During World War II, the government exchanged metals suck as nickel for steel in coins for metals to help supply the war effort. However, these actions were short term, and lasted just a few years.
Now, with inflation causing metal prices to rise, and value coins greater than their face value, the government is once again looking to replace metals such as nickel and copper with steel and perhaps metals with little value.
A measure introduced in the U.S. Congress seeks to replace the base metal of most American coins with iron. The move would slash the nickel and copper content of U.S. coins to a fraction of today’s already reduced levels. Like past changes in metal content, the bill represents a logical continuation of currency debasement and calls into question the strength of U.S. fiat currency—yet another sign of the decline of the global monetary system.
Congressman Steve Stivers (R-OH) introduced the bill, H.B. 1719—the “Cents and Sensibility Act”—on April 24. It mandates that pennies, nickels, dimes and quarters be composed primarily of steel; specifically U.S. produced steel. He presents the bill as a budget measure, stating, “This legislation is a common-sense solution to decrease the cost of minting our coins. Not only will it cost less, but steel is an American resource that we have here at home and can be manufactured right here in our backyard.” His office asserts that, according to the House Financial Services Committee, the U.S. government would save up to $433 million over 10 years. - Gold Silver.com
After 1964, the Federal government removed silver from its minted coinage, and began the process of clipping coins to be primarily symbolic versus valuable. Now, if this new bill passes, a pocket full of money will soon just be stamped steel disks.