Coin Update» Coin Legislation

Senate Bill Seeks Baseball Hall of Fame Commemorative Coins

Michael Zielinski — Mon, 30 Jan 2012 19:08:56 +0000

On January 26, 2012, a bill was introduced in the Senate seeking to require commemorative coins to be minted and issued in recognition and celebration of the National Baseball Hall of Fame.

A similar bill had been introduced in the House of Representatives on July 14, 2011. This previous bill has 296 cosponsors and passed in the House on October 26, 2011. It was received by the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs.

The newly introduced bill S. 2036 National Baseball Hall of Fame Commemorative Coin Act was introduced by Sen. Kirsten Gillibrand of New York. It has four cosponsors and has also been referred to the Committee on Banking, Housing, and Urban Affairs.

Both of the bills seek to require the Secretary of the Treasury to mint and issue up to 50,000 $5 gold coins, up to 400,000 silver dollars, and up to 750,000 clad half dollars. The gold coins would have a composition of 90% gold and 10% alloy, diameter of 0.850 inches, and weight of 8.359 grams. The silver dollars would have a composition of 90% silver and 10% copper, diameter of 1.500 inches, and weight of 26.73 grams. The half dollars would have the same specifications as the clad half dollars previously struck for circulation.

The bills each have the interesting suggestion that the $5 gold coins and silver dollars should be produced so that the reverse of the coin is convex to closely resemble a baseball and the obverse is concave to provide a dramatic display of the design. The 2009 International Year of Astronomy coins issued by Monnaie de Paris were produced in this fashion.

The designs of the coins are broadly required to be emblematic of the game of baseball. A competition would be held to design the common obverse of the coins, with compensation of not less than $5,000 for the winner. The expert jury judging the competition would be chaired by the Secretary of the Treasury and three members each from the Citizens Coinage Advisory Committee and the Commission of Fine Arts. The common reverse design of the coins would depict a baseball similar to those used by Major League Baseball.

The Baseball Hall of Fame Commemorative Coins may be issued during the one year period beginning January 1, 2015. They would be available in both proof and uncirculated qualities.

Surcharges added to the cost of each coin would be distributed to the National Baseball Hall of Fame to help finance its operations.

Bill Calls for Revolutionary War and War of 1812 Battlefields Commemorative Coins

Michael Zielinski — Fri, 27 Jan 2012 16:35:23 +0000

A bill recently introduced in the House of Representatives seeks to require the Treasury of the Secretary to mint and issue coins in commemoration of the battlefields of the Revolutionary War and the War of 1812. The program would include $5 gold coins, silver dollars, and clad half dollars.

The bill H.R. 3818 was introduced in January 24, 2012 by Rep. Rush Holt of New Jersey. He has previously introduced similar bills in the 108th, 109th, 110th, and 111th sessions of Congress. Each of these previous bills died in committee.

The specifics of the current bill call for up to 300,000 $5 gold coins, up to 1,000,000 silver dollars , and up to 2,000,000 clad half dollars to be produced with designs emblematic of the Revolutionary War and the War of 1812. Each coin would be minted in uncirculated and proof qualities, with only one facility of the United States Mint used to strike any particular quality of the coins.

The bill specifies that the coins may be issued only during the one year period beginning on January 1, 2013. This time frame seems problematic since under current rules, only two commemorative coin programs may be approved per year. Congress has already authorized two programs for 2013 featuring the Girl Scouts of the United States of America and the United States Army Five Star Generals.

Other requirements of the bill include surcharges of $35 per gold coin, $10 per silver dollar, and $3 per half dollar to be added to the sales price of the coins. These surcharges would be distributed to the Revolutionary War and the War of 1812 Battlefields Foundation for the preservation of historically significant battlefields and related historical sites.

Legislation Seeks Steel Cents and Nickels

Michael Zielinski — Fri, 16 Dec 2011 22:23:46 +0000

Two bills were introduced in the House of Representatives on December 15, 2011 which seek to immediately alter the metallic composition of the one cent and five cent coins. Although the text of the bills is not yet available, statements released by Rep. Steve Stivers who introduced the bills H.R. 3693 and H.R. 3694 indicate that the legislation would require the coins to be made from steel.

“This legislation is a common-sense solution to decrease the cost of minting pennies and nickels,” said Stivers. “Not only will it cost less, but steel is an American resource that we have and can manufacture right here in our backyard.”

Since 2006, the cost to manufacture and produce both the cent and nickel have exceeded their face values. Based on the most recent information from the US Mint's 2010 annual report, the costs were 1.79 cents for each cent and 9.22 cents for each nickel. The total losses related to producing cents and nickels from 2006 to 2010 are $243.1 million.

