Problem of cost of minting small change shows government's issues
April 28, 2013 at 3:02 p.m.
Updated April 27, 2013 at 11:28 p.m.
Editor, the Advocate:
Below is a quote from the U.S. Mint annual report:
"The costs to manufacture and distribute both the 1-cent and 5-cent coins exceeded their face value again, just as they have for each of the last six years. This negative seigniorage concerns us, and we continue to explore ways to address it."
It is true! It costs about 2 cents to make a penny and 10 cents to make a nickel.
Our government is so inept, it loses money minting coins while holding a monopoly. And it has not found a solution in six years.
W. E. White, Victoria