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| Also listed in: Ohio Bloggers |
WASHINGTON DC – Scoring a big victory for American taxpayers, Congressman Zack Space (OH-18) announced today that his Coin Modernization and Taxpayer Savings Act of 2008 has passed the House of Representatives.
This measure will save an estimated $1 billion over the next ten years by mandating that the Mint change the metallic composition of coins to a cheaper substance.
Most immediately, this bill will require the Mint to switch over to a copper-plated steel penny. This change will now ensure that the penny costs only .7 cents to produce each penny – a substantial savings over the current 1.7 cent price tag.
“This legislation represents a fiscally responsible solution to a situation that grows worse with every penny minted,” Space said. “It is an insult to American taxpayers that we are manufacturing coins at a rate more than their face value represents. This bill will ensure that we reverse that situation.”
“The American taxpayer will see savings of a billion dollars over the next decade, a move that just makes sense,” Space continued.
By dramatically reducing the cost to produce pennies, this bill will also remove the impetus for the Mint’s ban preventing Jackson Metals in Jackson, Ohio from operating. That could lead to Jackson Metals again providing jobs for an area of the state that is severely depressed.
