Which coinage metals are used in circulating currency?

Could you elaborate on the types of coinage metals that are typically utilized in the production of circulating currency? Are there any specific metals that are more commonly used than others, and if so, why is that the case? Additionally, are there any benefits or drawbacks associated with the use of these various metals in the minting process? I'm particularly interested in understanding the factors that contribute to the selection of these metals and their impact on the overall economy.