H.R. 1401

119 HR 1401 IH: Currency Optimization, Innovation, and National Savings Act of 2025
 U.S. House of Representatives
 2025-02-18
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 1401  IN THE HOUSE OF REPRESENTATIVES   February 18, 2025   Mr. Biggs of Arizona  (for himself,  Mr. Ciscomani ,  Mr. Moore of Alabama ,  Mr. Weber of Texas , and  Ms. Boebert ) introduced the following bill; which was referred to the  Committee on Financial Services    A BILL
To save taxpayers money by improving the manufacturing and distribution of coins, and for other purposes.
1.
Short title
This Act may be cited as the   Currency Optimization, Innovation, and National Savings Act of 2025  .
2.
Saving taxpayers money by suspending production of the penny
(a)
Sense of Congress
It is the sense of the Congress that—
(1)
sufficient one-cent coins have already been minted to meet demand;
(2)
taxpayers have been and would continue to lose money producing the one-cent coin; and
(3)
further production of the one-cent coin is not necessary for the next decade.
(b)
Temporary suspension of production of the one-Cent coin
Except as provided in subsection (c) and notwithstanding any other provision of law, the Secretary of the Treasury shall cease production of any new one-cent coins for the 10-year period beginning on the date of enactment of this Act.
(c)
Exception
(1)
In general
The Secretary of the Treasury shall continue to produce one-cent coins as appropriate solely to meet the needs of numismatic collectors of that denomination.
(2)
Sale
The one-cent coins produced under paragraph (1) shall be sold in accordance with other general provisions governing numismatic coins.
(3)
Net receipts
The net receipts from the sale of one-cent coins produced under this exception shall equal the total cost of production, including variable costs and the appropriate share of fix costs of production, as determined by the Secretary of the Treasury.
(d)
No effect on legal tender
Notwithstanding any other provision of this section, one-cent coins are legal tender in the United States for all debts, public and private, public charges, taxes, and duties, regardless of the date of minting or issue.