[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3916 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 3916

 To improve circulation of the $1 coin, create a new bullion coin, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 9, 2004

  Mr. Castle (for himself and Mrs. Maloney) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To improve circulation of the $1 coin, create a new bullion coin, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Presidential $1 Coin Act of 2004''.

SEC. 2. FINDINGS.

    The Congress finds as follows:
            (1) There are sectors of the United States economy, 
        including public transportation, parking meters, vending 
        machines and low-dollar value transactions, in which the use of 
        a $1 coin is both useful and desirable for keeping costs and 
        prices down.
            (2) For a variety of reasons, the new $1 coin introduced in 
        2000 has not been widely sought-after by the public, leading to 
        higher costs for merchants and thus higher prices for 
        consumers.
            (3) The success of the 50-State circulating commemorative 
        quarter program shows that a rotating design on a United States 
        circulating coin radically increases demand for the coin, 
        rapidly pulling it through the economy.
            (4) The 50-State circulating commemorative quarter program 
        also has been an educational tool, teaching both Americans and 
        visitors something about each State for which a quarter has 
        been issued.
            (5) A national survey and study by the General Accounting 
        Office has indicated that many Americans who do not seek, or 
        who reject, the new $1 coin for use in commerce would actively 
        seek the coin if an attractive, educational rotating design 
        were to be struck on the coin.
            (6) The President is the leader of our tripartite 
        government and the President's spouse has often set the social 
        tone for the White House while spearheading and highlighting 
        important issues for the country.
            (7) Many people cannot name all of the Presidents, and 
        fewer can name the spouses, nor can many people accurately 
        place the President in the proper time period of American 
        history.
            (8) First Spouses have not generally been recognized on 
        American coinage.
            (9) Sacagewea, as currently represented on the new $1 coin, 
        is an important symbol of American history.
            (10) In order to revitalize the design of United States 
        coinage and return circulating coinage to its position as not 
        only a necessary means of exchange in commerce but as 
        representation of aesthetic beauty, it is appropriate to move 
        many of the mottos and emblems, the inscription of the year, 
        and the so-called ``mint marks'' that currently appear on the 2 
        faces of each circulating coin to the edge of the coin, which 
        would allow larger and more dramatic artwork on the coins 
        reminiscent of the so-called ``Golden Age of Coinage'' in the 
        United States, at the beginning of the Twentieth Century, 
        initiated by President Theodore Roosevelt, with the assistance 
        of noted sculptors and medallic artists James Earle Fraser and 
        Augustus St. Gaudens.
            (11) Placing inscriptions on the edge of coins, known as 
        edge-incusing, is a hallmark of modern coinage and is common in 
        large-volume production of coinage elsewhere in the world, such 
        as the 2,700,000,000 2-Euro coins in circulation and coins of 
        the People's Republic of China, but it has not been done on a 
        large scale in United States coinage in recent years.
            (12) Bullion coins are a valuable tool for the investor 
        and, in some cases, an important aspect of the coin-collector 
        field.
            (13) Although the Congress has authorized the Secretary of 
        the Treasury to issue gold coins with a purity of .9999 
        percent, the Secretary has not done so.
            (14) By commencing the issuance of the presidential $1 
        coins in 2006, coins issued in uncirculated or proof qualities 
        that commemorate the presidency of Thomas Jefferson may be sold 
        in sets with the coins of similar qualities that are issued in 
        2006 and commemorate the Lewis and Clark expedition, together 
        with $1 coins that bear the image of Sacagewea and are struck 
        for numismatic purposes under section 5112(n)(1)(B) of title 
        31, United States Code (as amended by section 3 of this Act).

SEC. 3. PRESIDENTIAL $1 COIN PROGRAM.

