I found the base cause of our financial woes. A country that uses the logic used in the production of the penny cannot possibly be financially sound. Our goverbment, yes I mean both parties, squander our hard earned cash in places where there should never have been a question. This is a constitutionally mandated area. There is no need to ask "John and Mary Smith" what coins they want to carry. The Treasury and the Congress need to carry out their mandated functions.
'Nough said ?
The following is from Wikipedia:
"The United States one-cent coin, commonly known as a penny, is a unit of currency equaling one one-hundredth of a United States dollar. The cent's symbol is ¢. Its obverse has featured the profile of
President Abraham Lincoln since 1909, the centennial of his birth. From 1959 (the sesquicentennial of Lincoln's birth) to 2008, the reverse featured the Lincoln Memorial. Four different reverse designs in 2009 honored Lincoln's 200th birthday and a new, permanent reverse - the Union Shield - was introduced in 2010. The coin is 0.75 inches (19.05 mm) in diameter and 0.061 inches (1.55 mm) in thickness.
The U.S. Mint's official name for a penny is "cent"[2] and the U.S. Treasury's official name is "one cent piece".[3] The colloquial term penny derives from the British coin of the same name, the pre-decimal verison of which had a similar value. In American English, pennies is the plural form, other plural forms pence and pee (standard use in British English) are rarely, if ever, used.
As of 2012, it cost the U.S. Mint 2.41 cents to make a cent because of the cost of materials and production.[4] The loss in profitibility due to producing the one cent coin in the United States for the year of 2011 has been officially released. The cost is a loss of $60,200,000. This is an increase from the 2010, the year before, which had a production loss of $27,400,000.[4]"
President Abraham Lincoln since 1909, the centennial of his birth. From 1959 (the sesquicentennial of Lincoln's birth) to 2008, the reverse featured the Lincoln Memorial. Four different reverse designs in 2009 honored Lincoln's 200th birthday and a new, permanent reverse - the Union Shield - was introduced in 2010. The coin is 0.75 inches (19.05 mm) in diameter and 0.061 inches (1.55 mm) in thickness.
The U.S. Mint's official name for a penny is "cent"[2] and the U.S. Treasury's official name is "one cent piece".[3] The colloquial term penny derives from the British coin of the same name, the pre-decimal verison of which had a similar value. In American English, pennies is the plural form, other plural forms pence and pee (standard use in British English) are rarely, if ever, used.
As of 2012, it cost the U.S. Mint 2.41 cents to make a cent because of the cost of materials and production.[4] The loss in profitibility due to producing the one cent coin in the United States for the year of 2011 has been officially released. The cost is a loss of $60,200,000. This is an increase from the 2010, the year before, which had a production loss of $27,400,000.[4]"
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