[Congressional Record Volume 156, Number 156 (Thursday, December 2, 2010)]
[Senate]
[Page S8392]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          OUR NATION'S COINAGE

  Mr. DODD. Mr. President, I would like to briefly describe two pieces 
of legislation which were before the Committee on Banking, Housing, and 
Urban Affairs, and recently secured full approval of the Senate.
  The first piece of legislation is H.R. 6162, the Coin Modernization, 
Oversight, and Continuity Act of 2010. This bill principally addresses 
the issue of how to approach the costs of metals used to make our 
Nation's circulating coinage. In recent years, market prices for 
various metals--including those used for our Nation's coinage, such as 
nickel, copper, and zinc--have risen to such a point that it costs the 
U.S. Mint more than a penny to make a penny, and more than a nickel to 
make a nickel. By giving the Treasury Secretary the authority to 
conduct research and development on metallic materials for all 
circulating coinage, as appropriate, and mandating a biennial report on 
the status of current coin production costs and an analysis of 
alternative content, this legislation will equip the U.S. Mint with the 
tools necessary to present detailed legislative recommendations to 
Congress. Should the Congress decide to act on any such prospective 
recommendations for lower cost metallic materials and combinations, 
there could be considerable savings to the taxpayer over time. In 
addition, this bill gives the Secretary flexibility in determining the 
quality and quantity of gold and silver bullion coins produced. The 
Mint has recently taken drastic but prudent measures to meet the 
extraordinary demand for silver and gold bullion coins and has 
suspended production of its proof and uncirculated versions, which are 
of great intrinsic value to collectors and coin enthusiasts. Going 
forward, the Mint will be able to simultaneously offer these higher-
quality versions directly to the public while continuing to satisfy 
demand for bullion coins.
  The second piece of legislation is H.R. 6166, the American Eagle 
Palladium Bullion Coin Act of 2010, which authorizes the Secretary to 
mint and issue a $25 palladium bullion coin, subject to the submission 
of a report to Congress demonstrating sufficient public demand for such 
coins and no resultant net cost to taxpayers. Palladium is a sought-
after investment-grade precious metal whose market price is often 
reliably above silver and below that of gold and platinum. Other 
governments have issued palladium bullion coins before as investment 
vehicles and collector's items, and this bill lays the groundwork for 
the U.S. Mint to carry out a unique palladium coin program that would 
benefit investors and numismatists, and cost nothing to the taxpayer.
  The Coin Modernization, Oversight, and Continuity Act of 2010 and the 
American Eagle Palladium Bullion Coin Act of 2010 have both passed the 
House, and will now await the signature of the President. I am pleased 
that these two bills were approved by this body, as they reflect sound 
and measured policy towards improving the state of our Nation's 
coinage, and thank my colleagues for their help in getting these 
measures adopted.

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