That $ 10 note in your scoop will take care of breakfast, but the actual cost of the synthetic substantial, dye and other components used to make the note itself wouldn ’ metric ton even cover the lean. And what about our coins ? Is there enough eloquent in a 50 penny firearm to buy you a bag of lollies from the dairy ? What about the trusty dollar coin ?
If all the banks in the world crashed tomorrow, and we forgot about the arbitrary values that we assign to money, how much would a $ 1 mint actually be worth ?
As it turns out, the actual worth of a $ 1 mint doesn ’ t even come close to the value we place on it. Did you know that it doesn ’ t actually contain any gold at all ? alternatively, it ’ mho made up of a mix of 92 per cent copper, 6 per cent aluminum and 2 per penny nickel.
Reading: How much is a dollar coin worth?
While the value of blank copper varies significantly based on ball-shaped demand and the choice and condition of the copper, we can approximately estimate this metallic element to be deserving about $ 6 per kilogram – and that ’ s being generous .
According to the australian Royal Mint, the australian $ 1 coin weighs precisely 9.00 grams. It besides has a diameter of 25.00 mm and was designed by a man named Stuart Devlin, in lawsuit you were wondering. so, with only about 8.28 grams of the $ 1 mint being made up of copper, we estimate the full worth of the copper in a trusty $ 1 coin to be just under half a cent !
Things don ’ thyroxine get any better when we take a count at the aluminum and nickel included in a $ 1 mint either. We ’ ve done the calculations, and estimate the $ 1 mint contains around 4 cents deserving of aluminum and about a quarter of a penny worth of nickel.
indeed, at the end of the day, how much is a $ 1 mint in truth worth ? About 5 cents. You couldn ’ deoxythymidine monophosphate even afford a ice lolly with that !
It didn ’ thymine constantly use to be this direction. The original australian 50 penny coin – minted in 1966 – was actually made up of metals that were more valuable than the appellation of the currency itself ! The government cursorily realised that was a bad idea, however, and took the coin out of circulation .
today, it makes far more smell economically to make the majority of our coins out of cheap materials that can be bulk produced, as opposed to something rightfully valuable. It besides dissuades people from attempting to melt down coins, a practice that is actually illegal in Australia.
As we move into the future, the motivation for physical coins will be replaced wholly with digital currency accessed by accredit cards, debit cards and bright phones .
surely the fictile credit card would be cheaper to manufacture than 5 cents each, such as those available through Virgin Money .
How much do you think a $ 1 mint is actually worth ?
Category : Economy
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