H.R. 6162: Coin Modernization, Oversight, and Continuity Act of 2010

H.R. 6162

Coin Modernization, Oversight, and Continuity Act of 2010

Sponsor
Rep. Melvin L. Watt

Date
September 29, 2010 (111th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

H.R. 6162 is expected to be considered on the floor of the House on Wednesday, September 29, 2010, under a motion to suspend the rules, requiring a two-thirds majority vote for passage.  The legislation was introduced on September 22, 2010 by Rep. Melvin Watt (D-NC) and referred to the Committee on Financial Services.

Bill Summary

This bill would provide research and development authority for alternative coinage materials to the Secretary of the Treasury, increase congressional oversight over coin production, and ensure the continuity of certain numismatic items.

The bill would require the Secretary of the Treasury to submit a biennial report to the Congress analyzing production costs for each circulating coin, cost trends for such production, and possible new metallic materials or technologies for the production of circulating coins.

Background

Congress created the United States Mint on April 2, 1792.  The primary mission of the United States Mint is to produce an adequate volume of circulating coinage for the nation to conduct its trade and commerce. In recent history circulating coin production has varied between 11 billion and 20 billion coins annually.