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Public Statements

Columbus Business First - Stivers Proposes Using Steel for All U.S. Coins -- Not Just Pennies and Nickels

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Date:
Location: Columbus, OH

By Dan Eaton

U.S. Rep. Steve Stivers isn't settling for just pennies and nickels. The congressman last year proposed changing the makeup of our one-cent and five-cent coins from the current metallic combinations to ones made mostly of steel.

Stivers, along with co-sponsors Tim Ryan, D-Niles, and Pat Tiberi, R-Genoa Township, now wants to expand that proposal to cover all change. Stivers, R-Columbus, previously told me the goal is to save money and to promote American resources and manufacturing.

The face value of the penny and nickel is less than the cost to produce both of those coins. The dime, quarter and dollar coin still have higher face value than they cost to make.

Steel also is an American resource while much of the copper, zinc and nickel used in current coins is imported.

The change would save $433 million in production cost over 10 years, according to the House Financial Services Committee.


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