The U.S. House of Representatives finally took some action (Thurs. May 8th) in an attempt to solve the penny crisis. The question doesn’t seem to be “should we eliminate the penny?” but rather, “what should it be made of?” The bill, HR-5512, calls for a penny made out of copper-coated steel to be issued within 270 days (about 9 months) from the date of enactment. The bill also calls for a steel nickel (hmm, is this an oxymoron?) but doesn’t set a timetable.

U.S. Mint Director Ed Moy opposes this bill, primarily because it doesn’t give the Treasury Department enough authority to prescribe the alloys U.S. coins are made from, plus Moy says that 270 days is too short to allow for proper testing and implementation. Furthermore, he hinted that the price of steel might even go too high in the near future to coin pennies cost-effectively.

Even though this bill passed the House unanimously on a voice vote, it is not expected to emerge unscathed from the Senate. A competing bill is expected to be introduced by Sen. Wayne Allard (R-Colorado) in the coming weeks, perhaps before the Memorial Day recess. Judging by Moy’s comments about the use of steel, I tend to think that perhaps Moy favors aluminum or some other metal besides steel. The last time the U.S. made steel coins, it was a disaster!

The 1943 steel cent, issued during World War II to conserve copper for the war effort, was widely reviled by the public. It was partially coated in zinc, and therefore silver-colored, which made it easily confused with the dime.

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First, the U.S. Mint nixed “Taxation Without Representation” as the slogan for the D.C. quarter. Now, the Mint has narrowed the choices for the design of the coin’s reverse to three figures from the city’s history: Benjamin Banneker, Duke Ellington and Frederick Douglass.

Each has his merits, of course, but this is a weak field. The problem is not any lack of achievement on the part of the candidates. No, it’s the tenuousness of their connections to the District, which are important but way too brief (Banneker); an accident of birth that had little meaning in his ultimate accomplishments (Ellington); and almost irrelevant to his greatness (Douglass).

Just as almost every state in the union decided that no one person captured the essence of its history and identity, the District should have chosen an inanimate symbol to put on the coin, which so many people fought so hard to get added to the Mint’s state quarters program. (The feds had zero interest in including Washington in the program. The District was added only at the last minute, and then was lumped, insultingly, into the same category as American Samoa, Guam, the U.S. Virgin Islands, Puerto Rico and the Northern Mariana Islands. I kid you not.)

Read Full Washington Post Article Here

WASHINGTON – Beginning May 13, 2008, the United States Mint is shining the spotlight on its Presidential $1 Coin products. Here’s what collectors can expect.

On Tuesday, May 13, the United States Mint will release a second option in the collection, the United States Mint Presidential $1 Coin Historical Signature SetTM, in honor of John Adams, our Nation’s second President. This latest product includes a proof version of the John Adams Presidential $1 Coin and an intaglio print of John Adams from the Bureau of Engraving and Printing. The intaglio print is visible from the cover of the textured, leather-like folder of the United States Mint Presidential $1 Coin Historical Signature Set. Inside the folder is the official John Adams Presidential signature, courtesy of the White House Historical Association. A Certificate of Authenticity accompanies each set.

The first option in the collection, the United States Mint Presidential $1 Coin Historical Signature Set – George Washington, is also available.

To commemorate the accomplishments of John Quincy Adams-our Nation’s sixth President-the United States Mint will offer bags and rolls of Presidential $1 Coins bearing his image at noon (ET) on May 15, 2008.

The John Quincy Adams Presidential $1 Coin will be available in 250-coin bags offered at $319.95 and in 25-coin rolls offered at $35.95. The bags and rolls contain coins that were struck at the United States Mints at Denver and Philadelphia for use in everyday financial transactions. The bags and rolls of John Quincy Adams Presidential $1 Coins display the mint of origin, the monetary value of the contents ($25-rolls, $250-bags), and the genuine United States Mint logo. (more…)