HB 2803 / SB 2735

This bill requires the state treasurer to engage in an agreement with an eligible entity to ultimately designate the entity as the state mint upon the successful completion of such activities. The treasurer is also obligated to formulate rules that facilitate the operations of the state mint as outlined in this bill.

The outlined criteria in this legislation for an “eligible entity,” includes having prior contracts with the federal government and other entities for coin production, a comprehensive plan for the Tennessee Mint’s facilities, and over 50 years of U.S. domicile and ownership, with at least 40 years in coin manufacturing. Additionally, it defines a “covered activity” as capital improvements, order reception and shipment of bullion products for the state, and other essential activities related to the eligible entity’s facility.