advice : THE COSTS OF MINTING MONEY: SHOULD NICKELS AND PENNIES BE ABOLISHED ? [+] ballot by thesoothsayer ACTIVE Sat Aug 11, 07 - Sun Aug 10, 08 (Excerpts from USA Today) Because of rapidly rising metals prices, it currently costs far more for the U.S. Mint to manufacture pennies and nickels than the face value of the coins themselves. That means the government loses money making the coins, a cost to taxpayers. It currently costs about 1.5 cents to produce a penny and 8.2 cents to produce a nickel, according to the Mint. Skyrocketing metals prices, a result of a strong worldwide economy, have led to the increased costs. For example, even though prices have declined a bit recently, copper costs are up more than 24% since the start of the year. The higher metals costs led the Mint earlier this year to prohibit people from melting down the coins to sell the metal, out of concern that a coin shortage could evolve. Violators face five years in jail. Thus far, no one has been caught breaking the anti-melting law. But under a measure recently proposed by members of the Senate and House, the Mint would have the power to alter the metal composition of coins to make them cheaper. Only Congress can change coin compositions, which happens only rarely. The Mint makes up for the losses of producing pennies and nickels with the manufacture of other, higher-value coins such as quarters. But the head of the Mint said he would welcome the opportunity to cut costs. *** Many stores are willing to round up or down if you are a penny or two short...even taxes are rounded up or down...why not we just get rid of the penny and the nickel, you can't even buy "penny candy" with less than a dime anyway, and most vending machines takes paper money or credit cards...IMO they are obsolete, so why not just stop making them ? Pennies yes, nickels no Get rid of pennies and nickels they cost more than what they're worth No, keep pennies and nickels Only keep nickels Ballot #116909 : SEE RESULTS Comment: show your vote with comment?

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