A recent report by the U.S. Mint estimates that by adjusting the metal content of circulating coins the federal government could save between $12 and $51 million a year.
WASHINGTON – Today, U.S. Senators Joni Ernst (R-IA) and Maggie Hassan (D-N.H.) reintroduced a bipartisan effort to allow the U.S. Mint to adjust the metal content of circulating coins to save taxpayer dollars. The U.S. Treasury uses revenue from coin sales to pay down the national debt.
“It’s absolute non-cents that American taxpayers spend ten cents to make just one nickel. Only Washington could lose money making money,” said Senator Ernst. “This commonsense, bipartisan effort will modify the composition of certain coins to reduce costs while allowing for a seamless transition into circulation. A penny saved is a penny not borrowed.”
“When it comes to fiscal responsibility, it’s just common-cents to use every tool at our disposal,” said Senator Hassan. “This bill will save millions of dollars per year by modifying the composition of nickels, dimes, and quarters with less expensive metals. I urge my colleagues on both sides of the aisle to support our bipartisan bill.”
The bipartisan Coin Metal Modification Authorization and Cost Savings Act authorizes the U.S. Mint to modify the metallic composition of circulating coins if the modification will reduce costs incurred by taxpayers, allow for a seamless transition into circulation, and have minimal impact on the public.