The E-Sylum:  Volume 10, Number 32, August 12, 2007, Article 24

COLORADO SENATOR INTRODUCES BILL TO ADJUST METAL CONTENT OF U.S. COINS

"U.S. Sen. Wayne Allard, R-Colo., has introduced legislation that
would authorize the Secretary of the Treasury to adjust the metal
content of coins distributed by the U.S. Mint. The bill is an effort
to save taxpayers over $100 million per year.

"'This common sense legislation will allow our government to alter
the composition of coins so we no longer have to spend so much money
making our money. As a representative of one of the two states with a
U.S. Mint Department circulating coins, I will work hard to ensure
that this bill is passed expeditiously so our government can start
saving money today,' Allard said in a press release.

"The U.S. Department of the Treasury has reported that changing the
composition of our pennies and nickels will save the government over
$100 million a year. This legislation could also lead to a saving of
nearly $400 million a year by making similar changes to the dime,
quarter and half dollar.

"Allard added that once this bill is enacted, the United States Mint,
which is a part of the U.S. Department of the Treasury, will seek
industry and public comment on alternative compositions for the coins."

To read the complete article, see:
Full Story

To view the full text of the bill, see:
Full Story

[David Ganz published a detailed article on this legislation on
Numismatic News' Numismaster site.  Here are a couple excerpts.
-Editor]

"Legislation has been simultaneously introduced in the House and Senate
to allow the Treasury secretary to change the composition of American
coinage, and to allow public participation in the process.

"This marks the third time in the last 42 years that the Mint is being
asked to make serious changes in its coinage composition. The first
came with the Coinage Act of 1965; the second came with the proposal
in 1973 to change the composition of the cent from copper to aluminum.
Copper-nickel clad coins and a zinc cent that is copper plated were
the end result.

"This legislation is far more encompassing and looks to the future
and the need for prompt action by the Treasury secretary as the price
of copper, nickel, zinc and other raw materials rises faster than
Congress can cope with them.

"Treasury has undertaken several major studies of coinage composition
in the last half century. First of these was by the Treasury and
entitled, "Treasury Staff Study on Silver and Coinage" (1965). Treasury
also contracted for private studies.

"One of these was by the Battelle Memorial Institute, entitled "Final
Report on a Study of Alloys Suitable for Use as United States Coinage"
(1965).

"Before any changes take place, both the Senate and House must approve
in identical bills and the President must sign it into law. Odds are
this one will move ahead, given its powerful backers."

To read the complete Ganz article, see:
Full Story

  Wayne Homren, Editor

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