Penny prices pinched by rising cost of metal [View All]

[krispos42]

Source: CNN.com

WASHINGTON (AP) -- Further evidence that times are tough: It now costs more than a penny to make a penny. And the cost of a nickel is more than 7½ cents.

Surging prices for copper, zinc and nickel have some in Congress trying to bring back the steel-made pennies of World War II and maybe using steel for nickels, as well.

Copper and nickel prices have tripled since 2003 and the price of zinc has quadrupled, said Rep. Luis Gutierrez, D-Illinois, whose subcommittee oversees the U.S. Mint.

<snip>

A lousy deal, lawmakers have concluded. On Tuesday, the House debated a bill that directs the Treasury secretary to suggest a new, more economical composition of the nickel and the penny. A vote was delayed because of Republican procedural moves and is expected later in the week.




Read more: http://www.cnn.com/2008/US/05/06/coin.inflation.ap/index.html

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And, unbelievebly, the Repubs are throwing a fit about this because the power to mint money is Constitutionally delegated to Congress, not the President! Bush is 'chafing' about that little fact!

:banghead:

More 'unitary executive' crap, I guess.