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Public Statements

Penny Foolish

Floor Speech

Location: Washington, DC

* Mr. ROTHMAN of New Jersey. Mr. Speaker, I rise today to talk about common cents.

* Currently it costs more than a penny for the U.S. Mint to make a one cent coin and more than a nickel to make the five cent piece. This problem is currently being examined at the request of the U.S. Mint.

* Over the next two years, a Pennsylvania company has been contracted by the Mint to conduct research and development for more economical alternative metallic materials for the production of all circulating coins.

* As this study begins, I would like to submit into the Record one possible solution, offered by David L. Ganz, a friend of mine, a member of the Board of Freeholders of Bergen County, N.J., and a former president of the American Numismatic Association.

* In an op-ed in the Sunday New York Times from August 21, 2011, Mr. Ganz took on the issue of the penny and proposes a specific solution, which I hope that the study will review along with other alternatives. [From New York Times, Aug. 20, 2011]


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