[Congressional Record Volume 143, Number 131 (Friday, September 26, 1997)]
[Senate]
[Pages S10058-S10062]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. CHAFEE (for himself and Mr. D'Amato):
  S. 1228. A bill to provide for a 10-year circulating commemorative 
coin program to commemorate each of the 50 States, and for other 
purposes; to the Committee on Banking, Housing, and Urban Affairs.


              THE 50 STATES COMMEMORATIVE COIN PROGRAM ACT

  Mr. CHAFEE. Mr. President, I am delighted to introduce legislation 
with Senator D'Amato, chairman of the Banking Committee, to create a 
circulating commemorative quarter representing each of the 50 states. 
Last year, legislation was enacted which instructed the Secretary of 
the Treasury to study the feasibility of a circulating commemorative 
coin. That study found that there is considerable public interest in 
the circulating commemorative quarter and that collecting such coins 
would produce significant earnings. The bill that I am introducing 
today will implement this program. Identical legislation has been 
introduced in the House.
  As we all know, the circulating quarters in use today are Washington/
Eagle quarters, that is they have a bust of George Washington on one 
side and an eagle on the reverse side. Under this legislation, 
beginning in 1999, the Mint would strike only statehood quarters until 
all 50 states were represented. Only the design on the back of quarters 
would change. There would be no changes whatsoever to the physical 
size, weight, or other specifications of quarters. This uniformity is 
necessary to ensure that these new quarters will continue to work in 
vending machines, telephones, parking meters, and for other similar 
transactions.
  This program would operate for 10 years, with the Mint producing five 
different statehood coins per year. The order in which States will be 
represented is based on the order in which States ratified the 
Constitution and

[[Page S10061]]

joined the Union. If a new state joins the Union during the life of the 
program, it will be extended in order to ensure that the new State is 
represented.
  The design for each State will be selected by the Secretary of the 
Treasury in consultation with the Governor, the Commission on Fine 
Arts, and the Citizens Commemorative Coin Advisory Committee. Each 
State will nominate a design to the Secretary.
  It is my hope that this proposal will spark interest in every State 
across our Nation. I hope that school children begin to study the 
history of their States in search of an appropriate individual or 
emblem to represent their States on the reverse side of these quarters. 
I hope that artists, coin collectors, historians, and scholars debate 
and ultimately join together to suggest an appropriate representation 
for their State.
  I know that there are a wide range of appealing options for my own 
State of Rhode Island. Of course there is the founder of Rhode Island, 
Roger Williams or Anne Hutchinson, who, like Roger Williams, dedicated 
her life to the principle of religious freedom and tolerance. There is 
the Anchor of Hope, which is our State motto and is represented on our 
flag. Rhode Island is the Ocean State, so a seascape would be an 
interesting proposal, as would be a lighthouse or a gull.
  I am delighted to have Senator D'Amato's support in introducing this 
bill. I am sure that he agrees that the point of this new program is to 
honor all 50 States, and to encourage an interest in the unique history 
of each State. This program creates a program through which we can 
celebrate our diverse heritage.
  I send a bill to the desk and ask for its appropriate referral.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                S. 1228

       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 finds that--
       (1) it is appropriate and timely--
       (A) to honor the unique Federal republic of 50 States that 
     comprise the United States; and
       (B) to 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 during the 25-year period preceding the date 
     of enactment of this Act;
       (3) a circulating commemorative 25-cent coin program could 
     produce earnings of $110,000,000 from the sale of silver 
     proof coins and sets over the 10-year period of issuance, and 
     would produce indirect earnings of an estimated 
     $2,600,000,000 to $5,100,000,000 to the United States 
     Treasury, money that will replace borrowing to fund the 
     national debt to at least that extent; and
       (4) it is appropriate to launch a commemorative circulating 
     coin program that encourages young people and their families 
     to collect memorable tokens of all of 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 title 31, United States Code, is amended by 
     inserting after subsection (k) the following new subsection:
       ``(l) Redesign and Issuance of Quarter Dollar in 
     Commemoration of Each of the 50 States.--
       ``(1) Redesign beginning in 1999.--
       ``(A) In general.--Notwithstanding the fourth sentence of 
     subsection (d)(1) and subsection (d)(2), quarter dollar coins 
     issued during the 10-year period beginning in 1999, shall 
     have designs on the reverse side selected in accordance with 
     this subsection which are emblematic of the 50 States.
       ``(B) Transition provision.--Notwithstanding subparagraph 
     (A), the Secretary may continue to mint and issue quarter 
     dollars in 1999 which bear the design in effect before the 
     redesign required under this subsection and an inscription of 
     the year `1998' as required to ensure a smooth transition 
     into the 10-year program under this subsection.
       ``(2) Single state designs.--The design on the reverse side 
     of each quarter dollar issued during the 10-year period 
     referred to in paragraph (1) shall be emblematic of 1 of the 
     50 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 selected in the 
     order in which such States ratified the Constitution of the 
     United States or were admitted into the Union, as the case 
     may be.
       ``(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.--
       ``(A) In general.--Each of the 50 designs required under 
     this subsection for quarter dollars shall be--
       ``(i) selected by the Secretary after consultation with--

