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Weighing the cost of pennies and nickels
Inflation has hit the humblest of financial instruments. In the American government’s recent budget, the Obama administration revealed that pennies cost 1.8¢ to make, while nickels run 9¢ per coin. The U.S. treasury has spent $100 million more in some years than the currency is actually worth.
The rising costs of zinc and copper are to blame, so fashioning the coins out of a cheaper material...
Bryan Borzykowski is a Toronto-based writer and editor working mainly for business and entertainment publications. He regularly contributes to Canadian Business magazine, Globe and Mail, Toronto Star, PROFIT, MoneySense and the Advisor Group. Bryan's the editor of Review magazine and is a senior editor with Connected for Business magazine. He's also a contributing writer with Hello! Canada and was once a weekly music columnist for Metro News. He's been nominated for several National Magazine Awards and recently co-authored