WTF News - Page 22

classicman · 05-22-2012, 11:10 PM

Cost to Make Penny and Nickel Rises, Annual Loss Reaches $116.7 Million

Quote:

The cost for the United States Mint to produce and distribute the cent and nickel rose to their highest levels,
and are now more than double the respective face values. For the fiscal year ending September 30, 2011,
the unit cost for the cent was 2.41 cents and the cost for the nickel was 11.18 cents

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link

ZenGum · 05-23-2012, 02:14 AM

Post from TW in 3 ... 2... 1....

Our smallest coin is the 5 cent. Life goes on.

DanaC · 05-23-2012, 05:52 AM

Unit cost, not value of materials. Unit cost including manufacture and distribution. The cost of distribution will vary according to things like gas prices.

classicman · 05-23-2012, 10:17 AM

Unit Cost to Produce and Manufacture Cent
...............................................FY 2011 FY 2010
Cost of Goods Sold .................0.0197 0.0176
Sales, General & Administrative 0.0041 -
Distribution to Reserve Banks....0.0003 0.0003
Total Unit Cost .........................0.0241 0.0179

Unit Cost to Produce and Manufacture Nickel
................................................FY 2011 FY 2010
Cost of Goods Sold .................0.0938 0.0916
Sales, General & Administrative 0.0176 -
Distribution to Reserve Banks...0.0004 0.0006
Total Unit Cost .........................0.1118 0.0922

This represents the sixth year in a row that the cost to produce and distribute the cent and nickel have exceeded their face values. For the 2011 fiscal year, the two denominations were produced at a loss of $116.7 million. This amount is nearly triple than the loss of $42.6 million generated from the two denominations during the prior year.

infinite monkey · 05-23-2012, 10:31 AM

I would like to exchange these for 4.82 cents.

kthxbai

BrianR · 05-23-2012, 01:28 PM

Here's what I never understood. Why MUST coins be made of odd metal alloys? Why can't they just be made from, say, aluminum, or steel for durability? They are only tokens with a given face value anyway. Now with the "new" pennies, they aren't even worth their weight in silver or copper.

Pretty soon, cash will be a forgotten relic anyway, IMO. The government will go to a cashless system so they can track all monies spent and where for what they will claim is tax purposes but will really be an attack on drug profits and citizens who for whatever reason choose to fly beneath the radar.

infinite monkey · 05-23-2012, 02:05 PM

All money should be recorded on cards, like ID type cards. There'd be no need for paper or metal money at all!

monster · 05-23-2012, 04:37 PM

Quote:

Originally Posted by BrianR

Here's what I never understood. Why MUST coins be made of odd metal alloys? .

less forgeable

Rhianne · 05-23-2012, 04:58 PM

Over here they started making the smallest value coins in steel fifteen or more years ago.

Rhianne · 05-23-2012, 05:00 PM

If Wikipedia can be trusted it was actually in 1992 and apparently as from this year at least some of the larger value coins will be steel too.

Clodfobble · 05-25-2012, 07:53 AM

I think we should go back to using the teeth of our enemies as currency.

Trilby · 05-25-2012, 08:11 AM

I like the way Clodfobble thinks.

infinite monkey · 05-25-2012, 08:12 AM

Would I be worth less, then, what with my caps and all?

"Eh, I'd kill her for her teeth but they ain't gonna fetch me nuthin'!"

Trilby · 05-25-2012, 08:17 AM

I would think you'd be worth much more b/ c of them.

ZenGum · 05-25-2012, 08:25 AM

Dental gold is usually very pure, and is more valued than jewellery.

The trick is in finding a better class of hobo.

05-23-2012, 02:14 AM	#317
ZenGum Doctor Wtf Join Date: Oct 2007 Location: Badelaide, Baustralia Posts: 12,861	Post from TW in 3 ... 2... 1.... Our smallest coin is the 5 cent. Life goes on. __________________ Shut up and hug. MoreThanPretty, Nov 5, 2008. Just because I'm nominally polite, does not make me a pussy. Sundae Girl.

