[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 902 Reported in House (RH)]






                                                  Union Calendar No. 20
109th CONGRESS
  1st Session
                                H. R. 902

                          [Report No. 109-39]

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 17, 2005

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

                             April 13, 2005

Reported with amendments, 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 
                           February 17, 2005]

_______________________________________________________________________

                                 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 2005''.

                     TITLE I--PRESIDENTIAL $1 COINS

SEC. 101. 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 design on a United 
        States circulating coin that is regularly changed in a manner 
        similar to the systematic change in designs in such Program 
        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 Government 
        Accountability 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) Sacagawea, as currently represented on the new $1 coin, 
        is an important symbol of American history.
            (8) 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.
            (9) First Spouses have not generally been recognized on 
        American coinage.
            (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 Saint-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, but it has 
        not been done on a large scale in United States coinage in 
        recent years.
            (12) 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.
            (13) Bullion coins are a valuable tool for the investor 
        and, in some cases, an important aspect of coin collecting.

SEC. 102. 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 2007.--
                    ``(A) In general.--Notwithstanding subsection (d) 
                and in accordance with the provisions of this 
                subsection, $1 coins issued during the period beginning 
                January 1, 2007, 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) Continuity provision.--Notwithstanding 
                subparagraph (A), the Secretary shall continue to mint 
                and issue $1 coins which bear the design on $1 coins 
                being minted and issued before the issuance of coins as 
                required 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.--
                            ``(i) In general.--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.
                            ``(ii) Preservation of distinctive edge.--
                        The edge-incusing of the inscriptions under 
                        clause (i) on coins issued under this 
                        subsection shall be done in a manner that 
                        preserves the distinctive edge of the coin so 
                        that the denomination of the coin is readily 
                        discernible, including by individuals who are 
                        blind or visually impaired.
                    ``(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, at the time of issuance, is 
                currently serving as President.
            ``(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 
                each President has been so honored, subject to 
                paragraph (2)(E).
                    ``(B) Number 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 has been so 
        honored, subject to paragraph (2)(E), 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 
        all $1 coins shall revert to the the so-called `Sacagawea-
        design' $1 coins.''.

SEC. 103. FIRST SPOUSE BULLION COIN PROGRAM.

    Section 5112 of title 31, United States Code, is amended by 
inserting after subsection (n) (as added by the preceding section of 
this title) 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 bullion coins of that design that 
                        will be issued.
                    ``(C) Termination of program.--No bullion coin may 
                be issued under this subsection after the termination, 
                in accordance with subsection (n)(6), of the $1 coin 
                program established 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. 104. SENSE OF THE CONGRESS.

    It is the sense of the Congress that--
            (1) the enactment of this Act will serve to increase the 
        use of $1 coins generally, which will increase the circulation 
        of the so-called ``Sacagawea-design'' $1 coins that have been 
        and will continue to be minted and issued;
            (2) the continued minting and issuance of the so-called 
        ``Sacagawea-design'' $1 coins will serve as a lasting tribute 
        to the role of women and Native Americans in the history of the 
        United States;
            (3) while 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, in a series of 
        coins commemorating former Presidents, all former Presidents 
        should be so honored notwithstanding such tradition;
            (4) the full circulation potential and cost-savings benefit 
        projections for the $1 coins are not likely to be achieved 
        unless the coins are delivered in ways useful to ordinary 
        commerce;
            (5) in order for the circulation of $1 coins to achieve 
        maximum potential--
                    (A) the coins should be as attractive as possible; 
                and
                    (B) the Director of the United States Mint should 
                take all reasonable steps to ensure that all $1 coins 
                minted and issued remain tarnish-free for as long as 
                possible without incurring undue expense;
            (6) 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 102 of this Act) a mark 
        denoting the United States Mint facility at which the coin was 
        struck, such mark should be edge-incused;
            (7) at such time as the Secretary of Treasury determines to 
        be appropriate, and after consultation with the Board of 
        Governors of the Federal Reserve System and the submission of 
        notice to the Congress, the Secretary should declare to be 
        obsolete any circulating $1 coin that bears the design of the 
        $1 coins being issued immediately before the issuance of coins 
        with the design referred to in section 5112(n)(7) of title 31, 
        United States Code;
            (8) 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;
            (9) 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, from time to time but no less 
                frequently than quarterly, 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, car wash 
                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 $1 coins 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 $1 coins, together with such 
                recommendations for legislative action the Board and 
                the Secretary may determine to be appropriate;
                    (C) consulting with industry representatives to 
                encourage operators of vending machines and other 
                automated coin-accepting devices in the United States 
                to accept coins issued under the Presidential $1 Coin 
                Program and the so-called ``Sacagawea-design'' $1 
                coins, and to include notices on the machines and 
                devices of such acceptability;
                    (D) ensuring that during an introductory period, 
                all institutions that want unmixed supplies of each 
                newly-issued design of $1 coins are able to obtain such 
                unmixed supplies; and
                    (E) consulting with representatives of depository 
                institutions and armored-car operators to support the 
                availability of $1 coins in packaging of sizes and 
                types appropriate for and useful to ordinary commerce, 
                including rolled coins; and
            (10) 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.

