Nickels and pennies cost twice as much to make as they’re worth, and some lawmakers say its time to get a handle on the price of pocket change.

One way to do that is to use cheaper materials, including steel, in the coins’ composition. That’s just one proposal up for discussion Tuesday as a House Financial Services subcommittee examines ways to save taxpaper dollars through cheaper coins.

With prices of copper, nickel and zinc soaring since 2003 amid a worldwide commodities boom, the costs of making the one- and five-cent coins has surpassed their face values.

The government spends nearly 2 cents to forge a penny, which is made of copper-plated zinc, and 10 cents to make a nickel, which is composed of 75 percent copper and 25 percent nickel. Read Full Story

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