Morley Safer On The Bizarre Economics Of Producing Money

(CBS) Should we make cents? We’re talking about those insignificant one cent pieces in your pocket or purse. It may or may not come as a surprise that it now costs the U.S. Mint almost two cents to make a penny and almost a dime to make a nickel. If the economy of that eludes you, join the club.
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As correspondent Morley Safer discovered, even in Washington, where they literally have the right to print money and where anything under a billion is chump change, there is an ongoing debate over whether it’s worth the trouble to keep making cents.Every year, the U.S. Mint turns out eight billion shiny new pennies, using hi-tech presses that operate faster than the eye can see, stamping out Abe Lincoln on blank pieces of metal.

And, says U.S. Mint Director Edmund Moy, despite inflation, despite their lowly status, eight billion pennies still add up to $80 million. Read Full Story

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