"National Coinage Revision Act of 2019" - Updated fun.
RogerB
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National Coinage Revision Act of 2019
An Act to align the national coinage to contemporary usage, reduce production waste, and improve efficiency.
I. Coinage Denominations
a. The denominations of coin issued for circulation and all other non-commemorative purposes shall consist of: a ten-cent piece, a twenty-five cent piece, a one-dollar piece, and a five-dollar piece.
i. The ten-cent piece, twenty-five cent piece, and one-dollar piece, shall all conform in dimensions and composition to present standards.
ii. The five-dollar piece shall have a diameter of thirty millimeters, and a thickness of four millimeters.
iii. The five-dollar piece shall be composed of a core of pure copper with outer layers, or cladding, of titanium each of which is one millimeter thick. The titanium outer layers shall be anodized to produce uniform dark blue surface color.
b. No coins of the denomination of one-cent through five-cents shall be produced or issued for any purpose.
c. All denominations of coin issued for circulation and all other non-commemorative purposes shall have a modern portrait of “Liberty” on the obverse and an appropriate reverse design including the denomination.
d. Commemorative coins shall be produced and issued in such compositions as heretofore adopted in [cite US Code….].
II. Final Purchase Value and Rounding
a. Final purchase value shall include all applicable discounts, taxes and fees. Final purchase value shall be rounded up or down to the nearest cent that is evenly dividable by ten.
b. Whenever the one hundredths of a dollar is one (1) through five (5) the amount shall be rounded down to the nearest amount evenly divisible by ten. Whenever the one hundredths of a dollar is six (6) through nine (9) the amount shall be rounded up to the nearest amount evenly divisible by ten.
c. Rounding shall apply only to cash transactions.
III. Effective Date
a. This Act shall take effect on January 1 of the calendar year immediately following its approval.
b. Upon taking effect, no United States coins denominated one-cent through five-cents, inclusive, shall be produced for any purpose.
Comments
Exciting but sad at the same time.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Sounds plausible to me-especially 1c-better than what we have although I like the Sac $1.
I think we need a coin in the specific denomination of every variation of sales tax that can be found within the country. The taxing authority would be featured on the reverse along with the denomination.
Unless it officially kills the dollar bill, a dollar coin will not circulate.
Unless it officially kills the $5 bill, a $5 coin will not circulate.
That's the key to the whole thing.
Yes we need to go to having the $10 as the smallest bill, then my cash register would have all the circulating bills in the drawer and I don't constantly need to lift the tray to get out $50s and $100s.
I have to agree with Captain.
Just having having coins in your pocket marks you as someone who's over 28
"Inspiration exists, but it has to find you working" Pablo Picasso
How much money from increased longevity of the coins will taxpayers save if the paper currency is killed off?
Only a cruel and insensitive billionaire like Trump would eliminate the cherished pennies and nickels on which the poor rely to make their way through this world!
Doggedly collecting coins of the Central American Republic.
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Not gonna happen...it's only wishful thinking if you think it will. BTW, the $2.00 bill wasn't even mentioned and there are plenty to go around, although seldom used anymore. Instead of a $5 coin, make it a $2 coin.
@RogerB
Where are you getting this from? Is this inside information from a legislator? I cannot find where this has been introduced (but of course I could be doing something stupid in my search terms). I would definitely like to see Congress at least hold public hearings on this. I think it would save a lot of money.
The $5 sounds interesting- I wonder what die life would be with the proposed titanium alloy? Might get some cool die cracks.
The paper lobby, or rather Crane Currency, might have something to say about all this. If I were them I'd make a sizeable contribution to whatever senators or reps are currently sitting on the committees responsible for reviewing this bill. Oh wait, they've already done this before
I just invented it.
Something like this would eliminate 2/3 of the US Mint's capacity need. If elimination of the $1 bill were added, the entire Texas BEP facility could be closed. I the paper currency provision were added, as the good Capt suggests, the $5 bill phase out could be delayed for 5 years to permit adequate coin inventory and public familiarity.
Powdered, sintered, and cold rolled titanium (not a titanium alloy) bonded to a copper core would not be any harder than standard clad. Using titanium would allow for distinctive color at low cost and maintain a binary composition easily separated and recycled.
The ternary alloy or clad material NIST identified will produce about 35% waste material. This will have to be melted and refined before it can be reused. Current clad material scrap is melted and recycled directly into new coinage material (the cladding) without refining.
Certainly at some point in the near future, a bill such as this must be considered. The public outcry will be amusing....Cheers, RickO
That would be a $250 roll well need to start saving up for a box.
Hoard the keys.
Wishful thinking. Here's a variation from last year.
115th Congress - House Bill 2299 and Senate Bill 759...
It would be much cheaper to make the dollar worth what a dollar should be worth (i.e. to revalue it, along with all existing contacts), then peg it to a finite ounce of something real, and then to continue using the existing coinage stock.
That won't happen because it would upset the Fed and their co-conspirators in Congress. The Budgetmakers would then have to be accountable and would have to defend their indefensible positions on how they dole out the freebies.
I knew it would happen.
Peg the dollar to a dozen large eggs.....just as valid as any other commodity.
No! Not eggs!
If you did that, then the phrase, "What does that have to do with the price of eggs in China ?" would become a valid question!
Are you suggesting we devalue the U.S. Dollar?
Lordy, a Dollar (arbitrary) pegged to an ounce (antiquated obsolete arbitrary unit of measure) of a commodity ( more arbitrary of the amount of a given commodity fluctuates based on demand and supply irrespective of a "money" tied to it).
So our unit of purchase has 3 independent levels of variability. It makes BitCoin seem bedrock solid.
I would rather it be measured as a % of unfunded government pensions, that way, every morning, my money goes up in value.
I bet a gold-plated $5 coin would be very popular.
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Such a transition should be easy (from paper to metal, and elimination of cents and nickels), if graduated in its introduction as Roger suggests. Other countries have done it without disruption.
They'll be irate letters to the editor for awhile, and some incensed protest groups assembled, the energies of which will peter out after a couple of meetings. But nobody would lose any votes because of this.
Here's a warning parable for coin collectors...