The rising price of metals including copper and zinc has led to a unique valuation of the metals contained inside the penny.
What Happened: The price of several commodities have soared in 2022 with those that are used to make U.S. coins among the metals affected.
The U.S. penny has undergone several changes over the years, including what is used to make the currency and who is on the front and back of the coin.
Since 1909, President Abraham Lincoln has appeared on the front of the penny.
The penny is composed of 97.5% zinc and 2.5% copper.
Related Link: Thanks to Rise In Nickel Prices, The Coin Is Now Worth More Than 5 Cents: Here’s How Much
How Much Is A Penny Worth: It has been widely circulated that the value of a penny can be worth more than 1 cent.
Based on the increased prices of zinc and copper and a melting calculator, the report is true.
At the time of writing, copper is worth $10,246.25 per ton. This translates to $10.25 per kilogram and around $4.65 per pound.
Zinc is worth $4,330.85 per ton. This translates to $4.33 per kilogram and around $1.96 per pound.
Based on the prices, a penny is currently worth $0.030282, or more than triple its monetary value.
While making two pennies on every penny melted down doesn’t sound like a huge win, it could add up quickly. A 50 cent roll of pennies is worth $1.51. Those who have jars of pennies at home could be surprised to learn that every $100 in pennies could be worth $302.82.
Before rushing out to melt your pennies, keep in mind that it is illegal to melt some currencies.
Read More: Thanks To Rise In Copper Prices, The Penny Is Worth More Than 1 Cent: Here’s How Much –