II 

112TH CONGRESS 

1ST SESSION S. 1624 

To provide for the economical production of various United States coins. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 23, 2011 

Mr. BROWN of Massachusetts (for himself and Mr. KERRY) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To provide for the economical production of various United 

States coins. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Currency Efficiency 

5 Act of 2011’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds that— 

8 (1) the United States simultaneously produces 

9 several versions of the $1 coins, in addition to the 

10 $1 banknote; 


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1 (2) such duplication does not render a benefit 

2 to the Nation; 

3 (3) 75 percent of Presidential $1 coin payments 

4 are deposits to banks; 

5 (4) banks have redeposited more than 40 per6 cent of issued Presidential $1 coins to the Federal 

7 Reserve banks; 

8 (5) the Federal Reserve banks now store over 

9 $1,000,000,000 in excess $1 coins; 

10 (6) the Board of Governors of the Federal Re11 serve System does not believe that demand for $1 

12 coins will improve; 

13 (7) several original supporters of the Presi14 dential $1 coin program now express concerns about 

15 its results; 

16 (8) the American people have demonstrated by 

17 their actions a preference for paper currency over 

18 coinage in the $1 denomination; 

19 (9) the United States faces a fiscal crisis, where 

20 expending funds to produce, store, and guard un21 wanted currency is indefensible; 

22 (10) it is appropriate to provide for the reform 

23 and economical continuance of the production of $1 

24 coins by the Federal Government. 


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1 SEC. 3. SUSPENSION OF $1 PRESIDENTIAL COIN PROGRAM 

2 DURING SURPLUS. 

3 Section 5112(n)(8) of title 31, United States Code, 

4 is amended by adding on the end the following: ‘‘The Sec5 retary shall suspend issuance of coins under this sub6 section during any period for which the Secretary deter7 mines that the surplus supply of $1 coins exceeds the rea8 sonable circulation needs for one year.’’. 

9 SEC. 4. RESTRICTION ON OVERPRODUCTION OF $1 COINS. 

10 Section 5112 of title 31, United States Code, is 

11 amended by adding at the end the following new sub12 section: 

13 ‘‘(w) RESTRICTION ON OVERPRODUCTION OF $1 

14 COINS.—Notwithstanding any other provision of this sec15 tion, no $1 coin may be minted or issued under this sec16 tion during any period in which the number of $1 coins 

17 issued, but not in circulation, is more than 10 percent of 

18 the number of $1 coins in circulation.’’. 

19 SEC. 5. PRESIDENTIAL SPOUSE COINS NOT AFFECTED. 

20 Section 5112(o)(5)(C) of title 31, United States 

21 Code, is amended by adding at the end the following: ‘‘The 

22 suspension or termination of the presidential coin program 

23 under subsection (n)(8) shall not affect the minting or 

24 issuance of coins under this subsection in chronological 

25 order according to the service of each such President.’’. 


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1 SEC. 6. REMOVAL OF UNMIXED SUPPLIES REQUIREMENT. 

2 Section 5112(p)(3)(D) of title 31, United States 

3 Code, is amended by striking ‘‘ensuring that’’ and all that 

4 follows through ‘‘(ii) circulating coins’’ and inserting the 

5 following: ‘‘ensuring that circulating coins’’. 

6 SEC. 7. RESOLUTION OF COIN SURPLUSES AT FEDERAL RE7 SERVE BANKS. 

8 The Board of Governors of the Federal Reserve Sys9 tem shall determine an inventory level of $1 coins required 

10 among their member banks to meet reasonable circulation 

11 needs. The Board shall, after such determination, adjust 

12 its inventories of $1 coins to that level through methods 

13 which minimize the need for further storage expenditures. 

14 Surpluses of $1 coins which can be most efficiently elimi15 nated through destruction shall be deemed to consist of 

16 ‘‘obsolete and worn coins withdrawn from circulation’’ 

17 under section 5120(a) of title 31, United States Code. 

Æ 


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