      TITLE II--ABRAHAM LINCOLN BICENTENNIAL 1-CENT COIN REDESIGN

SEC. 201. FINDINGS.

    The Congress finds as follows:
            (1) Abraham Lincoln, the 16th President, was one of the 
        Nation's greatest leaders, demonstrating true courage during 
        the Civil War, one of the greatest crises in the Nation's 
        history.
            (2) Born of humble roots in Hardin County (present-day 
        LaRue County), Kentucky, on February 12, 1809, Abraham Lincoln 
        rose to the Presidency through a combination of honesty, 
        integrity, intelligence, and commitment to the United States.
            (3) With the belief that all men are created equal, Abraham 
        Lincoln led the effort to free all slaves in the United States.
            (4) Abraham Lincoln had a generous heart, with malice 
        toward none and with charity for all.
            (5) Abraham Lincoln gave the ultimate sacrifice for the 
        country he loved, dying from an assassin's bullet on April 15, 
        1865.
            (6) All Americans could benefit from studying the life of 
        Abraham Lincoln, for Lincoln's life is a model for 
        accomplishing the ``American dream'' through honesty, 
        integrity, loyalty, and a lifetime of education.
            (7) The year 2009 will be the bicentennial anniversary of 
        the birth of Abraham Lincoln.
            (8) Abraham Lincoln was born in Kentucky, grew to adulthood 
        in Indiana, achieved fame in Illinois, and led the nation in 
        Washington, D.C.
            (9) The so-called ``Lincoln cent'' was introduced in 1909 
        on the 100th anniversary of Lincoln's birth, making the obverse 
        design the most enduring on the nation's coinage.
            (10) President Theodore Roosevelt was so impressed by the 
        talent of Victor David Brenner that the sculptor was chosen to 
        design the likeness of President Lincoln for the coin, adapting 
        a design from a plaque Brenner had prepared earlier.
            (11) In the nearly 100 years of production of the ``Lincoln 
        cent'', there have been only 2 designs on the reverse: the 
        original, featuring 2 wheat-heads in memorial style enclosing 
        mottoes, and the current representation of the Lincoln Memorial 
        in Washington, D.C.
            (12) On the occasion of the bicentennial of President 
        Lincoln's birth and the 100th anniversary of the production of 
        the Lincoln cent, it is entirely fitting to issue a series of 
        1-cent coins with designs on the reverse that are emblematic of 
        the 4 major periods of President Lincoln's life.

SEC. 202. REDESIGN OF LINCOLN CENT FOR 2009.

    (a) In General.--During the year 2009, the Secretary of the 
Treasury shall issue 1-cent coins in accordance with the following 
design specifications:
            (1) Obverse.--The obverse of the 1-cent coin shall continue 
        to bear the Victor David Brenner likeness of President Abraham 
        Lincoln.
            (2) Reverse.--The reverse of the coins shall bear 4 
        different designs each representing a different aspect of the 
        life of Abraham Lincoln, such as--
                    (A) his birth and early childhood in Kentucky;
                    (B) his formative years in Indiana;
                    (C) his professional life in Illinois; and
                    (D) his presidency, in Washington, D.C.
    (b) Issuance of Redesigned Lincoln Cents in 2009.--
            (1) Order.--The 1-cent coins to which this section applies 
        shall be issued with 1 of the 4 designs referred to in 
        subsection (a)(2) beginning at the start of each calendar 
        quarter of 2009.
            (2) Number.--The Secretary shall prescribe, on the basis of 
        such factors as the Secretary determines to be appropriate, the 
        number of 1-cent coins that shall be issued with each of the 
        designs selected for each calendar quarter of 2009.
    (c) Design Selection.--The designs for the coins specified in this 
section shall be chosen by the Secretary--
            (1) after consultation with the Abraham Lincoln 
        Bicentennial Commission and the Commission of Fine Arts; and
            (2) after review by the Citizens Coinage Advisory 
        Committee.

SEC. 203. REDESIGN OF REVERSE OF 1-CENT COINS AFTER 2009.

    The design on the reverse of the 1-cent coins issued after December 
31, 2009, shall bear an image emblematic of President Lincoln's 
preservation of the United States of America as a single and united 
country.

SEC. 204. NUMISMATIC PENNIES WITH THE SAME METALLIC CONTENT AS THE 1909 
              PENNY.

    The Secretary of the Treasury shall issue 1-cent coins in 2009 with 
the exact metallic content as the 1-cent coin contained in 1909 in such 
number as the Secretary determines to be appropriate for numismatic 
purposes

SEC. 205. SENSE OF THE CONGRESS.

    It is the sense of the Congress that the original Victor David 
Brenner design for the 1-cent coin was a dramatic departure from 
previous American coinage that should be reproduced, using the original 
form and relief of the likeness of Abraham Lincoln, on the 1-cent coins 
issued in 2009.

            Amend the title so as to read: ``A bill to improve 
        circulation of the $1 coin, create a new bullion coin, provide 
        for the redesign of the reverse of the Lincoln 1-cent coin in 
        2009 in commemoration of the 200th anniversary of the birth of 
        President Abraham Lincoln, and for other purposes.''.




                                                  Union Calendar No. 20

109th CONGRESS

  1st Session

                               H. R. 902

                          [Report No. 109-39]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                             April 13, 2005

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