Tags: penny | nickel | savings | Obama

US Tries to Find Savings in Penny-Pinching, Literally

Tuesday, 04 March 2014 02:17 PM

In a budget proposal that aims to make government more efficient, President Barack Obama on Tuesday floated the idea of using alternative metals to make penny and nickel coins.

The fiscal 2015 budget, released on Tuesday, points out that the coins' manufacturing and circulation have not changed in decades and that the Treasury Department has been reviewing the coins' production. Obama has proposed similar reviews in the past but the measures stalled despite not being partisan points of contention.

The budget does not include a specific cost savings figure for the potential changes but it identifies the rise of electronic commerce as a reason to review the coins' makeup and distribution.

Obama's 2014 budget had pegged the cost of manufacturing a penny at two cents and the price of a nickel at 11 cents.

Past attempts to change penny and nickel production have faced resistance from interest groups. A 2010 Wall Street Journal report noted the Coin Laundry Association was one such group resisting a change, due to the "unintended consequences that could deeply impact the small-business owner during a recession."

© 2019 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
StreetTalk
In a budget proposal that aims to make government more efficient, President Barack Obama on Tuesday floated the idea of using alternative metals to make penny and nickel coins.
penny,nickel,savings,Obama
181
2014-17-04
Tuesday, 04 March 2014 02:17 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved