In the United States, the soaring price of copper is threatening to push the value of the metal in cent coins beyond their face value.
GV EXTERIOR U.S. Mint, Philadelphia.
GV Copper alloy being rolled and cooled (2 shots)
GV & CU Cutting machine (3 shots)
CU Unstamped discs shaken onto conveyor belt (3 shots)
SCU Mrs. Brooks speaking
GV Copper discs being processed
MRS. BROOKS: "We've asked Congress to give us the authority -- the secretary -- the authority, at such a time as he deems proper to start making cents out of an aluminium alloy. The bill has passed the Senate Banking and Currency committee and shortly -- within a month or so -- we will have hearings in the House Banking Currency Committee."
UNSTAMPED DISCS SHAKEN ONTO CONVEYOR BELT: MRS. BROOKS SPEAKING: COPPER DISCS BEING PROCESSED.
Initials BB/1908 CG/AH/BB/1921
A transcript of the commentary accompanying the film is provided overleaf.
Script is copyright Reuters Limited. All rights reserved
Background: In the United States, the soaring price of copper is threatening to push the value of the metal in cent coins beyond their face value. Seven billion cent pieces are minted each year. Under law, these must be made form a bronze alloy of 95 per cent copper and five per cent zinc. The price of copper has already climbed from 50 cents per pound in January to $1 a pound. If it reaches $1.20, the cost of making a cent will be well in excess of its given value.
To avoid the hoarding and profiteering that would inevitably result, the United Stats Mint has asked Congress to change the law so that cents can be made from aluminium, instead of the precious copper alloy. The director of the Mint, Mrs. Mary Brooks, described the red tape that must be dealt with before the traditional bronze cent can be replaced.