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house Bill H.R. 6162

Coin Modernization, Oversight, and Continuity Act of 2010

bill Progress


  • EnactedDecember 14th, 2010
    The President signed this bill into law
  • The senate Passed November 30th, 2010
    Passed by Voice Vote
      senate Committees
      Senate Committee on Banking, Housing, and Urban Affairs
  • The house Passed September 29th, 2010
    Passed by Voice Vote
      house Committees
      House Committee on Financial Services
    IntroducedSeptember 22nd, 2010

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Bill Details

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Title

Coin Modernization, Oversight, and Continuity Act of 2010

Official Title

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.

Summary

Coin Modernization, Oversight, and Continuity Act of 2010 - Requires the Secretary of the Treasury to report biennially to specified congressional committees on production costs for each circulating coin, cost trends, and possible new metallic materials or technologies for the production of circulating coins. Requires detailed recommendations in such reports for: (1) changes to the metallic content of circulating coins; (2) changes in coin production methodology that would further reduce the costs of production; and (3) legislative changes necessary to achieve such goals. Prohibits the Secretary from including any recommendation for specifications: (1) for producing a circulating coin that would require significant change to coin-accepting and coin-handling equipment to accommodate changes to all circulating coins simultaneously; or (2) 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. Authorizes the Secretary, in order to complete the first biennial report and to develop and evaluate the use of new metallic materials for circulating coin production, to: (1) conduct any appropriate testing of appropriate coinage metallic materials; and (2) work with federal and nonfederal entities, including independent research facilities or suppliers of the metallic material used in volume production of circulating coins.

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