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Pennies and nickels are costing holiday shoppers more than they think, according to the most recent ruling from the Truth-O-Meter.
It's Black Friday, but holiday shoppers will need more than pennies and nickels to see any savings.
The latest ruling from the Truth-O-Meter revealed that it costs the U.S. Mint more to make a penny and a nickel than the value of the currency itself. U.S. Rep. Steve Rothman (D-9th Dist.) received a True for making that claim in a statement submitted to the Congressional Record.
Producing and distributing a penny in 2010 cost 1.79 cents, and a nickel cost 9.22 cents. In total, the U.S. Mint lost $42.6 million on the more than 3.48 billion pennies and 359 million nickels produced and distributed in fiscal year 2010.
Check out our complete ruling here, and then go to NJ.com to add your comments.
Our Sources
See Truth-O-Meter item.
