Thursday, May 25, 2006
What are my two cents worth?
According to the US Mint coin specifications, a penny weighs 2.5 grams and is 2.5% copper with the balance made of zinc. Since 1 pound = 453.59237 grams, one penny ought to have approximately .000137788 pounds of copper. As of today, the price of copper on the Commodity Exchange of N.Y. (COMEX) is $3.7075 per pound. That makes my two cents worth approximately $0.001021698 (or one tenth of a cent).
Now, if you have pennies from before 1982, they were made from about 95% copper, and thus would be worth about $0.019412384 each. That means if you've got a penny that old, you can put your two cents in for the price of one, or the other way around, or something like that.
Someone please check my math.
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Now, if you have pennies from before 1982, they were made from about 95% copper, and thus would be worth about $0.019412384 each. That means if you've got a penny that old, you can put your two cents in for the price of one, or the other way around, or something like that.
Someone please check my math.
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Comments:
Your math checks out. This is the basis for an argument in favor of starting a counterfeit penny operation. Who would ever suspect?>
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