On June 27, 2013, Rep. Garland Barr introduced H.R. 2535: American Liberty Coinage and Deficit Reduction Act of 2013. This bill seeks to create a new series of circulating commemorative Liberty themed coins, which would revitalize the deign of United States coinage and also result in increased seigniorage thereby reducing the deficit. Such a program has been long recommended by the Citizens Coinage Advisory Committee.
The bill positions the new coin program as contingent on deficit reduction. In order for the program to take place, a study on the estimated effect on the Federal budget must show a reduction in the deficit of $100 million or more over a 10 year period.
The expected deficit reduction would come about as the result of increased seigniorage, which refers to the difference between the value of money and the cost to produce and distribute it. Since many members of the public would be inclined to collect the Liberty themed coins, this would lead to increased production. Because the denominations involved in the program are currently produced and distributed at a cost less than their respective face values, the incremental production would lead to increased seigniorage.
Provided the bill is approved and the study demonstrates the required deficit reduction, the American Liberty Coinage Program would include new Liberty themed designs for the dime, quarter, and half dollar.
The dime and quarter would alternate with new designs annually, beginning with the dime in 2015. The obverse designs would be emblematic and allegoric of the concept of American Liberty. The reverse would have designs which either (1) depict an American Bald Eagle; (2) depict a fasces emblematic of civil governance; (3) depict the torch of knowledge; (4) are emblematic and allegoric of The Union; or (5) depict one or more of the American values and attributes of freedom, independence, peace, strength, equality, democracy, and justice.
The half dollar would receive a new Liberty themed design starting in 2015 with the design changed every 10 years. Similar to the other denominations, the obverse design would be emblematic and allegoric of the concept of Liberty, while the reverse would carry a design falling into one of the enumerated categories.
A provision of the bill indicates that the Secretary of the Treasury may mint and issue numismatic versions of the Liberty themed coins, as well as versions of the coins with a composition of .999 fine silver.
The new Liberty themed coins for each denomination would be issued along with the current Roosevelt Dime, America the Beautiful Quarters, and Kennedy Half Dollars featuring the Presidential portraits of Franklin D. Roosevelt, George Washington, and John F. Kennedy.
The bill H. R. 2535 currently has four cosponsors. In order to become law, it must be approved by the Congress and signed by the President.