The Penny is Worthless
What are 100 pennies worth? $1.40 in zinc. Zinc mining is an “environmental disaster”, and demand for the mineral is growing in China.
Source: Eco Geek
Image: wikimedia commons
What are 100 pennies worth? $1.40 in zinc. Zinc mining is an “environmental disaster”, and demand for the mineral is growing in China.
Source: Eco Geek
Image: wikimedia commons
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There’s only about $0.59 melt value for $1.00 worth of Zincolns. Does the $1.40 figure that you stated include the mining and minting costs?
My info came from Eco Geek. Where did you get your numbers Chris? Here are some quotes from CNN:
“average price for zinc has shot up from 35 cents a pound in 2002 to 63 cents a pound in 2005 — driven in large part by increased demand from China.”
“Over half of the U.S. Mint’s coin production comes in the form of pennies, which are made of 97.5 percent zinc.”
“The cost of producing the coin has risen from .97 cent per penny in 2005 to 1.4 cent per penny. At that rate, the Mint would spend some $44 million producing pennies this year, nearly $14 million more than in 2005.”
Thus the amount includes raw materials and production costs in 2005 dollars.
http://money.cnn.com/2006/06/01/news/newsmakers/penny/index.htm