A few months ago I caught this segment on 60 Minutes, where this guy talked about how it costs more than a penny to make a penny and likewise for a nickel.
This is amazing to me! The guy whom was being interviewed whole stance was that we needed to get rid of the penny and nickel alltogether since they were no longer considered a neccessity in today’s world. I can kind of see this because you can no longer go to the candy store down the street and get penny or nickel candy. Yes. I can even remember the penny stores:)
In fact, I can’t think of anything that only costs a nickel or a penny. Can you? So why do we need them, besides from a collectors standpoint and for the late night informecials that want to make us think we’re saving some big money by saying $19.99 instead of just $20.
Obviously, this would make every product a penny or a nickel more expensive since NO business owner will decide to drop that penny or nickel off the price. And of course there are the people, who collect all the “new Elvis Special Edition Penny’s and Nickel’s” when they arrive at the Post Office… Besides that, how would it affect us?
I’ll quit rambling now and let you read the article:)
Would love to hear your thoughts on this subject!
CAPITOL HILL (AP) – The American newspaper columnist Franklin P. Adams once said, “What this country needs is a good five-cent nickel.” He wasn’t kidding. If you think times are tough, consider: It now costs more than a penny to make a penny, which is made of zinc and copper. And the cost of a nickel is more than 7 and a-half cents. Surging prices for copper, zinc and nickel have Congress trying to bring back the steel-made pennies of World War II, and maybe using steel for nickels, as well. The House is moving toward a vote on a measure that would direct the secretary of the Treasury to suggest a new, more economical composition of the nickel and the penny. The Treasury Department opposes the bill as “too prescriptive.”