/QUOTE]</p><p><br /></p>
[QUOTE="Phil Ham, post: 1528976, member: 5787"]Always the skeptic, I question the calculations that the mint is losing lots of money on the cent. Currently, the cent has USD$0.0051 in metal value. Thus, the mint makes a fluctuating proift of USD$0.0049 for every cent. If they make 1 billion cents in 2012, the fluctuating profit is USD$4.9 million. If the mint stops making the cent, it will need to shed a minimum of USD$4.9 million from its currently operating costs. Reduction in volume never leads to a proportional reduction in costs. The mint will still need to mint the other stuff. Thus, we won't save as much as we think when we stopping making the cent. Now, let's say that the cent cost USD$0.02 to make and it is sold to the public for USD$0.01. It will cost our government a total of USD$10 million in 2012. I think the impact on inflation will have more of an impact than the USD$ 10 million on our economy. In my opinion, it is common sense to keep cents. As I first started saving pennies as a 10-year old, I would say that my opinion is heavily tainted from my collecting them for the past 43 years.[/QUOTE]
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