[Congressional Record Volume 142, Number 119 (Wednesday, September 4, 1996)]
[House]
[Pages H9981-H9983]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




[[Page H9981]]



              THE 50 STATES COMMEMORATIVE COIN PROGRAM ACT

  Mr. CASTLE. Mr. Speaker, I move to suspend the rules and pass the 
bill (H.R. 3793) to provide for a 10-year circulating commemorative 
coin program to commemorate each of the 50 States, and for other 
purposes, as amended.
  The Clerk read as follows:

                               H.R. 3793

       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 ``50 States Commemorative Coin 
     Program Act''.

     SEC. 2. FINDINGS.

       The Congress hereby finds the following:
       (1) It is appropriate and timely to--
       (A) honor the unique Federal republic of 50 States that 
     comprise the United States; and
       (B) promote the diffusion of knowledge among the youth of 
     the United States about the individual States, their history 
     and geography, and the rich diversity of the national 
     heritage.
       (2) The circulating coinage of the United States has not 
     been modernized within the past 25 years.
       (3) A circulating commemorative 25-cent coin program could 
     produce earnings of $110,000,000 over the 10-year period of 
     issuance and would produce indirect earnings of an estimated 
     $3,400,000,000 to the United States Treasury, money that will 
     replace borrowing to fund the national debt to at least that 
     extent.
       (4) It is appropriate to launch a commemorative circulating 
     coin program that encourages young people and their families 
     to collect memorable tokens of all the States for the face 
     value of the coins.

     SEC. 3. ISSUANCE OF REDESIGNED QUARTER DOLLARS OVER 10-YEAR 
                   PERIOD COMMEMORATING EACH OF THE 50 STATES.

       Section 5112 of the title 31, United States Code, is 
     amended by adding at the end the following new subsection:
       ``(k) Redesign and Issuance of Quarter Dollar in 
     Commemoration of Each of the 50 States.--
       ``(1) In general.--Notwithstanding the 4th sentence of 
     subsection (d)(1) and subsection (d)(2), quarter dollar coins 
     issued during the 10-year period beginning on January 1, 
     1997, shall have designs selected in accordance with this 
     subsection which are emblematic of the 50 States.
       ``(2) Single state designs.--The design for each dollar 
     issued during he 10-year period referred to in paragraph (1) 
     shall be emblematic of 1 of the 50 the States.
       ``(3) Issuance of coins commemorating 5 states during each 
     of the 10 years.--
       ``(A) In general.--The designs for the quarter dollar coins 
     issued during each year of the 10-year period referred to in 
     paragraph (1) shall be emblematic of 5 States which have not 
     previously been commemorated during such period.
       ``(B) Number of each of 5 coin designs in each year.--Of 
     the quarter dollar coins issued during each year (of the 10-
     year 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 
     quarter dollars which shall be issued with each of the 5 
     designs selected for such year.
       ``(4) Selection of design.--Each of the 50 designs required 
     under this subsection for quarter dollars shall be--
       ``(A) selected by the Secretary after consultation with 
     appropriate officials of the State being commemorated with 
     such design and the Commission of Fine Arts; and
       ``(B) reviewed by the Citizens Commemorative Coin Advisory 
     Committee.
       ``(5) Treatment as numismatic items.--For purposes of 
     sections 5134 and 5136, all coins minted under this 
     subsection shall be considered to be numismatic items.
       ``(6) Numismatic items.--
       ``(A) Quality of coins.--The Secretary may mint and issue 
     such member of quarter dollars of each design selected under 
     paragraph (4) in uncirculated and proof qualities as the 
     Secretary determines to be appropriate.
       ``(B) Silver coins.--Notwithstanding subsection (b), the 
     Secretary may mint and issue such number of quarter dollars 
     of each design selected under paragraph (4) as the Secretary 
     determines to be appropriate with a content of 90 percent 
     silver and 10 percent copper
       ``(C) Sources of bullion.--The Secretary shall obtain 
     silver for minting coins under subparagraph (B) only from 
     stockpiles established under the Strategic and Critical 
     Materials Stock Piling Act.
       ``(D) Sale price of coins.--The coins issued under this 
     paragraph shall be sold by the Secretary at a price equal to 
     the sum of the face value of the coins and the cost of 
     designating and issuing the coins (including labor, 
     materials, dies, use of machinery, overhead expenses, 
     marketing, profit, and shipping).
       ``(7) Application in event of the admission of additional 
     states.--If any additional State is admitted into the Union 
     before the end of the 10-year period referred to in paragraph 
     (1), the Secretary of the Treasury may issue quarter dollar 
     coins, in accordance with this subsection, with a design 
     which is emblematic of such State during any 1 year of such 
     10-year period, in addition to the quarter dollar coins 
     issued during such year in accordance with paragraph 
     (3)(A).''.

