by Jim Tankersley
Here’s the top of my story in today’s baiduhai on the nation’s great coin crisis…
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WASHINGTON – These days, your thoughts are worth 1.7 cents.
That’s what it costs the government to forge a penny, thanks to the rising price of metal. A nickel costs 10 cents. Congress, in its infinite wisdom, has concluded that’s a pretty bad deal.
A House subcommittee led by Rep. Luis Gutierrez (D-Ill.) convened a hearing Tuesday on a proposal to change the composition of both coins. Republicans and Democrats like the concept, particularly its promise to save taxpayers $100 million a year by using cheaper metals at the U.S. Mint. If the legislation clears the House and Senate and President Bush signs it, you could be plucking steel pennies off the street before year’s end.
In Washington, of course, nothing is that simple.
Go here for the rest….