Coin Legislation

On July 13, 2010, S. 3572 was introduced by Sen. Blanche Lincoln of Arkansas. The bill seeks the production and issuance of commemorative coins for the 225th anniversary of the establishment of the United States Marshals Service.

This represents the fourth introduction of a bill for this purpose, closely following the introduction of H.R. 5680 on July 1, 2010. The text of S. 3572 follows the changes set forth by H.R. 5680, in adjusting the maximum authorized mintages for the $5 gold coins and $1 silver coins.

The reason for the adjustment to the mintages is to meet the ambitious surcharge goals of the program. Each $5 gold coin would carry a surcharge of $35 per coin and each $1 silver coin would carry a surcharge of $10.

The first $5,000,000 of surcharges would be distributed to the Director of the United State Marshals Service National Museum in Fort Smith, Arkansas. The remaining amount of surcharges available would be distributed to the following list of organizations:

• $1,000,000 to the National Center for Missing and Exploited Children
• $1,000,000 to the National Law Enforcement Officers Memorial Fund (A previously issued commemorative coin was the 1997 Law Enforcement Officers Memorial Silver Dollar with surcharges used for the preservation of the memorial.)
• $1,000,000 to the Federal Law Enforcement Officers Association
• $500,000 to the William ‘Bill’ Degan Scholarship Fund
• $500,000 to the Robert D. May Scholarship Fund
• $500,000 to the Community Oriented Policing Service
• $500,000 to teh United States Marshals Service Association

H.R. 5680 United States Marshals Service 225th Anniversary Commemorative Coin Act was introduced on July 1, 2010 by Rep. John Boozman of Arkansas. This is the third bill seeking commemorative coins for US Marshals, the prior being H.R. 2799 and S. 2106.

The same basic coins are described in the most recent bill. A $5 gold commemorative coin containing 1 troy ounce of gold would feature a design in high relief. An additional silver dollar would be issued with standard specifications. Both coins would include incuse edge lettering with the US Marshals motto “Justice, Integrity, Service”.

Changes in the current bill from the prior proposals include modifications to the maximum authorized mintages and the year of production and issue. The $5 gold coins would have a maximum of 142,000, compared to the previous 100,000. The silver dollars would see their maximum mintage increased to 503,000 from 500,000. The coins would also carry the date “2014-2015″ and could be minted and issued through December 31, 2015. Previously the coins were to be minted only in 2014.

The prior bill H.R. 2799 had attracted 109 cosponsors. The newly introduced bill has no cosponsors and has been referred to committee.

H.R. 1177: 5-Star Generals Commemorative Coin Act passed in the House on May 20, 2010. The bill had been introduced more than one year ago on February 25, 2009 and sought to authorize the production of gold, silver, and clad commemorative coins featuring the 5-Star Generals in 2013.

Portraits of the George Marshall, Douglas MacArthur, Dwight Eisenhower, Henry Arnold, and Omar Bradley would be featured on the coin designs. Dwight Eisenhower was previously featured in 1990 commemorative coin program to celebrate the centennial of his birth.

The bill H.R. 1177 currently has 300 cosponsors. The next step on the way to becoming law will be for the bill to be passed in the Senate. Then it would require the President’s signature.

H.R. 2421: Mother’s Day Centennial Commemorative Coin Act passed in the House of Representatives on May 5, 2010. The bill was introduced nearly a year ago on May 14, 2009 along with a corollary version of the bill introduced in the Senate the week earlier.

The bill seeks to authorized the production and issuance of up to 400,000 silver dollar commemorative coins to mark the 100th anniversary of the establishment of Mother’s Day. The coins would be released in 2014 and available in proof and uncirculated versions.

There are now 291 cosponsors for H.R. 2421. In order to become law, the bill must be passed in the Senate and then signed into law by the President.

The pace of coin legislation has slowed down in recent months. Rather than a monthly or bimonthly summary of activity, this post will summarize newly introduced bills and progress for existing bills from November 2009 to April 2010. You can also view a full coin legislation summary or listing of upcoming commemorative coins.

On November 6, 2009, the President signed H.R. 1209 into law. This sets the stage for the issuance of Medal of Honor Commemorative coins for 2011. The program will include up to 100,000 $5 gold coins and 500,000 silver dollar coins. This will also mark the first issuance of gold commemorative coins since 2008, breaking the two year gap.

On December 9, 2009, H.R. 4248 Free Competition in Currency Act was introduced by Rep Ron Paul. The bill would seek to repeal legal tender laws and prohibit taxation on certain coins and bullion. The purpose of the bill is to set the stage for a system of competing currencies within the United States. There has been no progress with the bill since introduction.

Later in the month on December 16, 2009, H.R. 4329 was introduced which seeks James Monroe Commemorative Coins. The coins would be issued in 2016 to mark the 200th anniversary of his first election as President. The program would include $50 gold coins, $1 silver coins, and 50 cent clad half dollars. The coins would have some unusually low mintages with limits set at 20,000 for the gold coins, 275,000 for the silver dollars, and 50,000 for the half dollars.

The first piece of coin legislation introduced during 2010 came on February 11, with the introduction of S. 3009 Gettysburg Campaign Act. The legislation was similar to the previous introduced House bill H.R. 2123, which seeks gold, silver, and clad commemorative coins in 2013 with motifs commemorating the invasion of Pennsylvania, the Battle of Gettysburg, and President Lincoln’s Gettysburg Address.

On February 24, 2010, bill were introduced in the House and Senate seeking commemorative medals for the 10th anniversary of the September 11, 2001 terrorist attacks. The medals would be issued in 2011. A bill was previously introduced seeking commemorative coins, but two commemorative coin programs were subsequently approved for 2011. Under current law, there may only be two commemorative coin programs per year.

Finally, on February 25, 2010, H.R. 4705 was introduced, which seeks a Ronald Reagan $50 Bill. The likeness of Ronald Reagan would replace Ulysses S. Grant. The bill was referred to committee and has not progressed since being introduced.