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September 19, 2008

Lucas: Trade nickel for half-dime

U.S. Rep. Frank Lucas has introduced House Resolution 6942, which would replace the nickel with the original 5 cent coin used in the United States.

The 5 Cent Restoration Act would return to use of the half-dime. The half-dime is smaller in size and requires less metal to produce, lowering its cost and potentially saving the federal government millions of dollars, Lucas said.

“Fiscal irresponsibility seems to go hand-in-hand with the federal government,” Lucas said. “It’s time that we to find ways to decrease the amount of taxpayer money we spend each year. At a cost of 9.5 cents to produce and ship, there is a $58.5 million loss passed on to the taxpayers each year.

“This is one more example of irresponsible spending by the federal government and one more reason why our national deficit has risen to over $9 trillion. It costs the federal government almost twice as much to make the nickel as it is worth, and we cannot continue to spend that money.”

The half-dime, introduced in 1792, was one of the original coins used in the United States. In 1873, pressured by powerful nickel lobbyists, Lucas said, Congress did away with the half-dime and replaced it with the nickel-based 5 cent piece we use today.

H.R. 6942 will be referred to the House Financial Services Comm-ittee for consideration.

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