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Coins of steel seen as money-saving alternative for pennies, nickels

December 2, 2012 in Coins, Money, Politics, USA Coins

Business First by Dan Eaton, Staff reporter  Date: Friday, November 30, 2012 (http://www.bizjournals.com/)

Your change could be a-changin’.

U.S. Rep. Steve Stivers from Columbus is pushing for production of pennies and nickels to be switched from the existing metal combinations to a makeup that is mostly steel.

The House Committee on Financial Services held a hearing this week tackling the topic in advance of a U.S. Mint report on alternative materials for Americans’ money.

“In these times of fiscal strain, we can save millions of dollars,” Stivers said.

Good news for Stivers and interested observers, such as Columbus-basedWorthington Industries Inc., was that the steel discussion was well-received by the panel. Executives from Worthington Industries (NYSE:WOR) didn’t testify, but the company has a vested interest in the topic because it is the supplier of steel for coins produced by the Royal Canadian Mint. That institution is being looked to as a model after switching to steel in 2000.

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