Step 1 : Introduction to the question "How much does it currently cost the U.S. Mint to produce a penny?"
The penny is basically worthless. Actually, it's worse than worthless. It costs the U.S. goverment 2.1 cents to produce every penny during the fiscal year 2021. The 2.1 cent production cost represents an increase from the 2016 production cost of 1.5 cents. Higher prices for copper and zinc accounted for much of the increases. Despite efforts to cut the costs of manufacturing the coin, it seems unlikely that the cost of making it will ever sink below one cent. The rising cost of producing pennies has prompted calls to discontinue the coin altogether.
Step 2 : Answer to the question "How much does it currently cost the U.S. Mint to produce a penny?"
2.1 cents:
The penny is basically worthless. Actually, it's worse than worthless. It costs the U.S. goverment 2.1 cents to produce every penny during the fiscal year 2021. The 2.1 cent production cost represents an increase from the 2016 production cost of 1.5 cents. Higher prices for copper and zinc accounted for much of the increases. Despite efforts to cut the costs of manufacturing the coin, it seems unlikely that the cost of making it will ever sink below one cent. The rising cost of producing pennies has prompted calls to discontinue the coin altogether.
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