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 Replies: 7 / Views: 1,721 |
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Pillar of the Community
527 Posts |
ask when they will be changing the composition of nickels and pennies? A few months ago, the US Mint asked for input on factors to consider on making new coins. They wanted input by April 4. Despite the deadline being long over, I would think it wouldn't hurt to at least ask. If nobody has done so, should I? I figured it wouldn't hurt.
E-mail: coinmaterials@usmint.treas.gov
Fax: (202) 756-6500
Mail: New Coin Materials Comments
Mail Stop: Manufacturing 6 North
United States Mint
801 Ninth Street, N.W.
Washington D.C. 20220
Hand Delivery/Courier: Same as mail address.
For further information, contact: Jean Gentry, Deputy Chief Counsel, United States Mint at (202) 354-7359 (not a toll-free call).
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Bedrock of the Community
United States
12437 Posts |
The US Mint cannot change the composition of coinage on their own, they do not have the authority. All new designs and compositions have to be approved by Congress and become law. The Coin Modernization, Oversight, and Continuity Act of 2010 merely authorized the Mint to research new compositions and then create a report of those findings. New compositions could eventually be authorized based on those reports when they are issued.
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Pillar of the Community
 527 Posts |
Did you copy and paste that from somewhere?
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Valued Member
United States
447 Posts |
Correct.
Congress must pass new laws to change any aspect of coinage.
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Pillar of the Community
527 Posts |
I guess I worded my question wrong. I know that the US Mint can't change the coinage alone since they need approval by Congress, but would it hurt to call and ask how the progress is going? They've got to change the metal in pennies and nickels sometime soon. Taxpayers can't keep taking the hit on this.
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Bedrock of the Community
United States
12437 Posts |
The "taxpayers" are not taking a hit on anything. The US Mint receives no appropriation funds and it is entirely self-sufficient. The US Mint generated a profit of $388 million in FY2010 which was transferred to the Treasury General Fund. The only fiscal effect from changing compositions would be to increase profits generated.
As a typical US Government entity, it will be impossible to obtain any information until a report is issued. Their research to date authorized under the 2010 legislation would not even be subject to FOI requests.
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Valued Member
United States
277 Posts |
You are both right in a sense, yes it could help tax payers because the profit that the US Mint makes could help in other areas, but in reality the odds are against the government would use the extra money in something that would help the average US citizen. They just don't use extra money to benefit their people the way a government should.
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Bedrock of the Community
United States
17884 Posts |
Quote:
The Coin Modernization, Oversight, and Continuity Act of 2010 merely authorized the Mint to research new compositions and then create a report of those findings. A nice piece of worthless legislation since the Mint has ALWAYS had the authority to research new compositions, but they could not implement them without the authorization of Congress. Now with this new law they can research new compositions, but they can't implement them without authorization of Congress. Sounds like an echo doesn't it? |
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Replies: 7 / Views: 1,721 |
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Posted 05/27/2011 7:27 pm
