Latest news with #coinage
The Independent
23-05-2025
- Business
- The Independent
The penny costs nearly 4 cents to make. Here's how much the US spends on minting its other coins
The impending 'death' of the U.S. penny has spotlighted the coin's own price tag — nearly 4 cents to make and distribute each, or quadruple its value. Months after President Donald Trump called on his administration to cease penny production, the U.S. Mint announced this week that it had made its final order of penny blanks — and plans to stop making new 1 cent coins after those run out. Coin production costs vary thanks to different raw metals used, complexity of their designs, labor needed and more. Many of those expenses have been on the rise — and the penny isn't the only coin entering our wallets today that costs more to make than it's worth (enter the nickel debate). Here's a rundown of U.S. Mint production costs from the government's latest fiscal year. Cost of the penny Each penny costs nearly 4 cents — or $0.0369, to be exact — for the U.S. Mint to make and distribute. In total, America's coin manufacturer said it shipped more than 3.17 billion pennies throughout its 2024 fiscal year. That's notably less pennies than it sent the year prior (when nearly 4.14 billion 1-cent pieces went out) — but circulating shipment for all coins was down about 44% overall. The Mint often changes its new circulation based on public demand and seasonal trends. At the same time, the penny's 'unit cost' has gone up in recent years. The nearly 4 cent price tag is up 20.2% from the Mint's 2023 report, when a penny cost just over 3 cents. Cost of the nickel Each nickel costs nearly 14 cents ($0.1378) to make and distribute. That price tag is nearly triple the five-cent coin's buying power today. The unit costs for both the penny and the nickel have remained above face value for 19 consecutive years, the Mint noted in its latest annual report. And, like the penny, the nickel has also seen recent price jumps — with the latest 14 cent cost up 19.4% from the 2023 fiscal year, when its cost sat under 12 cents. U.S. Mint reported shipping 202 million nickels over its 2024 fiscal year, down from nearly 1.42 billion sent out the year prior. Cost of the dime Each dime costs nearly 6 cents ($0.0576) to make and distribute. That represents more than half of the 10 cent coin's buying power. And the cost of producing and distributing the dime increased 8.7% over the last year. In total, the U.S. Mint reported shipping 840 million dimes for its 2024 fiscal year — down from nearly 2.67 billion the year beforehand. Cost of the quarter The quarter costs nearly 15 cents ($0.1468) to make and distribute. That's also more than half of the 25 cent coin's buying power today. The quarter's unit cost has increased by 26.2% since the Mint's 2023 report, when its price tag was closer to 12 cents. U.S. Mint said it shipped more than 1.6 billion quarters in the 2024 fiscal year, down from about 2.27 billion the year prior. Cost of the half-dollar The half-dollar coin costs nearly 34 cents ($0.3397) to make and distribute. That represents nearly two-thirds of the 50 cent piece's buying power. And its price has increased by more than 30% since the 2023 fiscal year, when the coin's production cost was just under 26 cents. U.S. Mint said it shipped 52 million half-dollar coins in its 2024 fiscal year, up from 18 million coins shipped in the 2023 period. What about cash? Coins aren't the only form of physical money that vary in production costs. Dollar bills also see differences due to paper and ink used, labor and other expenses. Here are the latest printing costs for U.S. paper notes, according to the Federal Reserve: 1. $1 and $2 bills: 3.2 cents each 2. $5 bills: 5.3 cents each 3. $10 bills: 5.5 cents each 4. $20 bills: 6 cents each 5. $50 bills: 5.6 cents each 6. $100 bills: 9.4 cents each
Irish Times
17-05-2025
- General
- Irish Times
Irish hares are unique but the law of the land is against them
The floorboards in the house hadn't been touched for more than 50 years, so when we finally lifted some at the start of this year it wasn't surprising to uncover a collection of random items tucked between the creaky old joists. Among them were cardboard milk cartons from Hughes Bros Ltd in Rathfarnham, set up by three brothers who established Ireland's first pasteurisation plant in 1924. One discovery stood out above the rest: an old cupronickel threepence coin, or '3d', featuring an Irish hare – the design work of the English artist Percy Metcalfe, who was commissioned to create the first coinage for the Irish Free State , which began circulating in the winter of 1928. The hare was part of a broader set of coins, divided into two themes: the pig, hen, bull and ram, symbolising farm life and produce; and the wolfhound, woodcock, hare, salmon and horse, reflecting the world of hunting. Roughly the size of a coat button, Metcalfe's Irish hare appears in profile, facing left and alert, as if poised to leap into motion. Its head is lifted, ears laid back flat along the curve of its arched back, while its muscular and powerful legs are drawn in close beneath the body, braced and ready to jump. By pure chance, just a few days after we had cleared out the room, Joe Duffy was on RTÉ's Liveline talking with his callers about their interactions with the Irish hare. Sheila phoned to share her story about a tiny hare that her dog brought into the house years earlier. She fed it warm, sugared milk from a baby's bottle, which it gulped down. The hare, she told Duffy, was 'absolutely fabulous' – tame as anything with her family, but wild, wary and skittish with anyone else. READ MORE The Irish hare has long been tied to fairies and the spirit world. Another Joe, from Cork, told listeners a story from 50 years back. He was driving late one wet November night when a hare began running in front of his car, matching his speed at 45 miles an hour before vanishing into a field. He knew it was bad luck to harm a hare, but later his father told him he shouldn't have followed it – hares, his father said, were from another world. Another caller, Patsy, chimed in with his memories of a priest he knew who travelled by pony and cart. If the priest ever spotted a hare on the road, he would stop, get out, and walk around the cart three times, just to keep bad luck at bay. Technically, it's a type of mountain hare, but it carries distinct genes that set it apart The Irish hare and humans go back a long