
Lose the Penny, Then Dump the Nickel
There has been much angst for years over the continuation of minting some American coins. Usage of the penny has gradually evaporated, and it has been years since a nickel buys anything. Someone finally said enough is enough, let’s stop minting pennies, but the nickel should follow as well. All one needs to see for examples of financial irresponsibility is to look at the cost of producing these coins to determine we have had people asleep at the mint. Each penny currently costs 3.4 cents to manufacture, and nickels cost between 13 and 14 cents each. Imagine opening a store and selling things for two bucks that cost you five dollars each. No one benefits from this, unlike the person getting the item you sell for under your cost. Here it is just another unfunded expense piled on to the national debt. I could understand if these coins had some useful function other than to occupy a change drawer slot in a cash register or someone’s piggy bank. It used to be stores would have a little bowl out where people would leave pennies for the next person if they were paying cash for something and didn’t have that extra penny. That quaint custom has… Read More