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Poll: Should the United States government eliminate the penny?
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<p>[QUOTE="900fine, post: 723432, member: 6036"]I find it interesting that so many have such strong opinions on this topic, in several directions, but few, if any, have the hard data.</p><p> </p><p>How much money does the mint lose on cents ?</p><p>Does the mint make money on other denominations ? If so how much ?</p><p> </p><p>The facts are easily obtained and the math easy. But few, if any, bother.</p><p> </p><p>Here's what I found* :</p><p> </p><p>The Mint loses about $19 million a year on cents. Interestingly, they lose almost twice that on nickels, but no one seems concerned about that. ($32 million loss on nickels)</p><p> </p><p>Other denominations make a fantastic seniorage profit; combined, they show a profit of $657 million. This leaves a net profit of almost $606 million.</p><p> </p><p>Interesting that <b>the profit</b> ($657 million)<b> blows away the loss</b> ($51 million) <b>by almost 13 to one</b> - and yet no one talks about it. Worse, the clueless "Fourth Estate" media doesn't bother to mention it. Somehow, I doubt they "did the math" either.</p><p> </p><p> </p><p> </p><p> </p><p><font size="1">* I originally worked this up for year 2007. Business strikes only; no proofs, commems, bullion etc.</font>[/QUOTE]</p><p><br /></p>
[QUOTE="900fine, post: 723432, member: 6036"]I find it interesting that so many have such strong opinions on this topic, in several directions, but few, if any, have the hard data. How much money does the mint lose on cents ? Does the mint make money on other denominations ? If so how much ? The facts are easily obtained and the math easy. But few, if any, bother. Here's what I found* : The Mint loses about $19 million a year on cents. Interestingly, they lose almost twice that on nickels, but no one seems concerned about that. ($32 million loss on nickels) Other denominations make a fantastic seniorage profit; combined, they show a profit of $657 million. This leaves a net profit of almost $606 million. Interesting that [B]the profit[/B] ($657 million)[B] blows away the loss[/B] ($51 million) [B]by almost 13 to one[/B] - and yet no one talks about it. Worse, the clueless "Fourth Estate" media doesn't bother to mention it. Somehow, I doubt they "did the math" either. [SIZE=1]* I originally worked this up for year 2007. Business strikes only; no proofs, commems, bullion etc.[/SIZE][/QUOTE]
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Poll: Should the United States government eliminate the penny?
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