Congress considers steel pennies

hmmm, think about it, if they go to using steel, maybe they need molybdenum to harden the coins. Just a thought

Congress considers steel pennies Laurie Kellman / Associated Press

WASHINGTON -- 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-Ill., whose subcommittee oversees the U.S. Mint.

Keeping the coin content means "contributing to our national debt by almost as much as the coin is worth," Gutierrez said.

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A penny, which consists of 97.5 percent zinc and 2.5 percent copper, cost 1.26 cents to make as of Tuesday. And a nickel -- 75 percent copper and the rest nickel -- cost 7.7 cents, based on current commodity prices, according to the Mint.

On Tuesday, the House debated a bill that directs the Treasury secretary to "prescribe" -- 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.