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Wednesday, October 15, 2014

Pennies From Hell: Change We Can't Believe In

The cost for the U.S. government to produce pennies and nickels is more than the face value of the coins, a government watchdog points out.

Judicial Watch, in a statement Wednesday, called it an “egregious waste” and a “fleecing.”

The U.S. Treasury’s practice, Judicial Watch said, “means hundreds of millions of coins have been sold well below cost.”

“Incredibly, the government has knowingly done this for at least eight years and actually documented the egregious waste in several reports though nothing has been done to stop it,” Judicial Watch said. “In fact, both the Treasury and the Bureau of the Mint have extensive documentation on this, yet it continues today.”


Anonymous said...

I remember last year or the year before when the treasury was talking about getting rid of the penny and the public was in immediate outrage about it.

Anonymous said...

I just know people like to throw coins away. I found over $68.00 in change last year in parking lots, and store floors while out shopping..
Plus, someone was kind enough to leave a $20.00 bill in the floor of one store.

Anonymous said...

Most more budget conscious countries have done away with their real small change. Canada did away with the penny a couple of years ago, and their one and two dollar bills.
The fifty cent piece is another piece of junk to make, they were minted mostly for the use in slot machines, now most machines don't use coins.
America also needs to dump printing bills on paper, most countries now use a type of plastic, try printing that on your home computer!