US House of Reps Moving Forward With The Coin Modernization and Taxpayer Savings Act of 2008

Press Release
Contact: Mark Weller
(202) 408-3933
For Immediate Release:  April 29, 2008

WASHINGTON, DC -Americans For Common Cents understands that the US House of Representatives may be moving forward soon on The Coin Modernization and Taxpayer Savings Act of 2008 (H.R. 5512), which would authorize a change in the metallic content of coins. While we think that it is wise to explore various options to make all coins more cost effectively, we are concerned with some of the bill provisions outlined below.

The Mint should have flexibility to determine the metal content of U.S. Coins. 

Section 4 of H.R. 5512 mandates the production of one-cent coins to be made primarily of steel 270-days after enactment of this legislation. Converting to a steel penny in such a short period of time simply can't be done according to the Mint. During that time, the Mint needs to determine the coin alloy, gauge, upset design and plating thickness as well as the equipment needed, the manufacturing process, and supply chain and production issues.

The legislation also eliminates the Mint's ability to consider other low-cost alternatives based on availability and cost. Beginning in late 2006, there was a super surge in world wide metals prices caused by market speculation, increased global demand, and supply disruptions. Since that time, the price of the primary penny metal, zinc, has dropped 50 percent. The price of steel, on the other hand, has increased 40 percent in the last 6-months alone. The Mint should have the flexibility to respond to changing market conditions and not be locked into one option.

Also, whatever happens with the content of the penny should NOT lead to calls for penny elimination.

The alternative to the penny, rounding transactions to the nickel, harms consumers. Under the current fragile economic climate, the last thing Congress should do is increase inflationary pressure. Rounding affects purchases from the gas pump to the grocery store and Americans overwhelmingly reject the rounding to the nickel..

Attached is a statement to the Financial Services Committee from one of our coalition sponsors, Jarden, addressing the Coin Modernization and Taxpayer Savings Act of 2008.

We therefore urge Congress to work to ensure that the drive to make coins less expensively provides the Mint needed flexibility to respond to the current situation.

Mark W. Weller, Executive Director
Americans For Common Cents

 

President's Day - A Time to Celebrate Abraham Lincoln and Cheaper Pennies

President's Day gives us the chance - at least once a year - to recognize Abraham Lincoln's immense contributions to the country and a legacy that continues to enrich us daily.


President Lincoln is a unique cultural and historical figure," said Mark Weller, Executive Director of Americans for Common Cents. "It's not just that the front of the penny has had Lincoln's image since 1909, it's what Lincoln did for our nation," Weller added "He possessed all the qualities we want in a president -- the ability to unite a divided nation, honesty, strength, and humility," Weller concluded.


For the full press release, please click here

 

Special Announcement!

Pennies for Pasta and Pennies for Patients

These are run by The Leukemia and Lymphoma Society through its local chapters as part of its renamed Student Series program:  www.studentseries.org

For more information, you should call your local Chapter which may be found by going to the Society's website at: www.lls.org

Please note Americans for Common Cents does not get actively engaged in any fundraising activities.

Collapse of the zinc market means the penny is cheaper to make; saves taxpayers!

A collapse in metals prices means U.S. coins, including the penny, are less expensive to make. The penny has reached its lowest cost in seven years. Each 1-cent coin, made almost entirely of zinc, now costs the taxpayer much less to produce and its likely to stay that way for the foreseeable future.

Click here to read more.

More than Two-Thirds of Americans Still Favor Keeping the Penny

Recent Poll Shows Increasing Penny Support and Concern About Price Increases If Penny Is Eliminated

WASHINGTON--(BUSINESS WIRE)--A poll released today by Americans for Common Cents (ACC) continues to show overwhelming and increasing support for the penny by the American public. 68% of those surveyed favor keeping the penny in circulation, representing a slight increase since the last poll in 2012.

"These results confirm the strong and unwavering support the penny continues to receive from Americans," said Mark Weller, Executive Director of ACC. Weller's group includes more than 50 organizations that support continued production of the penny.

For the full article, please click here

Contact Us

Americans for Common Cents
1900 K Street, N.W.
Washington, DC 20006-1102    
Phone (800) 561-7909
Fax (202) 408-6399
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