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Stivers re-introduces the Cents and Sensibility Act

April 30, 2013 in Coins, Copper Coins, Money, Pennies, Politics, US Mint, USA Coins

Monday, April 29, 2013. (http://www.vintondaily.com)

WASHINGTON, D.C. – Rep. Steve Stivers (R – OH) this week introduced the Cents and Sensibility Act to lower the cost of producing pennies, nickels, dimes and quarters and to ensure they are minted with steel instead of minerals imported from outside the U.S. Rep. Tim Ryan (D – OH) and Rep. Pat Tiberi (R – OH) signed on as original co-sponsors of the bipartisan legislation.

“This legislation is a common-sense solution to decrease the cost of minting our coins,” Stivers said. “Not only will it cost less, but steel is an American resource that we have here at home and can be manufactured right here in our backyard.”

Since 2006, due to the rising cost of materials and labor, the manufacturing of some denominations has become unprofitable. Of the coins currently in circulation today, the cost of producing pennies and nickels is greater than the face value of the coins themselves.

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