Under existing law, the Secretary of the Treasury may prescribe a composition of copper and zinc for the one cent coin. Currently, the coins are struck in copper plated zinc with a net composition of 97.5% zinc and 2.5% copper. The five cent coin is currently required under law to consist of an alloy of 75% copper and 25% nickel.

The bills introduced by Stivers would require both coins to be made from steel, with the penny coated in copper. According to Stivers, the appearance of the coins would not change, just the materials to make them.

Both the cent and nickel have undergone radical changes in composition during the last century. In 1943, the cent was struck in zinc plated steel due to wartime needs for copper. This change was only temporary. In 1982, the composition of the cent was permanently changed from the previous 95% copper and 5% zinc to the current copper plated zinc composition. From 1942 to 1945, the composition of the nickel was changed to 56% copper, 35% silver, and 9% manganese to preserve more copper and nickel for wartime needs.

In light of the higher cost of base metals in recent years, there have been some legislative attempts to further alter the composition of cents and nickels. In 2008, a bill was introduced seeking to require the cents to be immediately produced primarily from steel treated to impart a copper color. The same bill called for five cent coins to be produced in nickel coated steel or an alternative metallic content within a two year time frame. The bill was passed in the House, but ultimately did not become law.

At the end of 2010, a bill was passed and signed into law which provided the Secretary of the Treasury with the authority to conduct research and development activities related to coinage materials. At the end of a two year period, a report is due to Congress, which may make suggestions for alternative coinage materials. The first report is required before December 14, 2012. Any actual changes in composition resulting from the report would need to be made through legislation passed by Congress.

The two bills introduced yesterday by Rep. Stivers have been referred to the House Committee on Financial Services. Each bill is cosponsored by two Ohio Representatives, the state from which Stivers also hails. Ohio is one of the three top steel producing states in the country.

House Passes Bill for US Marshals Service Coins

Michael Zielinski — Fri, 16 Dec 2011 19:25:15 +0000

On December 15, 2011, the House of Representatives passed H.R. 886 by roll call vote. The bill calls for gold, silver, and clad coins to be produced in commemoration of the 225th anniversary of the establishment of the United States Marshals Service.

The bill had been introduced on March 2, 2011 by Rep. Steven Womack of Arkansas. A similar bill S. 431 was introduced in the Senate by Sen. Mark Pryor of Arkansas.

If approved, the Secretary of the Treasury would be required to mint and issue up to 100,000 $5 gold coins, 500,000 silver dollars, and 750,000 half dollars. The coins may be issued to the public beginning on or after January 1, 2015, with a provision to allow a limited number to be issued earlier to the Director of the US Marshals Service and employees of the Service for display and presentation during the anniversary celebration. No coins may be minted after December 31, 2015.

The design for the $5 gold coin is required to bear an image of the United States Marshals Service Star on the obverse and a design emblematic of the service and sacrifice of the men and women of the United States Marshals Service who lost their lives in the line of duty. The silver dollars would also feature the United Marshals Service Star on the obverse, while the reverse would carry an image emblematic of the United States Marshals legendary status in America’s cultural landscape. The half dollars would contain an image emblematic of the US Marshals Service and its history on the obverse and a reverse design consistent with the role that the United States Marshals played in a changing nation.

The sales price of each coin will include a surcharge of $35 per gold coins, $10 per silver dollar, and $3 per half dollar. The first $5 million of the surcharges will be distributed to the US Marshals Museum for the preservation, maintenance, and display of artifacts and documents. Additional amounts would be distributed in thirds to the National Center for Missing & Exploited Children, the Federal Law Enforcement Officers Association Foundation, and the National Law Enforcement Officers Memorial Fund.

In order to become law, the bill must be passed in the Senate and then signed by the President.

Senate Bill Seeks March of Dimes Commemorative Silver Dollars

Michael Zielinski — Wed, 07 Dec 2011 21:17:58 +0000

A bill was introduced in the Senate on December 1, 2011, which seeks to require the Secretary of the Treasury to mint and issue commemorative coins in recognition and celebration of the 75th anniversary of the establishment of the March of Dimes Foundation. A similar bill was previously introduced in the House of Representatives in October.

The current bill S. 1935 March of Dimes Commemorative Coin Act of 2011 was introduced by Senators Kay Hagan (D-NC) and Susan Collins (R-ME) with co-sponsors Chuck Schumer (D-NY), Mark Kirk (R-IL), and Daniel Akaka (D-HI).

“I cannot think of a more appropriate way to recognize the March of Dimes than to mint actual coins honoring its work,” said Hagan. “From its efforts to help end the polio epidemic, to its work today to prevent birth defects and the number of babies born prematurely, the March of Dimes has made a difference in the lives of our families for more than seven decades.”

