As I was in the gas station the other day I noticed the little cup by many cash registers for pennies and it got me thinking about how much it costs to make a penny and here is what I found out....
The US Mint loses $40,000,000 a year to make pennies. It costs 1.67 cents to make a one cent coin. That makes a lot of since, spending 2 cents to make one cent that is about par for the US Government.
40 million is the manufacturing and distribution costs. What about all the costs to businesses and private individuals in counting and sorting all these pennies? I bet, just in change distribution, it adds 5 seconds to every transaction. Let's say there are a 100 million transactions a day in this country or 500 million seconds or about 138,888 hours of business time.
Then you have to add the time it takes for businesses to count the pennies at least twice a day, time to haul them to the bank, time for the bankers to count the pennies. The cost of penny errors in bookkeeping, maintenance of pennies (getting rid of the old ones), etc... is then added on there. Now it looks like that silly little penny is just crazy to keep in circulation.
If we got rid of the penny I am not sure that it would force a bunch of people out of work either. The US Mint is always making those specialty coins and I believe they mint coins for other countries as well.
The next coin we might want to question is the nickel, the nickel costs 9.49 cents to make and we lose 58.5 million on it every year.
So when Obama has another "Dog and Pony show" about how to cut 100 million out of a 2 trillion dollar budget, maybe someone could mention the nickel and penny and they could all go home early.
That's my two cents worth.
The cashless society is coming. One world government, one world currency, one world religion. All foretold. Russia and China have already suggested a world currency.
ReplyDeleteRev 13:16 He also forced everyone, small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead,
Rev 13:17 so that no one could buy or sell unless he had the mark, which is the name of the beast or the number of his name.
Rev 13:18 This calls for wisdom. If anyone has insight, let him calculate the number of the beast, for it is man’s number. His number is 666.