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U.S. Mint bans melting nickels and pennies.(Inside Track)
Inflation has diminished the purchasing power of our money to such an extent that nickels and pennies are now worth more melted down than their face value. The metal in a nickel costs the U.S. Mint 6.99 cents and the metal in a penny costs the Mint 1.12 cents. When the production costs are figured in, the Mint spends a total of 8.34 cents for every nickel it produces and 1.73 cents for every penny.
What to do? When dimes and quarters containing silver became too expensive to produce back in the '60s, the government responded by taking the silver content out of dimes and quarters. The "old" silver dimes and quarters soon disappeared from circulation for their face value, and many of them have since been melted down for their silver content. But so far as we know, the U.S. Mint does not plan to cheapen the modern-day nickels and pennies. Nor does it plan to stop producing nickels and pennies--a step that would make all too obvious the extent to ...
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Source: HighBeam Research, U.S. Mint bans melting nickels and pennies.(Inside Track)