For the first time since the demise of the Susan B. Anthony $1 coin, hearings are under way for the introduction of a copper dollar into the U.S. coinage system, reports a metals industry newspaper.

It may be time to replace the paper dollar with a copper coin for several reasons, notes American Metal Market.It says that what once could be purchased with a quarter now requires as many as six quarters, and many automatic vending machines now require expensive dollar changers.

Also, the life of a copper dollar would be 20 years or longer; a paper dollar has an average circulation life of only 18 months. The move could save taxpayers up to $120 million a year.

The new copper dollar would be an 11-sided gold-colored coin with etching different from a quarter.