Are U.S. Nickels In for a Change?
How much money goes into making a penny? What about a nickel? More than what a penny and a nickel are actually worth, it turns out: It costs 1.8 cents and 9.4 cents, respectively, and results in $104.5 million worth of expenses for the United States. As a result, the U.S. Mint is looking into a possible change to the construction of the nickel — though not the penny — changes that would alter the color and weight of the coin.
“It’s foolish. It’s going to hurt so many people,” said John Shultz, executive vice president of the American Amusement Machine Association, to The Wall Street Journal. The group acts as representation for a number of interests that would be affected by a coin change, such as jukeboxes, video games, and pool tables.
According to the Journal, the nickel would retain its diameter and its thickness, meaning that services utilizing a coin slot would have fewer concerns. Unfortunately, even with those dimensions kept constant, a change in the makeup of the coin would result in enormous costs for industry that use coins — everything form laundromats to parking meters.