Steel coins proprosed

Looks like a move's afoot in Congress to further cheapen our coinage.

Congressman Steve Stivers (R-OH) champions the idea:

Currently, pennies are made of copper and zinc; while nickels, dimes and quarters are made of copper and nickel. A majority of the copper, zinc and nickel used to make these coins is imported from Canada. The Stivers legislation would require that all four coins be made of American steel moving forward, with the penny being dipped in copper.  The appearance of the coins would not change, just the materials to make the coins, making it possible for American steel to produce U.S. coins.

Sounds to me like these proposed U.S. coins would amount to little more than fancy steel slugs.

Will we have to oil our pocket change at night to keep it from rusting?