Monday, April 24, 2006

Save a penny, earn 50% interest

from CNN.com:
Right now, the market value of the zinc and copper within a single penny is valued at nearly 0.9 cents. And since it costs an additional 0.6 cents to manufacture a penny, according to the paper, the Mint is paying roughly 1.5 cents for every penny it makes.

full article: http://money.cnn.com/2006/04/24/news/funny/penny/index.htm

In 2001 there were 10,334,590,000 pennies minted. It is estimated there are 150 billion pennies (1.5 billion dollars) in circulation right now. OK US government, it's time to cut our losses. Let's get rid of the penny, even 12 year olds don't pick them up off the ground all the time. Any CEO would be fired for allowing this type of production to continue. That's not a stab at Bush, I don't like him, but it's not like this problem is new. The recipe for pennies had to be changed in 1982 when it became too expensive to make them. There are plenty of modern countries that don't use pennies or their .01 equivalent. Australia and New Zealand for example, only mint a .05 piece and larger.

The penny's time has come to an end. It's not killing anyone, it's just a bad investment, and I don't think our debt ridden country needs any more of those.

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