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New cent and nickel composition?
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<p>[QUOTE="Conder101, post: 1339894, member: 66"]Steel could potentially save the nickel for a few more years but nothing can save the cent anymore. It is now a money loser even if you give the Mint the material for free. The Mint has recently changed their accounting procedures to more closely match those used in industry. Under these procedures the current cent contains $0.0043 worth of material, and production and distribution costs are $0.0198 for a total of 2.41 cents for every cent made. </p><p><br /></p><p>And since they have stopped the dollar coin for circulation, the mint is going to lose $210 million in profits from the dollar that could be used to offset the $116 million dollar loss from the cent and nickel. So the $50 million "savings" from stopping the dollar actually turns into a $209 million loss.[/QUOTE]</p><p><br /></p>
[QUOTE="Conder101, post: 1339894, member: 66"]Steel could potentially save the nickel for a few more years but nothing can save the cent anymore. It is now a money loser even if you give the Mint the material for free. The Mint has recently changed their accounting procedures to more closely match those used in industry. Under these procedures the current cent contains $0.0043 worth of material, and production and distribution costs are $0.0198 for a total of 2.41 cents for every cent made. And since they have stopped the dollar coin for circulation, the mint is going to lose $210 million in profits from the dollar that could be used to offset the $116 million dollar loss from the cent and nickel. So the $50 million "savings" from stopping the dollar actually turns into a $209 million loss.[/QUOTE]
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New cent and nickel composition?
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