On January 26, 2011, Rep. Robert Latta of Ohio introduced H.R. 497 Ronald Regan Commemorative Coin Act of 2011. The bill seeks to require the production of gold and silver coins in commemoration of Ronald Reagan, the 40th President of the United States.
The bill calls for $5 gold coins weighing 8.359 grams with a diameter of 0.85 inches and composition of 90% gold and 10% alloy. Silver dollar coins would weigh of 26.73 grams with a diameter of 1.5 inches and composition of 90% silver and 10% copper. The maximum authorized mintages would be 50,000 for the gold coins and 300,000 for the silver dollars.
The coins may be issued beginning January 1, 2017. No coins may be minted after December 3, 2017.
Design requirements for the coins would include an obverse portrait of Ronald Reagan with reference to the 100th anniversary of his birth in 2011. (The date of issue “2017” would also need to be included within the inscriptions.) The reverse design would be similar to the depiction of an eagle carrying an olive branch to a nest containing another eagle and hatchlings. This arrangement appears on the reverse of the American Gold Eagle bullion and collector coins issued from 1986 to present.
Surcharges of $35 per gold coin and $10 per silver coin would be added to the price of each coin. These surcharges would be payable to the Secretary of the Army Emergency Relief to provide assistance for specified individuals.
In order for the bill to become law, it must be passed in the House of Representatives and Senate, and signed into law by the President. The bill currently has 28 cosponsors and has been referred to committee.
Over the years, there have been numerous attempts to pass legislation which would result in Ronald Reagan’s likeness appearing on a circulating coin, commemorative coins, or currency. This has included the Ronald Reagan Dime Act introduced in 2003, the President Ronald Reagan $50 Bill Act introduced in 2010, and at least four prior attempts at commemorative coin programs.