Did you know that it now costs more than a cent to produce the Lincoln Cent? In fact, it’s been over 10 years that the price for manufacturing the U.S. Cent costs more than the value of the coin. It’s no wonder there have been many rumors of the government ceasing production of the penny, especially in today’s market where a cent is hardly of value.
2005 was the last year that it costs less than a cent to produce the Lincoln Cent. At that time, it costs 0.95 cents to produce. This means to mint a roll of 2005 Lincoln Cents at the time, it would cost fourty-seven and a half cents to produce. The cost has steadily increased through 2007, where it costs 1.65 cents to produce a cent. After the costs dipped down a little the following year, the costs continued to rise each year, maxing out at 2.41 cents in 2011. Costs then steadily went down to a low of 1.43 cents in 2015, then started going back up.
In 2017, it costs about 1.5 cents to produce a cent. While much better than the ridiculous amount it costs in 2011, it still is a losing endeavor at the U.S. Mint. Unfortunately, we are also paying for this as taxpayers, and we have so for quite some time.
While there are experimental metal compositions that could be used as alternatives to keep costs below the one cent mark, there are reportedly none that could keep the same golden red color of a Lincoln Cent. While it is unknown at this time what metals they are experimenting with, if it gave the coin a silver appearance, it would most certainly be confused with a dime and end up being a big mistake at the mint.
Do we really need the U.S. cent anymore? Do you really care about the two cents you get back at the grocery store? Should we round everything to the nearest nickel and abolish the cent? Let us know your opinions in the comments below, or better yet, submit your own article!