     SEC. 4. FIXED TERMS FOR MEMBERS OF THE CITIZENS COMMEMORATIVE 
                   COIN ADVISORY COMMITTEE.

       (a) In General.--Paragraph (4) of section 5135(a) of title 
     31, United States Code, is amended to read as follows:
       ``(4) Terms.--
       ``(A) In general.--Each individual appointed to the 
     Advisory Committee under clause (i) or (iii) of paragraph 
     (3)(A) shall be appointed for a term of 4 years.
       ``(B) Interim appointments.--Any member appointed to fill a 
     vacancy occurring before the expiration of the term for which 
     such member's predecessor was appointed shall be appointed 
     only for the remainder of such term.
       ``(C) Continuation of service.--Each member appointed under 
     clause (i) or (iii) of paragraph (3)(A) may continue to serve 
     after the expiration of the term to which such member was 
     appointed until a successor has been appointed and 
     qualified.''.
       (b) Staggered Terms.--Of the members appointed to the 
     Citizens Commemorative Coin Advisory Committee under clause 
     (i) or (iii) of paragraph (3)(A) of section 5135 of title 31, 
     United States Code, who are serving on the Advisory Committee 
     as of the date of the enactment of this Act--
       (1) 1 member appointed under clause (i) and 1 member 
     appointed under clause (iii), as designated by the Secretary 
     of the Treasury, shall be deemed to have been appointed to a 
     term which ends on December 31, 1997;
       (2) 1 member appointed under clause (i) and 1 member 
     appointed under clause (iii), as designated by the Secretary 
     of the Treasury, shall be deemed to have been appointed to a 
     term which ends on December 31, 1998; and
       (3) 1 member appointed under clause (i) and 1 member 
     appointed under clause (iii), as designated by the Secretary 
     of the Treasury, shall be deemed to have been appointed to a 
     term which ends on December 31, 1999.
       (c) Status of Members.--The members appointed to the 
     Citizens Commemorative Coin Advisory Committee under clause 
     (i) or (iii) of paragraph (3)(A) of section 5135 of title 31, 
     United States Code, shall not be treated as special 
     Government employees.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Delaware [Mr. Castle] and the gentleman from New York [Mr. Flake] each 
will control 20 minutes.
  The Chair recognizes the gentleman from Delaware [Mr. Castle].
  Mr. CASTLE. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, we are here today to suspend the rules and pass H.R. 
3793, the 50 State Commemorative Coin Act. This bill honors the 50 
States that make up our Federal Union of the United States of America, 
by producing a series of circulating quarter dollar coins that 
commemorate, in order, the entrance of each State into the Union.
  As we approach the millennium, it is appropriate that we renew the 
bonds that make this country great. It exists today because the first 
13 States joined together to ratify the Constitution and were later 
joined by 37 others to form a ``more perfect union.''
  Beginning next year and for 9 more years until every State has been 
honored, five unique designs, each representing an individual State, 
will be issued at intervals of about 2 months. The completed set will 
represent in dazzling variety, the diverse history and culture of the 
States of the Union.
  Each State, as the date of its coin issue approaches, will have the 
opportunity to provide input to the Mint and the National Fine Arts 
Commission on just what design elements best characterize its unique 
qualities. This legislation will provide winners all around:
  The youth of America will be introduced to a fascinating hobby at 
minimal expense, as an entire set of 50 coins can be collected from 
pocket change at a total cost of $12.50.
  Serious numismatic collectors will have the opportunity to acquire 
these coins by paying only the respective premiums for uncirculated 
versions or for silver replica editions; there will be no private 
surcharges added to the cost. Nevertheless, the estimated earnings from 
the silver coins alone is $110 million over the course of the program. 
This sum is scorable for budgetary purposes.
  The Mint's experience from the last circulating commemorative issue, 
the bicentennial quarter of 1976-77, provides the basis to estimate 
what additional earnings will accrue to the Treasury from this program. 
The additional profit to the Treasury derives from the fact that each 
coin that is taken out of circulation by a collector will need to be 
replaced by another that will be used in vending machines, parking 
meters, and in normal commerce. The Mint's production schedule is 
demand driven. Increased production, estimated for this circulating

[[Page H9982]]

commemorative program at an additional 50 percent over baseline 
projections, will produce anticipated earnings on the order of over $3 
billion for the total program. By Congressional Budget Office scoring 
convention, these earnings are off-budget and thus are not available to 
be spent by Congress. Instead, they will be applied directly to replace 
borrowing otherwise necessary to fund the national debt, saving 
taxpayers the interest on billions of dollars, in perpetuity, or until 
the debt is paid off, whichever comes first.
  This bill is simple and straightforward. At our hearing last July, 
witnesses described the near unanimously favorable reception for this 
bill by the collecting community and the broader public. The numismatic 
franchise of the Federal Government is very valuable, but little has 
been done in recent times to nurture it and expand the market. This 
becomes a real problem when one realizes that the profile of the 
average collector is an upper middle class white male, over 50 years 
old. We are not creating new collectors to replace those who leave the 
hobby by whatever mechanism. This program would introduce a younger and 
more diverse population to the fascinating hobby of coin collecting. It 
will also teach about the history and diversity of this Nation through 
pocket change and I urge its immediate adoption.
  Mr. Speaker, I reserve the balance of my time.
  (Mr. FLAKE asked and was given permission to revise and extend his 
remarks.)
  Mr. FLAKE. Mr. Speaker, I yield myself such time as I may consume.
  I would like to thank the Speaker for the expedited scheduling of 
what I believe is one of the more exciting events in the history of 
United States coinage. This afternoon also represents the continued 
rapport that Chairman Castle and I have had the pleasure of sharing 
during the past couple of years on the Subcommittee on Domestic and 
International Monetary Policy.
  In introducing this bill, we have found at least four compelling 
policy reasons which suggest now is the time to introduce a series of 
circulating commemorative coins.
  First in an era where fledgling democracies are struggling throughout 
the world, it is appropriate to honor and commemorate our 220th 
anniversary as a republic of 50 States.
  Second, we have not modernized U.S. coinage in nearly 25 years.
  Third, indirect savings of this program would save the U.S. Treasury 
an estimated $3.4 billion dollars plus interest over 10 years.
  Fourth, the program would foster education about the 50 States in a 
family setting.
  Beyond these issues, the circulating commemorative program for 
quarters, will among other things make management sense for the Mint. 
Chairman Castle and I produced a bill last year that would limit the 
number of noncirculating commemorative coins, and it is my 
understanding that the other body is moving forward with the bill. As 
many here may know, there has been a glut of commemorative coins over 
the past few years, and the mint and numismatic community have urged 
Congress to reduce the number of commemoratives. At the same time, we 
have been urged to authorize a circulating program. This program will 
strike a balance between the Mint's production capacity and the desire 
to create artistic collectible coinage.

