According to Time's Moneyland, the White House' $3.8 trillion, 2,000-page budget that was sent to Congress last week is asking the Treasury Department to "change the composition of coins to more cost-effective materials."
Why? Because it currently costs the federal government 2.4 cents to make a penny and 11.2 cents for every nickel. The special formula for making U.S. coins has stayed the same for the last 30 years. Changing that recipe could save more than $100 million a year.
Since 1982, our copper-looking pennies have been merely coppery. In the 1970s, the price of copper soared, so President Richard Nixon proposed changing the penny's composition to a cheaper aluminum. The plan didn't go anywhere until the Reagan administration successfully changed the penny's make-up. Today, only 2.5% of a penny is copper (which makes up the coin's coating) while 97.5% is zinc. In fact, our nickels, which are 75% copper and 25% nickel, have more copper in them than pennies do.
|"Ink is two times more expensive than French perfume by volume."|
|A Visualisation of America's Debt|
|Apple's Internal Audit Reveals 106 Children Employed at 11 Factories Were Making Its Products Last Year|
|"Instead of building hospitals, why don't we just give poor people money?"|
|Dowling Duncan's Vertical US Bank Note Designs|
|“Bioinspired Polymeric Woods.”|
|How to Avoid Jury Duty|
|Japanese Robot Serves Ice Cream From Inside a Vending Machine|
|“The more employees are watched, the harder they try to avoid being watched.”|
|“When Life Gives You Lemons.”|
|The (Very Scary) People of Public Transit|
|CaptchaTweet: Write Tweets in Captcha Form|
|The Paper Airplane Database|
|Why, Typewriters Are Alive and Well, Thank you|
|“Long live the instant gratification economy—and the increasingly sophisticated technology that’s enabling it.”|
|“Social robots will be uniquely personal.”|
|Fake Name Generator|