Congress Looking to Make Nickels Cheaper

Congress is saying the Common Cents Act is just common sense.

First came the penny, which Congress has taken action to eliminate. Now, the nickel may be next to change.

Earlier this year, House and Senate passed bills aimed at eliminating the penny. The bipartisan Common Cents Act was unanimously approved in both chambers and is awaiting President Donald Trump's signature to become law.

Congress’s move followed an announcement in December by Treasury Department that the U.S. Mint would no longer produce pennies. It said it cost more than three times their value to make.

Now, lawmakers want to make nickels with cheaper materials than are currently used.

"If it costs 13 cents to make a five-cent coin, Washington should fix the problem instead of wasting more taxpayer money," House GOP Conference Chair Lisa McClain (R-Mich.) told Fox News Digital. "My bill gives Treasury a path to make nickels at a lower cost without disrupting how Americans use them. It is a simple reform that saves money and brings a little more common sense to government."

Sen. Cynthia Lummis (R-Wyo.) who led the bill in the Senate, said, "More and more Americans are paying with credit cards, debit cards and stablecoins for everyday purchases that once would have been made with cash or coins."

"The half-cent coin was retired when it was no longer needed, and the penny has now reached that same point. It’s my hope that we can find a cheaper way to produce the nickel so that it remains economically viable for years to come," Lummis said.

Nickels costs about eight cents per coin to produce, according to the latest data. They are currently made of a mixture comprised of 25% nickel and 75% copper.