Will the increased cost of base metals finally bring about a change to the composition of coins? President Obama's recently submitted 2011 Budgetincludes a proposal to allow the United States Mint greater flexibility in the material composition of coins for the purpose of reducing production costs.
Since 2006, it has cost the US Mint more than face value to produce and distribute the penny and nickel. This has led many to debate the merits of eliminating the lower denominations or at least altering the compositions.
In 2008 a bill was introduced known as the Coin Modernization and Taxpayer Savings Act of 2008. This bill had proposed changing the composition of the cent to steel, although it would be treated to impart a copper color. The bill would have also provided the Secretary of the Treasury with authority to change the metallic content of the five cent coin. This bill was passed in the House, but never voted on in the Senate.
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