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Author Topic: Which British coin costs the most to produce?  (Read 1047 times)

Offline P-Kasso2

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Which British coin costs the most to produce?
« on: 13 February, 2017, 07:55:10 PM »

I want to know in case there is a coin that costs so much to produce these days that I could collect, say, a couple of  hundred quidsworth of the coins and melt them down and make maybe 300 or more.  Is there? Is there a British coin that costs more to make than its face value is worth? Errrm, and which coin would that be?
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Offline siasl

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Re: Which British coin costs the most to produce?
« Reply #1 on: 14 February, 2017, 08:40:00 AM »
Urban legend is that the penny is worth more than this due to copper, but it's not made of copper anymore but instead it's copper plated steel.

Basically, any time the price of a metal increases to make the coin worth less than the metal, they seem to change the metal used:

http://news.bbc.co.uk/1/hi/magazine/4900524.stm

Offline P-Kasso2

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Re: Which British coin costs the most to produce?
« Reply #2 on: 17 February, 2017, 03:58:09 PM »
Urban legend is that the penny is worth more than this due to copper, but it's not made of copper anymore but instead it's copper plated steel.

Basically, any time the price of a metal increases to make the coin worth less than the metal, they seem to change the metal used:

http://news.bbc.co.uk/1/hi/magazine/4900524.stm

That's pretty much what I expected...But, purely because I was interested in my own question. I googled a bit and found this from The Guardian's website...

"According to the Royal Mint, the 1 coin weighs 9.5g, and is 70% copper, 24.5% zinc and 5.5% nickel. Copper is currently worth $4550 a tonne, zinc $1550 a tonne, nickel $12,350 a tonne, so at a current dollar pound exchange rate of one dollar 54 to the pound, it costs around three p in materials to make a pound coin. But it'll be a little more than that to produce the coin when you add in the cost of actually minting it. And, according to the Bank of England, it costs roughly 4 pence to produce each note.  Interestingly, in 2006, because of the high price of copper, for a while the two pence coin was worth three pence. Ref: BBC 2 Radio - May 2009"

Too bad I missed that window of opportunity!

https://www.theguardian.com/notesandqueries/query/0,5753,-19934,00.html

"I live in hope"