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In 2005, the cost to the United States Mint to produce a penny was 0.97¢, which was just a smidge under a cent. In 2006, that year's pennies each cost about 1.23¢ to manufacture. Rises in metal prices, particularly of zinc, pushed the per-unit cost up to 1.7¢ in 2007. By 2012, production costs had risen to 2.41¢ per penny.
The current price discrepancy between the value of metals in the coins and the value of the coins themselves had sparked a growing cottage industry of melting down cents to harvest for resale the copper and zinc they contain. The U.S. government has countered both by restricting the export of pennies and by making it illegal to melt them down. Coin melters could spend up to five years in prison for their plans.
Originally posted by Nukeleer
Interesting! I've just recently heard the Canadian government will be stopping (if it hasn't already stopped) manufacturing pennies and nickles because of the high cost of minting them. Makes me want to start hording all the coins I have. I also wonder if the pre 1982 pennies also include Canadian, I'll have to go through my coin stashes.
Maybe the money they save will go towards remake the sh*tty new loonies and toonies that have recently come out. They're terrible!
Originally posted by seaside sky
reply to post by Wildmanimal
Thank you for that information ! I actually have a forge and crucibles, so perhaps I could process the pieces at least as far as burning off the non-metallic stuff.