Latest news with #coinproduction
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
Associated Press
23-05-2025
- Business
- Associated Press
The penny costs nearly 4 cents to make. Here's how much the US spends on minting its other coins
NEW YORK (AP) — 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:
Washington Post
22-05-2025
- Business
- Washington Post
Stop making cents: US Mint moves forward with plans to kill the penny
WASHINGTON — The U.S. Mint has made its final order of penny blanks and plans to stop producing the coin when those run out, a Treasury Department official confirmed Thursday. An immediate annual savings of $56 million in reduced material costs is expected by stopping penny production, according to the official, who was not authorized to discuss the matter publicly and spoke on condition of anonymity to preview the news.
BreakingNews.ie
22-05-2025
- Business
- BreakingNews.ie
US Mint moves forward with plans to kill the penny
The US Mint has made its final order of penny blanks and plans to stop producing the coin when those run out, a Treasury Department official confirmed on Thursday. Stopping penny production is expected to produce an immediate annual savings of 56 million US dollars in reduced material costs, according to the official. Advertisement In February, President Donald Trump announced that he had ordered his administration to cease production of the one-cent coin. At the time, the president wrote on his Truth Social site: 'For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!' 'I have instructed my Secretary of the US Treasury to stop producing new pennies.' The nation's treasury secretary has the authority to mint and issue coins 'in amounts the secretary decides are necessary to meet the needs of the United States'. Advertisement Advocates for ditching the penny cite its high production cost — now at almost four cents per penny, according to the US Mint — and limited utility. Fans of the penny cite its usefulness in charity drives and relative bargain in production costs compared with the nickel, which costs almost 14 cents to mint. The Wall Street Journal first reported the news. Pennies are the most popular coin made by the US Mint, which reported making 3.2 billion of them last year – more than half of all the new coins it made last year. Advertisement
CTV News
22-05-2025
- Business
- CTV News
Stop making cents: U.S. Mint moves forward with plans to kill the penny
Freshly-made pennies sit in a bin at the U.S. Mint in Denver on Aug. 15, 2007. (AP Photo/David Zalubowski, File) WASHINGTON — The U.S. Mint has made its final order of penny blanks and plans to stop producing the coin when those run out, a Treasury Department official confirmed Thursday. An immediate annual savings of US$56 million in reduced material costs is expected by stopping penny production, according to the official, who was not authorized to discuss the matter publicly and spoke on condition of anonymity to preview the news. In February, U.S. President Donald Trump announced that he had ordered his administration to cease production of the 1-cent coin. 'For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!' Trump wrote at that time in a post on his Truth Social site. 'I have instructed my Secretary of the US Treasury to stop producing new pennies.' The nation's treasury secretary has the authority to mint and issue coins 'in amounts the secretary decides are necessary to meet the needs of the United States.' Advocates for ditching the penny cite its high production cost - almost 4 cents per penny now, according to the U.S. Mint - and limited utility. Fans of the penny cite its usefulness in charity drives and relative bargain in production costs compared with the nickel, which costs almost 14 cents to mint. The Wall Street Journal first reported the news. Pennies are the most popular coin made by the U.S. Mint, which reported making 3.2 billion of them last year. That's more than half of all the new coins it made last year. Congress, which dictates currency specifications such as the size and metal content of coins, could make Trump's order permanent through law. But past congressional efforts to ditch the penny have failed. Two bipartisan bills to kill the penny permanently were introduced this year. Sens. Mike Lee, R-Utah, and Jeff Merkley, D-Ore., introduced the Make Sense Not Cents Act this month. In April, Reps. Lisa McClain, R-Mich., and Robert Garcia, D-Calif., along with Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., introduced the Common Cents Act. Article by Fatima Hussein and Alan Suderman. Suderman reported from Richmond, Virginia.
