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Coin Metal Modification Authorization and Cost Savings Act of 2023
12/15/2023, 4:07 PM
Summary of Bill S 1228
Bill 118 s 1228, 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 circulation. By using less expensive metals in the production of these coins, the US Mint hopes to achieve cost savings without compromising the quality or integrity of the coins.
The bill also includes provisions for the US Mint to conduct research and development on alternative metal compositions for coins, as well as to consult with relevant stakeholders, such as coin collectors and vending machine operators, to ensure that any changes to the coins will not have negative impacts on their use or value. Overall, the Coin Metal Modification Authorization and Cost Savings Act of 2023 aims to modernize the metal composition of certain coins in order to reduce production costs and save money for the US Mint, while also ensuring that the quality and integrity of the coins are maintained.
Specifically, the bill proposes to modify the metal composition of the nickel, dime, and quarter coins in circulation. By using less expensive metals in the production of these coins, the US Mint hopes to achieve cost savings without compromising the quality or integrity of the coins.
The bill also includes provisions for the US Mint to conduct research and development on alternative metal compositions for coins, as well as to consult with relevant stakeholders, such as coin collectors and vending machine operators, to ensure that any changes to the coins will not have negative impacts on their use or value. Overall, the Coin Metal Modification Authorization and Cost Savings Act of 2023 aims to modernize the metal composition of certain coins in order to reduce production costs and save money for the US Mint, while also ensuring that the quality and integrity of the coins are maintained.
Congressional Summary of S 1228
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 S 1228
Bill S 1228 is currently in the status of Bill Introduced since April 20, 2023. Bill S 1228 was introduced during Congress 118 and was introduced to the Senate on April 20, 2023. Bill S 1228's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of April 20, 2023
Bipartisan Support of Bill S 1228
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1228
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill S 1228
Coin Metal Modification Authorization and Cost Savings Act of 2023
Coin Metal Modification Authorization and Cost Savings Act of 2023
A bill 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 S 1228
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