Insights

Mint seeks stakeholder input into possible changes to U.S. coins

Comments to supplement input from March 13 meeting
By , Coin World
Published : 04/11/14
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The United States Mint posted notice April 10 in the Federal Register seeking written comment from coin industry leaders whose enterprises have a vested interest in whether the metallic composition of circulating U.S. coins is changed.

These “stakeholders” have 60 days from the date of the notice to submit their written comments to the bureau’s Office of Coin Studies.

The comments are to supplement input U.S. Mint officials received from stakeholders in a face-to-face meeting March 13 in Washington, D.C., about factors identified during the bureau’s research and development efforts exploring alternative metals for circulating United States coinage.

Possible changes

The factors include changes in weight, color, electromagnetic signature, environmental impact, and transition/implementation period, as outlined in the Mint’s Biennial Report to Congress on the Current Status of Coin Production Costs and Analysis of Alternative Content submitted in December 2012.

The report states that aluminum alloys are not being considered.

The total time period needed from an announcement to complete implementation of an alternative composition is 18 to 30 months, according to stakeholder feedback.

The Mint’s second biennial report to Congress, based on continuing research and development, is scheduled to be submitted in mid-December 2014.

The reports are mandated under provisions of The Coin Modernization, Oversight, and Continuity Act of 2010, Public Law 111-302.

The U.S. Mint’s deputy director, Richard A. Peterson, says Mint officials received significant feedback from the approximately 40 representatives of coin processing and handling, parking, vending, transit, amusement, and armored carrier and coin counting entities that attended the March 13 stakeholders meeting.

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