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Bill H.
Republican MI 2

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  • Bullion and Collectible Coin Production Efficiency and Cost Savings Act

    by Representative Bill Huizenga

    Posted on 2015-06-23

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    HUIZENGA of Michigan. Mr. Speaker, I move to suspend the rules [[Page H4563]] and pass the bill (H.R. 1698) to amend design and content requirements for certain gold and silver coins, and for other purposes, as amended.



    The Clerk read the title of the bill.

    The text of the bill is as follows: H.R. 1698 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bullion and Collectible Coin Production Efficiency and Cost Savings Act''.

    SEC. 2. TECHNICAL CORRECTIONS.

    Title 31, United States Code, is amended-- (1) in section 5112-- (A) in subsection (q)-- (i) by striking paragraphs (3) and (8); and (ii) by redesignating paragraphs (4), (5), (6), and (7) as paragraphs (3), (4), (5), and (6), respectively; (B) in subsection (t)(6)(B), by striking ``90 percent silver and 10 percent copper'' and inserting ``not less than 90 percent silver''; and (C) in subsection (v)-- (i) in paragraph (1), by striking ``Subject to'' and all that follows through ``the Secretary shall'' and inserting ``The Secretary shall''; (ii) in paragraph (2)(A), by striking ``The Secretary'' and inserting ``To the greatest extent possible, the Secretary''; (iii) in paragraph (5), by inserting after ``may issue'' the following: ``collectible versions of''; and (iv) by striking paragraph (8); and (2) in section 5132(a)(2)(B)(i), by striking ``90 percent silver and 10 percent copper'' and inserting ``not less than 90 percent silver''.

    SEC. 3. AMERICAN EAGLE SILVER BULLION 30TH ANNIVERSARY.

    Proof and uncirculated versions of coins issued by the Secretary of the Treasury pursuant to subsection (e) of section 5112 of title 31, United States Code, during calendar year 2016 shall have a smooth edge incused with a designation that notes the 30th anniversary of the first issue of coins under such subsection.

    The SPEAKER pro tempore. Pursuant to the rule, the gentleman from Michigan (Mr. Huizenga) and the gentlewoman from New York (Mrs. Carolyn B. Maloney) each will control 20 minutes.

    The Chair recognizes the gentleman from Michigan.

    General Leave Mr. HUIZENGA of Michigan. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on the bill.

    The SPEAKER pro tempore. Is there objection to the request of the gentleman from Michigan? There was no objection.

    Mr. HUIZENGA of Michigan. Mr. Speaker, I yield myself such time as I may consume.

    Mr. Speaker, I rise today in support of H.R. 1698, the Bullion and Collectible Coin Production Efficiency and Cost Savings Act, a bipartisan bill which I introduced in March, along with the gentlewoman from New York, Representative Maloney.

    This simple piece of legislation would make minor changes to four existing coin programs. Each change saves money for the United States Mint, and it makes it easier to produce the coins or make the coins more attractive to investors and collectors.

    The changes include: first, making it less expensive to package gold investment coins; second, it allows the Mint to buy standard coinage silver for collectible coins instead of the more expensive custom alloy; third, it removes the requirement for an already completed study on the production of an investor coin made of palladium; and, fourth, it allows collector versions of the widely popular American eagle silver investment coin to bear an inscription noting that next year is the 30th anniversary of the first issuance of those coins.

    These small changes will have an impact on saving taxpayer dollars over the next few years.

    Mr. Speaker, I ask for immediate passage of H.R. 1698.

    I reserve the balance of my time.

    {time} 1600 Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I yield myself as much time as I may consume.

    Mr. Speaker, I rise today in support of this cost-saving legislation, which I was proud to cosponsor with my friend from Michigan.

    People who see the big things that Congress does, they often forget that we have to pay attention to the little things, too, and these little things are important. This is a very good example of that. This is a small bill which makes the government better, saves some taxpayers' money, and makes our coin programs better for collectors and for investors.

    For years, the laws that specify the production of silver coins made by the Mint have required them to be 90 percent silver. Today, the standard silver used in coins is 91 percent silver. So the Mint has had to pay extra for custom coin blanks. This legislation fixes that problem.

    It also allows the Mint to make a special collectible version of the American Eagle silver bullion coin, noting the popularity of the program over the past 30 years.

    The bill also allows the sale of American Buffalo gold coins in bulk rather than in individual packages, making handling easier for the Mint and for investors and clears the final hurdle for the Mint finally to produce investor coins made of palladium, an idea from a 2010 bill from my former colleague and very good friend, Mr. Watt.

    Mr. Speaker, this bill saves money and makes coin programs more attractive to collectors and investors. I ask for its immediate passage.

    I yield back the balance of my time.

    Mr. HUIZENGA of Michigan. Mr. Speaker, I yield back the balance of my time.

    The SPEAKER pro tempore. The question is on the motion offered by the gentleman from Michigan (Mr. Huizenga) that the House suspend the rules and pass the bill, H.R. 1698, as amended.

    The question was taken; and (two-thirds being in the affirmative) the rules were suspended and the bill, as amended, was passed.

    A motion to reconsider was laid on the table.

    ____________________

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