Financial Friday: Our 2 Cents

FF: Our 2 Cents

It costs about 2.6 cents to make a penny. Nickels cost about 14 cents to make. Jut in 2024 the government lost $103 Million dollars on these 2 coins. One hundred years ago, you could get a shave and a haircut for 25 cents. Today it is $25 for a haircut. If we got rid of ALL coins in denominations of less than a dollar, monetary denominations would be the same as then. This loss of purchasing power is the direct effect of government spending. Every dollar that is printed and not taxed increases inflation. If you make wise decisions, this can actually help you get richer rather than poorer.

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