| Author |
 Replies: 40 / Views: 1,688 |
|
Press Manager
United States
1411 Posts |
Coin Metal Modification Authorization and Cost Savings Act of 2020Introduced 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
|
|
|
|
Pillar of the Community
United States
756 Posts |
composition modification justification authorization. got it.  |
|
Pillar of the Community
United States
4546 Posts |
Quote:
composition modification justification authorization. 
Check out my counterstamped Lincoln Cent collection: http://goccf.com/t/303507 |
|
Forum Dad
United States
21109 Posts |
Quote:
composition modification justification authorization. Wow, you must work at the Identification Administration.
|
|
Pillar of the Community
United States
1973 Posts |
Quote:
have as minimal an adverse impact as possible on the public and stakeholders Define minimal...... 
|
|
Pillar of the Community
United States
5821 Posts |
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!
|
|
Pillar of the Community
United States
1167 Posts |
I think it would be cool to see material changes.
Keep track of your collection: https://en.ucoin.net/?ref=Ux0E0if My collection: https://en.ucoin.net/uid112788 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
|
|
Valued Member
United States
163 Posts |
Intersting ! Wonder what we'll see
|
|
Pillar of the Community
United States
5246 Posts |
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.
|
|
Valued Member
United States
174 Posts |
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
|
|
Pillar of the Community
United States
1167 Posts |
Yes, I know it isn't a law yet, I just think it would be cool!
Keep track of your collection: https://en.ucoin.net/?ref=Ux0E0if My collection: https://en.ucoin.net/uid112788 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
|
|
Bedrock of the Community
United States
17226 Posts |
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
|
|
Pillar of the Community
United States
5541 Posts |
Quote:
Wonder what we'll see Silver 
|
|
Moderator
United States
31702 Posts |
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) |
|
Moderator
United States
95951 Posts |
Nothing to see here, same stuff, different year. Nothing is going to change with our change until they just give up making our change.  |
|
Pillar of the Community
United States
1671 Posts |
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.
|
|
Replies: 40 / Views: 1,688 |
|
Posted 12/07/2020 6:07 pm
