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Coin Metal Modification Authorization and Cost Savings Act of 2023
12/12/2023, 3:30 PM
Summary of Bill HR 2817
Bill 118 hr 2817, also known as the Coin Metal Modification Authorization and Cost Savings Act of 2023, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to authorize the modification of the metal composition of certain coins in order to reduce production costs and save money for the US Mint.
Specifically, the bill proposes to modify the metal composition of the nickel, dime, and quarter coins in order to make them less expensive to produce. This would involve using less expensive metals or alloys in the production of these coins, while still maintaining their current size, weight, and appearance.
The bill also includes provisions for conducting a study to determine the potential cost savings of implementing these metal modifications, as well as guidelines for the US Mint to follow in implementing these changes. Overall, the Coin Metal Modification Authorization and Cost Savings Act of 2023 aims to reduce production costs for certain coins in order to save money for the US Mint and ultimately the US government. It is currently being debated in Congress and may be subject to amendments or changes before it is passed into law.
Specifically, the bill proposes to modify the metal composition of the nickel, dime, and quarter coins in order to make them less expensive to produce. This would involve using less expensive metals or alloys in the production of these coins, while still maintaining their current size, weight, and appearance.
The bill also includes provisions for conducting a study to determine the potential cost savings of implementing these metal modifications, as well as guidelines for the US Mint to follow in implementing these changes. Overall, the Coin Metal Modification Authorization and Cost Savings Act of 2023 aims to reduce production costs for certain coins in order to save money for the US Mint and ultimately the US government. It is currently being debated in Congress and may be subject to amendments or changes before it is passed into law.
Congressional Summary of HR 2817
Coin Metal Modification Authorization and Cost Savings Act of 2023
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 means that the coins must have the same weight and diameter as current coins and that the coins 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. Congress may disapprove of any proposed modification through a joint resolution.
Read the Full Bill
Current Status of Bill HR 2817
Bill HR 2817 is currently in the status of Bill Introduced since April 25, 2023. Bill HR 2817 was introduced during Congress 118 and was introduced to the House on April 25, 2023. Bill HR 2817's most recent activity was Referred to the Committee on Financial Services, and in addition to the Committees on the Budget, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of April 25, 2023
Bipartisan Support of Bill HR 2817
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
2Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 2817
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 2817
Coin Metal Modification Authorization and Cost Savings Act of 2023
Coin Metal Modification Authorization and Cost Savings Act of 2023
To amend title 31, United States Code, to save Federal funds by authorizing changes to the composition of circulating coins, and for other purposes.
Comments
Sponsors and Cosponsors of HR 2817
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