CoinNews

The House debated on the legislation and finally voted yesterday to change the metallic composition of the penny and 5-cent nickel to a less expensive copper-colored steel.

Although the prices of copper, zinc and nickel metals in coins have declined in recent months, the penny and 5-cent nickel still cost more to make than what they're worth—resulting in a reported loss of about $100 million every year, or $1 billion over a decade.

It now costs about 1.26 cents to make the penny and about 7.7 cents to make the nickel.

House bill "H.R. 5512, the Coin Modernization and Taxpayer Savings Act of 2008" would seek to change those manufacturing costs by using copper-colored steal, which could cut the cost of making pennies down to about 0.7 cents each. But its recent passage in the House is no guarantee it'll make its way to the White House for signing.

H.R. 5512 must still go through the Senate and then the President, and not everyone is happy with the current legislation.

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Numismatist Daniel Frank Sedwick featuring Treasure Auction #3 with over 1100 lots, including a rare astrolabe, gold cobs, silver coins, Chinese porcelains and other artifacts.

Winter Park, FL - Numismatist Daniel Frank Sedwick is releasing a Treasure Auction, among the items on the numismatic market today are gold cobs, particularly from the Spanish 1715 Fleet off the east coast of Florida, and this sale features dozens of them, all carefully selected for quality and eye-appeal.

There will be also some small gold ingots and nuggets from the Espadarte wreck of 1558 off Mozambique," commented Daniel Sedwick,

"We offered the first part of this unique collection of gold pieces in our Treasure Auction #1 a year ago, and they were well received. This time we are certain of the shipwreck name, which should boost their interest even further."

Another early important shipwreck find in this auction is the Michael Goldston collection of silver “tumbaga” ingots from a still-unidentified wreck of ca. 1528 off the Bahamas.

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A Florida man has sued U.S. Treasury Secretary Henry Paulson with the goal of recognizing 10 men he says were president before George Washington. He wants Paulson to add these men into the Presidential $1 coin series.

Stanley L. Klos of Palm Beach, Florida would like everyone to know and recognize the men who were Presidents of the United States in Congress Assembled—leaders after the Articles of Confederation were adopted in March of 1781 and prior to Washington's presidency in 1789.

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