New Legislation Seeks Steel Cents & Nickels Immediately

[adagirl]

Now if they would overturn Obama's Dollar Coin ban and ban dollar bills......it'll save us more money.

Right on man. What are the odds of Obama doing anything useful?

[cesariojpn]

Now if they would overturn Obama's Dollar Coin ban and ban dollar bills......it'll save us more money.

Right on man. What are the odds of Obama doing anything useful?

I blame it more on lobbying by Crane and Co than Obama.

[highroller4321]

My question is why was this bill even introducted The bill HR 6162 bill that was passed over the summer gives the secretary of treasury the power to change the composition at anytime without a vote from the senate or congress.

[dpwozney]

There is not a single circulation coin produced in Canada that is not 94% iron composition or so (2011)

Probably at least half of the 2011 Canadian pennies are not magnetic and are likely composed mainly of zinc.

[ZenOps]

There is not a single circulation coin produced in Canada that is not 94% iron composition or so (2011)

Probably at least half of the 2011 Canadian pennies are not magnetic and are likely composed mainly of zinc.

I did notice that as well. There are also a good chunk of 25% nickel 2006 nickels (I am assuming they are 25% nickel, but they could be filled with Jell-O for all the information the Mint is giving) Anyone who magnetically sorts, will instantly recognize these anomalies.

It disturbs me greatly as they make no mention of this on their website. If the Canadian mint cannot be bothered to mention slight anomalies like the steel and zinc penny years, what makes anyone think they are going to bother to mention it when a silver coin is not a silver coin, or a gold coin is not a gold coin, or a nickel is 2% nickel or sometimes 25%.

[ZenOps]

My question is why was this bill even introducted The bill HR 6162 bill that was passed over the summer gives the secretary of treasury the power to change the composition at anytime without a vote from the senate or congress.

Maybe congress wants to "force" it. Just because you give someone the power to change it, doesn't necessarily mean they will. Secretary of treasury might just say "no" and until he is replaced, its his call.

[Mike]

And how long before inflation makes steel pennies uneconomical?

[barrytrot]

And how long before inflation makes steel pennies uneconomical?

Once that occurs the only choice will be to discontinue them, so steel still "works".

[avidbrandy]

From 1942 to 1945, the composition of the nickel was changed to 56% copper, 25% silver, and 9% manganese to preserve more copper and nickel for wartime needs.

REALLY? What is the other 10% of the coin?

Something about the way I read this and the little roadrunner profile pic made this hilarious.

[highroller4321]

My question is why was this bill even introducted The bill HR 6162 bill that was passed over the summer gives the secretary of treasury the power to change the composition at anytime without a vote from the senate or congress.

Maybe congress wants to "force" it. Just because you give someone the power to change it, doesn't necessarily mean they will. Secretary of treasury might just say "no" and until he is replaced, its his call.

This is true but I would think it would be much easier to "lobby" him to get it to change than it would be to get a house and senate vote passed!

Plus the guy could look like a small "hero" by saving hundreds of millions. (yes I know that is chump change to the government.)

[ZenOps]

"Saving" money has never been what america is about. America is about racing your 1940's jet plane around a racetrack on weekends, burning up a few thousand in fuel and putting it on a credit card.

Personally I think the US greatly fears the transition to steel coinage (as they should) Its a tremendous blow to currency confidence for any trading nation that still sees metal as money.

The Secretary of treasury that announces steel coinage in the US may become as infamous as Nixon and Nixon Shock. Mind you, with the Euro looking decrepit right now - its the perfect time to debase *all* coins in the US - from penny to half dollar.