Nickel-and-diming the budget could mean making change
Fri, 17 Feb 2012 01:21:08 GMT —
In our Facebook Story of the Day, viewers wanted to know how currency changes featured in the President's budget could affect consumers.
In his 2013 budget proposal, President Obama suggested saving money by changing the metals used to make coins like pennies and nickels. Right now officials say it costs 2.4 cents to make pennies and 11.2 cents to make nickels.
Experts say by switching the metal used to make these coins to raw materials like aluminum alloy, it could save the country $100 million per year.
One effect of changing the metal in coins would be adjusting things like laundry machines, vending machines and parking meters that register coins by their weight or an electronic charge.
Zinc miners, who sell the material that is commonly used in pennies to the government, are also concerned because they would not have as much business.