Article about using steel for cents and Moy testimony before congress

Here is the link

http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=3989

and another one

http://www.numismaticnews.net/buzz/Steel+To+Make+Coinage+Comeback.aspx

 

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Steel is a bad idea unless it's stainless or some other non-magnetic variety.

Magnets are one of the primary means that banks use to filter out non-US coins/tokens in their coin sorters/counters.