- The fiscal cost of producing a penny (1 cent) in 2012 was 2.41 cents.
- Numbers estimate around 5.8 billion cents were produced within the 2012 fiscal year.
-Studies have indicated that minted pennies are the least used tender and are often left uncirculated.
- Penny production in 2012, cost Americans roughly 139.78 million U.S. dollars in material cost alone, money that could have funded other programs.
-The penny consist of 2.5 % copper (pre-1982 the penny was 95% copper). Copper, which is 100% recyclable, can be smelted off all pennies, retained by the treasury and either sold or held for appreciation (as Copper prices often fluctuate in the market and has become increasingly valuable.)
We ask this administration to persuade congress to act in eliminating the Penny as legal tender.