Will we Soon See Steel Cents Again? Also Steel Nickels?
Legislation in Washington DC has been passed, approving the reduction of expense of minting pennies and nickels. Steel has ultimately been the metal chosen to mint these two denominations of coinage within the next two years. In fiscal year 2007 it cost nearly 2 cents to make one cent and 10 cents to make a nickel. This needlessly cost taxpayers $100 million last year alone. This new legislation will save approximately $1 billion over the next ten years. The cent will have a steel core and have a copper appearance, appearing similar to our current cents. The nickel will have a steel core with a coating of nickel. The Mint recognized this problem two years ago in a letter to Congress. Since then a “whole lot of nothing” has happened. Isn’t it amazing that it takes an election year to move the “mountain”!!