Marshall said his bill had been mischaracterized as an attempt to mint a separate currency for Virginia — bringing criticism that he was trying to resurrect the Confederacy or offer an alternative to the Federal Reserve Bank.

"Some hysterical comments," he said.

Rather, Marshall said Virginia could create foundry jobs and rake in millions through the sale of its own coins, which he wants to call the "Ginny."

He cited statistics from the United States Mint showing that its issuance of the American Eagle silver bullion coins generated more than $55 million in profit in 2010.

"The only agency I know that makes money for the federal government," said Marshall, whose bill left the hearing in mint condition and now heads to the full Senate.