In this Youtube video, Brian and Lydia discuss the issue of the production cost of the US penny. Lydia explains that it costs more to make a penny than it is actually worth, with the cost of a penny today being $0.05. She points out that last year, the US government spent $119 million on pennies but only created $32 million of value circulating into the economy. Lydia suggests that the US should follow Canada’s example and eliminate the penny, rounding up to the nearest nickel to create efficiency. Brian expresses reluctance towards the idea of rounding up and prefers to keep his pennies. Lydia also mentions that the cost to make a nickel is $0.14, indicating that it may also not be worth producing. The video ends with Brian expressing uncertainty about the idea of rounding up and Lydia emphasizing the need for a decision to be made by Congress or the Treasury Secretary regarding the future of the penny.
