It costs US Mint over 2 cents to make a penny, 11 cents for every nickel!
Washington, Dec. 21 (ANI)
The U.S. Mint is reportedly exploring cheaper options to make pennies, nickels and cents.
It is trying to find less expensive alloys that can be properly cast, won't change color and have specific magnetic properties so they can be used in machines.
Another challenge for the firm is the rising cost of copper, which is used in all coins, and nickel, except pennies.
As of now, only thee usable metals on the periodic table - aluminum, iron and zinc - cost less, the New Yprk Daily News reports.
According to the report, while a penny costs more than two cents to make and a nickel costs more than 11, the U.S. Mint's test of 29 cheaper alloys as of now failed to identify substitute metals.
Dick Peterson of the U.S. Mint said they are trying to find 'promising alternatives'.
"(They) are . . . promising alternatives. We produce 6 billion a year. Our customers want them," Peterson said.