WASHINGTON — Congressman Luis Gutierrez (D-N.Y.), chairman of the Subcommittee on Domestic and International Monetary Policy, Trade and Technology, and Financial Services Committee Chairman Barney Frank (D-Mass.) have introduced legislation to look at making minting of coins less expensive.
The Coinage Materials Modernization Act of 2007 (H.R. 3330) would authorize the Secretary of the Treasury to change the composition of coins issued by the U.S. Mint to less expensive materials. The Treasury Department estimates that changing the composition of pennies and nickels will save the government over $100 million a year. By making similar changes to the half dollar, quarter and dime, the government can save as much as $400 million annually.
"The financial resources of the Federal Government are limited, and it is rare when we have the opportunity to make a simple legislative fix with the potential to save the taxpayers so much," Gutierrez said.
Frank added, "When it costs a dime to make a nickel, something needs to be done about it. This bill will give Treasury the authority to correct this problem and save taxpayers over $100 million a year."
Demand for materials such as copper, nickel, and zinc, which the coins are made of, has driven up prices since 2003, 300% for nickel and 450% for zinc.
Once the bill is enacted, the United States Mint will seek public and industry comment on possible alternative composition for the coins and a subsequent competitive bidding process.
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