Pennies And Nickels Leave Holiday Shoppers Short-Changed
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.