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Would SAVE II Act Prohibit Bullion and Numismatic Coins?

October 2, 2013 in Coins, Gold, Gold Coins, Money, News, Numismatica, Numismatics, Silver, Silver Coins, US Mint, USA Coins

September 30, 2013 By Michael Zielinski (http://news.coinupdate.com)

An article published last week discussed the SAVE II Act (H.R. 3146) introduced in the House of Representatives on September 19, 2013 by Representatives Patrick E. Murphy (D-FL) and Mike Coffman (R-CO). The intention of the bill was to generate savings to the US Government by eliminating duplication and increasing efficiency. One of the provisions of the bill would prohibit the “non-cost effective” minting and printing of coins and currency.

Specifically, the bill would amend Section 5111 of title 31, United States Code by adding at the end the following:

(e) Prohibition on Certain Minting- Notwithstanding any other provision of this subchapter, the Secretary may not mint or issue any coin that costs more to produce than the denomination of the coin (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).

Full article at source>

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