Today on the foxnews web site, they had an article with the interesting title of U.S. Mint Weighs the Dollars and Sense of the Penny in which they talk about the Mint’s cost and review of the penny.
The article needed more research as it didn’t seem complete. On the Mint’s press room site, they have their March 7 (this past Monday) announcement soliciting input about changes in the various coinage for circulation in the future.
In the release, they outline what they type of input they want in regards to our coinage. In the third paragraph they state, “The United States Mint seeks public comment only on the factors to be considered in the research and evaluation of potential new metallic coinage materials.”
With that comment, their request seems more focused on making sure they don’t forget an aspect of our coinage as they research the various possibilities. (Perhaps we should suggest numismatic concerns?) It also seems that they’re not looking for solutions, instead they’re looking for issues to be considered in their research.
The Public Law they reference, Coin Modernization, Oversight, and Continuity Act of 2010, in their press release began as H.R. 6162. The House considered and passed the bill on September 29, 2010. Two months later, the Senate considered and passed the bill on November 30. On December 14, 2010, the bill was approved and became Public Law 111-302.
With their message this week, the US Mint requests individuals and businesses to assist with Section 2.(b) FACTORS TO BE CONSIDERED of the Public Law.
Noted in 111-302, these points, at a minimum, are noted as:
(1) Factors relevant to the potential impact of any revisions to the composition of the material used in coin production on the current coinage material suppliers.
(2) Factors relevant to the ease of use and ability to cocirculate of new coinage materials, including the effect on vending machines and commercial coin processing equipment and making certain, to the greatest extent practicable, that any new coins work without interruption in existing coin acceptance equipment without modification.
(3) Such other factors that the Secretary of the Treasury, in consultation with merchants who would be affected by any change in the composition of circulating coins, vending machine and other coin acceptor manufacturers, vending machine owners and operators, transit officials, municipal parking officials, depository institutions, coin and currency handlers, armored-car operators, car wash operators, and Americanowned manufacturers of commercial coin processing equipment, considers to be appropriate and in the public interest, after notice and opportunity for comment.
Later in the law, the language requests reports from the Mint and provides further instruction relating to metal content, efficiency, conversion and fraud such as:
(b) DETAILED RECOMMENDATIONS —In preparing and submitting the reports required under subsection (a), the Secretary of the Treasury shall include detailed recommendations for any appropriate changes to the metallic content of circulating coins in such a form that the recommendations could be enacted into law as appropriate.
(c) IMPROVED PRODUCTION—In preparing and submitting the reports required under subsection (a), the Secretary of the Treasury shall include recommendations for changes in the methods of producing coins that would further reduce the costs to produce circulating coins, and include notes on the legislative changes that are necessary to achieve such goals.
(d) MINIMIZING CONVERSION—In preparing and submitting the reports required under subsection (a), the Secretary of the Treasury, to the greatest extent possible, may not include any recommendation for new specifications for producing a circulating coin that would require any significant change to coin accepting and coin-handling equipment to accommodate changes to all circulating coins simultaneously.
(e) FRAUD PREVENTION—The reports required under this section shall make no recommendation for a specification change that would facilitate or allow the use of a coin with a lesser value produced, minted, or issued by another country, or the use of any token or other easily or regularly produced metal device of minimal value, in the place of a circulating coin produced by the Secretary.
The Mint is accepting feedback through April 4, 2011. They offer email, fax and mail options in their press release. The easiest is to their email address: coinmaterials@usmint.treas.gov.
This is your chance to provide input either as an individual using coins, as a numismatist or as a business person.