Text: H.Con.Res.433 — 107th Congress (2001-2002)All Bill Information (Except Text)

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Introduced in House (06/27/2002)


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[Congressional Bills 107th Congress]
[From the U.S. Government Printing Office]
[H. Con. Res. 433 Introduced in House (IH)]







107th CONGRESS
  2d Session
H. CON. RES. 433

Recognizing the United States Mint for the cost savings achieved by the 
1982 conversion to the copper-plated zinc penny and expressing support 
    for the copper-plated zinc penny on the 20th anniversary of its 
                 circulation in United States coinage.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 27, 2002

  Mr. Jenkins (for himself, Mr. Bryant, Mr. Hilleary, Mr. Jackson of 
Illinois, and Mr. Meeks of New York) submitted the following concurrent 
 resolution; which was referred to the Committee on Financial Services

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
Recognizing the United States Mint for the cost savings achieved by the 
1982 conversion to the copper-plated zinc penny and expressing support 
    for the copper-plated zinc penny on the 20th anniversary of its 
                 circulation in United States coinage.

Whereas due to the escalating metals prices in the 1970s, and because the cost 
        of producing the copper penny was fast approaching its face value, the 
        composition of the penny was changed in 1982 to an overall ratio of 97.5 
        percent zinc to 2.5 percent copper;
Whereas the shift to a copper-plated zinc penny has resulted in over 
        $830,000,000 in material cost savings to the United States Government;
Whereas national polling conducted in September 2001 shows that over 70 percent 
        of the people in the United States favor continuing penny production, 
        which is virtually identical to polls conducted periodically over the 
        past 5 to 10 years;
Whereas a low denomination coin is important to the Nation's pricing system and 
        acts as a hedge to inflation;
Whereas underpinning the European Union's 2002 adoption of a low denomination 
        one-cent euro coin was the fundamental aim of avoiding inflation and the 
        systematic rounding up of prices, which practically mirrors public 
        sentiment in the United States; and
Whereas penny drives run by charitable organizations and school groups rely 
        significantly on these simple, yet critical, contributions to raise 
        millions every year for great causes: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That the Congress--
            (1) recognizes the United States Mint for the cost savings 
        achieved by the 1982 conversion to the copper-plated zinc 
        penny; and
            (2) expresses support for the copper-plated zinc penny on 
        the 20th anniversary of its circulation in United States 
        coinage.
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