Cancel the Coin Act
Source: Congress.gov ·
304 words in original text
What This Bill Does
This bill changes federal law to limit how much face value coins can have. It prevents the Secretary of the Treasury from minting or issuing coins with a face value greater than $200.
Who It Affects
The Secretary of the Treasury, the Board of Governors of the Federal Reserve, Federal Reserve Banks and the Treasury Department.
Key Provisions
- The Secretary of the Treasury cannot mint or issue any coin with a face value greater than $200 (Sec. 2(2))
- The Secretary cannot deposit platinum coins at a Federal Reserve Bank for the Treasury's account, and the Board of Governors and Federal Reserve Banks cannot accept such deposits (Sec. 2(1)(C))
What Changes
Current law allows the Secretary to mint platinum coins with whatever face values are chosen. This bill removes that authority and puts a $200 maximum limit on the face value of all coins the Secretary can create.
Important Definitions
Face value (or nominal value): The stated value printed on a coin by the government.
Effective Date
Not specified in bill text
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
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