Change Will Save Taxpayers over $100 Million per Year (Sen. Wayne Allard)

Prior to the August recess, I introduced legislation that would authorize the Secretary of the Treasury to adjust the metal content of coins distributed by the U.S. Mint.

The U.S. Department of the Treasury has reported that changing the composition of our pennies and nickels will save taxpayers over $100 million a year. This legislation could also lead to a saving of nearly $400 million a year by making similar changes to the dime, quarter and half dollar.

This common sense legislation will allow our government to alter the composition of coins so we no longer have to spend so much money making our money. As a member of the Senate Committee on Banking, Housing and Urban Affairs and a representative of one of the two states with a U.S. Mint Department circulating coins, I will work hard to ensure that this bill is passed expeditiously so our government can start saving money today.