Inflation may make a penny worth less — but it also makes that penny cost more.
The rising prices of raw materials have sent the costs of manufacturing coins soaring over the past two years, adding nearly a full cent to the cost of producing each penny. It now costs more than 2.5 cents to mint and distribute each penny coin, the federal government said in a report to Congress.
“This commonsense, bipartisan effort will modify the composition of certain coins to reduce costs while allowing for a seamless transition into circulation,” she said. “A penny saved is a penny not borrowed.” One bright spot in this week’s report is that the Mint is making fewer coins, which keeps the penny and nickel losses down.
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