If the bill becomes law, up to 500,000 $1 coins would be minted and issued during the one year period beginning January 1, 2014. The coins would have a composition of 90% silver and 10% copper, diameter of 1.5 inches, and weight of 26.73 grams. Both proof and uncirculated versions would be produced, with at least one facility of the United States Mint used to strike the proof quality coins and at least one other facility used to strike the uncirculated coins.

Designs for the coins would be emblematic of the mission and programs of the March of Dimes, and its distinguished record of generating Americans' support to protect our children's health. The designs would be selected by the Secretary of the Treasury after consultation with the March of Dimes, Commission of Fine Arts, and review by the Citizens Coinage Advisory Committee.

A surcharge of $10 would be added to the cost of each coin, which would be distributed to the March of Dimes to help finance research, education, and services aimed at improving the health of women, infants, and children.

Changes Sought for 2009 Lincoln Commemorative Coins Surcharge Distribution

Michael Zielinski — Mon, 05 Dec 2011 19:14:21 +0000

On November 29, 2011, Rep. Jerrold Nadler introduced a bill in the House of Representative which seeks to amend the distribution of surcharges for the 2009 Abraham Lincoln Silver Dollars.

The commemorative coins were issued to celebrate the bicentennial of the birth of Abraham Lincoln. The obverse design featured a portrait of the President inspired by the Daniel Chester French sculpture which resides at the Lincoln Memorial in Washington, D.C. The reverse design featured the final 43 words Lincoln's Gettysburg Address. The issue had proven popular with collectors and sold out of the maximum mintage of 500,000.

The price charged for each coin by the United States Mint included a surcharge of $10, yielding maximum total surcharges of $5 million. Originally, under Public Law 109-285, all surcharges were to be distributed to the Abraham Lincoln Bicentennial Commission to further the work of the Commission.

The bill H.R. 3512 seeks amend the distribution so that the first $2 million is distributed to the Abraham Lincoln Bicentennial foundation and any funds in excess are paid in equal amounts to the following:

Ford's Theater, to maintain and preserve the building and its contents
President Lincoln's Cottage at the Soldier's Home, to maintain and preserve the building and it contents
The Abraham Lincoln Presidential Library and Museum, for maintenance of the library and museum and their contents

The bill was referred to the Committee on Financial Services, who have ordered the bill to be reported by voice vote.

Senate Bill Seeks Mark Twain Commemorative Coins

Michael Zielinski — Mon, 05 Dec 2011 18:52:14 +0000

A bill was introduced in the Senate on November 30, 2011 which seeks to require gold and silver coins to be minted in commemoration of Mark Twain. This follows a similar bill introduced in the House of Representatives in July.

The current bill S. 1929 Mark Twain Commemorative Coin Act was introduced by Sen. Richard Blumenthal of Connecticut. It describes author Samuel Clemens, who wrote under the name of Mark Twain, as one of the best known Americans in the world whose literary work had a long lasting effect on the history and culture of the United States. More than 6,500 editions of his books have been translated in 75 languages. In the past two decades, more than 100 books have been published and 250 doctoral dissertations written on his life and work.

If approved, the bill would require the Secretary of the Treasury to mint and issue up to 100,000 $5 gold coins and up to 35,000 silver dollars carrying designs emblematic of the life and legacy of Mark Twain. The coins may be issued only during the one year period beginning on January 1, 2016.

The prices of the coins would include surcharges of $35 per gold coin and $10 per silver coin distributable to four beneficiaries:

the Mark Twain House and Museum in Hartford, Connecticut
the Mark Twain Project at the Bancroft Library of the University of California
the Center for Mark Twain Studies at Elmira College in New York
the Mark Twain Boyhood Home and Museum in Hannibal, Missouri

Mark Twain has been depicted previously on a one ounce gold medallion produced by the United States Mint in 1981 (pictured above). This release was part of the American Arts Gold Medallion series.

Previous attempts have been made to pass legislation requiring the production of Mark Twain commemorative coins. This has included bills introduced in the 110th Congress for coins to be issued in 2010 and 111th Congress for coins to be issued in 2013. The current bill S. 1929 introduced in the 112th Congress has been referred to the Committee on Banking, Housing, and Urban Affairs. To become law, it must be passed in the Senate, passed in the House of Representatives, and then signed by the President.

House Passes Bill for Baseball HOF Coins

Michael Zielinski — Fri, 28 Oct 2011 13:29:38 +0000

On October 26, 2011, the House of Representatives passed H.R. 2527, which calls for commemorative coins to be produced in recognition and celebration of the National Baseball Hall of Fame. The bill passed 416-3.

The bill was introduced earlier this year on July 14, 2011 by New York Congressman Richard Hanna. In order to become law, the bill must now be voted on and passed in the Senate and then signed into law by the President.

