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.
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.