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Coin Metal Modification Authorization And Cost Savings Act Of 2020 Passes House

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1411 Posts
 Posted 12/07/2020  6:07 pm Show Profile   Bookmark this topic Add CCFPress to your friends list Get a Link to this Message
Coin Metal Modification Authorization and Cost Savings Act of 2020
Introduced in House (08/11/2020)

This bill authorizes the United States Mint to modify the metallic composition of circulating coins (including by prescribing reasonable manufacturing tolerances with respect to those coins) if a study and analysis conducted by the Mint indicates that the modification will

reduce costs incurred by the taxpayers;
be seamless, which shall be determined by verifying that the coins will work interchangeably in most coin acceptors using electromagnetic signature technology; and
have as minimal an adverse impact as possible on the public and stakeholders.

The Mint must notify Congress before making the modification and provide a justification for the modification.

https://www.congress.gov/bill/116th...se-bill/7995
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United States
756 Posts
 Posted 12/07/2020  6:21 pm  Show Profile   Bookmark this reply Add MrPink2018 to your friends list Get a Link to this Reply
composition modification justification authorization. got it.



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4546 Posts
 Posted 12/07/2020  7:29 pm  Show Profile   Check chafemasterj's eBay Listings Bookmark this reply Add chafemasterj to your friends list Get a Link to this Reply

Quote:
composition modification justification authorization.


Check out my counterstamped Lincoln Cent collection:
http://goccf.com/t/303507
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21109 Posts
 Posted 12/07/2020  7:37 pm  Show Profile   Bookmark this reply Add bobby131313 to your friends list Get a Link to this Reply

Quote:
composition modification justification authorization.


Wow, you must work at the Identification Administration.
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 Posted 12/07/2020  8:36 pm  Show Profile   Bookmark this reply Add Ty2020b to your friends list Get a Link to this Reply

Quote:
have as minimal an adverse impact as possible on the public and stakeholders


Define minimal......
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5821 Posts
 Posted 12/07/2020  8:56 pm  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
As long as it doesn't impact the mint's current raw materials suppliers/lobbyists you can count on your Congressman's whole-hearted support!
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1167 Posts
 Posted 12/07/2020  9:02 pm  Show Profile   Bookmark this reply Add That Coin Dude to your friends list Get a Link to this Reply
I think it would be cool to see material changes.
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My collection: https://en.ucoin.net/uid112788
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163 Posts
 Posted 12/07/2020  10:23 pm  Show Profile   Bookmark this reply Add 1962penny to your friends list Get a Link to this Reply
Intersting ! Wonder what we'll see
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 Posted 12/08/2020  07:52 am  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
Remember, the bill still has to be approved by the Senate and signed by the President before it becomes law; there's no guarantee it will pass by the time the current session of Congress adjourns.

Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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174 Posts
 Posted 12/08/2020  09:27 am  Show Profile   Bookmark this reply Add Kcm to your friends list Get a Link to this Reply
I read that a congressman's/woman's annual salary is $174,000.00. Does anyone out there know if they are paid in coin? Are congress memebers "stakeholders' at risk of "adverse impact?" Or are they referring to someone else? So many questions!

Kevin
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 Posted 12/08/2020  09:37 am  Show Profile   Bookmark this reply Add That Coin Dude to your friends list Get a Link to this Reply
Yes, I know it isn't a law yet, I just think it would be cool!
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A friendly coin dude that is here for you!
A coin collector from the Midwest USA.
I specialize in minting varieties and coin identification.
I am online 3+ times every day for 6-12 hours.
My best US coin find: http://goccf.com/t/387871
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United States
17226 Posts
 Posted 12/08/2020  11:03 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
They have had a committee working on finding these suitable materials to carry out the goals of this bill for nine years now (That's the study and analysis mentioned) and they still don't have any suitable replacement material. Nor do I expect them to.


Quote:
have as minimal an adverse impact as possible on the public and stakeholders.

This means that people who operate vending machines, counting machines or other businesses that utilize a great deal of coinage should not have any large expense or difficulty in adapting their equipment to handle both the old and new coins. So far everything they have found that would be seamless and not require changes won't save money, and those that would save money won't be seamless and will require significant changes.

They have had one success, a material for the 5 cent that would be seamless and would save money. Using it 5 cent pieces would only cost 4.9+ cents apiece. (and that figure is old it is probably over 5 cents apiece now) But that is better than the 7+ cents apiece they cost now,

So all this bill would do is give them the authority to change the composition if any of these mythical materials ever turn up.
Gary Schmidt
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5541 Posts
 Posted 12/08/2020  12:02 pm  Show Profile   Bookmark this reply Add Chase007 to your friends list Get a Link to this Reply

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Wonder what we'll see

Silver
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31702 Posts
 Posted 12/08/2020  12:20 pm  Show Profile   Check nss-52's eBay Listings Bookmark this reply Add nss-52 to your friends list Get a Link to this Reply
As a substitute metal:
Steel is out.
Silver is out.
Aluminum is out.
Uranium is out.
Mercury is out.
Titanium is out.
Plastic is out.
It's 2021, RENEW your support of the Coin Community Family (click here)
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95951 Posts
 Posted 12/08/2020  12:38 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Nothing to see here, same stuff, different year. Nothing is going to change with our change until they just give up making our change.
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 Posted 12/08/2020  1:22 pm  Show Profile   Bookmark this reply Add Bret to your friends list Get a Link to this Reply
How about passing the "Eliminate near worthless coins act of 2020"? $.01 in 1913 equates to approximately $0.26 now. There were a lot more poor people back then too. How were they able to get by with the smallest denomination being equivalent to a quarter, but we're told we can't get by without the cent and nickel in today's mostly digital currency world? I think we should eliminate the cent and nickel from circulation since they're near worthless in practical terms and the mint is losing money on them. Of course they can still be sold in proof and mint sets as the mint seems to be making plenty of profit off of them.
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