I was at home plotting figures , and I realized this if the u.s. switched to a steel (1943) composite coins system for 2 years it would cut currency printing. Costs down to 40% of its norm costs... and if they made copper coolectors issue at each mint. It would be great. What do u think?
Just mixing it up I personally wouldn't want to see steel (rusty) cents. IMHO it might be good to eliminate the cent & paper dollar.
The Canadians have been using a copper plated steel cent for years, and it is working well for them. I think a better solution would be to end production of the one cent denomination. They stopped production of the half cent denomination in 1857 because of its lack of purchasing power. Inflation has increased probably a hundred times since then. Please explain why we still have this coin in production. I'm at a loss.
Getting rid of the paper dollar and replacing with the dollar coin will save plenty, but it's not gonna happen any time soon. Perhaps the Mint should switch the Geico too, I hear you can save 15% or more by switching. :yes:
It would cut materials cost to 40% but the overall cost would still exceed the face value and every coin produced would be at a loss. In fact the production and distribution costs already exceed the face value. So to make the cent profitable again you need to come up with a material that costs LESS than zero. About the only way to do that is to sell advertising on the coins.
