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S. 185: Cancel the Coin Act

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About the bill

It probably wouldn’t be accepted in your nearest vending machine.

The coin

Legally, the Treasury Department may mint a platinum coin in any value it chooses, through the U.S. Mint. It uses this power to create collectible coins for numismatists, such as this $100 coin featuring the Statue of Liberty. But, some ask, why stop at a coin worth $100?

Through a concept called seigniorage, the difference between the cost of producing legal tender and the value assigned to it, the government can create a coin in any value and keep the profit for itself. For example, if a coin costs a dollar to make and is assigned a value of $1 trillion, then the government “profits” $999,999,999,999.

Nothing in current law prevents them from doing so. …

Sponsor and status

Mike Lee

Sponsor. Senior Senator for Utah. Republican.

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Last Updated: Feb 2, 2021
Length: 2 pages
Introduced
Feb 2, 2021
117th Congress (2021–2023)
Status

Introduced on Feb 2, 2021

This bill is in the first stage of the legislative process. It was introduced into Congress on February 2, 2021. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.

Other activity may have occurred on another bill with identical or similar provisions.

Cosponsors

2 Cosponsors (2 Republicans)

Prognosis
2% chance of being enacted according to Skopos Labs (details)
Source

History

Feb 2, 2021
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

If this bill has further action, the following steps may occur next:
 
Passed Committee

 
Passed Senate

 
Passed House

 
Signed by the President

S. 185 is a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number S. 185. This is the one from the 117th Congress.

How to cite this information.

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“S. 185 — 117th Congress: Cancel the Coin Act.” www.GovTrack.us. 2021. December 5, 2021 <https://www.govtrack.us/congress/bills/117/s185>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.