Coin Modernization and Taxpayer Savings Act of 2008

To reduce the costs of producing 1-cent and 5-cent coins, provide authority to the Secretary of the Treasury to perform research and development on new metallic content for circulating coins, and to require biennial reports to Congress on circulating coin production costs and possible alternative metallic content.

2/28/2008--Introduced.
Coin Modernization and Taxpayer Savings Act of 2008 - Revises the discretionary authority of the Secretary of the Treasury to prescribe the weight and the composition of the alloy in the one-cent coin. Extends such authority to, and requires the Secretary to prescribe the weight and composition of, the dollar, half-dollar, quarter-dollar, dime, and five-cent coin, as well as the one-cent coin. Requires the coins to be coined, minted, and their materials fabricated in the United States. Requires the Secretary to enter into a formal rulemaking process when making any determination with respect to any change in the weight and composition of any coin. Repeals current weight requirements for the half-dollar, quarter-dollar, dime, five-cent coin, and the one-cent coin.
Specifies the characteristics of $1 coins and gold coins. Authorizes the Secretary to prescribe manufacturing tolerances for five-cent and one-cent coins. Requires, for a specified period, 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.

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Sponsor

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

• Senate Banking, Housing, and Urban Affairs
• 2 more
  • House Financial Services
  • House Financial Services
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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. (text: CR 5/6/2008 H3096-3097)
• 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.
• 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.
• 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.
• Introduced on Feb 28, 2008.

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Related Bills:

• H.R.3956

Related Issue Areas:

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

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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Source: The Associated Press

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Blog Coverage

July 09, 2008 Two Letters Re: Amassing Copper Pennies--By the Ton!

The bill, HR 5512, was authored by Congressman Zack Space, of Ohio. Space's bill has already passed in in the House, and will most likely pass in the Senate and be enacted, but there are no guarantees. At this juncture, I should repeat ...

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Source: survivalblog.com

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June 19, 2008 Wooden Nickels and Steel Pennies

The United States House Of Representatives has already passed a bill, HR 5512, authorizing the Treasury Department to substitute steel for the nickel and copper now used in American pennies and nickels. The rationale is that, ...

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Source: It's a Bumpy Road

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June 19, 2008 [FND] 06/19 -- Drooling home-schooling ruling; Postmortem on the ...

Representatives has already passed a bill, HR 5512, authorizing the Treasury Department to substitute steel for the nickel and copper now used in American pennies and nickels." (06/18/08). http://mises.org/story/3011 ...

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Source: Visa Analysis

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