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Article about changing US cents and nickels to a steel composition

May 2008

 

Steel Cents and Nickels come closer to reality

 

Most everyone can't help but see it every day - costs have been rising for most everything.  Basic metals are no different.  Copper, nickel and zinc are high enough that it costs the US government mint more than a penny to make a cent, and more than 5 cents to make a nickel! 

 

 With inflation problems and weakness in the dollar appearing to be a continuous problem, the Mint says something has to be done.

 

As one (unofficial) government employee said:

"Congress needs to realize, that it is not right to continue spending taxpayers money to make cents and nickels for more than we get for them."

 

Congress called to action - new coin bill proposed

 

Already our government has passed rulings making it a crime and a fine for melting cents and nickels.  (They fear that when the public realizes their pennies and nickels may be worth more than face value a serious shortage will occur.)

 

Soon we may be saying "Its a steel" - when talking about cents and nickels

 

You may have seen it on the news.  Lots of discussion about should the government stop making cents altogether.  Some think we can do just fine without them.  Others think it will pose unfair practices by stores, governments, etc.  It may even lead to "widespread cheating" as one citizen said, when considering what stores would do if purchases had to be rounded.

 

By and large, if dollar depreciation continues, some day "no cent" may become a reality.  But for now, the trend it toward changing the composition of the cent and nickel to steel.

 

House of Representatives takes action to preserve the Cent

A bill authorizing action to preserve the cent has been passed by the House of Representatives. (See Coin Modernization and Taxpayer Savings Act of 2008: H.R. 5512) This bill authorizes a change in the composition of the cent to Copper-color steel, as well as a change in the five cent nickel coin to nickel-coated steel. The stated purpose is to reduce the cost of minting 1 cent and 5 cent coins, and to have the Treasury do research on possible changes to coins metallic content.  

 

US Mint wants more authority

Director of the US Mint, Edmund Moy, has announced opposition to the bill.  You would think they would be happy that they can reduce costs.  However, it seems the mint wants more authority, so that they can make future coin compositions as they see fit, without having to go to Congress every time they want to change something.

 

Congress doesn't want to give up all of its Constitutional authority

 

By the authority of our original US Constitution Congress is given power to decide new coin composition.  Understandably, they don't want to give up something they've had control over for a couple centuries.

 

When will cents and nickel coins change?

This coin bill has gone through several versions.  If passed by the Senate in its present form, 9 months after the day enacted the mint will be producing a cent made primarily of steel.  Within 2 years after enactment the nickel composition will change to steel with a nickel coating.

 

Current Coin Composition

 Cent

 

Nickel

CENT NICKEL
Copper plated Zinc
Beginning in 1982 the US mint stopped making "copper" cents
Copper and Nickel
Most people don't know that nickels are made of mostly copper
Core is 99.2% zinc with a .8% copper coating 25% Nickel and 75% copper
Weight is 2.5 grams Weight 5 grams

 

Copyright 2008 CoinTerms.com

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Copyright  2007 CoinTerms.com


 

 

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Coin Articles

~ USMint stops American Eagle proof coin production.

~ Buffalo gold coins - Minted in small sizes

~ Are "Steel" cents and nickels coming soon?

~ God-less dollars?

 

New Presidential Dollar coins:

~Errors found on Presidential $

~Edge Letters on Presidential Dollars

~US mint $ coin press release.

~Prez Proof coin Sets delayed

~Production Schedule for upcoming Dollars.

~Legislation Authorizing Presidential Dollar Coins in 2007.


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Where the investor goes to buy precious metals.

Buy gold online - quickly, safely and at low prices

Get a FREE gram of gold when you sign up!  For a limited time!


Trade online, in amounts as small as $20 at a time

 

New Presidential Dollar coins:

 

~Edge Letters on Presidential Dollar coins

~US mint $ coin press release.

~Production Schedule for upcoming Dollars.

~Legislation Authorizing Presidential Dollar Coins in 2007.

~Prez Proof Sets delayed

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