The Flow of Consciousness

H.R. 5512, the Coin Modernization and Taxpayer Savings Act of 2008, passed the house yesterday. In addition to changing the composition of penny to a copper-painted steel and the nickel of nickel-coated steel, the Act also repeals current weight requirements for coinage and mandates that all U.S. coinage be minted in the United States, and a few other things.

Why? From the bill text:

(5) The United States Mint gained further experience changing the metal content of pennies in 1982, when it began producing copper-coated zinc pennies as a result of rising copper prices.
…
(7) Given the current cost to make a penny and volume of pennies minted, by simply reducing penny production costs to face value, the United States will save more than $500,000,000 in the next 10 years alone.

(8) Reducing the cost to produce a nickel to face value will save the United States an additional $60,000,000 per year.

It makes sense to save money, since the penny’s copper-zinc weight is worth almost two, and the nickel is worth approximately seven cents, if I recall a recent news report correctly. However, do you think this change is worth devaluing the few ties American money still has to (somewhat) precious metals?