The House has voted to bring back the steel penny, saying it would be cheaper to make. Currently, the government loses money on every one-cent coin it makes because of rising metal prices.
The bill would direct the Mint to begin producing, within nine months, pennies made out of copper-plated steel - not the zinc-copper alloy currently used. The measure also recommends the phasing in of steel nickels over the next two years.
Key quote: The Mint, which produces almost 8 billion pennies each year, says it now costs 1.3 cents to make a single one. That's up from the .97 cent-per-penny cost three years ago.
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