H.R.3348 - United States Coinage Reform Act of 1987100th Congress (1987-1988)
|Sponsor:||Rep. Kolbe, Jim [R-AZ-5] (Introduced 09/29/1987)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 10/15/1987 Referred to Subcommittee on Consumer Affairs and Coinage. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3348 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (09/29/1987)
United States Coinage Reform Act of 1987 - Requires that one dollar coins be gold colored, be at least 90% copper, and be fabricated in the United States from natural deposits located in the United States.
Redesigns the obverse side of the dollar coin to symbolize the 500th anniversary of the discovery of the New World by Christopher Columbus.
Requires the Secretary of the Treasury to place such coins into circulation within 18 months and to cease production of one dollar notes within 18 months after the first of such coins are placed in circulation.
Directs the Secretary to conduct a study and report to the Congress on the advisability of phasing out production of the one-cent and 50-cent coins and of rounding cash sales to the nearest five cents.