Tuesday, 3 January 2017

A penny for your thoughts.........................from Rico

What were they thinking?
- Only a government thinks like this.
The pre-1982 US penny was composed of 95% copper and 5% zinc. The current "melt value" for the copper content is $0.016291...for Common Core math students and anyone holding public office at the moment...that's 1.63 cents, or worth more than the face value of the coin.
- Roughly a cent and a half.
The post-1982 US penny has been composed of 97.6% zinc and 2.4% copper (it's essentially a copper-washed token). The current "melt value" is $0.0062522...with the same caveats as above...that's 0.63 cents.
- Roughly worthless.
The most recent data from the US Mint (2015) tells us that it costs 1.67 cents to make a penny.
- And some people are distressed at the idea of a failed "community organizer" being replaced by a successful "businessman?"

1 comment:

Anonymous said...

Well, it IS fiat money.

If the value of the materials exceeds the face value of the unit of currency they have been used to make, you're doing it wrong.

This is not to be interpreted as saying that there's a right way to do fiat currency.