US Bills Aim To Make Coins From Domestic Steel

i didn't see this posted, so I thought I would share....




US bills aim to make coins from domestic steel
By Corinna Petry, American Metal Market, 12/19/11

The American Iron and Steel Institute is backing legislation that would force the U.S. Mint to make more coins out of steel rather than copper and nickel.

U.S. Rep. Steve Stivers (R., Ohio) introduced the Cents and Sensibility Act and the Steel Nickel Act, which aim to lower the cost of making pennies and nickels by using U.S.-made steel in lieu of copper and nickel.

"This legislation is a common-sense solution to decrease the cost of minting pennies and nickels," Stivers said in a statement. "Not only will it cost less, but steel is manufactured right here in our backyard."

The change would bring $274 million in savings for the penny and $159 million for minting nickels over a 10-year period, he said, citing estimates from the House Committee on Financial Services.

"A majority of the copper, zinc and nickel used to make these coins is imported from Canada," Stivers said. The appearance of the coins wouldn't change, with the penny to be dipped in copper.

Making select denominations of coins has become unprofitable, with a penny costing 1.79 cents to produce and a nickel 9.22 cents.

"Steel is an essential material for our nation's energy supply, transportation system, urban centers, clean water and safe food supply. We are pleased to support legislation that will add to that list: U.S. currency," AISI president and chief executive officer Thomas J. Gibson said.

U.S. Reps. Tim Ryan (D., Ohio) and Pat Tiberi (R., Ohio) signed on as co-sponsors to the measures.