We had copper-coated steel pennies in 1943, because of the copper shortage during WWII. Currently a penny is 97.5% zinc, with the remainder copper. The spot price for zinc is $3,185.15 per metric ton ($1.44/lb) as of November 7, 2025. Copper on today's spot market costs $10,723/metric ton, or $4.94/lb. The spot cost for raw ductile cast iron ("ductile" is more impact resistant than "gray" iron") is approximately $0.64 to $0.79 per pound, depending on the casting process, as of November 7, 2025. As of November 7, 2025, the spot cost for mild steel (Hot-Rolled Coil - HRC) in the US market is approximately $843 to $850 per short ton (around $0.42 to $0.43 per pound). On November 7, 2025, the spot cost of nickel was approximately $14,911 to $15,055 USD per metric ton (average of $14,983, so at 2,205 lb. per kg., that's about $6.80/lb.).
It would be cheapest to use 97% mild steel for both pennies and nickels, coated with 3% copper or nickel, respectively, for nostalgia value.
It is interesting to think about the inflation of the commodities our money is made of. I know as many developing countries continue to industrialize the price of copper has been more steady and increased as these nations expand their electrification. When I was an electrician I use to joke about the fortune I could make off of the scrap at my job place.
I liked the idea one commentator on npr ssid. We should had made pennies with cheaper materials. It will be interesting to watch over time
We had copper-coated steel pennies in 1943, because of the copper shortage during WWII. Currently a penny is 97.5% zinc, with the remainder copper. The spot price for zinc is $3,185.15 per metric ton ($1.44/lb) as of November 7, 2025. Copper on today's spot market costs $10,723/metric ton, or $4.94/lb. The spot cost for raw ductile cast iron ("ductile" is more impact resistant than "gray" iron") is approximately $0.64 to $0.79 per pound, depending on the casting process, as of November 7, 2025. As of November 7, 2025, the spot cost for mild steel (Hot-Rolled Coil - HRC) in the US market is approximately $843 to $850 per short ton (around $0.42 to $0.43 per pound). On November 7, 2025, the spot cost of nickel was approximately $14,911 to $15,055 USD per metric ton (average of $14,983, so at 2,205 lb. per kg., that's about $6.80/lb.).
It would be cheapest to use 97% mild steel for both pennies and nickels, coated with 3% copper or nickel, respectively, for nostalgia value.
It is interesting to think about the inflation of the commodities our money is made of. I know as many developing countries continue to industrialize the price of copper has been more steady and increased as these nations expand their electrification. When I was an electrician I use to joke about the fortune I could make off of the scrap at my job place.
We need to get rid of nickels too.
Thanks for the shoutout! I have a penny-themed post coming soon and this will be a great addition to it.
Looking forward to it!