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Issue Date: Vol. 50, No. 12, December 2010, Posted On: 12/7/2010

Senate Passes Coin Modernization Act

Emily Jed
National Automatic Merchandising Association, NAMA, Ned Monroe, vending, vending machine, vending machine industry, Treasury Department, coins, U.S. coins, Coin Modernization, Oversight, and Continuity Act of 2010, HR 6162, U.S. coin redesign

WASHINGTON -- The U.S. Senate has passed the Coin Modernization, Oversight, and Continuity Act of 2010, which is endorsed by the National Automatic Merchandising Association. [see story]

The legislation, designated H.R. 6162, passed the House several weeks ago, passed the Senate on Dec. 1, and is now on its way to President Obama. The bill requires the Treasury to consider the effects on payment validation systems, when evaluating the coin compositions.

"This is a major victory for every member of the vending industry," said NAMA senior vice-president of government affairs Ned Monroe. "New coin validation costs have been estimated to cost our members millions of dollars, and now with this legislation we have successfully protected them from potential unnecessary and costly burdens."

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