How Much is Your Penny Really Worth?

(Picture Source: Google and Penny Stock Photos)

According to CBS News, although the small coin has the value of one cent in our currency, the Mint states that the penny actually costs one-and-a-half cents to create. This means that by manufacturing the penny, our economy is actually losing money.

This is one of the main reasons many argue that the government should stop manufacturing pennies, these opponents of the penny believe that it is more trouble than helpful because the penny has such a low value. Although, one of the main reasons this is actually an issue, is because people discard pennies so often, that the Mint constantly has to create them, making the financial issues worse. Hopefully, this new found study will be a wakeup call to Americans to start holding onto their pennies, because this problem is not going anywhere.

In 2010, this problem was recognized by the federal government, and the Mint were instructed to find a cheaper solution for creating the penny, because at the time the coin costed 2.5 cents to create. The Mint tried it’s hardest to find a new method, but in the end deemed that there is no cheaper alternative when creating the penny. The cost will always be above it’s face value.

Because of all the pennies thrown away daily, Bankrate.com has astonishing facts about the penny, we throw away so many pennies that ⅔ of the coins produced by the mint are pennies, and 1,040 pennies are produced per second!