  In what better way could we create excitement in U.S. coinage? This 
program, as one witness in committee described it, would put pride back 
into our pockets. Pride would come from the fact that the public will 
become more aware of the rich history of U.S. coinage, which by the 
way, dates back to the 1790's.
  We need look back no further than 1976, when we commemorated our 
Nation's bicentennial on the quarter. The bicentennial coins 
symbolically commemorated the people, places, events, and ideals which 
were the foundation of our great Nation. I expect that the 50 States 
Commemorative Coin Program Act will instill the same pride, and reflect 
similar values in each of our 50 States.
  As I stated in July, my only reservation about this program is the 
fact that Mr. Castle's State will be among the first commemorated under 
this program, while New York would have to wait until 1999. While 
Delaware put a new nation on the map in the 18th century, perhaps it is 
proper for New York to lead the way in commemorating our Nation in the 
last year of the 20th century. I say these words in jest, and with a 
sense of humor, since I expect that this program will foster a healthy 
amount of dignity among residents of the various States. Moreover, I 
believe this legislation will create an environment which all Americans 
can feel proud about not only in their home States, but the United 
States in general.
  Mr. Speaker, I reserve the balance of my time.
  Mr. CASTLE. Mr. Speaker, I yield myself such time as I may consume.
  I appreciate the gentleman's comments about the relative coming to 
the States of Delaware and New York. I am proud to be from the First 
State, but I am proud that New York came along, too, and helped form 
the Union as well. So we congratulate them on that.
  Mr. Speaker, I would like seriously to thank the gentleman for his 
tremendous cooperation on legislation throughout this 2-year cycle; we 
have been the chair and vice chair of this committee, and it has really 
been a great pleasure in working with him on so many, many things.
  Mr. Speaker, I yield such time as he may consume to the gentleman 
from Oklahoma [Mr. Lucas].
  Mr. LUCAS of Oklahoma. Mr. Speaker, I rise today in strong support of 
H.R. 3793, the 50 States Commemorative Coin Program Act. This bill 
would change the image on our quarter to honor each of the 50 States. 
Each State's quarter would be minted in the order in which the State 
ratified the U.S. Constitution, and the pride of each State would be 
displayed on these coins that would memorialize them forever.
  Money historically has been more than just a means to purchase goods 
and services. It reflects the pride and ideals of a country. It serves 
as a means to educate every person whose hand it touches about the 
history and heros of a nation. The image and artistry on coins are 
enjoyed by every walk of life, regardless of class, income, or race.
  This redesigned quarter commemorating each of the 50 States will be 
no different. Each State will have the opportunity to provide input on 
the design elements of the quarter. The complete series will represent 
the diverse history and culture of each State in the Union. I believe 
this commemorative quarter will stimulate interest in our Nation's 
history, and its coins.
  Besides the obvious benefits of this program, it will save money for 
the Government and the taxpayer. Like the bicentennial quarter, the 50 
State series will be very popular with the public. Americans will keep 
these quarters allowing the Mint to produce more. It is estimated that 
the additional coins minted and held by the public will produce $3.4 
billion in savings that the Government would otherwise have to borrow 
by issuing Treasury bonds. These savings will reduce interest on the 
debt by $1 billion over 10 years.
  Although I will have to wait until the year 2006 before Oklahoma's 
quarter is minted, I look forward to honoring each State during the 
next decade. I encourage all Members to support this bill.
  Mr. FLAKE. Mr. Speaker, I yield myself such time as I may consume.
  I would just like to use this time to commend by chairman, the 
gentleman from Delaware, Mike Castle, for the wonderful relationship 
that we share with one another. It seems that there is not only comity 
as it relates to what we do legislatively; both of use were delayed 
today in our travels in getting here because of the weather. I think 
there is something in our spirit that allows us to work so well 
together. I certainly want to commend him and his staff for working so 
well and allowing my staff to work with them in the manner that we 
have.
  Mr. Speaker, I yield back the balance of my time.
  Mr. CASTLE. Mr. Speaker, I yield myself such time as I may consume.
  I would again like to thank the gentleman from New York. He has to 
deal more with the weather problems because of flights. My problem is 
not a weather problem. I was announcing for reelection today and I got 
tied up doing that.

[[Page H9983]]

  I appreciate the support that he has given to this legislation. I 
appreciate the support of the gentleman from Oklahoma and those who 
have been involved with this.
  Mr. Speaker, I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Delaware [Mr. Castle] that the House suspend the rules 
and pass the bill, H.R. 3793, as amended.
  The question was taken; and (two-thirds having voted in favor 
thereof) the rules were suspended and the bill, as amended, was passed.
  A motion to reconsider was laid on the table.

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