Coin Modernization and Taxpayer Savings Act of 2007 - 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. Cites factors to be considered when prescribing such characteristics, including the effect on vending machines.
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.
Repeals specified regulations promulgated by the Director of the U.S. Mint on April 16, 2007. Declares that such regulations have no force or effect after the enactment of this Act with respect to one-cent coins.
Repeals the Secretary's authority to restrict exportation, melting, or treatment of the one-cent coin during the period between enactment of this Act and the date when the Secretary first issues a one-cent coin with a different metallic content than current one-cent coins.
[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3956 Introduced in House (IH)]
110th CONGRESS
1st Session
H. R. 3956
To authorize the Secretary of the Treasury to prescribe the weights and
the compositions of circulating coins, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 24, 2007
Mr. Space (for himself, Mr. Gutierrez, and Mr. Frank of Massachusetts)
introduced the following bill; which was referred to the Committee on
Financial Services
_______________________________________________________________________
A BILL
To authorize the Secretary of the Treasury to prescribe the weights and
the compositions of circulating coins, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Coin Modernization and Taxpayer
Savings Act of 2007''.
SEC. 2. WEIGHTS AND COMPOSITIONS OF CIRCULATING COINS.
(a) Weight and Composition of Circulating Coins Determined by the
Secretary.--Section 5112(c) of title 31, United States Code, is amended
to read as follows:
``(c) Weight and Composition of Coins.--
``(1) In general.--The Secretary shall prescribe the weight
and the composition of the dollar, half dollar, quarter dollar,
dime, 5-cent, and 1-cent coins.
``(2) Factors to be considered.--In prescribing the weight
and the composition of the dollar, half dollar, quarter dollar,
dime, 5-cent, and 1-cent coins, the Secretary shall consider--
``(A) factors relevant to the acceptability of new
coinage materials, including the effect on vending
machines; and
``(B) such other factors that the Secretary
considers, in the Secretary's sole discretion, to be
appropriate.''.
(b) Technical and Conforming Amendments.--
(1) Section 5112(a) of title 31, United States Code, is
amended--
(A) in paragraph (2), by striking ``and weighs
11.34 grams'';
(B) in paragraph (3), by striking ``and weighs 5.67
grams'';
(C) in paragraph (4), by striking ``and weighs
2.268 grams'';
(D) in paragraph (5), by striking ``and weighs 5
grams''; and
(E) by striking paragraph (6) and inserting the
following new paragraph:
``(6) A 1-cent coin that is 0.75 inch in diameter.''.
(2) Section 5112(b) of title 31, United States Code, is
amended to read as follows:
``(b) Specifications for $1 Coins and Gold Coins.--The $1 coin
shall be golden in color, have a distinctive edge, have tactile and
visual features that make the denomination of the coin readily
discernible, be minted and fabricated in the United States, and have
similar metallic, anti-counterfeiting properties as United States
coinage in circulation on the date of enactment of the United States $1
Coin Act of 1997. In minting gold coins, the Secretary shall use alloys
that vary not more than 0.1 percent from the percent of gold required.
The specifications for alloys are by weight.''.
(3) Section 5113(a) of title 31, United States Code, is
amended--
(A) in the 1st sentence, by striking ``and dime
coins'' and inserting ``dime, 5-cent, and 1-cent
coins.''; and
(B) by striking the second and third sentences.
SEC. 3. SUSPENSION OF REGULATORY AUTHORITY.
(a) In General.--The regulations prescribed by the Director of the
United States Mint, pursuant to a delegation by the Secretary of the
Treasury of the Secretary's authority under section 5111(d) of title
31, United States Code, as published in final form in the Federal
Register on April 16, 2007 (Vol. 72, No. 72, page 18880, et seq.), and
codified as part 82 of chapter 1 of subtitle B of title 31, Code of
Federal Regulations, shall cease to apply as of the date of the
enactment of this Act, and shall have no force or effect after such
date, with respect to 1-cent coins.
(b) Suspension of Prospective Regulations.--The Secretary of the
Treasury shall have no authority to prescribe any regulations under
section 5111(d) of title 31, United States Code, that would limit or
prohibit the export, melting, or treatment of the 1-cent coin during
the period beginning on the date of the enactment of this Act and
ending on the date when the Secretary first issues a 1-cent coin with a
different metallic content than the 1-cent coins issued as of such date
of enactment.
(c) No Effect on Other Coins.--No provision of this section shall
be construed as affecting--
(1) the applicability of the regulations referred to in
subsection (a) to coins other than the 1-cent coin; or
(2) the authority of the Secretary of the Treasury to
prescribe regulations under section 5111(d) of title 31, United
States Code, with respect to coins other than the 1-cent coin.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
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