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Your Take: Drop the Penny & Nickel?

Posted By Jim On 05/16/2008 @ 12:58 pm In Your Take | 33 Comments

It currently costs more to make a penny and a nickel [3] than they’re actually worth. So that begs, the question, should we really be expending resources arguing about how to reconstitute the coins (switching to cheaper metals) or should we just drop the coins all together?

What’s funny is that the fact that the coins are worth more for their metals than they are in stores isn’t even a big deal. There’s so much fiat money floating around that the Mint could always just print just a few more hundred dollar bills to compensate and the public would have no idea (other than inflation would tick a micro-fraction higher, but they play with that number anyway). The bigger issue is that we, as tax-payers, are paying for coins that many wouldn’t even pick up on the street!

What’s your take? Retire the penny and the nickel? Keep the little guys because we need something to stick in our piggy banks?


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[3] costs more to make a penny and a nickel: http://www.cnn.com/2008/US/05/06/coin.inflation.ap/index.html

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