Inflation may make a penny worth less — but it also makes that penny cost more.
The rising price of raw materials has sent the cost of manufacturing coins soaring over the last two years, adding nearly a full cent to the cost of producing each penny. It now costs more than two and a half cents to mint and distribute each penny coin, the federal government said in a new report to Congress.
“This commonsense, bipartisan effort will modify the composition of certain coins to reduce costs while allowing for a seamless transition into circulation,” she said. “A penny saved is a penny not borrowed.” One bright spot in this week’s Mint report is that the Mint is coining fewer coins, which keeps the penny and nickel losses down.
It’s looked at nine different modifications, such as using copper-plated steel for the penny or an alloy known as C99750T-M, which contains less copper and nickel and uses zinc and manganese, for minting new nickels.The Mint says it did large-scale testing on the new penny last year and is now doing small-scale refinements.
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