CHARLOTTE, N.C. -- With recent news that President Obama is asking Congress to re-evaluate the metal mix in one-cent coins, Mitchell Hyatt of Hyatt Coin Shop has recommended to the President that the U.S. Mint consider a return to the original 95% copper composition used until 1982.
Since 1982, the one cent coin, commonly referred to as a penny, has been minted primarily of zinc with copper plating, which doesn't hold up as well in circulation and needs to be replaced more often.
"We're proposing that the United States Government research going back to the 'copper standard' and return to producing one cent coin as they did previous to 1982," said Hyatt. "This may save the U.S. Taxpayers money by allowing the Mint to produce less coins that will last longer in circulation.
"It may be more cost effective to produce a coin that is more expensive initially, but will hold up better in the long term.
"In addition, it could also save millions of dollars in research and development that would have to be performed to completely revamp the composition of the one cent coin," added Hyatt. "Statistical data for a cost per year of the 95% one cent coin versus the post-1982 coin should already be available at little to no additional cost.
"This may well provide the easiest and most cost effective solution," concluded Hyatt.
This is a 2002 circulated one cent coin that utilizes the zinc/copper plating.
ABOUT HYATT COIN SHOP
Located in the same location in Charlotte, N.C. since it was founded in 1959 by William "Bill" Hyatt, and with the assistance of son Larry and grandson Mitch, Hyatt Coin Shop has become one of the oldest and largest coin shops in the country, and the area's largest buyer of coins, bullion, as well as gold and silver jewelry and other scrap gold. We currently have three generations of the Hyatt Family running Hyatt Coin Shop and we strive to treat our customers like familyFor more information, please visit HyattCoins.com.
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