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Did you know that the US lost $105m by making pennies and…

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By the looks of it, the US Mint has lost millions of dollars by making coins.

copyrights: http://shutterstock.com
copyrights: http://shutterstock.com

Official reports state that the American Mint has lost a total of $105 million over the course of the past year due to making nickels and pennies. Unfortunately, thanks to the rising prices of metals the coin minting is costing more to the country than the coin’s actual face value. In other words, minting a penny costs much more than a penny. The reports state that the constantly rising prices have doubled the face value of the coins. Having this in mind, it comes to no surprise that the US is experiencing a huge loss three years in a row. The losses from the last 3 years have topped $100 million per year only because of coin minting.

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And while the problem is nowhere near being solved, some policymakers are currently trying to find an alternative to the current coin minting. One suggestion is to use Canadian nickels, since they consist of 2% nickel rather than the 25%, which can be found in American nickels.

Written by Patrick Bennet

I have been working as a teacher my whole life. I love reading books.

I love writing about all kind of different and interesting facts. It’s not only exciting, but I learn something new every day. What I learn I share it with you guys. If you have any questions feel free to contact me.

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