The United States Mint has awarded a $1.3 million competitively bid contract to Concurrent Technologies to research and develop cost-effective alternative metals for the manufacturing of all circulating coins. The contract was awarded for a period of over two years.
Dr. Joseph R. Pickens, who serves as the Chief Scientist at Concurrent Technologies and technical lead for the research contract, stated that the company will study the problems with the existing coinage materials and suggests prospective alternative metallic materials for upcoming coins. The company’s metallurgists will study an extensive range of coinage alloys and manufacturing methods and present the best suggestions to the United States Mint, he said.
According to the contract, Concurrent Technologies will deal with numerous issues, such as the impact of new coinage metals on the existing coinage material suppliers, prices of metallic materials, the acceptability of new coin metals, production, minting, supply accessibility of metallic materials and their sources of raw materials. Coinability, toughness, effect on sorting, appearance, resistance to counterfeiting, public and commercial acceptance, packaging, handling and vending machines and threats to the public safety or environment are some of the other issues to be addressed by the company.
Pickens further said that through Concurrent Technologies’ experience in the development of alloys and vast coinage experience of the United States Mint, the contract’s goal is to develop inexpensive solutions that reduce the problems for the stakeholders who utilize coinage every day.