2010 Mint Annual Report.....Lost $42.6 million.....

[highroller4321]

Interesting read!

All U.S Mint annual reports can be found here:
http://www.usmint.gov/about_the_mint/?a ... ual_report

2010 annual report:

http://www.usmint.gov/downloads/about/a ... Report.pdf

Page 27-29 of the report is what I find most interesting.

"CIRCULATING UNIT COSTS
Per-unit metal costs increased in FY 2010, driving up the total unit cost of all denominations from last year. The nickel per-unit metal and fabrication cost rose 2.3 cents from FY 2009, increasing the nickel total unit cost 52.9 percent to 9.2 cents in FY 2010. Higher per-unit metal and fabrication costs also drove up total unit costs for the quarter and $1 coin. Slight increases in per-unit SG&A costs contributed to higher total unit costs for the dime, quarter and $1 coin.The unit cost for both penny and nickel denominations remained above face value for the fifth consecutive fiscal year. Higher unit cost and demand for the five-cent coin increased the overall loss the United States Mint incurred from producing these denominations in FY 2010. Penny and nickel coins were produced at a loss of $42.6 million, nearly double the FY 2009 loss of $22.0 million."

[highroller4321]

2010 lost 42.6 million
2009 lost 22 million
2008 lost 47 million
2007 lost 98.6 million
2006 lost 32.9 milliom


Total of 243.1 million lost by making the penny and the nickel!!!

[Kurr]

correction: Total of 243.1 million lost by allowing the Federal Reserve to debase our currency!!

Question: Is the mint a business that is supposed to show a profit, or a government function that exist to serve the people? Both?

[Larkin]

Well they sure won't turn it around in 2011 either. Only the government can operate at a loss year after year. Guess they can do this when the taxpayer keeps funding such idiotic operations.

[knibloe]

Total loss of $243 million for the penny and nickle over 5 years. Lets do the math....

$243 million / 300 million americans = 81 cents. Divide this by 5 years. = 16 cents per person per year to keep the penny and nickel. It has my vote.

Contrast it with this or a thousand other programs:

1.5 billion per year foreign aid to Egypt /300 million people = $5 per year per person. Doesn't get my vote.

[AdamsSamoa]

The mint actually truns a profit..... it easily covers the loss on the 1 And 5 cent coins thru mint programs and seignorag from the other coins.

[highroller4321]

The mint actually truns a profit..... it easily covers the loss on the 1 And 5 cent coins thru mint programs and seignorag from the other coins.

They still should be profitable on all aspects of production though!

[camtender]

Has the government been profitable on any program, ever?

[knibloe]

The mint actually truns a profit..... it easily covers the loss on the 1 And 5 cent coins thru mint programs and seignorag from the other coins.

They still should be profitable on all aspects of production though!

I disagree. The metal value of coins should be worth their face value and the gov should lose the cost of production when it makes them. The mint was never meant to make a profit.

[Insane-O]

Total loss of $243 million for the penny and nickle over 5 years. Lets do the math....

$243 million / 300 million americans = 81 cents. Divide this by 5 years. = 16 cents per person per year to keep the penny and nickel. It has my vote.

Yes! This is the proper way to think about it. It only costs 16 cents to keep the penny and the nickel and allow the kids to practice math. What sort of world would this be without the basic single unit of counting? Getting rid of the penny (and the nickel) would be completely idiotic.

Not to mention the fact that the mint makes plenty of money on the other denominations, and also the Federal Reserve is always paying their profits back to the Government. There is plenty of money to create money.

Contrast it with this or a thousand other programs:

1.5 billion per year foreign aid to Egypt /300 million people = $5 per year per person. Doesn't get my vote.

Sending US money overseas is the part of the game that is not so frequently mentioned. When they hold our money they are beholden to us. As Americans, we should want the entire world to have our coin in their pockets.