Friday, February 15, 2008

We're being nickled and dimed

I heard on 60 Minutes the other day that, due to the growing cost of metals, it actually costs the US Mint two cents for each penny coin they manufacture, and ten cents for each nickel.

What, I thought to myself. Nothing costs a penny or a nickel anymore. They should just get rid of those coins.

They interviewed a senior official at the US Mint. "It is unsustainable for the US Mint to continue running at a loss like this," he confirmed.

Then they interviewed a random selection of pedestrians.
"What do you think that it costs the mint two cents for each penny they manufacture, and a dime for each nickel?"
"Get rid of 'em," the people responded.

Then they introduced a senior chap in the government.
"We can't make the penny obsolete!" he shouted. "It's an ingrained part of American culture. I mean, people have grown up storing their pennies in their piggy banks!"
If you weren't squirrelling away all your pennies, you silly man, maybe the US Mint wouldn't have to make quite as many each year, I thought.

And then the government official continued, "the penny is an essential part of American history. There are many adages built around this. Like - 'a penny for your thoughts'. "
At this, I balked. I wasn't having any of it. You've inherited that adage from the British, you muppet! The word 'penny' comes from the British currency not the American! My inner voice was screaming silently at the telly.

So I went home and told Doobs about this. "Did you know it costs the US Mint two cents to make each penny?" I asked.
"Forget the penny!" she retorted. "They should get rid of the nickel!" I hadn't even told her about the cost of manufacturing nickels yet, so I was curious.
"Why?"
"They just don't make sense. They're bigger than the dime and they take up all the space in my wallet and I confuse them with quarters and then after all that, they don't really have any value. Even the homeless glare when I give them nickels!!"
Doobs was so inflamed about the subject, that I almost fell bad to tell her about the cost of manufacturing them.

When even a single banana costs at least a quarter, we really are being nickeled and dimed on this one.

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