Sep 21

Frank Lucas Proposes Shrinking of the Nickel

As the government frantically tries to establish its bail out plans for the financial market following the bankruptcy of Lehman, Rep. Frank Lucas proposed the shrinking of the nickel in order for the US mint to save millions of dollars. Lucas introduced House Resolution 6942 that would replace the nickel with a half-dime. It would be slightly smaller and half the weight of the current dime. This involves using less metal and thus, taxpayers need not pay more than 9 cents to produce a coin worth only 5 cents. At 9.5 cents to produce and ship, loss passed on to taxpayers for the nickel reaches $58.5 million.

Lucas, a member of the House Financial Services Committee, has not yet proposed eliminating the penny which may be another cost-effective measure that would save the government millions. With Congress still busy with other matters that need more urgent attention, these measures my be resolved only by next year.

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