2006-11-02 08:13:19 · 7 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
In August, 2006 for the first time ever, the penny started costing more to make than it is actually worth. So the US mint loses money when it makes pennies because it costs 1.2 cents to make a 1 cent coin. They are made of 98% zinc, and the plating is copper (2%).
This is why there is currently a bill (called the COIN Act) in Congress to stop producing the penny. If that is passed, then banks will collect the pennies (in exchange for other coins or bills) and send them to the government. I think they would then melt it, separate the different metals, and sell the metal.
2006-11-02 08:22:48 · answer #1 · answered by ohaqqi 2 · 0⤊ 0⤋
1
2016-05-23 19:29:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Heard something on a radio program recently . . . can't remember the specific source, but it was reputable -- not Rush Limbaugh or anything like that! -- and they said the metal -- whatever it is -- in a penny is worth 1.2 cents. It would probably cost you at least the other 2/10 of a cent to melt it down though!
2006-11-02 08:22:59 · answer #3 · answered by worldinspector 5 · 0⤊ 0⤋
Pennies have not been made of copper since WWII. A copper penny is rare.
2006-11-02 08:21:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
price of copper varies based on grade and geographic location. For copper prices, scrap metal prices, current U.S. scrap metal prices and scrap metal market information go to http://www.demolition1.blogspot.com or http://www.dallascontracting.com
2006-11-02 13:45:45 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Try the london metal exchange. And i wouldn't imagine it would be worth more than currency, but i may be wrong.
2006-11-02 08:15:58 · answer #6 · answered by NDK 2 · 0⤊ 0⤋
if you do that you will go to jail
2006-11-04 07:12:42 · answer #7 · answered by im nude how about you 2 · 1⤊ 0⤋