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.
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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.
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"We believe that it is possible that by changing the composition of the nickel to bring down the cost to five cents or less," Bessent said during a Congressional hearing on Tuesday.
reports the U.S. Mint has been producing fewer pennies and nickels in recent years to minimize losses. About 3.2 billion pennies were manufactured in the 2024 fiscal year, compared with 5.3 billion three years earlier.
Though President Donald Trump in February said he intends to eliminate the penny, it's unclear whether he has the authority without congressional approval. Congressmembers that seeks to eliminate the penny.
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The last was the half cent coin in 1857, partly due to the rising cost of copper.
