Coin Modernization and Taxpayer Savings Act of 2008

[mustbebob]

I am posting this same thread on my forum, but wanted to know what the collectors response is to the passage of the 'Coin Modernization and Taxpayer Savings Act of 2008'. This bill (H.R. 5512) allows for the change in metal composition (especially cent and nickels) so that it is profitable to make these coins in the future. Currently it cost more to make these coins than they are worth.
In addition, does anyone have a guess as to what metal(s) could be used in the future? Could we see steel pennies again?

The text of the bill can be found here:

http://www.coinnews.net/2008/03/07/reintroduced-house-bill-seeks-to-change-the-composition-of-metals-in-coins-3976/

[wavysteps]

From what I have read, it will be going the way of the Canadian cent in circulation at present, a steel core with copper plating.

I have also heard that Canada is thinking of doing away with the cent and nickel, leaving the dime as the lowest denomination and adding a twenty cent piece.

As to the steel core, those who have AOL, it was in one of their news clips. Just my opinion, but if the change is to steel, it will mean more dies that have to be made and more die anomalies created. I am all for that.

BJ Neff

[diamond]

I for one will be glad to see the demise of the zinc cent. Their tendency to darken over time, and the tendency of exposed zinc to oxidize is a constant headache. Bring on the steel! (stainless, one hopes)

From an economic standpoint, it's idiotic to continue to mint coins whose melt value exceeds face value.

[Novicetoerr]

I believe the following factors will be motivators:

Govt. - cost of manufacturing. Explore new mint mfg technologies.
Ordinary citiizen - care less.
Concerned cirtizens - must be (health and environmentally) friendly
Techies: Get out of typical coin metals and mfg process.
Develop other metal alloys or alternatives.
Credit card businesses: Anything. But limit circulations. Use their cards.


Cheers,
J