Rumor or Fact?
2006-09-16 15:16:23 · 10 answers · asked by Smoothann 2 in Social Science ➔ Economics
The Mint estimates it will cost 1.23 cents per penny and 5.73 cents per nickel
rumor
Coin compositions, which are set by Congress, have been changed in the past because of rising costs. The penny has been altered several times since it was first changed from pure copper in 1837 to add other metals.
But Rep. Joe Knollenberg, R-Mich., one of the letter's recipients, says Congress is unlikely to consider changes, given that the Mint is still making money on other coins.
2006-09-16 15:25:40 · answer #1 · answered by BCOL CCCP 4 · 1⤊ 0⤋
Some politiicians want to get rid of the penny but it is not put up to vote yet. Penny is made from Zinc which has been rising in value and someday will be worth more then a penny just like how before 1982 pennies were made from copper
2006-09-17 15:10:09 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I have not heard this before, but not likely because of sales tax.
State Sales tax is the only justification for the one cent coin at this time.
2006-09-16 22:18:59 · answer #3 · answered by Eldude 6 · 1⤊ 0⤋
Niether. They're considering it. Although, I don't think it'll ever go through. That would mean changing the price of almost everthing and it would mainly just complicatethings.
2006-09-16 22:18:31 · answer #4 · answered by FaNtaBuLouS 2 · 2⤊ 0⤋
I have heard that too, I just wish that they would stop printing more freakin money!
If they keep it up, we'll soon get rid on nickels.
And they might get rid of it because no one wants pennies for buying stuff.
2006-09-16 22:18:23 · answer #5 · answered by Anonymous · 0⤊ 2⤋
don't think so... how could we ever sell gas at an even price of 2.25 //2.30 4.00. just would not work...in a large super market chain one cent can mean big dollars... it wont happen.. you can that that cent to the bank..
2006-09-16 23:59:16 · answer #6 · answered by wizard 4 · 0⤊ 0⤋
it is true because the penny costs more than a nickel to make.
2006-09-16 22:17:36 · answer #7 · answered by Anonymous · 0⤊ 2⤋
thats a great idea... i dont think anyone uses pennies
2006-09-16 22:17:26 · answer #8 · answered by this old loser 3 · 0⤊ 2⤋
Because it's outdated and costs too much money to produce.
2006-09-16 22:24:18 · answer #9 · answered by disgruntled600 3 · 0⤊ 2⤋
There has been talk about it, but I don't think it'll ever happen.
2006-09-16 22:23:20 · answer #10 · answered by First Lady 7 · 2⤊ 0⤋