In 2010, it costs about $0.0167 to make a penny.
The question is this: why in God's name are we still making pennies? At that rate of return, don't you think it's about time we just stop making them?
The government is constantly trying to save money; why not start here? If we are saving 67 cents for every penny we DON'T create, isn't that going to be a financial windfall, given the number of pennies created each year? If the number of pennies we make are in the 1-2 billion range, how much would we be saving by not making them?
I'm not saying we have to stop making them altogether, but maybe take 2011 off and see how it goes?
Have you ever run out of pennies? Ever? Have you ever needed pennies and not been able to find any? Do you ever look in your pocket and say, "I wish I had more pennies"?
Of course not, because they are everywhere. Getting pennies back is like jury duty: it's great in theory but it's just annoying when it finally comes your way.
It costs so much to make a penny because it has become so devalued. It's not worth much now, and it wasn't worth much 20 years ago. What makes you think it's going to be worth ANYTHING 20 years from now?
Why don't we slowly start phasing the penny out? (I'm obviously not the first person to come up with this idea.) Instead of getting pennies back, you can get a 1cent postage stamp, or a stick of gum, or a thumbtack or a band-aid or SOMETHING.
Most banks don't even accept rolls of pennies anymore. How is that even legal?
I'd even be willing to compromise with a 2-cent piece. You can even keep Lincoln's face on it. I'm guessing that most people wouldn't mind getting only $0.02 back in change when they are owed $0.03. That is how worthless the penny has become in our current currency.
Show me one real world item that is worth a penny. One practical equivalent that you could purchase for a penny.
That's right, there isn't one. We don't have penny candies anymore. Hell, I get annoyed by nickels, pennies are five times more annoying.
The worst part of this is that with all these pennies scattered across the globe -- and so many of those forgotten, lost or discarded -- we are probably losing millions of dollars a year in couch cushions alone. It is cluttering up an already cluttered world, and for what. So if you can accumulate five of them you can almost have enough for a small coffee creamer?
Just get rid of the damn thing. It's about time.