HR5512

The debate to change the metal composition of U.S. coinage was waged on the House floor Tuesday. With the surging prices of metals like zinc and copper, it now costs more than a penny to make a penny and about 7.7 cents to make a nickel. A new House bill entitled "H.R. 5512, the Coin […]

{ 6 comments }

The cost to manufacture pennies and nickels exceeds their face value. A newly introduced House bill would change the metal composition in coins to make them profitable again.

Pennies and Copper The newly introduced bill is not a new concept. A similar bill received attention late last year. The ‘Coin Modernization and Taxpayer Savings Act of 2007‘ failed to get through the gates when a mini firestorm erupted. Mostly because the bill contained more than what its name implied – a provision that would allow citizens to melt pennies.

That portion of the bill proved to be controversial. Why? The U.S. Treasury implemented a ban on melting 1-cent and 5-cent coins that went into effect just months earlier with a stated objective to save money.

Read the rest of this numismatic news article »

{ 3 comments }