How much does it cost to make a US penny?

[Mark]

How much does it cost to make a US penny?

As you're aware, a US penny is made from two metals, 2.5% copper and 97.5% zinc. But I bet you didn't know that it costs 1.62 cents to create a 1 cent coin.

Why does it cost so much!?
Metals, including copper and zinc have risen in price as of late and if you were to melt a 1 cent coin the materials would be worth 1.62 cents - more than the actual cost of a penny. Apparently, this isn't a recent find either and that it's been this way since 2006.

The director of the Mint got his initiative shut down by Congress after trying to make the penny cheaper to manufacture. Wouldn't this loss in manufacturing make for a good reason to kill off the penny?

This is when it hit me that I don't know what a US cent looks like, here's an educated guess.

[T3hRogue]

Why does Lincoln face away all the time? He's the only president to face that way. I think getting shot in the back of his head leaves a permanent scar of something

[Special Chris]

To be honest with you Mark, I haven't looked at, or used a penny in a few years..So doing away with it would be fine, but then prices would either have to rise or go down so it'd even out to the last number always being a 0 or 5.

I think. I could be wrong..

[Mark]

Do you not have 2ps? American money is odd, offering notes for $1 it's madness having notes for 60p!

[T3hRogue]

On a slightly related note:

So, Arnold Schwarzenegger is no longer Governor of California.
I can't help but feel he'll be back

[Special Chris]

Our money goes.

$0.01 Penny
$0.05 Nickel
$0.10 Dime
$0.25 Quarter
$0.50 I call it a 50 cent peice, but I dunno if it has a real name.
$1 Dollar
$5 Five..and the rest are pretty self explanatory.
$10
$20
$50
$100 Benjamins..makin' it rain..

[Drumm]

£0.01p
£0.02p
£0.05p
£0.10p
£0.20p
£0.50p
£1.00
£2.00
(Notes)
£5
£10
£20
£50
£100 (Scot. & N. Ireland only)
£100,000,000 (100 Million- Titan Note! Keep these in my wallet)

[Mark]

So is a $0.01 called a penny or a cent, it says cent on the coin although it's referred to as a penny. Also, I like how yous have quarters so it's easy that four make a pound. :dno

[Special Chris]

A penny. Cent is just how much it is worth. Nickel = five centers Dime = 10 cents, and so on.

[latch]

How much does cost to spend a penny?