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BA Deere
Honored Advisor

I hear they have farmers running the US mint

Cause it costs 7 cents to make a nickel  Smiley Very Happy

 

31 Replies
rayfcom
Senior Contributor

Re: I hear they have farmers running the US mint

Actually the problem got so bad a few years back that there was a program run by Treasury to pay you and extra five cents per dollar if you brought in a certain amount of pennies to a bank. They had to stop the program because the banks did not want to devote their employee resources to a task that wasn't making money for the bank. 

 

There's also been talk of getting rid of pennies altogether and prices would be rounded up or down by merchants to the nearest five cents.

 

There's one type of penny that's supposed to be worth a lot of money from collectors, it was made during WWII. Its either a penny made out of steel because they needed copper for the war effort, or its a copper penny that was made in really small supply that year for the same reason.

rsbs
Esteemed Advisor

Re: I hear they have farmers running the US mint

how much is a ww II steel penny worth? I have one in my possession and am not the collector type.

BA Deere
Honored Advisor

Re: I hear they have farmers running the US mint

Hey Red, on Ebay a steel penny is anywhere from 50 cents to $50, but I`ve heard if there`s a rare mint and date like 1944 MS+ could be $110,000.  

rayfcom
Senior Contributor

Re: I hear they have farmers running the US mint

That must be the one I have heard about, its very rare and very expensive. 

Re: I hear they have farmers running the US mint

Their not like real farmers, they don't buy new equipment every year to lose money withSmiley Wink

rayfcom
Senior Contributor

Re: I hear they have farmers running the US mint

Oh c'mon, people buy expensive caskets every day ! Just to sit underground for the next 99 years.

deasmatt90
Senior Contributor

Re: I hear they have farmers running the US mint

A 1943 copper penny is the most valuable, there are only nine known to be in existance. That was the year that the mint switched to steal for the war effort and the copper pennies where destroyed and reused for copper needed in the war. I'm not sure about any steal pennies being worth a substantial amount if anyone knows for sure please post. I have many that were collected by my father.
rayfcom
Senior Contributor

Re: I hear they have farmers running the US mint

Then that must be the one I had heard about. Very rare and worth a lot of money to collectors.

deasmatt90
Senior Contributor

Re: I hear they have farmers running the US mint

Just looked it up a 1944 steal cent is also vary valuable. Actually more that the 1943 copper penny. I did not know this. I will have to check my collection because I have more than one year of steal pennies in my collection I believe.