Is This the Age of a New Penny??? (USA)

[TheRealMafoo]

puffy said:

TheRealMafoo said:

ChichiriMuyo said:

These started popping up awhile ago, and what really bothers me about it is that they haven't gone to steel or aluminum coins for the penny yet.  It doesn't make sense to circulate coins that cost more to make than they are worth.

I think it cost more to make paper money.

A dollar bill cost 5.7 cents to make, and average life in circulation is destroyed is 18 months.

A dollar coin cost 21 cents, and average life of a coin is 30 years.

A penny in 2004 cost .93 cents, so right at the cost.

But the cost of keeping one penny in circulation for 30 years, is .93 cents. The cost of keeping a paper dollar in circulation for 30 years, is $1.14.

So over time, the paper dollar cost more to make then a penny, and cost 5X what a dollar coin cost.

Is paper currency in America still actual paper?

It's a special paper that's only manufactured for the mint, but yes. I was in New Zealand a few months back, and they have a much better currency solution. The smallest paper bill is a $5, and they have eliminated the penny.

It was odd the first time I paid $1 for something with a five dollar bill, and got back three coins (they also have a $2 coin).

Oh, there paper money feels more like a plastic/paper combo of some sort. Also very colorful.