Mint on pace to produce bumper crop of cents

[Morsecode]

Through April, 1.5 billion cents. The number represents 60% of all coins in production so far this year. That's a lot of new zinc pollution to look forward to.

Begs the question: if 200 billion zincolns (give or take) have been minted since 1983, and there are roughly 400 million people in the USA, that comes to 500 pennies for every man, woman, and infant...even if every copper cent magically disappeared tomorrow. I'm thinking this is probably already 400 more per person than is necessary to carry on the business of the country.

So what is the rationale behind the ban again?

[Morsecode]

BTW...one of my best vault tellers told me last night that their coin supplier is giving them a discount on 2011 & 2010 String boxes, so naturally that's what they've been ordering.

I imagine it's just a wee discount off the usual shipping/handling charge, and obviously a temporary one at that. So they must be inundated with them.

[68Camaro]

I think there was a rationale behind the ban, but it's rapidly disappearing. And I personally think they are stepping up production in anticipation of removing the ban. In the time since the ban they will have produced more new pennies than would be eliminated by having the copper cents disappear. Time to remove the ban, and perhaps at the same time remove the penny altogether.

[Mercuryman]

You cant use logic in questioning the govt.

[Crescendo]

Use it or lose it.

This is the actuality of many government funded organizations. Perhaps it is as simple as the mint wanting to spend money so they continue to have a strong budget allocated to them.

[henrysmedford]

Use it or lose it.

This is the actuality of many government funded organizations. Perhaps it is as simple as the mint wanting to spend money so they continue to have a strong budget allocated to them.

From http://www.usmint.gov/about_the_mint/

As a self-funded agency, the United States Mint turns revenues beyond its operating expenses over to the General Fund of the Treasury.

The mint get no tax dollars the make money.

[highroller4321]

Here are some up to date numbers:
2011 US Mint Coin Production Figures
July 2011 YTD 2011
Lincoln Cent – Denver 210.00 M 1,462.94 M
Lincoln Cent – Phil. 265.20 M 1,416.40 M

http://mintnewsblog.com/2011/08/us-mint ... july-2011/

They are on pace for a big year losing money on pennies!

[NHsorter]

Does anyone know the current production cost per penny? Is this info available to the public? Just curious because I always enjoy little tidbits of information that allow me to chastise government activities.

[SoFa]

I wonder how much could be saved by eliminating the cents and the presidential dollar coins.

[Cerulean]

3 billion cents in 2011? Meh.

That's chump change compared to the number of cents they used to make.

2002-2008 averages about 7 billion a year, and the Mint averaged TEN BILLION cents per year in the 1980s and 1990s, topping out at 14 billion in year 2000 alone. The number of cents struck in the last two and a half years, from January 2009 to present, is less than the number of cents made in any one year from 1978-2001.

Call me when they equal the 4 billion made in 2010, or when they equal the 5.4 billion made in 2008.

[schockergd]

It's 1.7 cents per penny.

They make plenty of money on everything but nickels & pennies. 7.5c per nickel , half a cent per dime, less than 1 cent per quarter , and so on..............

[Know Common Cents]

Don't confuse me with facts. I'm too accustomed to the government spinmeisters to believe anything else.

[2cents]

If the current national average is 20% copper in circulation, what % copper do they have to get down to before they pull the plug?

I know, government does not follow logic, but at some point the ban doesn't make sense.

They could pull the copper themselves before anybody knows it is happening.

[68Camaro]

3 billion cents in 2011? Meh.

That's chump change compared to the number of cents they used to make.

2002-2008 averages about 7 billion a year, and the Mint averaged TEN BILLION cents per year in the 1980s and 1990s, topping out at 14 billion in year 2000 alone. The number of cents struck in the last two and a half years, from January 2009 to present, is less than the number of cents made in any one year from 1978-2001.

Call me when they equal the 4 billion made in 2010, or when they equal the 5.4 billion made in 2008.

From the 2011 YTD stats above, looks like they're on track for a 5-6 billion year this year.

[ed_vantage17]

I wonder how much could be saved by eliminating the cents and the presidential dollar coins.

If they eliminated the $1 FRN the savings would be huge. $1 notes last (about) 18 months. Coins, as we all know, last many, many years. The Fed could even order more $2 FRN so that pockets wouldn't become too heavy with coin.

[HoardCopperByTheTon]

The rationale behind the melt ban is to allow us to hoard a little copper. When they lift the melt ban it will be "Game Over" Don't be in such a hurry for it.

This is the government's jobs program. Maybe if they produce enough they can get the cost down to 1.6 cents each.

[highroller4321]

The rationale behind the melt ban is to allow us to hoard a little copper. When they lift the melt ban it will be "Game Over" Don't be in such a hurry for it.

This is the government's jobs program. Maybe if they produce enough they can get the cost down to 1.6 cents each.

More liekly senario is since its the government they will say " well since we are producting an extra 2 billion cents this year we need to hire 6 more people". Therefore brining the cost to 1.8 cents each instead of 1.7.