treasury

Ready to Kiss the Penny and the Nickel Goodbye?

Posted on 03/12/2014 by |Who's News | Comments

Bulletin TodayA penny for your thoughts? Well, maybe not for long. In 2015, the U.S. Treasury Department will begin studying “alternative options for the penny and the nickel.” A big problem is that the cost of producing the lowest-denomination coins is now nearly twice their face value. According to the 2013 annual report of the U.S. Mint, a penny now costs 1.8 cents to make, and a nickel costs 9.4 cents to make. The Brookings Institution estimates that the difference costs taxpayers $1 billion …