Obama Administration interested in altering penny, nickel - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Obama Administration interested in altering penny, nickel

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(MoneyBlogNewz/Flickr) (MoneyBlogNewz/Flickr)
CHICAGO (FOX 32 News) -

Hoping to save money, President Barack Obama has recently suggested the idea of using different metals to make pennies and nickels.

The fiscal 2015 budget states that the Treasury Department has been reviewing the coins' production, and their manufacturing and circulation has not changed in decades.

Also, the budget does not include specific cost savings for the proposal, but it says the increase of electronic commerce is reason enough to review the coins' production.

The 2014 budget of Pres. Obama said the cost of creating a penny was two cents, and a nickel was 11 cents.

Previous attempts to change the penny and nickel have faced a push back from special interest groups. The Coin Laundry Association in 2010 was one of the groups resisting, stating that issues could arise with "unintended consequences that could deeply impact the small-business owner during a recession."

Pres. Obama has proposed similar ideas in the past. However, they have never gotten anywhere. The budget has little chance of becoming law.

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