Saving Costs for Producing Nickel and Penny Coins

Let's start with the definition of the Coin Modernization and Taxpayer Savings Act of 2008, which is a document aimed towards changing the metals used in producing pennies and nickels into steel.

The Act was developed to save the production costs of coins in the United States. According to the calculations the US Treasury will be able to save a huge sum of money: $30.34 millions for pennies and $21.92 for nickel. It is worth mentioning that today metals applied in the production of coins (i.e. copper, zinc and nickel) show instability on the market.

The US Mint spends 1.26 cents for producing one penny and 7.7 cents for producing a nickel. Among other costs there are: 4 cents for a dime, 10 cents for a quarter and 16 cents for one dollar coin.

Source: Dig4coins.Com