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Why did America switch from precious metals to normal metals in the making of their coins?
Starsmors
The cost of metal has gone through the roof. Did you know that there is more then one cent worth of metal on the penny? In 2010 there talking about getting rid of the penny forever. At one time the U.S. controlled the price of silver and gold. Private individuals couldn't buy or sell those metals for investment purposes. Supplies were kept in large depositories (e.g. the famous Fort Knox) and were sold for industrial use at fixed prices, and used in coins.
As demand rose supplies fell and the U.S. was forced to stop controlling prices and let the market set metal values. Unfortunately that meant that the price could and did rise significantly so silver coins became more valuable to melt and sell as scrap metal than to use in spending. People hoarded huge numbers of coins so the Mint was forced to come up with a substitute. They finally settled on the copper-nickel "sandwich" composition still in use today, because it was compatible with vending machines and coin sorters that used electric and/or magnetic sensors to process coins.
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