United States Mint Seeks Public Comment

[97guns]

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http://www.usmint.gov/pressroom/?act...elease&id=1219

Press Releases
March 7, 2011

United States Mint Seeks Public Comment on Factors to be Considered in Research and Evaluation of Potential New Metallic Coinage Materials


WASHINGTON - The United States Mint today announced that it is requesting public comment from all interested persons on factors to be considered in conducting research for alternative metallic coinage materials for the production of all circulating coins.

These factors include, but are not limited to, the effect of new metallic coinage materials on the current suppliers of coinage materials; the acceptability of new metallic coinage materials, including physical, chemical, metallurgical and technical characteristics; metallic material, fabrication, minting, and distribution costs; metallic material availability and sources of raw metals; coinability; durability; sorting, handling, packaging and vending machines; appearance; risks to the environment and public safety; resistance to counterfeiting; commercial and public acceptance; and any other factors considered to be appropriate and in the public interest.

The United States Mint is not soliciting suggestions or recommendations on specific metallic coinage materials, and any such suggestions or recommendations will not be considered at this time. The United States Mint seeks public comment only on the factors to be considered in the research and evaluation of potential new metallic coinage materials.

The recently enacted Coin Modernization, Oversight, and Continuity Act of 2010 (Public Law 111-302) gives the United States Mint research and development authority to conduct studies for alternative metallic coinage materials. Additionally, the new law requires the United States Mint to consider certain factors in the conduct of research, development, and solicitation of input or work in conjunction with Federal and nonfederal entities, including factors that the public believes the United States Mint should consider to be appropriate and in the public interest.

Comments must be submitted on or before April 4, 2011. Interested parties may submit written comments by any of the following methods:

E-mail: coinmaterials@usmint.treas.gov
Fax: (202) 756-6500
Mail: New Coin Materials Comments
Mail Stop: Manufacturing 6 North
United States Mint
801 Ninth Street, N.W.
Washington D.C. 20220
Hand Delivery/Courier: Same as mail address.

For further information, contact: Jean Gentry, Deputy Chief Counsel, United States Mint at (202) 354-7359 (not a toll-free call).


Contact: Press inquiries: Mike White (202) 354-7222
Customer Service information: (800) USA MINT (872-6468)

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Get your pennies and nickles before they are all gone!

[highroller4321]

This is BIG newes!!! This means they are considering composition change and testing the waters with how much resistance they will get!

[barrytrot]

Who would resist? I would think this is one of those classic Michael Scott style "win-win-win" scenarios.

The hoarders win as they get closer to the melt ban lifting.
The government wins as it starts to profit on 1c and 5c coinage again.

I can't really think of anyone that loses here.

[highroller4321]

Who would resist? I would think this is one of those classic Michael Scott style "win-win-win" scenarios.

The hoarders win as they get closer to the melt ban lifting.
The government wins as it starts to profit on 1c and 5c coinage again.

I can't really think of anyone that loses here.

Some vending machines accept 5 cent coins. Some parking meters accept 5 cent coins. Both would have to redo their whole system to accept a different metal. Very few machines work solely on size anymore.

For 1 cent coins the zinc lobbiest like to complain. There is a congressman who gets paid to lobby for zinc so in the past that is why it has failed. With the new HR6162 bill we don't have to worry about that clown anymore because a change doesn't have to get voted on.

[barrytrot]

Who would resist? I would think this is one of those classic Michael Scott style "win-win-win" scenarios.

The hoarders win as they get closer to the melt ban lifting.
The government wins as it starts to profit on 1c and 5c coinage again.

I can't really think of anyone that loses here.

Some vending machines accept 5 cent coins. Some parking meters accept 5 cent coins. Both would have to redo their whole system to accept a different metal. Very few machines work solely on size anymore.

For 1 cent coins the zinc lobbiest like to complain. There is a congressman who gets paid to lobby for zinc so in the past that is why it has failed. With the new HR6162 bill we don't have to worry about that clown anymore because a change doesn't have to get voted on.

