Two weeks back CoinNews wrote an article on how the Presidential $1 Coin Act of 2005 stated that vending machines by 2008 must be able to dispense the new presidential dollars irrespective of the fact that many vending machines give back an amount that’s always less than $1.
Concerned about needless and extra costs, Coca Cola hired a lobbyist firm to help get the law amended so certain vending machines wouldn’t have to dispense dollar coins. Whether it was through their efforts or not, their desired changes appear to be coming.
H.R. 3703 had previously passed the House on 11/13 and yesterday, 12/17, the Senate passed it with Unanimous Consent. H.R. 3703 clarifies which machines need to dispense dollar coins.
Specifically, it states:
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 5112(p)(1)(A) of title 31, United States Code, is amended to read as follows:
`(A) any business operations conducted by any such agency, instrumentality, system, or entity that involve coins or currency will be fully capable of–
`(i) accepting $1 coins in connection with such operations; and
`(ii) other than vending machines that do not receive currency denominations higher than $1, dispensing $1 coins in connection with such operations; and’.
The bill will be given to the President soon and will likely be signed into law.