PMX produces unique copper alloys that are used by some of the major government and private mints around the world to produce coinage. The demand for coins continues to grow due to the increasing number of vending machines.
About 70% of the globally distributed coins use cupro-nickel, an alloy composed of copper, zinc, and nickel. From the very beginning of coinage, copper alloy materials have been the material of choice for producing coins.
First, copper alloy materials do not corrode easily and have a long distribution life. Next, the materials can be recovered, recycled, and reused at all times. Copper never goes to a landfill. Unless the currency unit changes, coins have a lifespan of more than 30 years and then are melted for minting new coins.
Conversely, freshly minted bills last about twenty-one months and then must be removed from circulation, shredded and deposited in landfills. Paper bills also harbor more germs and bacteria than coins. A great deal of money is spent in issuing new paper bills.
The recent report by the GAO recommending that the US transition to $1 coins has generated much support from the editorial boards of many news media including USA Today, The Washington Post, NBC News, Chicago Tribune, U.S. News and World Report, The Atlantic, The Baltimore Sun, Time, National Journal, Bloomberg Government, and Politico to name just a few.
Bipartisan legislation to replace the $1 bill with the $1 coin as part of a cost-savings plan to reduce the federal deficit was introduced in Congress. Major news organizations support this transition. These are some of the news articles that have covered this issue:
- Cheaper Money -- New York Times -- 12-7-12
- U.S. Should Replace Dollar Bills -- Wall Street Journal -- 11-27-12
- Congress Looks at Doing Away with the $ Bill -- Associated Press -- 11-30-12
- Why the dollar bill's days may be numbered -- Los Angeles Times -- 12-6-12
- Dollar Coin Makes More Cents For US -- ABC World News -- 11-28-12
- US Should Scrap $1 Bill for More Economical Coin -- The Boston Globe -- 12-10-12
- Kill the dollar bill for $1 coins instead? -- CNN Money -- 11-28-12
- Killing The Dollar Bill Could Save The Government Billions -- The Huffington Post -- 11-28-12
- Dollar Coins Mean Change For Better -- The Virginian-Pilot -- 12-10-12
- Continued Use of $1 Bills An Egregious Federal Waste -- The Arizona Republic -- 7-20-12