“The penny is a currency without any currency inCanada, and it costs us 1.5 cents to produce a penny,” said Finance Minister Jim Flaherty.
According to sources, the U.S. penny costs an incredible 2.4 cents to make: the lowly nickel costs 11.18 cents to make.
“Currently, the costs of making the penny and the nickel are more than twice the face value of each of those coins,” said Timothy Geithner, the current Treasury Secretary.
The U.S. Mint, at the request of Congress, will soon make recommendations on reducing the cost of making coins.
Obama administration has looked at possibly using cheaper materials to make the penny, which is now made of zinc.
“We have been trying to eliminate the penny for quite some time — it always comes back,” said Obama. “I need to find out who is lobbying to keep the penny.”No tags for this post.