How much would you pay for a penny? I know it sounds like a trick question! After all, how could the answer be anything other than one cent? Well, you might be surprised to know that the federal government pays $1.82 for every penny it makes, and prices are rising.
According to an article published at CoinNews.net, the U.S. Mint revealed that making coins is more expensive than the actual face value of that coin, and has been for some time. Only the previous year, that buck eighty-two penny we referenced was $1.50; that’s a thirty-two cents gain in expense in just one year! The price of nickels is even worse. Having been high for twelve years now, the current manufacturing cost of a five-cent piece is $6.60.
So, why is it costing so much to make these small denomination coins? Why keep doing it? It’s because they’re being pressed to finance the national debt. The federal reserve is printing/coining money to go towards paying the interest on that 21-22 trillion-dollar chasm that your Washington politicians are always hard at work expanding:
In profit from seigniorage — the difference between the face value and cost of producing circulating
Read more at the Texian Partisan
(The opinions in this article are the opinions of the author and do not necessarily represent the views of Southern Nation News or SN.O.)