Some excerpts...
The soaring prices of zinc and copper have prompted fears in the US over the future of its one cent coin.So, what is the solution ?
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In the US, the issue is the steeply-rising cost of zinc. Cent coins were once almost entirely made from copper - but the increasing copper price meant that in 1982 they switched to being made from 97.6% zinc and only 2.4% copper. The changeover to cheaper metals brought annual savings to the US Treasury of around $25m (£14m). If zinc becomes unaffordable, expect further changes.
The same as it has been for hundreds of years, says Mr Chard. Reduce the proportion of the expensive metal, switch entirely to a cheaper metal or withdraw the coin.
1 comment:
It is crazy. I remember in Zambia it used to cost the zambian govenrment 40 kwachas to make 1 kwacha coin. But they never changed it or withdrew it.
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