By: Jacob Sexton — [email protected]
Washington D.C. — Iowa Senator Joni Ernst (R-IA) has introduced a new bill to Congress to change the composition of coins in the US currency.
The official name is the Currency Evolution Now To Save or (CENTS) Act. This bill would allow the US Mint to modify the materials made in some coins which would end up saving US taxpayers around $150 million over 10 years. All coins would retain their same function as they would need to be the same size and weight in order to work in the same way. It currently costs 7 cents to make a nickel and 2 cents to make a penny but currently Congress does not allow the US mint to change the composition to all coins.
You can watch the full interview of Ernst of Fox News Business with more details on the bill here