Cost to Make the Penny: Chart/Graph
It’s official. The 2011 annual report from the United States Mint has been released. When discussing cost to mint a coin, one must look backwards in time at last year’s reported figures. So how much does it cost to make a penny in 2011? Here’s our updated chart modeling the cost of the penny since the year 2001:
Figures are in U.S. Cents Sourced from the U.S. Mint
2.41 cents. Every one cent made by the United States Mint costs 2.41 cents. The consensus is that this loss is 3x greater than the Fiscal Year for the mint in 2010. That’s three times the inefficiency, waste of money, and over-compensating minting of coins for circulation.
The loss the US Mint takes in producing the penny is mind boggling when contemplating how much turmoil goes on in Congress trying to reduce cost. Take a look at the loss taken by the Mint to make the United States penny in 2011 charted in a graph starting in the year 2000:
United States Mint Annual Report 2011
Want to read the annual report? Here’s the link below. We recommend doing a “find search” for the word ‘penny’ to save time when reading. The actual figures printed for losses are on page 11. Our advice: Buy copper pennies now before pennies are exterminated and the price of copper pennies skyrockets when people realize they can’t get them in circulation anymore (read more: Penny Cost 2012 Boosts Copper Penny Investing).
United States Mint 2011 Annual Report
What do you think about the penny? Should the United States Mint keep making the penny, change the composition of the metal of the coin, or discontinue the penny altogether?