The Nation: Penny-Wise

Nothing escapes the surge of inflation-certainly not money. Who could have predicted that the lowly copper penny would one day be priced out of the market? Alas, that day is at hand, and the Senate last week passed a bill, proposed by the Department of the Treasury, that would allow production of a new penny made of 96% aluminum alloy. The Treasury's problem: the copper used in minting billions of pennies annually is growing prohibitively expensive. Last January, the world price of copper was 50¢ per Ib. Now the price is more than $1 per Ib. and, the Treasury Department notes,...

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