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Just Common-Cents: Senators Hassan, Ernst Introduce Bipartisan Legislation to Save Taxpayer Dollars by Changing How Coins Are Made

New U.S. Mint Report Estimates $12 to $51 Million In Savings From Changing Coin Composition

WASHINGTON – U.S. Senators Maggie Hassan (D-NH) and Joni Ernst (R-IA) reintroduced bipartisan legislation to allow the U.S. Mint to adjust the metal content of circulating coins to save taxpayer dollars. A recent report by the U.S. Mint estimates that by adjusting the metal content of circulating coins, the federal government could save between $12 and $51 million a year. The U.S. Treasury uses revenue from coin sales to pay down the national debt.

“When it comes to fiscal responsibility, it’s just common-cents to use every tool at our disposal,” said Senator Hassan. “This bill will save millions of dollars per year by modifying the composition of nickels, dimes, and quarter with less expensive metals. I urge my colleagues on both sides of the aisle to support our bipartisan bill.”

“It’s absolute non-cents that American taxpayers spend ten cents to make just one nickel. Only Washington could lose money making money,” said Senator Ernst. “This commonsense, bipartisan effort will modify the composition of certain coins to reduce costs while allowing for a seamless transition into circulation. A penny saved is a penny not borrowed.”

The bipartisan Coin Metal Modification Authorization and Cost Savings Act authorizes the U.S. Mint to modify the metallic composition of circulating coins if the modification will reduce costs incurred by taxpayers, allow for a seamless transition into circulation, and have minimal impact on the public.

As chair of the Emerging Threats and Spending Oversight Subcommittee, Senator Hassan was named a “Fiscal Hero” by Fix the Debt, a project of the Committee for a Responsible Federal Budget, as well as the “Most Bipartisan Senator” by the nonpartisan Lugar Center. She has also previously introduced bipartisan legislation to save taxpayer dollars and cut waste by eliminating duplicative government programs based on Government Accountability Office recommendations.