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    Alternative Materials for One Cent Coinage
    Alternative Materials for One Cent Coinage
    Alternative Materials for One Cent Coinage
    Ebook62 pages51 minutes

    Alternative Materials for One Cent Coinage

    By Department of the Treasury

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    About this ebook

    "Alternative Materials for One Cent Coinage" is an essay on the need to reduce the cost of producing one cent coins as a result of an increase in the cost of copper. This book contains various recommendations, findings, and reviews on producing bronze cent among others. It also covers surveys on possible materials that can be utilized in its production.
    LanguageEnglish
    PublisherDigiCat
    Release dateJun 13, 2022
    ISBN8596547065654
    Alternative Materials for One Cent Coinage

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      Book preview

      Alternative Materials for One Cent Coinage - Department of the Treasury

      Department of the Treasury

      Alternative Materials for One Cent Coinage

      EAN 8596547065654

      DigiCat, 2022

      Contact: DigiCat@okpublishing.info

      Table of Contents

      Introduction

      Purpose

      Background

      Methodology

      Acknowledgements

      Summary of Conclusions and Recommendations

      Review of the Cost to Produce a Bronze Cent

      Cost of Raw Materials

      Other Costs

      Factors Influencing Present Copper Market

      Criteria for Evaluation Alternative One-Cent Materials

      Cost, Availability and Permanence

      Minting Characteristics and Coining Costs

      Public Acceptability

      Metallurgical, Technical and Economic Characteristics of Alternative Coinage Materials

      Survey of Candidate Materials

      Supply-Demand Trends

      Consideration of High Feasibility Materials

      New Denver Mint

      Impact of Coinage Material on Plans

      Recommendations

      Figures

      Tables

      Appendix A: A Study of Future Cent Demand and Materials – Project Plan

      Statement of Problems

      Scope of Study

      Methodology

      Schedule

      Staffing

      Appendix B: A Bill

      Appendix C: Experimental Procedures for Coining Studies

      Appendix D: Experimental Procedure for Wear-Corrosion Tests

      Introduction

      Table of Contents

      Purpose

      Table of Contents

      In July 1973, growing concern over both the rapidly increasing cost of copper and the rising demand for pennies compelled-the Treasury Department to initiate a Treasury Department Federal Reserve study under the direction of the Bureau of the Mint. A study committee was assigned the tasks of:

      preparing a contingency plan for an alternative metal alloy for the cent;

      recommending whether a strip production or strip storage facility should be incorporated in the new Denver Mint; and

      analyzing demand forecasting and production control models in order to improve the accuracy of long and short term coinage forecasts.

      (See Appendix A - A Study of Future Cent Demand and Materials - Project Plan).

      This report is concerned with the first two objectives of the study - namely, recommendation of a new material for the penny and a discussion of the impact 6f this recommendation on plans for the new Denver Mint. A subsequent report, to be issued in approximately four months, will provide recommendations on coinage demand forecasting and production control procedures.

      Background

      Table of Contents

      Approximately 75 percent of the Mint's coinage production is for one-cent coins. In 1974, the Bureau of the Mint plans to produce more than 7 1/2 billion pennies requiring approximately 50 million pounds of copper. These 7 1/2 billion coins, worth $75 million in terms of face value, will cost the U.S. Treasury $66 million to produce - of which, $51 million represents the metal content at current prices. The cost of copper is threatening to increase beyond the break-even point for penny production and it is necessary that alternative materials for one-cent coins be seriously considered. A 95 percent copper - 5 percent zinc alloy (penny bronze or gilding metal) is now utilized for pennies.

      During the first eleven months of 1973, the purchase price of copper on world markets increased from 50¢ to more than $1.00 per pound. If the price were to continue to increase to beyond $1.20 per pound, the cost of producing the bronze 95 percent copper - 5 percent zinc cent, including material, labor and transportation costs, would exceed the value of the coin.

      At a copper price of $1.50 per pound, the intrinsic value of the metal in the coin would exceed the face value and pennies would become an inexpensive source of copper. If this situation were to occur, demand would increase drastically beyond the Mint's production capacity. The Mint would then be unable to satisfy demand at any cost and a severe coin shortage would result.

      Preliminary recommendations from the study committee for an alternative coinage material were scheduled for February 1974. However, the large savings which would accrue if the cent material were changed to a less expensive alloy, coupled with a resumption in copper price increases during October 1973 after a deescalation trend in August and September, have resulted in an accelerated research and development effort, culminating in recommendations for consideration by the Director of the Mint and the Secretary of the Treasury.

      Methodology

      Table of Contents

      A list of objective criteria was prepared for assessing the suitability of alternative coinage materials. An extensive roster of possible materials was then appraised against the criteria and a small group of materials was selected for 'an extensive examination of metallurgical,

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