How much did it cost the U.S. to make a penny in 2016?

Currently, each penny that is made in the U.S. is actually worth more than one cent. Yes, this is a correct statement. A penny in 2016 costs America approximately 1.4 cents to make. What is even harder to believe is that if the U.S. skipped making coins entirely, the U.S. could save almost $39 million a year. This saving is a 2016 claim (estimate) from the Government Accountability Office of U.S.

Perhaps, it is now truly the time to find a new way to produce pennies and other U.S. coins. Specifically, a change to the weight, shape, and/or size of a penny or other coins may help with cost reductions.

More Info: money.cnn.com

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14 Comments

Jerry Kimball

The actual cost per the published report is $0.015...which is not an option you gave for an answer. I took a shot at $0.016 since you always round up when the quantity is 5. Per research the cost for 2015 was $0.0143 which is also more than your expected answer. Not a fair question, no correct answer alternative!

Kim Hernandez

1.5 would be the correct answer. Nowhere does 1 6 come up as far as 2016 costs.

Howard Groopman

There are some who say pennies should completely be eliminated, and prices of goods should all end in five or zero, so those who pay cash won't come up short or be denied change. I'm pretty old-school, but don't use cash very often. Mostly to buy $1 lottery tickets or for very small transactions at stores.

earlepg

1.0 cent was definitely out as much too low, and 2.2 was way too high. Had to go with the double chance since 1.4 and 1.6 were too close together. I started with 1.6.