by Richard Coleman, Hamilton
A penny costs 1.76¢ to produce. The US minted 14.8 billion pennies in 2020. A nickel costs 7.42¢ to produce. The US minted 1.094 billion nickels in 2019.
There is obviously a lack of common sense in our government which is on the verge of stupidity. We should have a penny/nickel plan. (A few plans have been introduced in Congress by Republicans.)
If the government quit minting 14.8 billion pennies each year the taxpayer would save: $26.048 BILLION per year
A quarter cost 11.14¢ to produce. The inner core is pure copper and the outer covering is copper mixed with nickel. If the government minted nickels with the same percentage of metals as used in quarters they would cost 2.231¢ each. This would save 5.11¢ each to mint a nickel. The US taxpayers would save: $5.59 BILLION each year
The Penny/Nickel Plan would save a total of: $31.638 billion per year. A buy back period of 10 years would be established. The metals in pennies collected would be used to produce the new nickel.