Supporters argue the bill is a fiscally responsible way of bringing down costs to produce American currency. It was introduced in the Senate on June 12 as bill number S. Although that number is difficult to independently verify, there’s no doubt it would save taxpayers at least some level of money. Sponsors estimate the bill would save $150 million over the next decade. Mint to change the metallic composition of all American coins, which would bring costs down.Īll coins would still be required to maintain their current diameters and weights, because otherwise vending machines might not recognize future coins of different sizes. The Currency Evolution Now To Save Act would allow the U.S. Perhaps recognizing this, advocates of currency reform are now trying a slightly different tack. However, that bill failed to receive a Senate committee vote.
The COINS Act of 2017, which GovTrack Insider covered, would have discontinued penny production entirely. Mint’s annual report, taxpayers lost about $85.4 million from penny production and $33.5 million from nickel production last year. Based on estimates from numbers in the U.S. It might sound funny, but so many coins are produced annually that the cost actually adds up. In other words, American taxpayers lose money every time the U.S. It currently costs 2.06 cents to make each penny and 7.53 cents to make each nickel. Here’s a penny for your thoughts - except that will actually cost you 2.06 cents.
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