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IWETHEY Home / IWETHEY Board / Money, Financials, and Economics Forum / 0.34 cents is less than 1 cent, isn't it?
Post #309,784
by drook
Picture of drook
6/17/09 9:09:06 AM
Reply
New 0.34 cents is less than 1 cent, isn't it?
--

Drew
Post #309,790
by Andrew Grygus
Picture of Andrew Grygus
6/17/09 9:39:42 AM
Reply
New Looks a little higher
Pennys are 97.5% zinc, which currently runs under US $0.73/# (still depressed but up some). There's 181 pennies per pound so that's $0.0040 per penny plus a negligible amount for copper.

That $0.34 was probably from a few months ago when zinc was down around $0.50/#.

The mint claims it costs more than a penny to manufacture a penny, but that's not all metal cost.
Post #309,804
by jay
6/17/09 5:07:24 PM
Reply
New There was more then $.01 in a penny when it was copper
The reason the mint switched from copper to zinc is that the price of the copper ended up being substantially more then 1 cent. When the price of copper was high it actually reached the point it was profitable to get copper coins from the mint, melt them down and sell them as bulk copper if you did it on a large scale.

I found a calculator (http://www.coinflation.com/) that indicates that with today's price, the metal value of a pre-1982 coin would be $.014. And that is at rather depressed prices, during the pre-bubble spike it could have been double that.

Jay
     I like this and doubt the government has a case - (boxley) - (14) - June 16, 2009, 09:29:28 PM EDT
         TANSTAAFL. Better linky. - (Another Scott) - (13) - June 16, 2009, 11:11:32 PM EDT
             I have a duty to pay taxes - (boxley) - (12) - June 17, 2009, 08:07:21 AM EDT
                 Where did Kahre get the coins? - (Another Scott) - (11) - June 17, 2009, 08:21:56 AM EDT
                     do you have any pennies in a jar? - (boxley) - (10) - June 17, 2009, 09:06:43 AM EDT
                         0.34 cents is less than 1 cent, isn't it? -NT - (drook) - (2) - June 17, 2009, 09:09:06 AM EDT
                             Looks a little higher - (Andrew Grygus) - (1) - June 17, 2009, 09:39:42 AM EDT
                                 There was more then $.01 in a penny when it was copper - (jay) - June 17, 2009, 05:07:24 PM EDT
                         Depends on value received, deal made - (mhuber) - (5) - June 17, 2009, 09:32:50 AM EDT
                             On taxing barter - (drook) - (4) - June 17, 2009, 11:28:55 AM EDT
                                 I don't see anything wrong - (jay) - (3) - June 17, 2009, 05:09:39 PM EDT
                                     keeping score is a bitch - (boxley) - (2) - June 17, 2009, 05:46:54 PM EDT
                                         "no gain or profit has been realized" - (drook) - (1) - June 17, 2009, 06:07:56 PM EDT
                                             sounds good to me - (boxley) - June 17, 2009, 07:43:34 PM EDT
                         What did the pennies cost me? 1 cent. HTH. -NT - (Another Scott) - June 17, 2009, 11:54:59 AM EDT

This is the price one pays for eating human flesh.
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