A Few Flaws in American Currency

Have you ever wondered why other currencies have dropped small denomination coins? Maybe you've heard that the penny costs more to produce than its worth. Well, the latter is true, and this is the reason why other nation's mints have stopped the circulation of coins with such small value. Here are a few flaws with the American Currency Program.

Good ol' Honest Abe. Did you know that it costs 1.8 cents to make a penny? This might seem ridiculous to you...1.8 cents for a 1 cent coin. This is why other currencies have abandoned the use of small denomination coins.You might ask "why does the penny cost 1.8 cents to produce?". The credit here goes to the rising prices of zinc and copper which are used to make the penny. According to the U.S. Mint's 2010 Annual Report, the nation lost $27.4 million dollars due to producing pennies. The nickel is another coin that costs more to produce than it is worth. In 2010, each nickel cost 9.2 cents to produce, losing the nation millions of dollars. due to this reason, many people want to do away with these coins, while others want to keep them? Which idea makes more "cents"? Tell us what you think.