by Jim Tankersley
Here's the top of my story in today's Chicago Tribune on the nation's great coin crisis...
WASHINGTON - These days, your thoughts are worth 1.7 cents.
That's what it costs the government to forge a penny, thanks to the rising price of metal. A nickel costs 10 cents. Congress, in its infinite wisdom, has concluded that's a pretty bad deal.
A House subcommittee led by Rep. Luis Gutierrez (D-Ill.) convened a hearing Tuesday on a proposal to change the composition of both coins. Republicans and Democrats like the concept, particularly its promise to save taxpayers $100 million a year by using cheaper metals at the U.S. Mint. If the legislation clears the House and Senate and President Bush signs it, you could be plucking steel pennies off the street before year's end.
In Washington, of course, nothing is that simple.
Go here for the rest....
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Comments
Now seems a good time to ditch both and round to the dime. That would be real cost savings, both in metals and administration.
Posted by: warpwiz | March 12, 2008 10:45 AM
Thanks Jim. Very good article.
I'm with the Republics on this one. Scrap the penny. Scrap the nickel too. Scrap the paper dollar and make a dollar coin the only means of currency at that denomination. There IS waste in gov't. and this is some of it.
I could go on that our private and home schooled kids are not sharp enough to do the fractional math, but that would just be dicta. Cheers.
Posted by: weinerdog43 | March 12, 2008 10:58 AM
I propose a massive government buy-back program: "Everyone break out your piggy banks and mason jars worth of loose change, because we're offering 1.4 cents per penny and 7 cents per shiny nickel!"
If we can put even a fraction of the coins hoarded in America's attics, basements, dresser-tops, and kitchen drawers back into circulation, we'd have enough to keep us from having to mint any new ones for years...
Posted by: pete | March 12, 2008 12:16 PM
I've got a better idea, get rid of them!
At least get rid of the penny.
Posted by: Walter | March 12, 2008 1:42 PM
Why would it take more than 6 months to produce something that was already in production 65 years ago? Oh, I'm sorry, the steel penny of 1943 must be on Medicare.
Posted by: JIM ANTENUCCI | March 13, 2008 6:20 AM