All About Is My Penny Solid Copper or a Copper-Plated Zinc Cent?
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A lot of contemporary vending makers do not accept pennies, further diminishing their energy, and the production cost (figured in U.S. Dollars) now surpasses the face value of the coin, brought on by increasing inflation. In 2001 and 2006, for instance, United States Agent Jim Kolbe (R) of Arizona presented bills which would have stopped production of cents (in 2001, the Legal Tender Modernization Act, and in 2006, the Currency Overhaul for an Industrious Nation [COIN] Act).
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pennies and U.S. nickels for revenue, the U.S. Mint, which is a part of the US Department of the Treasury, implemented brand-new policies on December 14, 2006, which criminalize the melting of cents and nickels and location limitations on export of the coins. Violators can be penalized with a fine of approximately $10,000 USD and/or imprisoned for a maximum of five years.
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The Secretary of the Treasury has authority to alter the portion of copper and zinc in the one-cent coin if required due to cost fluctuations. For several years, the Mint's production and shipping costs for cents have actually gone beyond the face value of the coin (the Mint's fixed costs and overhead, nevertheless, are absorbed by other flowing coins).
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Treasury loses 10s of countless dollars every year producing cents. For Did you see this? , the loss in 2013 was $55 million. Cost to produce and distribute a penny, in cents 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Cost (cents)1. 79 2. 41 2. 00 1. 70 1. 67 1. 50 1. 82 2.
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06 1. 99 When copper reached a record high in February 2011, the melt value of a 95 %copper cent was more than 3 times its face worth. As of January 21, 2014, a pre-1982 cent contained 2. 203 cents' worth of copper and zinc, making it an appealing target for melting by people wanting to sell the metals for profit.