One of the articles I read seemed to indicate that it actually costs Henning a little more than $0.05 to make a nickel. Although his production was large by counterfeiting standards, he hadn't really gotten to the point where economies of scale kicked in.
-----Burton
50+ year / Life / Emeritus
ANA member (joined 12/1/1973)
Life member: Numismatics International, CONECA
Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club
Owned by three cats and a wife of 40+ years (joined 1983)
Author: 3rd Edition of the Sample Slabs book,
https://www.sampleslabs.info/