[Federal Register Volume 76, Number 43 (Friday, March 4, 2011)]
[Notices]
[Pages 12225-12226]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-4880]
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DEPARTMENT OF THE TREASURY
United States Mint
Authority To Conduct Research and Development on All Circulating
Coins
AGENCY: United States Mint, Treasury.
ACTION: Notice with request for comment.
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SUMMARY: Congress recently enacted the Coin Modernization, Oversight,
and Continuity Act of 2010 (Pub. L. 111-302) to provide the Secretary
of the Treasury research and development authority for alternative
metallic coinage materials. Specifically, the Secretary of the Treasury
is authorized to--(1) conduct any appropriate testing of appropriate
metallic coinage materials within or outside of the Department of the
Treasury; and (2) solicit input from or otherwise work in conjunction
with Federal and nonfederal entities, including independent research
facilities or current or potential suppliers of the metallic material
used in volume production of circulating coins. In accordance with
Public Law 111-302, Section 2(b), in conducting research or soliciting
input, the Secretary of the Treasury shall consider the following:
(A) Factors relevant to the potential impact of any revisions to
the composition of the material used in coin production on the current
coinage material suppliers;
(B) factors relevant to the ease of use and ability to co-circulate
of new coinage materials, including the effect on vending machines and
commercial coin processing equipment and making certain, to the
greatest extent practicable, that any new coins work without
interruption in existing coin acceptance equipment without
modification; and
(C) such other factors that the Secretary of the Treasury, in
consultation with merchants who would be affected by any change in the
composition of circulating coins, vending machine and other coin
acceptor manufacturers, vending machine owners and operators, transit
officials, municipal parking officials, depository institutions, coin
and currency handlers, armored-car operators, car wash operators, and
American-owned manufacturers of commercial coin processing equipment,
considers to be appropriate and in the public interest.
Additionally, the Secretary of the Treasury is required to report
biennially to the House Financial Services Committee and the Senate
Committee on Banking, Housing, and Urban Affairs on the production
costs for each circulating coin, cost trends for such production, and
possible new metallic materials or technologies for the production of
circulating coins.
The Secretary of the Treasury has delegated to the Director of the
United States Mint the authority to conduct research and development
for alternative metallic coinage materials, to consider the factors
specified in Public Law 111-302, Section 2(b), and to prepare a
biennial report to the Congress on the current status of coin
production costs and analysis of alternative metallic coinage
materials.
Accordingly, the United States Mint requests public comment on the
factors specified in Public Law 111-302, Section 2(b).
DATES: Comments must be submitted on or before April 4, 2011.
ADDRESSES: You may submit written comments by any of the following
methods:
E-mail: [email protected]
Fax: (202) 756-6500
Mail: New Coin Materials Comments, Mail Stop:
Manufacturing 6 North, United States Mint, 801 Ninth Street, NW.,
Washington, DC 20220.
Hand Delivery/Courier: Same as mail address.
FOR FURTHER INFORMATION CONTACT: Jean Gentry, Deputy Chief Counsel,
United States Mint at (202) 354-7359 (not a toll-free call).
SUPPLEMENTARY INFORMATION:
I. Background
Because of prevailing commodity market prices of certain base
metals, the material costs for all circulating coin denominations have
risen dramatically for the past several years. Most recently, the value
of the metal content of one-cent and 5-cent coins has exceeded their
face value, compelling the United States Mint to implement regulations
to protect them from arbitrage--speculators buying large quantities of
these coins to profit from their metal value. This situation prompted
Congress to pass legislation to give the Secretary of the Treasury
research and development authority to conduct studies for alternative
metallic coinage materials. The new law requires the Secretary of the
Treasury to consider certain factors in the conduct of research,
development, and the solicitation of input or work in conjunction with
Federal and nonfederal entities, and in reporting to the Congress with
recommendations.
The Secretary of the Treasury has delegated to the Director of the
United States Mint the authority to consider these factors and to
prepare a report to the Congress recommending possible new metallic
materials or technologies for the production of circulating coins.
Accordingly, the United States Mint seeks information from the public
on the factors specified in Public Law 111-302, Section 2(b), including
factors that submitters believe the Secretary of the Treasury should
consider to be appropriate and in the public interest.
II. Request for Comment
The United States Mint requests public comment from all interested
persons regarding the metallic composition of all circulating coins
based on the factors specified in Public Law 111-302, Section 2(b).
These factors may include, but are not limited to, the effect of new
coinage metallic materials on the current suppliers of coinage
materials; the acceptability of new coinage metallic materials,
including physical, chemical, metallurgical and technical
characteristics; metallic material,
[[Page 12226]]
fabrication, minting, and distribution costs; metallic material
availability and sources of raw metals; coinability; durability;
sorting, handling, packaging and vending machines; appearance; risks to
the environment or public safety; resistance to counterfeiting;
commercial and public acceptance; and any other factor considered to be
appropriate and in the public interest.
The United States Mint is not soliciting suggestions or
recommendations on specific metallic coinage materials, and any such
suggestions or recommendations will not be considered at this time. The
United States Mint seeks public comment only on the factors to be
considered in the research and evaluation of potential new metallic
coinage materials.
Dated: February 28, 2011.
Richard A. Peterson,
Acting Director, United States Mint.
[FR Doc. 2011-4880 Filed 3-3-11; 8:45 am]
BILLING CODE 4810-37-P