Missouri Collector Proposes The American Currency and Modern Efficiency Act

The collector, Charles E. Jones, submitted his proposal to the DOGE as The American Currency and Modern Efficiency Act.

A Missouri collector has submitted proposed cost-savings legislation to the Department of Government Efficiency headed by billionaire Elon Musk, seeking elimination of the production of copper-plated zinc Lincoln cents, an end to production of $1 Federal Reserve notes, the release into general circulation of more than 1.3 billion manganese-brass clad dollar coins and the introduction of a bimetallic $2 coin.

The collector, Charles E. Jones, submitted his proposal to the DOGE as The American Currency and Modern Efficiency Act.

The proposal, which Coin World obtained through a public records request, begins by stating that Congress has found:

* The cost of producing a one-cent coin exceeds its face value, leading to significant financial waste. (According to the U.S. Mint’s 2024 Annual Report, the cost to produce and distribute a single cent coin is more than three times its face value. After more than a decade of research and development, no alternatives have been found to bring costs below face value. Some coins have circulated for more than 30 years.)

* The $1 paper bill has a short lifespan and requires frequent replacement, making it cost-inefficient compared to $1 coins. (The Bureau of Engraving prints $1 notes in Washington, D.C. and Fort Worth, Texas. The cost to produce each $1 note is 3.2 cents. The life span is 14 months. The Federal Reserve’s Fiscal Year 2025 print order for $1 notes is between 2,176,000,000 to 2,758,400,000 $1 notes.)

* The Federal Reserve currently holds millions of unused “gold” (the coins are manganese-brass clad, not gold, although Jones’s proposal calls them gold) and copper-nickel clad $1 coins in storage, which, if released into circulation, would reduce the need for additional minting and free up valuable storage space. (In 2011, when then-Treasury Secretary Timothy F. Geithner placed a moratorium on striking any more dollar coins for general circulation, some 1.3 billion Sacagawea and Presidential dollars were in federal storage in Louisiana. Geithner’s edict affected production and release of Native American dollars as well. The James A. Garfield Presidential dollar was the last dollar coin struck and released into circulation.)

* Introducing a ringed-bimetallic $2 coin will improve cash transaction efficiency and provide a durable, cost-effective alternative to the $2 paper bill.

Jones’s proposal further states:

* The U.S. Mint shall cease production of the one-cent coin no later than Dec. 31, 2025.

* Existing one-cent coins shall remain legal tender indefinitely but will not be reissued.

* The Treasury shall develop a public transition plan encouraging rounding policies for cash transactions to the nearest five cents.

* The Bureau of Engraving and Printing shall cease production of the $1 paper bill within one year of this Act’s passage.

* All existing $1 bills shall remain legal tender until naturally phased out through circulation.

* The Federal Reserve shall release its stockpile of stored gold [manganese-brass clad] and clad $1 coins into active circulation, with banks and financial institutions mandated to distribute them.

* The Treasury shall conduct a public awareness campaign promoting the benefits of the $1 coin.

Jones’s proposal further would direct introducing a ringed-bimetallic $2 coin:

The U.S. Mint is authorized to produce a new $2 bimetal coin, designed to enhance efficiency in cash transactions. The coin would feature a gold-colored outer ring and a silver-colored inner core for distinct recognition.

Its obverse design would feature:

* A hot dog and cheeseburger in the foreground, symbolizing American food culture.

* The Mayflower ship in the background, representing the Pilgrims’ journey.

* The word LIBERTY at the top and $2 at the bottom.

* 50 stars along the outer ring to represent the U.S. states.

Its reverse design would feature:

* An eagle in flight, inspired by the Standing Liberty quarter (1916) design.

* The words E PLURIBUS UNUM at the top and IN GOD WE TRUST at the bottom.

* A laurel wreath along the outer ring, symbolizing peace and unity.

Edge Inscription: The year of minting and the Mint mark (e.g., “2024 P” for Philadelphia).

A high-relief finish with textured engraving and anti-counterfeiting features.

The legislation would take effect immediately upon enactment.