Coin Modernization and Taxpayer Savings Act of 2008

To authorize the Secretary of the Treasury to prescribe the weights and the compositions of circulating coins, and for other purposes.

5/8/2008--Passed House amended. Coin Modernization and Taxpayer Savings Act of 2008 - Requires the one-cent coin (except for Lincoln Bicentennial Numismatic Pennies) to be produced primarily of steel and treated to impart a copper color to its appearance similar to one-cent coins produced of a copper-zinc alloy. Authorizes the Secretary of the Treasury, in the alternative, during the 90 days following enactment of this Act, to add any other element to any alloy of zinc and copper of which one-cent coins could have been composed before enactment of this Act, if during such 90-day period another element is determined to help produce one-cent coins of the same diameter, general composition, and general weight, but at a lower unit cost. Requires a prompt report to Congress if such a determination is made. Directs the Secretary, two years after enactment of this Act, to produce only five-cent coins primarily made of steel with a coating of nickel, unless by that time the unit cost of production of existing five-cent coins is lower than their face value. Requires the Secretary, however, to recommend a different metallic content of circulating five-cent coins if any biennial report to Congress, required by this Act, indicates that such a different metallic content is both functional and interchangeable with existing coins, and more economical to produce in both the short and long term. Authorizes the Secretary, in order to accomplish the goals of this Act, to research, develop, evaluate or begin to use new metallic material for circulating coin production. Requires the Secretary to report biennially to specified congressional committees on the production costs for each circulating coin, cost trends, and possible new metallic materials or technologies for the production of circulating coins, with detailed recommendations for any appropriate changes to the metallic content of circulating coins.

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Sponsor

• Rep. Zachary Space [D, OH-18]
• and 2 Co-Sponsors
  • Rep. Barney Frank [D, MA-4]
  • Rep. Luis Gutiérrez [D, IL-4]
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Committees

• House Financial Services
• 2 more
  • House Financial Services
  • Senate Banking, Housing, and Urban Affairs
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Amendments

This bill has no amendments.

Amendments to H.R.5512

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
February 28, 2008		May 08, 2008

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All Bill Actions

• May 12, 2008: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• May 08, 2008: The title of the measure was amended. Agreed to without objection.
• Passed by voice vote in the House on May 08, 2008. On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
• May 08, 2008: Considered as unfinished business.
• Passed by voice vote in the House on May 08, 2008. On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR 5/6/2008 H3096-3097)
• May 06, 2008: At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Carter objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn.
• May 06, 2008: DEBATE - The House proceeded with forty minutes of debate on H.R. 5512.
• May 06, 2008: Considered under suspension of the rules.
• May 06, 2008: Mr. Gutierrez moved to suspend the rules and pass the bill, as amended.
• Mar 11, 2008: Subcommittee Hearings Held.
• Introduced on Feb 28, 2008.
• Feb 28, 2008: Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
• Feb 28, 2008: Referred to the House Committee on Financial Services.

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Related Bills:

• H.R.3956

Related Issue Areas:

• Finance
• Administrative procedure
• Alloys
• Buy American
• 11 more
• Coins and coinage
• Department of the Treasury
• Executive departments
• Gold
• Government procurement
• Law
• Natural resources
• Public contracts
• Steel
• Trade
• Weights and measures

Data from the Congressional Research Service

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In the News

May 17, 2008 Steel cent proposal wins in House vote

That’s when the Us House of Representatives unanimously approved the “Coin Modernization and Taxpayer Savings Act of 2008,” HR 5512. ...

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Source: Numismatic News

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May 16, 2008 Steel Cent Proposal Wins in House Vote

That's when the Us House of Representatives unanimously approved the "Coin Modernization and Taxpayer Savings Act of 2008," HR 5512. ...

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Source: NumisMaster.com, WI

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May 08, 2008 House passes bill to make coin-making cheaper

___ The House bill is HR 5512. ___ US Mint: http://www.usmint.gov House Committee on Financial Services: http://financialservices.house.gov.

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Blog Coverage

November 28, 2008 Sovereign Funds: Opportunities and concerns - April 22nd, 2008 ...

RON PAUL, Don’t Fear Sovereign Wealth Funds, Hearing Before the Financial Services Committee, Joint Subcommittee Hearing, HR 5512 (March 5, 2008). http://www.lewrockwell.com/paul/paul441.html. KIMMITT, supra note 36. ...

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Source: U Publish Articles: Finance | Investments

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October 04, 2008 HR 5512: Coin Modernization and Taxpayer Savings Act of 2008

The House passed the HR 5512: Coin Modernization and Taxpayer Savings Act of 2008 in May. Sponsors of the bill: Rep. Zachary Space [D-OH] Cosponsors [as of 2008-09-27] Rep. Barney Frank [D-MA] Rep. Luis Gutiérrez [D-IL] ...

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September 30, 2008 METRA 72-5512 FORD-MAZDA SPEAKER HARNESS PAIR

HR 5512: Coin Modernization and Taxpayer Savings Act of 2008 (GovTrack.us) A bill in the US Congress: To reduce the costs of producing 1-cent and 5-cent coins, provide authority to the Secretary of the Treasury to perform research and . ...

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