Miami Valley Coin Club

Senate Proposes to Delete Cent Coin & $1 Note

Senate Bill # S.759, the Currency Optimization, Innovation & National Savings (COINS) Act of 2017 proposes to suspend the coining of one cent pieces, changing the composition of the nickel, and replacing $1 notes with $1 coins.

The 1-cent coin would be suspended for ten years, eliminating spending 1.5 cents to produce the 1-cent coin.

It is reported that it costs 7.44 cents to make the present day nickel. The change would be that instead of containing 25% nickel and 75% copper, the new nickel would be 20% nickel and 80% copper.

Replacing $1 notes with $1 coins was been attempted before. However the government never quit printing $1 notes in the past. If passed, the bill would take affect within 2 years. $1 notes may still be printed for numismatic purposes, whatever that means, but the Federal Reserve would begin removing the notes from circulation. They would, however remain legal tender currency.