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

                                                 Union Calendar No. 331
108th CONGRESS
  2d Session
                                H. R. 3916

                          [Report No. 108-568]

 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

                             June 24, 2004

Additional sponsors: Mr. Pitts, Mr. Bereuter, Mr. Shimkus, Mr. Gillmor, 
   Mr. English, Mr. Leach, Mr. Costello, Mr. Houghton, and Ms. Pelosi

                             June 24, 2004

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
 [For text of introduced bill, see copy of bill as introduced on March 
                                9, 2004]

_______________________________________________________________________

                                 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,

SEC. 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 States Commemorative Coin Program 
        for circulating quarter dollars 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 States Commemorative Coin 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 each 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 also as an 
        object of aesthetic beauty in its own right, 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 coin collecting.
            (13) Although the Congress has authorized the Secretary of 
        the Treasury to issue gold coins with a purity of 99.99 
        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 
        appropriately 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) 
                and in accordance with the provisions of this 
                subsection, $1 coins issued during the period beginning 
                January 1, 2006, and ending upon the termination of the 
                program under paragraph (6) shall have designs on the 
                obverse selected in accordance with paragraph (2)(B) 
                which are emblematic of the Presidents of the United 
                States and a design on the reverse selected in 
                accordance with paragraph (2)(A).
                    ``(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 design on the reverse 
                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) the inscription `$1' ; and
                            ``(iii) the inscription `United States of 
                        America'.
                    ``(B) Coin obverse.--The design on the obverse 
                shall contain the name and likeness of a President of 
                the United States and basic information about the 
                President, including the dates or years of the term of 
                office of such President and a number indicating the 
                order of the period of service in which the President 
                served.
                    ``(C) Edge-incused inscriptions.--The inscription 
                of the year of minting or issuance of the coin and the 
                inscriptions `E Pluribus Unum' and `In God We Trust' 
                shall be edge-incused into the coin.
                    ``(D) Inscriptions of `liberty'.--Notwithstanding 
                the 2d sentence of subsection (d)(1), because the use 
                of a design bearing the likeness of the Statue of 
                Liberty on the reverse of the coins issued under this 
                subsection adequately conveys the concept of Liberty, 
                the inscription of `Liberty' shall not appear on the 
                coins.
                    ``(E) Prohibition on sitting president in series.--
                No coin issued under this subsection may bear the image 
                of a President who has not completed such President's 
                period 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 period of 
                service of each President, beginning with President 
                George Washington.
                    ``(B) Treatment of period of service.--
                            ``(i) In general.--Subject to clause (ii), 
                        only 1 coin design shall be issued for a period 
                        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 periods of service, a coin shall 
                        be issued under this subsection for each such 
                        nonconsecutive period 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 until 
                the year the program terminates.
                    ``(B) Number of each of 4 circulating coin designs 
                in each year.--The Secretary shall prescribe, on the 
                basis of such factors as the Secretary determines to be 
                appropriate, the number of $1 coins that shall be 
                issued with each of the designs selected for each year 
                of the period referred to in paragraph (1).
            ``(5) Issuance of numismatic coins.--The Secretary may mint 
        and issue such number of $1 coins of each design selected under 
        this subsection in uncirculated and proof qualities as the 
        Secretary determines to be appropriate.
            ``(6) Termination of program.--The issuance of coins under 
        this subsection shall terminate when each President who has 
        finished such President's period of service has been so honored 
        and may not be resumed except by an Act of Congress.
            ``(7) Reversion to preceding design.--Upon the termination 
        of the issuance of coins under this subsection, the design of 
        the $1 coin shall revert to the design on $1 coins being issued 
        immediately before the issuance of coins under 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) weigh 0.5 ounce; and
                    ``(C) contain 99.99 percent pure gold.
            ``(3) Design requirements.--
                    ``(A) Coin obverse.--The design on the obverse of 
                each coin issued under this subsection shall contain--
                            ``(i) the name and likeness of a person who 
                        was a spouse of a President during the 
                        President's period of service;
                            ``(ii) an inscription of the years during 
                        which such person was the spouse of a President 
                        during the President's period of service; and
                            ``(iii) the number indicating the order of 
                        the period of service in which such President 
                        served.
                    ``(B) Coin reverse.--The design on 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) the inscription `United States of 
                        America'.
                    ``(C) Designated denomination.--Each coin issued 
                under this subsection shall bear, on the reverse, an 
                inscription of the nominal denomination of the coin 
                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 
                        emblematic of the concept of `Liberty'--
                                    ``(I) as represented on a United 
                                States coin issued during the period of 
                                service of such President; or
                                    ``(II) as represented, in the case 
                                of President Chester Alan Arthur, by a 
                                design 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 suffrage movement.
                    ``(E) Design and coin for each spouse.--A separate 
                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) Inscriptions.--Each bullion coin issued under 
                this subsection shall bear the inscription of the year 
                of minting or issuance of the coin and such other 
                inscriptions as the Secretary may determine to be 
                appropriate.
            ``(4) 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).
            ``(5) Issuance of coins commemorating first spouses.--
                    ``(A) In general.--The bullion coins issued under 
                this subsection 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) Maximum number of bullion coins for each 
                design.--The Secretary shall--
                            ``(i) prescribe, on the basis of such 
                        factors as the Secretary determines to be 
                        appropriate, the maximum number of bullion 
                        coins that shall be issued with each of the 
                        designs selected under this subsection; and
                            ``(ii) announce, before the issuance of the 
                        bullion coins of each such design, the maximum 
                        number of bullions coins of that design that 
                        will be issued.
                    ``(C) Termination of program.--No bullion coin may 
                be issued under this subsection after the design on the 
                $1 coin reverts, in accordance with subsection (n)(7), 
                to the design on $1 coins being issued immediately 
                before the issuance of coins under subsection (n).
            ``(6) Quality of coins.--The bullion coins shall be issued 
        in both proof and uncirculated qualities.
            ``(7) Source of gold bullion.--The Secretary shall acquire 
        gold for the coins issued under this subsection by purchase of 
        gold mined from natural deposits in the United States, or in a 
        territory or possession of the United States, within 1 year 
        after the month in which the ore from which it is derived was 
        mined. The Secretary shall pay not more than the average world 
        price for the gold.
            ``(8) Bronze medals.--The Secretary may strike and sell 
        bronze medals that bear the likeness of the bullion coins 
        authorized under this subsection, at a price, size, and weight, 
        and with such inscriptions, as the Secretary determines to be 
        appropriate.''.

