The cost of a penny? 1.3 cents.

According to the latest issue of Time magazine, the cost of raw materials, distribution, and production of a penny adds up to 1.3 cents.  The New York Times puts the cost at 1.4 cents; The Washington Post pegs it at 1.2 cents.  So let’s split the difference and take the average.

Doesn’t sound like fiat currency to me.