The cost of making money

With all of the rising metal costs in this country, in now costs more to make pennies and nickels, than they are worth. See Story

-For the first time in U.S. history, the cost of manufacturing both a penny and a nickel is more than the 1-cent and 5-cent values of the coins themselves. Skyrocketing metals prices are behind the increase, the U.S. Mint said in a letter to members of Congress last week.

-The Mint estimates it will cost 1.23 cents per penny and 5.73 cents per nickel this fiscal year, which ends Sept. 30. The cost of producing a penny has risen 27% in the last year, while nickel manufacturing costs have risen 19%.

Last year, the Mint's coin-making profit was $730 million. Mint officials estimate the added penny and nickel expenses will reduce the Mint's profit this year by $45 million.

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