way. It's been here since before the last ice age, evolving in isolation for thousands of years. Unlike the European rabbit and the brown hare, which arrived only in the past few hundred years, the Irish hare is unique and found nowhere else in the world. Technically, it's a type of mountain hare, but it carries distinct genes that set it apart, shaping its size and the colour of its coat. Unlike the mountain hare, the Irish hare doesn't turn white in winter. We're not the only ones to connect with these mystical creatures. Raising Hare, English author Chloe Dalton's bestselling debut, tells how she found a newborn hare one February morning during the Covid years, and how the bond she formed with the little female transformed her life. Hares are the only game species in England and Wales that can be shot year-round – a grim fact, given that their population has plummeted by more than 80 per cent in the past century. Last month Dalton launched a petition urging the UK government to introduce a legally binding closed season for hares, protecting them from January to September. Despite its unique status, the Irish hare is poorly studied. And while its population is believed to be stable, it faces real threats from habitat loss and a warming climate. It doesn't enjoy full protection under Irish law either. Between September and February, the Irish hare can legally be shot or hunted with packs of beagles and harriers. Ireland, Spain and Portugal are the last remaining countries in Europe where hares can be legally chased by dogs, either in open hunts or in so-called 'closed' coursing fields, where hares are first captured and then released for the chase. Each year, some 6,000 wild hares are taken under licence. They're given a 75 metre head start in the coursing field before two muzzled greyhounds are set loose; the winner is the first dog to force the hare to turn. After spending about two months in captivity, the hares are then released. A few years ago, in research funded by the National Parks & Wildlife Service, researchers from Queen's University Belfast set out to track the fate of hares released after coursing . They fitted 40 hares with GPS-radio collars and monitored them over six months. Half of the hares had been previously captured and coursed. The results showed no significant difference between the coursed and uncoursed hares: they didn't experience higher mortality rates, nor did their movements differ meaningfully. [ Anti-blood sport campaigners criticise finding that hares do not experience greater risk of death after coursing Opens in new window ] This research is unlikely to sway those determined to see hare coursing banned. In 2019, the same year Irish politicians in the Dáil declared a national biodiversity crisis, a Red C poll, commissioned by the Irish Council Against Blood Sports , found 77 per cent of Irish people supported ending live hare coursing. Wicklow TD Jennifer Whitmore introduced the Protection of Hares Bill, which has garnered cross-party backing. The Bill is short and to the point: it seeks to ban the practice, stating that 'it shall not be lawful to engage in live hare coursing' under the Wildlife Act. The Irish hare's ability to rely on its speed and agility to escape predators is why it's used in hare coursing. As awareness grows and the debate surrounding coursing intensifies, it remains to be seen whether future generations will choose to protect this unique species or allow the practice to persist.
Bloomberg
12-05-2025
- Business
- Bloomberg
Odd Lots: Philip Diehl on the Booming Business of Gold Coins
Gold prices have been booming and are near record highs. And seeing the line go up — especially during a period of so much uncertainty — makes people want to buy more. That includes acquiring actual gold coins. But where do gold coins come from? Why do people want coins, as opposed to just bullion? And who is buying them? On this episode, we speak with Philip Diehl, the president of gold vendor US Money Reserve. Earlier in his career, he was the 35th director of the US Mint, where he was instrumental in such endeavors as the 50 States quarter project, the Sacagawea dollar coin, and also the language that allows for the creation of the trillion-dollar platinum coin. We talk all about the business and supply chain of coinage, and who's buying these coins today.
CBS News
07-05-2025
- Business
- CBS News
The penny may not survive long — but collectors fight to keep it alive
The penny's days may be numbered as Congress considers ending production The humble penny, once a pocket staple, has long since lost its shine in American commerce, but it retains devoted fans who see value beyond its monetary worth. In North Carolina's Copper Penny Grille, owner Shelly Gref has transformed thousands of pennies into bar tops and artwork, giving Lincoln's likeness new purpose. "It grew into a little bit of an obsession with me. And then everybody just started donating pennies," Gref said. "People just come by and they say, I want to be a part of something." Gref said she appreciates the historical significance of the coins. "I like the older ones because they have more of a story," she said. "It just has a really special place in my heart." But economic realities have prompted bipartisan legislation in Congress that could end penny production, an idea President Trump has also supported. Wake Forest University professor Robert Whaples has advocated for eliminating the penny for decades, citing practical concerns. "They just have to keep making more and more of these, because we don't bring them back, and we don't bring them back because they're of such low value. So we got a vicious cycle going here," Whaples said. The economics don't add up, either. It costs nearly four cents to produce each one-cent coin, and Whaples estimates about $7 worth of pennies exist for every American. "Even if we could produce the penny for free out of thin air, it's just a waste of our time, and our time is valuable. Time is money," he said. At the Penny Depot, the Kilcoyne family—whose name aptly sounds like "kill-coin"—creates custom collectible pennies with pressing machines. They worry about their business if the coin is discontinued. "If they take it out of circulation, then that can hurt," Michelle Kilcoyne said. Her husband Josh sees potential upside: "But on the flip side of that, it's a collectible. And you know, if they start to make a collectible become more rare, the value starts to go up."
