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S. 185: Cancel the Coin Act

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The text of the bill below is as of Feb 2, 2021 (Introduced).

Summary of this 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 …

II

117th CONGRESS

1st Session

S. 185

IN THE SENATE OF THE UNITED STATES

February 2, 2021

introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To amend title 31, United States Code, to limit the face value of coins.

1.

Short title

This Act may be cited as the Cancel the Coin Act.

2.

Limitation on face value of coins

Section 5112 of title 31, United States Code, is amended—

(1)

in subsection (k)—

(A)

by inserting having such nominal, or face, values as the Secretary may determine but not in any case exceeding $200 after platinum coins; and

(B)

by striking denominations,; and

(2)

by adding at the end the following new subsection:

(w)

Limitation on face value

The Secretary may not mint or issue any coin having a nominal, or face, value exceeding $200.

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