For the parking meters its a good time to move into the future and use the credit card versions like they have in your area highroller

For the zinc lobbiers, that just makes me sick anyway. Progress should be impossible to lobby against, but sadly everyone is always looking out for themselves

[Morsecode]

Here we go again. Why even let the public get involved in the first place? Yeah, let's turn it into a popularity contest...that'll get something done.

Note to the U.S. Treasury:

1. Call Canada
2. Copy what they've already done
3. Problem solved, save taxpayers millions

[shinnosuke]

Who would resist? I would think this is one of those classic Michael Scott style "win-win-win" scenarios.

The hoarders win as they get closer to the melt ban lifting.
The government wins as it starts to profit on 1c and 5c coinage again.

I can't really think of anyone that loses here.

Some vending machines accept 5 cent coins. Some parking meters accept 5 cent coins. Both would have to redo their whole system to accept a different metal. Very few machines work solely on size anymore.

For 1 cent coins the zinc lobbiest like to complain. There is a congressman who gets paid to lobby for zinc so in the past that is why it has failed. With the new HR6162 bill we don't have to worry about that clown anymore because a change doesn't have to get voted on.

I am a director of a private equity fund that has invested in a manufacturer of payment acceptance systems used widely in vending, gaming, transport and retail applications. Their equipment undergoes regular maintenance anyway so configuring it to accept new coins is not as burdensome as it may seem. They and their competitors have plenty of runway to prepare for the change, too. Should not be a major problem. If an old and therefore unacceptable coin is fed into the machine, it will be rejected like a slug (I still remember my friends 40 years ago trying to file down slugs on their concrete driveways to fool the vending machines).

[Lemon Thrower]

i agree that this means a composition change (no pun intended) is around the corner.

i don't know how much runway they will give as more runway encourages hoarding.

what have other countries done upon a composition change - pulled the old metal from circulation?

anyway, this is not the discontinuation of the penny or nickel, just a composition change.

I think we will see a couple of things:

1. a change in metals for all coins, not just the nickel but pennies and clad too.
2. eventually, discontinuation of the penny, nickel and half.
3. lifting of the melt ban on penny and nickel.

[highroller4321]

i agree that this means a composition change (no pun intended) is around the corner.

i don't know how much runway they will give as more runway encourages hoarding.

what have other countries done upon a composition change - pulled the old metal from circulation?

anyway, this is not the discontinuation of the penny or nickel, just a composition change.

I think we will see a couple of things:

1. a change in metals for all coins, not just the nickel but pennies and clad too.
2. eventually, discontinuation of the penny, nickel and half.
3. lifting of the melt ban on penny and nickel.

If Canada gets rid of their penny I beleive the U.S will follow suite.

[jasmatk]

Time to put the penny sorting in high gear.

[ed_vantage17]

My 1/50th of a dollar.

Get rid of $1 FRN's. Increase production of $2 FRN's and $1 coinage. Change cents and nickles to a mainly steel composition, or possibly eliminate the penny altogether. LIFT THE MELTING BAN!

Any order is fine, just get it done.

[barrytrot]

I'll restate my idea from a year or so:

Lego-style coins!

Each "nickel" is now a 5 piece Lego.

So if you need 5 cents keep it together.

If you need cents, then break pieces off.

Solves the issue with the cent and the nickel in one fell swoop!

[Lemon Thrower]

i think the elimination of the penny in the u.s. will occur when people shun them. already a lot of retailers say don't bother.

having canada do it first won't matter. what matters is when the public says they don't care. if they did it today, it would cause people to think about inflation, so they won't do it. its sort of like lopping of a zero at the end of the currency - its an admission of inflation. the inflation is there, its just that the folks who created it don't want to fess up to it.

[Corsair]

Does anyone else think this is some serious bad news? I know that the pace of government action makes a snail look like Speedy Gonzalez, but isn't this the beginning of the end of feasible copper sorting? Once a composition change goes into affect, or if the penny is eliminated all together, how can copper sorting be kept on the down low?

I fear this is the home stretch, folks. I think it's time to start charging at least 2x face for cents, to ramp up sorting, and to start buying chocolate en masse for all of our wonderful bank tellers.

[VWBEAMER]

I voted stainless steel for nickels and to get rid of the penny.

we be sorting nickels soon.

[Diggin4copper]

need......more......time.....