The United States House Of Representatives has already passed a bill, HR 5512, authorizing the Treasury Department to substitute steel for the nickel and copper now used in American pennies and nickels.
The rationale is that, by substituting cheaper metals, the government can save many millions of dollars. This is, in fact, a very valid point. Another observation is equally obvious and valid. The dollar has been devalued to such an extent that a penny — as in one hundredth of a dollar — can only buy a fraction of the metal needed to make a physical penny. Each coin takes significantly more than one cent to produce.
Who owns the penny or the nickel in your pocket. If you own it, can you melt it down and sell it for more than it's worth?
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