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Ernst Gives Congress Latest Squeal Award For U.S. Mint Regulations That Make No “CENTS”

Iowa Senator, Joni Ernst, says the June recipient of her Squeal Award is congress, who has failed to make a long-overdue change that could save millions. According to Ernst, the rising costs of copper, zinc and other metals required to be used by the U.S. Mint has resulted in a cost of two cents to produce one penny and seven cents to make a nickel. The federal government is spending nearly $69 million to make pennies and another $21 million for nickels. Recently the metal composition of pennies was changed to reduce costs, but the Mint does not have the authority to change other coins—that is up to congress. She is proposing a Currency Evolution Now To Save (CENTS) Act which would give the Mint the ability to modify coin composition. According to Ernst, this would result in more than $150 million over 10 years saved. “There wouldn’t be any difference in the weight or appearance of the coins,” Ernst says. “They would still function the same way in vending machines for example. While they still wouldn’t cost a dime a dozen to make, altering the composition would be less expensive for taxpayers.”

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