Before eliminating the penny, Treasury wants to make nickel production cheaper

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Before eliminating the penny, Treasury wants to make nickel production cheaper

The Department of the Treasury is exploring ways to reduce the cost of producing nickels, which cost a pretty penny, ahead of the possible elimination of the iconic Lincoln-faced 1-cent coin.In 2024, each penny cost 4 cents to mint and distribute, according to the Treasury Department. The production cost of a nickel was nearly 14 cents.As concern grows with the nickel's more significant per-unit loss if it's meant to replace the penny, Treasury Secretary Scott Bessent said the agency is investigating how to lower nickel production costs.\"We believe that it is possible that by changing the composition of the nickel ..