       ``(I) the Governor of the State being commemorated, or such 
     other State officials or group as the State may designate for 
     such purpose; and
       ``(II) the Commission of Fine Arts; and

       ``(ii) reviewed by the Citizens Commemorative Coin Advisory 
     Committee.
       ``(B) Selection and approval process.--Designs for quarter 
     dollars may be submitted in accordance with the design 
     selection and approval process developed by the Secretary in 
     the sole discretion of the Secretary.
       ``(C) Participation.--The Secretary may include 
     participation by State officials, artists from the States, 
     engravers of the United States Mint, and members of the 
     general public.
       ``(D) Standards.--Because it is important that the Nation's 
     coinage and currency bear dignified designs of which the 
     citizens of the United States can be proud, the Secretary 
     shall not select any frivolous or inappropriate design for 
     any quarter dollar minted under this subsection.
       ``(E) Prohibition on certain representations.--No head and 
     shoulders portrait or bust of any person, living or dead, and 
     no portrait of a living person may be included in the design 
     of any quarter dollar under this subsection.
       ``(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) Issuance.--
       ``(A) Quality of coins.--The Secretary may mint and issue 
     such number 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) from 
     available resources, including stockpiles established under 
     the Strategic and Critical Materials Stock Piling Act.
       ``(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).''.

  Mr. D'AMATO. Mr. President, today I join my colleague from Rhode 
Island, Senator Chafee, to introduce a bill which will authorize the 50 
States Circulating Commemorative Coin Program.
  This program, which allows for a temporary change to the reverse side 
of our quarters starting in the year 1999, has my complete and 
enthusiastic support.
  Mr. President, I feel it is appropriate as we enter the new 
millennium to embark on a decade-long celebration honoring each of our 
50 States in the order in which they ratified the Constitution and 
joined the Union. All States shall submit, for final selection by the 
Secretary of the Treasury, a design befitting the motto or symbol of 
each State.
  The benefits of this program in promoting State pride on a national 
level and educating our citizens about our States' unique character and 
history are substantial.
  In the year 1999, our Nation will be 223 years old. Before our next 
big celebration marking the tricentennial in the year 2076, we should 
take time to commemorate the attributes of every State in this Union.
  Through this circulating coin program, we will be giving American 
youth an opportunity to cultivate an interest in the rich history that 
formed these United States. These coins will provide our teachers with 
a tangible tool to instill this interest.

[[Page S10062]]

  The educational advantage for our children will not only be achieved 
in classrooms, but on playgrounds and in homes around the Nation.
  In addition, Mr. President, I feel that the excitement and 
anticipation of the different coins in this program will also capture 
the interest of adults. Just imagine, receiving a collectible memento 
when you are handed your change.
  And may I point out, Mr. President, while the entire set of 50 
circulating quarters will cost only $12.50, this very affordable 
collection will generate a minimum of $2.6 billion and conceivably as 
much as $5 billion in additional earnings for the Treasury. These off-
budget earnings will be applied directly to reduce borrowing to fund 
the national debt.
  Mr. President, I would like to take this opportunity to thank my 
colleague, Congressman Michael Castle, who has worked tirelessly to 
promote this great program. Identical legislation Mike Castle sponsored 
passed the House on a record vote of 413 to 6. I am pleased that his 
efforts to create this commemorative coin are about to be realized. His 
outstanding leadership and dedication on this matter has been an 
inspiration to all who have committed their support.
  As chairman of the Banking Committee, I intend to press for prompt 
passage of this broadly supported bill and I am pleased to be a 
cosponsor.
                                 ______