New House Bill for Cents, Nickels, Dimes, and Quarters to all be minted in STEEL

[RamsesII]

What do you all think about the possibility of having cents, nickels, dimes, and quarters all made of steel sometime in the near future?

"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."

Bill Seeks Steel Cents, Nickels, Dimes, and Quarters | Coin Update

 

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[billionaire]

I had heard a year ago that they were going to change the nickel to steel in june of this year. Probably not good nees unless you can sell bags of copper/nickel nickels on ebay.

 

[RamsesII]

Coin counting machines will have to be retooled and lose their magnets. But we can keep all our pocket change on a big magnet. . But man, iron-based coins just won't have the same appeal. Talk about hardcore fiat money.

 

[thripp]

Canada switched to steel for their cents through quarters years ago. I bet it will cost the vending and coin machine operators more than it saves the mint?

 

[ArkieBassMan]

I'm pretty much in favor of anything the government does that will actually save money. However, since that change in composition will render all coin counting machines all but worthless without modifications, I'm afraid that many banks will just do away with their coin counting machines instead of paying the expense to have them modified. So, as a taxpayer, I'm all for it (so long as it does indeed save money), but as a CRHer I do not like it.

 

[TheNotoriousA.G.]

I'm pretty much in favor of anything the government does that will actually save money. However, since that change in composition will render all coin counting machines all but worthless without modifications, I'm afraid that many banks will just do away with their coin counting machines instead of paying the expense to have them modified. So, as a taxpayer, I'm all for it (so long as it does indeed save money), but as a CRHer I do not like it.

Word.

I hop around 10 different cummins money machines and they all rely on magnets. These are with smaller banks too which I doubt would pay to modify the machnes.

 

[ckrakowski]

i see this bill failing in the future.

 

[SilverHoarder07]

I'm pretty much in favor of anything the government does that will actually save money. However, since that change in composition will render all coin counting machines all but worthless without modifications, I'm afraid that many banks will just do away with their coin counting machines instead of paying the expense to have them modified. So, as a taxpayer, I'm all for it (so long as it does indeed save money), but as a CRHer I do not like it.

The coin machine at my job ( and where I run my coin ) actually doesn't use magnets...it has a horizontal wheel that feeds coins onto a track where they will drop through holes of the corresponding coin denomination...foreign coin of same size always makes it though... I'm thinking machines similar to this one are why we find foreign in rolls.

 

[sagittarius98]

New steel 5p and 10p coins a 'disaster' - Telegraph

 

[Coin Gopher]

As it stands now the Gooberment spends 2 cents to make a penny and 11 cents to make a nickel. Makes cents to me.

 

[50cent]

stop minting coins for a few years, switching everything will simply be too chaotic, and the government would likely offer tens of millions of dollars as stimulus to refurbish coin machines..... awful idea yo.

 

[twiasp]

All those parking meters will probably need to be replaced also in all the cities around the world, and you can bet the gov't would pay states/cities to redo them. It does sound very gov't though shave 10 million a year to cost 10 billion to adapt.

 

[50cent]

All those parking meters will probably need to be replaced also in all the cities around the world, and you can bet the gov't would pay states/cities to redo them. It does sound very gov't though shave 10 million a year to cost 10 billion to adapt.

exactly the reason why people, hundreds of people, need to start "cool hand luking" those parking meters. They cost so much, people leave their kids in their cars to avoid the outrageous fees. abolish parking meters. Hopefully if coinage does gets switched over to steel, you will see this happening as a daily occurrence in every city around the country.

 

[mercury1]

I'm pretty much in favor of anything the government does that will actually save money. However, since that change in composition will render all coin counting machines all but worthless without modifications, I'm afraid that many banks will just do away with their coin counting machines instead of paying the expense to have them modified. So, as a taxpayer, I'm all for it (so long as it does indeed save money), but as a CRHer I do not like it.

Any savings realized by switching to steel would simply be wasted somewhere else. Unless and until the government gets a handle on its spending problem, leave the coins alone.