If approved, the bill would require the Secretary of the Treasury to produce up to 50,000 $5 gold coins, 400,000 silver dollars, and 750,000 clad composition half dollars to be issued during the one year period beginning on January 1, 2015.

Baseball coins previously issued by the United States Mint

A common obverse design for the coins would be selected through a competition judged by an expert jury chaired by the Secretary and three members of the Citizens Coinage Advisory Committee and three members of the Commission of Fine Arts. The common reverse would depict a baseball similar to those used by Major League Baseball. To the extent possible, the gold coin and silver dollar would have a concave obverse and convex reverse, to provide a more dramatic display of the design.

The sales price of the coins would include surcharges of $35 per gold coin, $10 per silver coin, and $5 per half dollar. These amounts would be distributed to the National Baseball Hall of Fame to help finance its operations.

House Bill Seeks U.S.S. Cruiser Olympia Commemorative Silver Dollars

Michael Zielinski — Thu, 20 Oct 2011 21:16:36 +0000

On October 13, 2011, Rep. Robert Brady of Pennsylvania introduced a bill in the House of Representatives which seeks to require silver dollars to be issued in commemoration of the legacy of the U.S.S. Cruiser Olympia.

The U.S.S. Olympia was commissioned on February 5, 1895 and was the flagship of Commodore George Dewey at the Battle of Manila Bay during the Spanish-American War. The ship became famous for its victories during the war and was decommissioned after returning to the United States. The Olympia returned to active service in 1902 and served in World War I and was honored to carry the first American unknown solider from the port of Le Havre, France, to Washington, DC. In 1966, the Olympia was designated as a National Historic Landmark.

The Bill H.R. 3180 U.S.S. Cruiser Olympic Commemorative Coin Act would require the Secretary of the Treasury to mint and issue up to 500,000 silver dollars with designs "emblematic of the courage, pride, sacrifice, sense of duty, and history of the U.S.S. Cruiser Olympia." The coins would be struck in 90% silver and 10% copper with a weight of 26.73 grams and diameter of 1.5 inches.

Both proof and uncirculated quality coins would be minted, which may only be issued during the calendar year beginning on January 1, 2016.

Selection of the final designs appearing on the coins would be made by the Secretary of the Treasury, following consultation with the Friends of the Cruiser Olympia, the Commission of Fine Arts, and review by the Citizens Coinage Advisory Committee.

The price of each coin would be determined based on the face value of the coins, the cost of designing and issuing the coins, and a $10 surcharge distributable to the Friends of the Cruiser Olympia. The funds would be used for the purpose of restoring and preserving the ship.

In order to become law, H.R. 3180 must be passed by the House of Representatives and Senate, and signed by the President. The bill currently has 14 cosponsors and has been referred to the House Committee on Financial Services.

Photo Credit: Library of Congress, Prints & Photographs Division, Detroit Publishing Company Collection, [reproduction number LC-D4-20803]

75th Anniversary March of Dimes Commemorative Coins Proposed

Michael Zielinski — Mon, 17 Oct 2011 22:21:54 +0000

On October 13, 2011, a bill was introduced in the House of Representatives which seeks to authorize commemorative silver dollars to be issued for the 75th Anniversary of the establishment of the March of Dimes. If approved, the coins would be issued in a quantity of up to 500,000 during the 2014 calendar year.

The bill H.R. 3187, titled 'March of Dimes Commemorative Coin Act of 2011' was introduced by Rep Bob Dold of Illinois and has 19 cosponsors. After being introduced, the bill was referred to House Budget.

Coins issued under the Act would have a weight of 26.73 grams, diameter of 1.5 inches, and composition of 90% silver and 10% copper.

The designs would be "emblematic of the mission and programs of the March of Dimes, and its distinguished record of generating Americans' support to protect our children's health." Additional guidance provided in the legislation indicates that the coins shall "contain motifs that represent the past, present and future" of the organization and "its role as champion for all babies." The final designs would be selected by the Secretary of the Treasury after consultation with the March of Dimes, the Commission of Fine Arts, and review by the Citizens Coinage Advisory Committee.

Both proof and uncirculated quality coins would be issued, with at least one facility of the United States Mint used to strike each version of the coins.

The sales price would be determined based on the face value of the coins, the cost of designing and issuing the coins, and a surcharge of $10 per coin. The surcharges would be distributed to the March of Dimes to help finance research, education, and services aimed at improving the health of women, infants, and children.

The March of Dimes was founded by President Franklin D. Roosevelt as the National Foundation for Infantile Paralysis on January 3, 1938. After Roosevelt's passing in 1945, his portrait would be featured on the dime due to his association with the organization and its annual fund raising campaign. The Roosevelt Dime has been issued from 1946 to present.