We all know the fiscal mess that America “enjoys” today.  

So when Obama rolled out his ginormous $3.901 trillion budget for 2015 earlier this month, we were looking for the painful but necessary budgetary cuts that would affect we citizens.

Hidden amidst the tax raises for the rich and tax credits for middle- and lower-class, was the silver (and copper) hatchet.

Obama wants to take that hatchet to the heads of Jefferson and Lincoln… he wants to meddle with the metal of the nickel and the penny.

In the past 8 years the cost to produce these coins has exceeded their face value. Taxpayers overpaid more than $100 million last year alone. The nickel costs 9.4 cents to make while a measly penny costs 1.8 cents. 

Costs of copper, nickel, and zinc have been rising since the first half of the 21st century. Since then, the U.S. Mint and taxpayers have been the biggest losers. 

The 2015 budget overview states:
“Treasury is undertaking a comprehensive review of U.S. currency, including a review of both the production and use of coins…these studies will analyze alternative metals…”

While some people propose changing the metal used in the coins, others simply want to get rid of pennies and nickels entirely. The United States might be able to take some lessons from their neighbor up north. 

Canadian nickels are made mostly of steel making them cheaper than our coins and cost less than their face value. The Canadians also scrapped their pennies when production costs got to 1.6 cents. Some good ideas, eh?

But at least for now, the nickels and pennies are here to stay. Some like it and some argue that the U.S. Mint could use some common cents.