Washington, D.C. – Representatives Mark Amodei (NV-02), Josh Gottheimer (NJ-05), and Rich McCormick (GA-7) released the following statements after reintroducing the Coin Metal Modification Authorization and Cost Savings Act of 2025 which is bipartisan legislation that could save taxpayers millions of dollars each year by allowing the U.S. Mint to begin producing coins at a more cost-effective rate.
“For years, we’ve discussed the burden our federal deficit has cast, and will continue to cast, onto the shoulders of our children and grandchildren,” said Rep. Mark Amodei. “This bill proposes a modernized approach to manufacturing our currency by allowing the Mint to modify the metal composition of coins with more affordable materials. Not only is this a long-term solution for addressing wasteful spending, but it will also save American taxpayers millions of dollars by providing a responsible path to stabilizing our currency. We introduced this bill consecutively for the past three congresses, and now, with a President committed to cost-effective solutions, we are poised to make a real impact in reducing our fiscal burden."
"Keeping our currency in circulation is crucial to our economy, but right now, the United States is wasting millions to manufacture coins. I'm proud to lead the bipartisan Coin Metal Modification Authorization and Cost Savings Act to help make our nation's coin production more cost-effective, save money for our taxpayers, and prevent a national coin shortage," said Congressman Josh Gottheimer (NJ-5), a member of the House Financial Services Committee. “By shifting to new technologies and methods in the coin-making process, we will save millions of taxpayer dollars and ensure our families and local small businesses can thrive.”
"I'm honored to serve as a co-lead of the Coin Metal Modification Authorization and Cost Savings Act of 2025 alongside my colleagues Reps. Amodei and Gottheimer. This legislation will reduce the cost of the coin minting process by allowing less expensive materials to be used. Getting our country back on track begins with making smart financial choices and prioritizing cost-effective decisions," said Congressman Rich McCormick.
Background:
The New York Times reported, “It cost 3.69 cents to produce and distribute a penny last year, according to the U.S. Mint’s annual report. This means that, accounting for their face value, each penny made a loss of 2.69 cents. Last year, the Mint issued over three billion pennies, according to its annual report, at a loss of about $85.3 million.”
Changing the metallic composition of coins — without affecting the way they look or work – could allow the U.S. Mint to begin producing coins at a more cost-effective rate and potentially save taxpayers a significant amount of money each year. Unfortunately, current law does not give the Mint the authority to make that change. Additionally, the GAO has stated: "Without such authority, the Mint might not be producing coins as cost-effectively as possible."
Since Congress has the authority to specify which coins are made, the GAO and U.S. Mint have both proposed that Congress should consider amending existing law to provide the U.S. Mint Director with the authority to alter the metal composition of circulating coins if the new metal compositions reduce the cost of coin production. The Coin Metal Modification Authorization & Cost Savings Act would give the U.S. Mint that authority by taking a common-sense and balanced approach to modifying existing law, while reducing costs incurred by taxpayers and paying respect to the general public and relevant stakeholders. More specifically, this legislation would:
Read the bill text here.
“For years, we’ve discussed the burden our federal deficit has cast, and will continue to cast, onto the shoulders of our children and grandchildren,” said Rep. Mark Amodei. “This bill proposes a modernized approach to manufacturing our currency by allowing the Mint to modify the metal composition of coins with more affordable materials. Not only is this a long-term solution for addressing wasteful spending, but it will also save American taxpayers millions of dollars by providing a responsible path to stabilizing our currency. We introduced this bill consecutively for the past three congresses, and now, with a President committed to cost-effective solutions, we are poised to make a real impact in reducing our fiscal burden."
"Keeping our currency in circulation is crucial to our economy, but right now, the United States is wasting millions to manufacture coins. I'm proud to lead the bipartisan Coin Metal Modification Authorization and Cost Savings Act to help make our nation's coin production more cost-effective, save money for our taxpayers, and prevent a national coin shortage," said Congressman Josh Gottheimer (NJ-5), a member of the House Financial Services Committee. “By shifting to new technologies and methods in the coin-making process, we will save millions of taxpayer dollars and ensure our families and local small businesses can thrive.”
"I'm honored to serve as a co-lead of the Coin Metal Modification Authorization and Cost Savings Act of 2025 alongside my colleagues Reps. Amodei and Gottheimer. This legislation will reduce the cost of the coin minting process by allowing less expensive materials to be used. Getting our country back on track begins with making smart financial choices and prioritizing cost-effective decisions," said Congressman Rich McCormick.
Background:
The New York Times reported, “It cost 3.69 cents to produce and distribute a penny last year, according to the U.S. Mint’s annual report. This means that, accounting for their face value, each penny made a loss of 2.69 cents. Last year, the Mint issued over three billion pennies, according to its annual report, at a loss of about $85.3 million.”
Changing the metallic composition of coins — without affecting the way they look or work – could allow the U.S. Mint to begin producing coins at a more cost-effective rate and potentially save taxpayers a significant amount of money each year. Unfortunately, current law does not give the Mint the authority to make that change. Additionally, the GAO has stated: "Without such authority, the Mint might not be producing coins as cost-effectively as possible."
Since Congress has the authority to specify which coins are made, the GAO and U.S. Mint have both proposed that Congress should consider amending existing law to provide the U.S. Mint Director with the authority to alter the metal composition of circulating coins if the new metal compositions reduce the cost of coin production. The Coin Metal Modification Authorization & Cost Savings Act would give the U.S. Mint that authority by taking a common-sense and balanced approach to modifying existing law, while reducing costs incurred by taxpayers and paying respect to the general public and relevant stakeholders. More specifically, this legislation would:
- Give Congress 90 legislative days to review new coin metal compositions proposed by the Mint and provide for expedited consideration of a joint resolution of disapproval, should Congress find a proposed modification not to be justified; and
- Require that new coin metal compositions have a "seamless" transition into the marketplace, in that the new metal compositions reduce the cost of coin production and do not affect the diameter and weight of circulating coins, or their compatibility with most coin acceptors using electromagnetic signature technology.
Read the bill text here.
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