05-23-2012, 10:17 AM	#319
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	Unit Cost to Produce and Manufacture Cent ...............................................FY 2011 FY 2010 Cost of Goods Sold .................0.0197 0.0176 Sales, General & Administrative 0.0041 - Distribution to Reserve Banks....0.0003 0.0003 Total Unit Cost .........................0.0241 0.0179 Unit Cost to Produce and Manufacture Nickel ................................................FY 2011 FY 2010 Cost of Goods Sold .................0.0938 0.0916 Sales, General & Administrative 0.0176 - Distribution to Reserve Banks...0.0004 0.0006 Total Unit Cost .........................0.1118 0.0922 This represents the sixth year in a row that the cost to produce and distribute the cent and nickel have exceeded their face values. For the 2011 fiscal year, the two denominations were produced at a loss of $116.7 million. This amount is nearly triple than the loss of $42.6 million generated from the two denominations during the prior year. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

05-23-2012, 01:28 PM	#321
BrianR Cleverly disguised as a responsible adult Join Date: Jan 2001 Location: Dallas, TX Posts: 3,338	Here's what I never understood. Why MUST coins be made of odd metal alloys? Why can't they just be made from, say, aluminum, or steel for durability? They are only tokens with a given face value anyway. Now with the "new" pennies, they aren't even worth their weight in silver or copper. Pretty soon, cash will be a forgotten relic anyway, IMO. The government will go to a cashless system so they can track all monies spent and where for what they will claim is tax purposes but will really be an attack on drug profits and citizens who for whatever reason choose to fly beneath the radar. __________________ Never be afraid to tell the world who you are. -- Anonymous

05-25-2012, 07:53 AM	#326
Clodfobble UNDER CONDITIONAL MITIGATION Join Date: Mar 2004 Location: Austin, TX Posts: 20,012	I think we should go back to using the teeth of our enemies as currency. __________________ My book My other book My spirit animal

05-25-2012, 08:11 AM	#327
Trilby Slattern of the Swail Join Date: Jul 2004 Posts: 15,654	I like the way Clodfobble thinks. __________________ In Barrie's play and novel, the roles of fairies are brief: they are allies to the Lost Boys, the source of fairy dust and ...They are portrayed as dangerous, whimsical and extremely clever but quite hedonistic. "Shall I give you a kiss?" Peter asked and, jerking an acorn button off his coat, solemnly presented it to her. —James Barrie Wimminfolk they be tricksy. - ZenGum

05-23-2012, 10:31 AM	#320
infinite monkey Person who doesn't update the user title Join Date: Mar 2011 Posts: 13,002	I would like to exchange these for 4.82 cents. kthxbai

05-23-2012, 02:05 PM	#322
infinite monkey Person who doesn't update the user title Join Date: Mar 2011 Posts: 13,002	All money should be recorded on cards, like ID type cards. There'd be no need for paper or metal money at all!

05-23-2012, 04:58 PM	#324
Rhianne Nearly done. Join Date: Jul 2007 Location: Teetering on the edge. Posts: 1,134	Over here they started making the smallest value coins in steel fifteen or more years ago.

05-23-2012, 05:00 PM	#325
Rhianne Nearly done. Join Date: Jul 2007 Location: Teetering on the edge. Posts: 1,134	If Wikipedia can be trusted it was actually in 1992 and apparently as from this year at least some of the larger value coins will be steel too.

05-25-2012, 08:12 AM	#328
infinite monkey Person who doesn't update the user title Join Date: Mar 2011 Posts: 13,002	Would I be worth less, then, what with my caps and all? "Eh, I'd kill her for her teeth but they ain't gonna fetch me nuthin'!"

05-25-2012, 08:17 AM	#329
Trilby Slattern of the Swail Join Date: Jul 2004 Posts: 15,654	I would think you'd be worth much more b/ c of them. __________________ In Barrie's play and novel, the roles of fairies are brief: they are allies to the Lost Boys, the source of fairy dust and ...They are portrayed as dangerous, whimsical and extremely clever but quite hedonistic. "Shall I give you a kiss?" Peter asked and, jerking an acorn button off his coat, solemnly presented it to her. —James Barrie Wimminfolk they be tricksy. - ZenGum

05-25-2012, 08:25 AM	#330
ZenGum Doctor Wtf Join Date: Oct 2007 Location: Badelaide, Baustralia Posts: 12,861	Dental gold is usually very pure, and is more valued than jewellery. The trick is in finding a better class of hobo. __________________ Shut up and hug. MoreThanPretty, Nov 5, 2008. Just because I'm nominally polite, does not make me a pussy. Sundae Girl.

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