Steel pennies coming back?

Well, Congress and the U.S. Mint are at it again.

This time, they are considering replacing our current pennies and nickels with less-expensive-to-make coins, possibly made of steel.  Seems it now costs over two cents to make a penny, and over eleven cents to make a nickel.  That's just not good economics.  Lab tests of new coin formulations are being conducted as we speak.

And yet another bill has just been introduced in Congress to replace dollar bills with dollar coins, and this one is co-sponsored by two heavyweight senators:  Iowa's Tom Harkin and ex-presidential candidate John McCain.

There's coin news for our friends in Canada, too.  It looks like there will be a new loony, replacing the current one.  It will be lighter and made of multi-ply steel. (Might be a good time to buy stock in steel companies.)

These stories and more, in this edition of In the Treasure Corner.

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---Dan

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But maybe that's a good thing.  I'd rather be digging higher-denomination coins than new pennies.  For every new penny you dig, that's time wasted where you could be finding dimes and quarters.

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