Thursday, February 14, 2008

Stop making Lincoln cents

Taxpayers pay nearly 2 cents for every penny made by the U.S. Mint — a poor economic model that makes the strongest case for abolishing the coin.

Stop making a coin that costs more than it's worth. The math isn't pretty. Each penny costs 1.67 cents to make, up from 0.93 cents in 2004. The Mint lost $31 million making 6.6 billion new pennies in 2007, and another $68 million making 1 billion nickels.Small change just isn't worth the effort anymore. . . .

Full story at: Link

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