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John Mccain And Mike Enzi Reintroduce The Currency Optimization, Innovation, And National Saving Act

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United States
1411 Posts
 Posted 03/31/2017  09:38 am Show Profile   Bookmark this topic Add CCFPress to your friends list Get a Link to this Message
Dollar Coin Alliance - US Senator John McCain (R-AZ) and Senate Budget Committee Chairman Mike Enzi (R-WY) today reintroduced the Currency Optimization, Innovation, and National Savings Act of 2017 (COINS Act), legislation that would modernize our currency by moving to a $1 dollar coin, reduce the cost of nickel production and suspend the minting of the penny, which currently costs more than one cent to produce. These money-saving reforms, which have been studied and supported by the non-partisan Government Accountability Office, could generate up to $16 billion in taxpayer savings.

"With our country facing $20 trillion in debt, Congress must act to protect the American taxpayer," said Senator McCain. "By reforming and modernizing America's outdated currency system, this commonsense bill would bring about billions in savings without raising taxes."

"Change can be hard sometimes, but switching to a dollar coin could save our country $150 million a year," said Senator Enzi.

"Our country is in a difficult financial position because we didn't value the cost of the dollars we spent. We can't afford to keep that up, and these innovative opportunities are a way to save taxpayer money that is really just being wasted with each new dollar we print and penny we mint."

The Council for Citizens Against Government Waste (CCAGW) also endorsed the legislation today:
"It is well-documented that replacing the dollar bill with a dollar coin would save taxpayers billions of dollars, and also be good for consumers, businesses, and the environment," said CCAGW President Tom Schatz. "The Council Citizens Against Government Waste has been advocating for the dollar coin for many years and we welcome the introduction of the COINS Act by Senators McCain and Enzi."
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United States
2507 Posts
 Posted 03/31/2017  10:12 am  Show Profile   Check BigSilver's eBay Listings Bookmark this reply Add BigSilver to your friends list Get a Link to this Reply
A great start to reforming our spending habits as a country.
Anyone know if this passes, would it become legal to melt pennies for copper, or are they unrelated?
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United States
424 Posts
 Posted 03/31/2017  11:29 am  Show Profile   Bookmark this reply Add Oldephriam to your friends list Get a Link to this Reply
I'm all for this. I think that as a country we really lag behind with our coinage and currency, it is about time we catch up or even maybe take the lead again. I also think there needs to be a design change across the board on all of the coins. Maybe they will also drop the half dollar. I think I might have to break my rule to stay out of politics and write to my (enter disparaging adjective here) elected officials and urge then to support this legislation.

Note to Moderators:
Believe me when I say that I toned this down a lot but if you need to pull this comment because of some rule violation I understand. I find I have to really bite my tongue when anything even remotely related to politics and our... well I better stop here before I get kicked off the forum for good.
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United States
1102 Posts
 Posted 03/31/2017  11:40 am  Show Profile   Bookmark this reply Add LibertyEagle20 to your friends list Get a Link to this Reply
Any chance this will actually go through? When they say "reduce cost of nickel production," does this mean changing the alloy to steel?
Edited by LibertyEagle20
03/31/2017 8:25 pm
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United States
519 Posts
 Posted 03/31/2017  12:40 pm  Show Profile   Bookmark this reply Add yakimaboy to your friends list Get a Link to this Reply
I like it. But, the entrenched status quo will probably stop it, again.
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Canada
3023 Posts
 Posted 03/31/2017  1:34 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
I am sure that whoever stands to gain from the status quo will lobby against this.
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United States
152 Posts
 Posted 03/31/2017  1:52 pm  Show Profile   Bookmark this reply Add BrianLikesCoins to your friends list Get a Link to this Reply
I like it.
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United States
633 Posts
 Posted 03/31/2017  2:07 pm  Show Profile   Bookmark this reply Add Illegaltender to your friends list Get a Link to this Reply
ready for the zinc lobby to shoot this down? I like the idea, but few senators are tough enough to stand up to the special interests.
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United States
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 Posted 03/31/2017  2:35 pm  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply
Then give the nickel to the zinc lobby.
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 Posted 03/31/2017  3:40 pm  Show Profile   Bookmark this reply Add bd251 to your friends list Get a Link to this Reply
I really like this!Ever since I went to Europe and experienced the Euro, I have thought we should move to a $1 Dollar coin in the US.


Quote:
Maybe they will also drop the half dollar

I think the half dollar just needs a size adjustment so it's actually practical to use. Then again, I also think we should have a 20c coin, but that's never going to happen, so what do I know?
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United States
4636 Posts
 Posted 03/31/2017  4:13 pm  Show Profile   Bookmark this reply Add Chase007 to your friends list Get a Link to this Reply
Like the idea of those ERROR Dollar coins coming back!
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United States
3402 Posts
 Posted 03/31/2017  4:30 pm  Show Profile   Bookmark this reply Add KenKat to your friends list Get a Link to this Reply
This actually makes a lot of sense, so it will probably die in committee.
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United States
1682 Posts
 Posted 03/31/2017  4:37 pm  Show Profile   Bookmark this reply Add cladking to your friends list Get a Link to this Reply

Quote:
This actually makes a lot of sense, so it will probably die in committee.


Sounds about right.

Someday an anthropologist will hold up a zinc cent dated in the 2020's and tell his class that its existence shows the reason for the collapse of our civilization.

The coin will then crumble in his fingers.
Time don't fly, it bounds and leaps.
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United States
904 Posts
 Posted 03/31/2017  5:17 pm  Show Profile   Bookmark this reply Add n9jig to your friends list Get a Link to this Reply
I like it but why the relatively minor change to the nickel? Just changing the composition from 75/25 to 80/20 is not going to make a big difference, especially on a coin that is the only one that you never need more than one of. I agree with Alpha2814, make the nickel of zinc or some sort of cheaper alloy.

Otherwise this is a great idea and wonder if it has a better chance of passing now with the current makeup in DC.
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United States
633 Posts
 Posted 03/31/2017  6:47 pm  Show Profile   Bookmark this reply Add Illegaltender to your friends list Get a Link to this Reply
The us should never make another zinc coin.
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656 Posts
 Posted 03/31/2017  8:31 pm  Show Profile   Bookmark this reply Add ckrakowski to your friends list Get a Link to this Reply
The cent going away. And whenever they start talking about it I always think . It will never happen so they need to stop it already.
Edited by ckrakowski
03/31/2017 8:32 pm
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