Detailed Summary

Coin Modernization and Taxpayer Savings Act of 2007 - Revises the discretionary authority of the Secretary of the Treasury to prescribe the weight and the composition of the alloy in the one-cent coin. Extends such authority to, and requires the Secretary to prescribe the weight and composition of, the dollar, half-dollar, quarter-dollar, dime, and five-cent coin, as well as the one-cent coin. Cites factors to be considered when prescribing such characteristics, including the effect on vending machines.

Repeals current weight requirements for the half-dollar, quarter-dollar, dime, five-cent coin, and the one-cent coin.

Specifies the characteristics of $1 coins and gold coins.

Authorizes the Secretary to prescribe manufacturing tolerances for five-cent and one-cent coins.

Repeals specified regulations promulgated by the Director of the U.S. Mint on April 16, 2007. Declares that such regulations have no force or effect after the enactment of this Act with respect to one-cent coins.

Repeals the Secretary's authority to restrict exportation, melting, or treatment of the one-cent coin during the period between enactment of this Act and the date when the Secretary first issues a one-cent coin with a different metallic content than current one-cent coins.

Status of the Legislation

Latest Major Action: 3/25/2008: Referred to House subcommittee. Status: Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.

Points in Favor

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Points Against

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