Cancel the Coin Act

Bill: 118-s-627
Sponsor: full_name: Sen. Lee, Mike [R-UT]
Introduced: 2023-03-02
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-02
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-03-02
action_desc: Introduced in Senate
text: <p><b>Cancel the Coin Act</b></p> <p>This bill prohibits the Department of the Treasury from minting or issuing any coin, including platinum bullion coins and proof platinum coins, having a nominal or face value exceeding $200. In addition, Treasury is prohibited from depositing, and the Federal Reserve is prohibited from accepting, any platinum bullion coins or proof platinum coins to be applied to the Treasury's account.</p>

tv_txt: II 118th CONGRESS 1st Session S. 627 IN THE SENATE OF THE UNITED STATES March 2, 2023 Mr. Lee introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend title 31, United States Code, to limit the face value of coins.

1. Short title This Act may be cited as the Cancel the Coin Act . 2. Limitation on face value of coins Section 5112 of title 31, United States Code, is amended— (1) in subsection (k)— (A) by inserting having such nominal, or face, values as the Secretary may determine subject to subsection (bb) after platinum coins ; (B) by striking denominations, ; and (C) by adding at the end the following: The Secretary shall not deposit, and the Board of Governors and Federal Reserve Banks shall not accept as deposit, any coin issued under this subsection at a Federal Reserve Bank for the account of the Treasury. ; and (2) by adding at the end the following: (bb) Limitation on face value The Secretary may not mint or issue any coin having a nominal, or face, value greater than $200. .