Fun facts about money

 | July 11, 2008 7:37 pm

Here’s your fun facts for the day, which I learned while touring the US Mint in Denver.  (Forgot to mention them earlier).  US penny costs 1.7 cents to manufacture and the nickel costs 10.  There’s currently a bill in congress to switch both to steel which will cut down on the costs.  Interestingly the US government pays the mint face value for the coins, so while the mint loses money on the pennies and nickels, they’re more than making up for it on the quarters and dollar coins.  (There’s going to be a series of presidential dollar coins coming out soon as well).

For along time I have been wishing we would get rid of the penny.  Australia and New Zealand have both done it and are somehow managing quite well (actually New Zealand has gotten rid of their 5 cent piece as well, the smallest denomination is the 10 cent piece).  Unfortunately, there’s soon to be four new designs for the back of the penny coming out in honor of Lincoln’s 200th birthday so it doesn’t look like we’ll be getting rid of it anytime soon.

One more thing.  The rim on coins?  It’s there for two reasons.  First is to keep the coin from wearing out so quickly and secondly to make it possible to stack coins.

The tour guide also mentioned the average lifetime for a coin.  I think it was twenty years, but don’t quote me on that.

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One Response to “Fun facts about money”

Jack wrote a comment on July 13, 2008

I actually got a penny from the 1940′s as change the other day. It looked almost new. Ummm…

Jack

http://adventuresinvoluntarysimplicity.blogspot.com/

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