On April 25, 2013, Rep. Steve Stivers of Ohio introduced a bill in the House of Representatives which seeks to immediately alter the metallic composition of the one-cent, five cent, ten-cent, and twenty-five cent coins. The legislation would require all four coins to be minted in American steel, with the cent coated in copper to preserve the current appearance. The bill H.R. 1719 has two cosponsors, Rep. Tim Ryan and Patrick Tiberi, both from Ohio, and has been referred to the House Financial Services Committee. Ohio is ranked among the top three states for steel production and processing
Although the text of the bill is not yet available, a press release from Rep. Stivers notes that the majority of the copper, nickel, and zinc used to produce the cent, nickel, dime, and quarter is imported from Canada. The bill would specifically require the coins be made of American steel going forward. The appearance of the coins would not change, just the materials used to make them. The press release states that according the the House Financial Services Committee, the United States would save up to $433 million over 10 years by changing the composition of the coins to steel.In my world we call this DEBASEMENT! of the currency.
I hope you have been hoarding those Nickels. This bill passes and the ( NON-debased )Nickel will disappear like the 90% Silver Dimes and Quarters of the past. Which means it will rise in value.
Follow you're daily routine and watch your change, you will be amazed at how many Nickels you ( DO NOT ) receive as you go about you're weekly spending habits. At times you will notice that you have received no Nickels at all! even after a weeks worth of casual spending.
Just another way to accumulate a savings for pennies, with hopes of a rise in value, all one has to do is sit and wait... :)
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