Coin Legislation

H.R. 4329: James Monroe Commemorative Coin Act

Summary: Proposal for to issue coins in commemoration President James Monroe. The program would include $50 gold coins, $1 silver coins, and 50 cent clad commemorative coins for 2016.

Sponsor: Rep. Rob Wittman

Date Introduced: December 16, 2009

Current Status: Referred to Committee

The recently introduced bill seeks commemorative coins issued for the fifth President of the United States, James Monroe. The program includes three coins in different denominations and compositions. The coins would be issued in the year 2016, which will mark the bicentennial of the election of James Monroe as President.

The gold coins specified in the proposal would contain one troy ounce of gold and have a face value of $50. This is unusual for a commemorative gold coin issue, which typically has a face value of $5 or $10 and lower gold weight. The silver coins would have a face value of $1 and composition of 90% silver. The half dollars would be have the same specifications currently used for the fifty cent denomination.

Each coin of the program would have a specified maximum authorized mintage. The $50 gold coins would be limited to 20,000, the $1 silver coins would be limited to 275,000, and the half dollars would be limited to 50,000 coins.

The bill contains specific guidance with regards to the obverse and reverse designs of the coins. The obverse would bear a side profile image of James Monroe based on a portrait by Rembrant Peale created in 1830. The reverse of the coin would feature an image of the Monroe birthplace based on an etching published in 1830.

Surcharges added to the cost of each coin would be payable to the James Monroe Memorial Foundation. The funds would be used for the development of the reconstructed James Monroe birthplace, associated buildings, and visitor center; supporting education programs related to Monroe; and the preservation of artifacts related to Monroe.

The bill has been referred to committee. This is currently the only proposal for a commemorative coin program in the year 2016.

H.R. 4248 Free Competition in Currency Act of 2009

Summary: Proposal to repeal the legal tender laws of the United States and prohibit taxation of certain coins in bullion for the purpose of reintroducing a system of competing currencies.

Sponsor: Rep. Ronald Paul

Date Introduced: December 9, 2009

Current Status: Referred to Committee

The Free Competition in Currency Act of 2009 proposes to repeal legal tender laws and prohibit taxation of certain coins and bullion.

Specifically, Section 5103 of title 31, United States code would be repealed. Tax could not be imposed on any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion coins. This would include those issued by the United States, a foreign government, a State, or any other person.

In addition, state tax could not be imposed on any currency which is used for interstate commerce or commerce with a foreign country, and which holds legal tender statue under article I, section 10 of the United States Constitution. This would become effective on December 31, 2009.

The stated purpose of H.R. 4248 is to reintroduce a system of competing currencies. The law will create a legal climate favorable to competition. According to Rep Ron Paul, “Historically, legal tender laws have been used by governments to force their citizens to accept debased and devalued currency… If people are free to reject debased currency, and instead demand sound money, sound money will gradually return to use in society.”

H.R. 3912 & S. 1819: International Civil Rights Center and Museum Commemorative Coin Act

Summary: Proposal for commemorative coins in commemoration of the opening of the International Civil Rights Center and Museum. The proposal stipulates not more than 1,000 silver dollar coins to be issued in 2010.

Sponsor: Rep. Bradley Miller, Sen Kay Hagan

Date Introduced: October 21, 2009, October 22, 2009

Current Status: Referred to Committee

The new legislation seeks to commemorative the opening of the International Civil Rights Center and Museum in North Carolina. Some oddities of the bill suggest that passage in its current format is unlikely.

The bill authorizes that the Secretary of the Treasury mint and issue not more than 1,000 silver dollar coins to mark the occasion. Commemorative silver dollars are generally authorized with maximum production in the hundreds of thousands. This bill calls for a mere one thousand coins.

The bill states that the coins will be minted during the calendar year beginning on January 1, 2010. Under law, only two commemorative coin programs may be authorized per year. For 2010, programs for Disabled American Veterans and the Boy Scouts have already been authorized.

Other aspects of the program outlined in the bill include required designations and inscriptions, design selection, mint facility, and sale of coins. Surcharges of $10 per coin would be distributed to the International Civil Rights Center and Museum.