Producing Steel Cents a Battle
David L. Ganz
Numismatic News
March 13, 2008
Steel cents are coming, but the process of making it so is the focus of battle between supporters of two different pieces of legislation. At a hearing March 11 on Capitol Hill the result was a parade of competing interests, stakeholders with differing opinions, and proposed resolutions to what all perceive as the problem of high coinage costs. The cost of producing the cent and nickel far exceed face value.
H.R. 3330 is entitled the "Coinage Materials Modernization Act of 2007" and authorizes the secretary of the Treasury to prescribe the weights and the compositions of circulating coins. Some say this delegation of the power given Congress by the Constitution (Article I, §8) is unconstitutional - and Moy commented on that to the committee, together with other arguments favoring the Mint-sponsored bill.
H.R. 5512, on the other hand, introduced on Feb. 28 by Rep. Zack Space, D-Ohio, for himself, Gutierrez and Frank, is called "Coin Modernization and Taxpayer Savings Act of 2008," and takes a slightly different approach, beginning with precatory language and an historical recitation of some coinage events designed to put in context the delegation of Constitutional powers. The new bill is different from its predecessor, and probably constitutional, because it sets parameters for the Treasury secretary to follow.
In H.R. 5512, the head of the Treasury "shall prescribe the weight and the composition of the dollar, half dollar, quarter dollar, dime, 5-cent, and 1-cent coins" with several added requirements. First is that, "The coins shall be coined, minted and materials fabricated in the United States." Next, Congress sets the parameters that the Secretary must follow: "In prescribing the weight and the composition of the dollar, half dollar, quarter dollar, dime, 5-cent, and 1-cent coins," Treasury is require - must - consider "factors relevant to the potential impact of any revisions to the weight and composition of the material on the current coin suppliers." It outlines a substantial consultation and vetting process with what seems like all possible interested parties.
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Comments: 10
I"m suggesting 1850 degrees for 1 hr in a vacuum furnace with a Helium quench to ensure brightness. Temper at 300 degrees for 1 hour. After cooling to room temperature place in a liquid nitrogen bath for 1 hour to facilitate the transformation of retained austenite. After removal from the liquid nitrogen bath allow to come to room temperature before tempering again at 300 degrees.
Why not have a jurisdictional fight between congress and the mint? That sounds fun.
They'd change our perceptions and language if they became permanent. How would future generations interpret "a red cent", for example?