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 the coins are delivered in ways useful to 
        ordinary commerce;
            (3) in order for the Presidential $1 Coin Program to 
        achieve maximum success--
                    (A) the coin should be as attractive as possible; 
                and
                    (B) the Director of the United States Mint should 
                take all reasonable steps to ensure that the coins 
                described in section 5112(n) of title 31, United States 
                Code, remain tarnish-free for as long as possible 
                without incurring undue expense;
            (4) if the Secretary of the Treasury determines to include 
        on any $1 coin minted under section 5112(n) of title 31, United 
        States Code (as added by section 3 of this Act) a mark denoting 
        the United States Mint facility at which the coin was struck, 
        such mark should be edge-incused;
            (5) at such time as the Board of Governors of the Federal 
        Reserve System determines to be appropriate, after consultation 
        with the Secretary of the Treasury and the submission of notice 
        to the Congress, the Board should separate and sequester, and 
        not put back into circulation, any $1 coin that comes into the 
        possession of the Board or any Federal reserve bank and does 
        not bear--
                    (A) a design specified under section 5112(n) of 
                title 31, United States Code; or
                    (B) the design referred to in paragraph (7) of such 
                section;
            (6) in connection with the introduction of the $1 coins 
        under the presidential $1 coin program--
                    (A) the coins should not be introduced with an 
                overly expensive taxpayer-funded public relations 
                campaign; and
                    (B) the Director of the United States Mint, a 
                bureau in the Department of the Treasury, should 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;
            (7) the Board of Governors of the Federal Reserve System 
        and the Secretary of the Treasury should take steps to ensure 
        that an adequate supply of $1 coins are available for commerce 
        and collectors at such places and in such quantities as are 
        appropriate by--
                    (A) meeting, at least monthly on a regular basis, 
                with a coin users group that includes representatives 
                of merchants who would benefit from the increased usage 
                of $1 coins, vending machine and other coin acceptor 
                manufacturers, vending machine owners and operators, 
                transit officials, municipal parking officials, 
                depository institutions, coin and currency handlers, 
                armored-car operators, and coin collectors and dealers 
                to accurately gauge demand for coins and to anticipate 
                and eliminate obstacles to the easy and efficient 
                distribution and circulation of coins issued under the 
                Presidential $1 Coin Program as well as all other 
                circulating coins;
                    (B) submitting a semiannual report to the Congress 
                containing an assessment of the remaining obstacles to 
                the efficient and timely circulation of coins, and 
                particularly coins issued under the Presidential $1 
                Coin Program, together with such recommendations for 
                legislative action the Board and the Secretary may 
                determine to be appropriate;
                    (C) ensuring that as many vending machines and 
                other automated coin-accepting devices in the United 
                States as possible accept coins issued under the 
                Presidential $1 Coin Program and carry notices of such 
                acceptability; and
                    (D) ensuring that--
                            (i) all institutions that want unmixed 
                        supplies of each newly-issued design of $1 
                        coins under the Presidential $1 Coin Program 
                        are able to obtain such unmixed supplies; and
                            (ii) circulating coins will be available 
                        for ordinary commerce in packaging of sizes and 
                        types appropriate for and useful to ordinary 
                        commerce, including rolled coins; and
            (8) the Director of the United States Mint should take all 
        steps necessary to expand the marketplace for bullion coins, 
        and reduce barriers to the sale of bullion coins, by ensuring 
        that--
                    (A) the greatest number possible of reputable, 
                reliable, and responsible dealers are qualified to 
                offer for sale all bullion coins struck and issued by 
                the United States Mint; and
                    (B) all such dealers and their customers have equal 
                and timely access to all new issues of such bullion 
                coins.




                                                       Calendar No. 331

108th CONGRESS

  2d Session

                               H. R. 3916

                          [Report No. 108-568]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                             June 24, 2004

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed