Coin Legislation

H.R. 4705: Ronald Reagan $50 Bill Act

Summary: Proposal for to redesign the $50 Federal Reserve Note with the likeness of President Ronald Reagan.

Sponsor: Rep. Patrick McHenry

Date Introduced: February 25, 2010

Current Status: Referred to Committee (March 5, 2010)

The legislation calls for the redesign of the $50 bill to feature the likeness of President Ronald Wilson Reagan. The $50 bill currently features Ulysses S. Grant, who would be displaced if the bill becomes law.

The new design would appear on notes printed after December 31, 2010.

Similar legislation had been introduced previously in 2005, which called for placing an image of Ronald Reagan on the $50 bill after December 31, 2005. This bill was never made any progress and therefore the design of the bill remained the same.

Earlier in the year Ronald Reagan Commemorative Coins had been proposed. The bill called for $5 gold coins and $1 silver coins. The required obverse design would be a portrait of Ronald Reagan. The reverse would feature a design similar to the depiction of the American Eagle carrying an olive branch, flying above a nest with another eagle and hatchlings. Such an image appears on the American Gold Eagle bullion coins. This bill has not made any progress after it was introduced.

H.R. 3549 & S. 3034: National September 11 Memorial & Museum Commemorative Medal Act of 2009

Summary: Proposal for commemorative medals struck in silver to mark the 10th anniversary of the September 11, 2001 terrorist attacks on the United States. The bill calls for up to 2,000,000 one ounce silver medals to be produced in proof quality.

Sponsor: Rep. Jerrold Nadler, Sen. Charles Schumer

Date Introduced: February 24, 2010

Current Status: Referred to Committee

The new legislation seeks commemorative medals, as opposed to coins, for the 10th anniversary of the September 11, 2001 terrorist attacks on the United States. A previous bill had been introduced seeking commemorative silver coins, however two commemorative coin programs were approved for the year 2011. Under law, only two programs may be approved for any year.

The latest bill carries similarities to the previous and calls for up to 2,000,000 medals struck in one ounce of silver. The coins would be struck in quality comparable to proof coins. The medals are recommended to be produced one half at the Philadelphia Mint and one half at the West Point Mint. The medals would be available for sale beginning January 1, 2011. Medals may not be struck after December 31, 2012.

The required inscriptions for the medals are the years “2001 - 2011″ and the words “Always Remember”. The design would be emblematic of the courage, sacrifice, and strength of the individuals who perished in the attacks, the bravery of those who risked their lives to save others, and the endurance, resilience, and hope of those who survived.

A surcharge of $10 per coin would be added to the cost of each coin. The surcharges would be payable to National September 11 Memorial & Museum at the World Trade Center for operations and maintenance.

The first piece of coin related legislation has been introduced since H.R. 4329: James Monroe Commemorative Coin Act, which was introduced back in mid-December. On February 11, 2010, S. 2009 Gettysburg Campaign Act was introduced in the Senate, which calls for gold, silver and clad commemorative coins.

The legislation is similar to H.R. 2123, which had been introduced back in April 2009, with adjustments to the authorized mintage for each coin and the distribution of surcharges.

To briefly summarize, the bill seeks up to 75,000 $5 Gold coins, up to 350,000 silver dollars, and up to 100,000 clad composition half dollars. The coins would be dated 2013 and contain motifs that specifically commemorate the invasion of Pennsylvania, the Battle of Gettysburg, and President Lincoln’s Gettysburg Address.

The coins would be minted in proof and uncirculated versions with at least one US Mint facility producing each version. Surcharges of $35, $10, and $5 would be added to the price of each gold, silver, and clad coin respectively. Two third of the surcharges would be distributed to the Gettysburg Foundation and one third would be distributed to the Army Heritage Center Foundation.