The value of a penny

Did you know that it costs 1.73 cents to make a penny, and 8.34 cents to make a nickel? Even the raw metal in these coins is worth more than the coins themselves.

The treasury department has now implemented rules prohibiting the melting of pennies and nickels and the export of large quantities of coins. They don't want profiteers melting US coins in bulk for the raw materials.

Isn't it time to get rid of these albatrosses? I mean, we don't still use the half-cent anymore, do we? Did the retirement of the half-cent cause huge consumer price increases? Do we miss it?

When the half-cent was abolished in 1857 it was worth more than eight cents in today’s currency. People afterward had no problem living and conducting business, even though the new smallest unit of currency — the penny — was worth more than our dime is today. No major problems with transactions were reported at a time that predated the many cashless means of electronic transaction we enjoy today and which, even after penny abolition, can preserve prices to the exact cent if people so choose.

The only time I carry a penny is when I get it back in change. I really wish they'd go away, and take the nickels with them.