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Article: Penny lobby takes on Congress
- Article from:
- Oakland Tribune
- Article date:
- August 17, 2007
- Author:
CopyrightCopyright 2007 Oakland Tribune. Provided by ProQuest LLC. (Hide copyright information)
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THE U.S. PENNY is not what it appears to be, and some in Congress
would like to see it change further, if not disappear entirely.
Because of a surge in the price of copper, the U.S. Mint decided
25 years ago to manufacture the coins almost entirely with zinc,
save for the coating on which Abraham Lincoln's profile is engraved.
Now, the fate of the penny is up in the air once again.
With the price of zinc soaring amid a worldwidecommodities boom,
it costs the government almost 2 cents to make each 1-cent coin -- a
pretty penny considering roughly 8 billion new ones are placed into
circulation annually.
While it is unlikely the penny will be pulled from circulation,
there are some lawmakers ...
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