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namwalker
12-25-2011, 07:44 PM
According to this article a bill was introduced into Congress to change the current composition of pennies and nickels to a steel alloy or something. Congressman Steve Stivers of Ohio introduced the proposed changes as part of the Cents and Sensibility Act, H.R. 3693, and the Saving Taxpayer Expenditures by Employing Less Imported Nickel Act, H.R. 3694, also known as the STEEL Nickel Act. Taxpayer savings was the reason given for each.

IMHO when or if this bill passes there is going to be some big changes coming. I feel that all vending machines will have to be retooled to accept the new coins. As far as the pennies are concerned this will be a return to the pennies of WWII when copper was a vital war resource and it wasn't used to mint pennies.

However, just for the sake of the argument would all the pennies minted between 1983 to present become a numismatic coin and would the new pennies drive the old pennies out of our pockets into hidden hoards. I believe it would and the same would happen with the old nickels.

Within a few years all the old pennies and nickels would be driven underground.

Take a look at the attached article and post what you think.


http://www.coinnews.net/2011/12/23/bills-seek-to-change-cents-and-nickels-to-steel/

acprice1
12-27-2011, 02:30 AM
There are far too many in circulation to be considered for numismatics. You'd be better off hoarding a truckload of them and sell them when copper goes up, but i dont recommend that either.

silverbulletgoldcross
12-27-2011, 10:08 AM
They did a news skit on hoarding copper pennies. This guy had a whole room of 5 gallon drums full of copper pennies and said it was about 200k pennies, face value. That's about 2k face value, which is worth about 4.5k....or you could have 2 oz of gold.