    Section 5112 of title 31, United States Code, is amended by 
inserting after subsection (m) the following new subsection:
    ``(n) Redesign and Issuance of Circulating $1 Coins Honoring Each 
of the Presidents of the United States.--
            ``(1) Redesign beginning in 2006.--
                    ``(A) In general.--Notwithstanding subsection (d), 
                $1 coins issued during the appropriate period beginning 
                January 1, 2006, shall have designs on the obverse and 
                reverse sides selected in accordance with this 
                subsection which are emblematic of the Presidents of 
                the United States.
                    ``(B) Transition provision.--Notwithstanding 
                subparagraph (A), the Secretary may continue to mint 
                and issue $1 coins in 2006 which bear the design in 
                effect before the redesign required under this 
                subsection, as required for numismatic purposes and to 
                ensure a smooth transition into the presidential coin 
                program under this subsection.
            ``(2) Design requirements.--The $1 coins issued in 
        accordance with paragraph (1)(A) shall meet the following 
        design requirements:
                    ``(A) Coin reverse.--The reverse of the coin shall 
                bear--
                            ``(i) a likeness of the Statue of Liberty 
                        extending to the rim of the coin and large 
                        enough to provide a dramatic representation of 
                        Liberty while not being large enough to create 
                        the impression of a `2-headed' coin;
                            ``(ii) an inscription, using Arabic 
                        numerals, of the value of the coin; and
                            ``(iii) an inscription of the `United 
                        States of America'.
                    ``(B) Coin obverse.--The obverse of the coin shall 
                contain the name and likeness of a President of the 
                United States along with basic information about the 
                President, including the dates of the term of office of 
                such President and a number indicating the order of the 
                term of service in which the President served.
                    ``(C) Edge-incused inscriptions.--So that the 
                images on the obverse and reverse of each coin may 
                stretch completely to the rim of the coin for dramatic 
                effect similar to the coin designs of St. Gaudens and 
                James Earle Fraser, the inscription of the year of 
                issuance of the coin and the inscriptions required 
                under subsection (d)(1), other than the designation of 
                the value of the coin or the inscriptions referred to 
                in subparagraphs (A)(iii) and (D), shall be edge-
                incused into the coin.
                    ``(D) Inscriptions of `liberty'.--Notwithstanding 
                the 2d sentence of subsection (d)(1), because the use 
                of the Statue of Liberty on the reverse of the coins 
                issued under this subsection adequately conveys the 
                concept of Liberty, an inscription of `Liberty' shall 
                not appear on either face of such coins or the edge of 
                the coins.
                    ``(E) Prohibition on inclusion of sitting president 
                in series.--No coin issued under this subsection may 
                bear the image of a President who has not completed 
                such President's term of service.
            ``(3) Issuance of coins commemorating presidents.--
                    ``(A) Order of issuance.--The coins issued under 
                this subsection commemorating Presidents of the United 
                States shall be issued in the order of the term of 
                service of each President, beginning with President 
                George Washington.
                    ``(B) Treatment of term of service.--
                            ``(i) In general.--Subject to clause (ii), 
                        only 1 coin design shall be issued per order of 
                        service for any President, no matter how many 
                        consecutive terms of office the President 
                        served.
                            ``(ii) Nonconsecutive terms.--If a 
                        President has served during 2 or more 
                        nonconsecutive terms of service, a coin shall 
                        be issued under this subsection for each such 
                        nonconsecutive term of service.
            ``(4) Issuance of coins commemorating 4 presidents during 
        each year of the period.--
                    ``(A) In general.--The designs for the $1 coins 
                issued during each year of the period referred to in 
                paragraph (1) shall be emblematic of 4 Presidents 
                selected in the order in which they served as President 
                until each President has been so honored.
                    ``(B) Number of each of 4 coin designs in each 
                year.--Of the $1 coins issued during each year of the 
                period referred to in paragraph (1), the Secretary of 
                the Treasury shall prescribe, on the basis of such 
                factors as the Secretary determines to be appropriate, 
                the number of $1 coins which shall be issued with each 
                of the 4 designs selected for such year.
            ``(5) Selection of design.--Each of the designs required 
        under this subsection for $1 coins shall be--
                    ``(A) selected by the Secretary after consultation 
                with the Commission of Fine Arts; and
                    ``(B) reviewed by the Citizens Coinage Advisory 
                Committee.
            ``(6) Treatment as numismatic items.--For purposes of 
        sections 5134 and 5136, all coins minted under this subsection 
        shall be considered to be numismatic items.
            ``(7) Issuance.--The Secretary may mint and issue such 
        number of $1 coins of each design selected under paragraph (5) 
        in uncirculated and proof qualities as the Secretary determines 
        to be appropriate.
            ``(8) Reversion to preceding design.--Upon the completion 
        of the series of designs required by this subsection, the 
        design of the $1 coin shall revert to the design in use prior 
        to the issuance of coins in accordance with this subsection.''.

SEC. 4. FIRST SPOUSE BULLION COIN PROGRAM.

