Currency Optimization, Innovation, and National Savings (COINS) Act of 2017

Another new bill introduced to get rid of the dollar bill, this one also eliminates the penny, and changes the composition of the nickel:

• A change in the composition of the nickel—specifically going to an 80 percent copper and 20 percent nickel alloy composition—would generate at least $5 million in savings annually, according to the Mint’s 2014 annual production levels.

I don't believe the previous COIN acts included ditching the penny, but they did allow for changing the composition of any of the coins to save money. I don't see any mention of who supports the bill besides the people who introduced it, Senators John McCain (R-AZ) and Mike Enzi (R-WY), so it probably won't go anywhere.

I'd like to see the dollar bill eliminated, but I just don't think it will happen.

Full article here: http://www.dollarcoinalliance.org/2...f-nickel-production-and-suspending-the-penny/

 

Log in or Sign up to hide this ad.

Crain Paper and Jarden Zinc will lobby against this bill

 

Let me get this straight. They want dollar coins again? That's why eliminate the dollar bill? I'm a poor man. Dollar bills are usually what's in my wallet.

Sent from my SAMSUNG-SM-G890A using Tapatalk

 

If this passes, you can have "some jingle in your jeans."

 

I'm unimpressed. The $5m savings from putting more copper in the nickel is literally chump change. The other provisions are likely no-goes based on history. The politicians probably fear the potential backlash more than the total savings would be worth.

 

Gotta make the cuts somewhere.

 

So you'll have a dollar coin in your pocket and half as many bills in your wallet, but they will be twos.

 

There is no vested corporate financial interest in this change, and a whole bunch of it in keeping the status quo. Ain't gonna happen.

 

Once we finish inflating away 80% of the dollar's value, you wallet will be full of fives instead of ones! You'll be rich!

Edit: Oh, wait. That already happened. Sorry.

 

I'm going for an interview tomorrow. So just maybe my wallet will take on some 5s or 10s or 20s. Hope so anyhow!

Sent from my SAMSUNG-SM-G890A using Tapatalk

 

Good luck

 

They have been batting around changing the composition of all the circulating coins since ca. 2006-7 when metals prices were higher. I'm not going to put my hand on my bum that they will change anything. The only thing that will change anything is another price shock on base metals, or corporate sponsorship of the legislative branch of government.

 

Yes, if the base metals go up after passage, new laws will prevent melting, the government will take the next step~ 100% electronic money. "Coin collecting is a drain on American Economy" !

 

Former Senator Bible would be proud of that statement.

 

Why not just flip the dime with the nickel? No, seriously, just make the dime the same size as the current nickel, and the nickel the same size as the current dime. The government saves money from both coins.

 

Currency Optimization, Innovation, and National Savings (COINS) Act of 2017

Wow, someone must've spent some time to make that acronym work...

 

I think they have entire government departments to come up with acronyms for their legislation.

 

The more time they spend on things like that, the less time they'll spend on actual new legislation.

I consider this a good thing.