[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6162 Engrossed in House (EH)]
111th CONGRESS
2d Session
H. R. 6162
_______________________________________________________________________
AN ACT
To 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.
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, Oversight, and
Continuity Act of 2010''.
SEC. 2. AUTHORITY TO CONDUCT RESEARCH AND DEVELOPMENT ON ALL
CIRCULATING COINS.
(a) In General.--To accomplish the goals of this Act and the
requirements of subchapter II of chapter 51 of title 31, United States
Code, the Secretary of the Treasury may--
(1) conduct any appropriate testing of appropriate coinage
metallic materials within or outside of the Department of the
Treasury; and
(2) solicit input from or otherwise work in conjunction
with entities within or outside of the Federal Government
including independent research facilities or current or
potential suppliers of the metallic material used in volume
production of circulating coins,
to complete the report referred to in this Act and to develop and
evaluate the use of new metallic materials.
(b) Factors to Be Considered.--In the conduct of research,
development, and the solicitation of input or work in conjunction with
entities within and outside the Federal Government, and in reporting to
the Congress with recommendations, as required by this Act, the
Secretary of the Treasury shall consider the following:
(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 co-
circulate 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 American-owned
manufacturers of commercial coin processing equipment,
considers to be appropriate and in the public interest, after
notice and opportunity for comment.
SEC. 3. BIENNIAL REPORT TO THE CONGRESS ON THE CURRENT STATUS OF COIN
PRODUCTION COSTS AND ANALYSIS OF ALTERNATIVE CONTENT.
(a) Report Required.--Before the end of the 2-year period beginning
on the date of the enactment of this Act, and at 2-year intervals
following the end of such period, the Secretary of the Treasury shall
submit a report to the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate 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.
(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 Efficiency.--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 Costs.--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.
(f) Rule of Construction.--No provision of this Act shall be
construed as requiring that additional research and development be
conducted for any report under this Act but any such report shall
include information on any such research and development during the
period covered by the report.
SEC. 4. MEETING DEMAND FOR SILVER AND GOLD NUMISMATIC ITEMS.
Subsections (e) and (i) of section 5112 of title 31, United States
Code are each amended by striking ``quantities'' and inserting
``qualities and quantities that the Secretary determines are''.
SEC. 5. TECHNICAL CORRECTIONS.
Section 5112(u)(1) of title 31, United States Code is amended--
(1) by striking ``exact duplicates'' and inserting
``likenesses'';
(2) by striking subparagraph (C);
(3) by redesignating subparagraphs (D) and (E) as
subparagraphs (C) and (D), respectively; and
(4) in subparagraph (A), by striking ``of 3.0 inches'' and
inserting ``determined by the Secretary that is no less than
2.5 inches and no greater than 3.0 inches''.
SEC. 6. BUDGETARY EFFECT.
The budgetary effects of this Act, for the purpose of complying
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by
reference to the latest statement titled ``Budgetary Effects of PAYGO
Legislation'' for this Act, submitted for printing in the Congressional
Record by the Chairman of the House Budget Committee, provided that
such statement has been submitted prior to the vote on passage.
Passed the House of Representatives September 29, 2010.
Attest:
Clerk.
111th CONGRESS
2d Session
H. R. 6162
_______________________________________________________________________
AN ACT
To 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.