Bullion and Collectible Coin Production Efficiency and Cost Savings Actby Representative Carolyn B. Maloney
Posted on 2015-06-23
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.