    Section 5112 of title 31, United States Code, is amended by 
inserting after subsection (n) (as added by section 3 of this Act) the 
following new subsection:
    ``(o) First Spouse Bullion Coin Program.--
            ``(1) In general.--During the same period in which the $1 
        coins are issued under subsection (n) which are emblematic of 
        the Presidents of the United States, the Secretary of the 
        Treasury shall issue bullion coins under this subsection that 
        are emblematic of the spouse of each such President.
            ``(2) Specifications.--The coins issued under this 
        subsection shall--
                    ``(A) have the same diameter as the $1 coins 
                described in subsection (n);
                    ``(B) be of an appropriate weight and thickness; 
                and
                    ``(C) contain .9999 percent pure gold.
            ``(3) Design requirements.--
                    ``(A) Coin obverse.--The obverse of each coin 
                issued under this subsection shall contain the name and 
                likeness of a First Spouse, an inscription of the years 
                of service and a number indicating the order in which 
                his or her spouse served as President.
                    ``(B) Coin reverse.--The reverse of each coin 
                issued under this subsection shall bear--
                            ``(i) images emblematic of the life and 
                        work of the First Spouse whose image is borne 
                        on the obverse; and
                            ``(ii) an inscription of the `United States 
                        of America'.
                    ``(C) Designated denomination.--Each coin issued 
                under this subsection shall bear, on the reverse, an 
                inscription of the designated denomination of the coin, 
                using Arabic numerals, which shall be $10.
                    ``(D) Design in case of no first spouse.--In the 
                case of any President who served without a spouse--
                            ``(i) the image on the obverse of the 
                        bullion coin corresponding to the $1 coin 
                        relating to such President shall be an image of 
                        the concept of `Liberty'--
                                    ``(I) as represented on a United 
                                States coin issued during the term of 
                                such President; or
                                    ``(II) in the case of President 
                                Chester Alan Arthur, incorporating the 
                                name and likeness of Alice Paul, a 
                                leading strategist in the suffrage 
                                movement, who was instrumental in 
                                gaining women the right to vote upon 
                                the adoption of the 19th amendment and 
                                thus participate in the election of 
                                future Presidents, and who was born on 
                                January 11, 1885, during the term of 
                                President Arthur; and
                            ``(ii) the reverse of such bullion coin 
                        shall be of a design representative of themes 
                        of such President, except that in the case of 
                        the bullion coin referred to in clause (i)(II) 
                        the reverse of such coin shall be 
                        representative of the sufferage movement.
                    ``(E) Design and coin for each spouse.--A coin 
                shall be designed and issued under this section for 
                each person who was the spouse of a President during 
                any portion of a term of office of such President.
                    ``(F) Edge-incused inscriptions.--So that the 
                images on the obverse and reverse of each coin may 
                stretch completely to the rim of the coin for dramatic 
                effect, the inscription of the year of issuance of the 
                coin and the inscriptions required under subsection 
                (d)(1), other than the designation of the value of the 
                coin, shall be edge-incused into the coin.
            ``(4) Selection of design.--Each of the designs required 
        under this subsection for $1 coins shall be--
                    ``(A) selected by the Secretary after consultation 
                with the Commission of Fine Arts; and
                    ``(B) reviewed by the Citizens Coinage Advisory 
                Committee.
            ``(5) Sale of bullion coins.--Each bullion coin issued 
        under this subsection shall be sold for an amount the Secretary 
        of the Treasury determines to be appropriate that is equal to 
        or greater than the sum of--
                    ``(A) the face value of the coins; and
                    ``(B) the cost of designing and issuing the coins 
                (including labor, materials, dies, use of machinery, 
                overhead expenses, marketing, and shipping).
            ``(6) Issuance of coins commemorating first spouses.--
                    ``(A) In general.--The bullion coins issued under 
                this section with respect to any spouse of a President 
                shall be issued on the same schedule as the $1 coin 
                issued under subsection (n) with respect to such 
                President.
                    ``(B) Termination of program.--No bullion coin may 
                be issued under this section after the design on the $1 
                coin reverts, in accordance with subsection (n)(8), to 
                the design of the $1 coin preceding the program the 
                issuance of coins under subsection (n).
            ``(7) Quality of coins.--The bullion coins shall be issued 
        in both proof and standard versions and may be sold in sets 
        with the $1 coins issued under subsection (n) or in such other 
        sets as the Secretary of the Treasury sees appropriate, as well 
        as separately.''.

SEC. 5. SENSE OF THE CONGRESS.

     It is the sense of the Congress that--
            (1) the American tradition of not issuing a coin with the 
        image of a living person has served the country well and 
        deserves to be continued as a general practice;
            (2) the full circulation potential and cost-savings benefit 
        projections for the presidential $1 coin program are not likely 
        to be achieved unless barriers to the circulation of such coins 
        are removed; and
            (3) in connection with the introduction of the $1 coins 
        under the presidential $1 coin program--
                    (A) the coins should not be introduced with an 
                expensive taxpayer-funded public relations campaign, 
                including the use of the taxpayer-funded United States 
                Mint Public Enterprise Fund; and
                    (B) the Director of the United States Mint, a 
                bureau in the Department of the Treasury, should--
                            (i) work with consumer groups, media 
                        outlets, and schools to ensure an adequate 
                        amount of news coverage about the start of the 
                        coin program so consumers will know of the 
                        availability of the coins; and
                            (ii) work closely with merchants who will 
                        use the coins, vending machine and other coin 
                        acceptor manufacturers, vending machine 
                        operators, transit officials, and municipal 
                        parking officials, as well as with the Board of 
                        Governors of the Federal Reserve System and the 
                        various banking and business associations, to 
                        ensure that--
                                    (I) adequate numbers of vending 
                                machines and coin accepting equipment 
                                will accept the coin, and are labeled 
                                as such;
                                    (II) cash register drawers are 
                                ready to accept the coins; and
                                    (III) the contractors who handle 
                                recirculation of coins for the Board of 
                                Governors of the Federal Reserve System 
                                have machinery available to deliver and 
                                recycle the coins in packaging that is 
                                useful to businesses, including rolled 
                                coins.
                                 <all>