[Congressional Record Volume 143, Number 160 (Thursday, November 13, 1997)]
[House]
[Pages H10800-H10803]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                50 STATES COMMEMORATIVE COIN PROGRAM ACT

  Mr. CASTLE. Madam Speaker, I move to suspend the rules and pass the 
Senate bill (S. 1228) to provide for a 10-year circulating 
commemorative coin program to commemorate each of the 50 States, and 
for other purposes.
  The Clerk read 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

[[Page H10801]]

     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. UNITED STATES DOLLAR COINS.

       (a) Short Title.--This section may be cited as the ``United 
     States $1 Coin Act of 1997''.
       (b) Weight.--Section 5112(a)(1) of title 31, United States 
     Code, is amended by striking ``and weighs 8.1 grams''.
       (c) Color and Content.--Section 5112(b) of title 31, United 
     States Code, is amended--
       (1) in the first sentence, by striking ``dollar,''; and
       (2) by inserting after the fourth sentence the following: 
     ``The dollar coin shall be golden in color, have a 
     distinctive edge, have tactile and visual features that make 
     the denomination of the coin readily discernible, be minted 
     and fabricated in the United States, and have similar 
     metallic, anti-counterfeiting properties as United States 
     coinage in circulation on the date of enactment of the United 
     States $1 Coin Act of 1997.''.
       (d) Design.--Section 5112(d)(1) of title 31, United States 
     Code, is amended by striking the fifth and sixth sentences 
     and inserting the following: ``The Secretary of the Treasury, 
     in consultation with the Congress, shall select appropriate 
     designs for the obverse and reverse sides of the dollar 
     coin.''.
       (e) Production of New Dollar Coins.--
       (1) In general.--Upon the depletion of the Government's 
     supply (as of the date of enactment of this Act) of $1 coins 
     bearing the likeness of Susan B. Anthony, the Secretary of 
     the Treasury shall place into circulation $1 coins that 
     comply with the requirements of subsections (b) and (d)(1) of 
     section 5112 of title 31, United States Code, as amended by 
     this section.
       (2) Authority of secretary to continue production.--If the 
     supply of $1 coins bearing the likeness of Susan B. Anthony 
     is depleted before production has begun of $1 coins which 
     bear a design which complies with the requirements of 
     subsections (b) and (d)(1) of section 5112 of title 31, 
     United States Code, as amended by this section, the Secretary 
     of the Treasury may continue to mint and issue $1 coins 
     bearing the likeness of Susan B. Anthony in accordance with 
     that section 5112 (as in effect on the day before the date of 
     enactment of this Act) until such time as production begins.
       (3) Numismatic sets.--The Secretary may include such $1 
     coins in any numismatic set produced by the United States 
     Mint before the date on which the $1 coins authorized by this 
     section are placed in circulation.
       (f) Marketing Program.--
       (1) In general.--Before placing into circulation $1 coins 
     authorized under this section, the Secretary of the Treasury 
     shall adopt a program to promote the use of such coins by 
     commercial enterprises, mass transit authorities, and 
     Federal, State, and local government agencies.
       (2) Study required.--The Secretary of the Treasury shall 
     conduct a study on the progress of the marketing program 
     adopted in accordance with paragraph (1).
       (3) Report.--Not later than March 31, 2001, the Secretary 
     of the Treasury shall submit a report to the Congress on the 
     results of the study conducted pursuant to paragraph (2).

     SEC. 5. FIRST FLIGHT COMMEMORATIVE COINS.

       (a) Coin Specifications.--
       (1) Denominations.--The Secretary of the Treasury 
     (hereafter in this section referred to as the ``Secretary'') 
     shall mint and issue the following coins:
       (A) $10 gold coins.--Not more than 100,000 $10 coins, each 
     of which shall--
       (i) weigh 16.718 grams;
       (ii) have a diameter of 1.06 inches; and
       (iii) contain 90 percent gold and 10 percent alloy.
       (B) $1 silver coins.--Not more than 500,000 $1 coins, each 
     of which shall--
       (i) weigh 26.73 grams;
       (ii) have a diameter of 1.500 inches; and
       (iii) contain 90 percent silver and 10 percent copper.
       (C) Half dollar clad coins.--Not more than 750,000 half 
     dollar coins each of which shall--
       (i) weigh 11.34 grams;
       (ii) have a diameter of 1.205 inches; and
       (iii) be minted to the specifications for half dollar coins 
     contained in section 5112(b) of title 31, United States Code.
       (b) Legal Tender.--The coins minted under this section 
     shall be legal tender, as provided in section 5103 of title 
     31, United States Code.
       (c) Sources of Bullion.--The Secretary shall obtain gold 
     and silver for minting coins under this section pursuant to 
     the authority of the Secretary under other provisions of law, 
     including authority relating to the use of silver stockpiles 
     established under the Strategic and Critical Materials 
     Stockpiling Act, as applicable.
       (d) Design of Coins.--
       (1) Design requirements.--
       (A) In general.--The design of the coins minted under this 
     section shall be emblematic of the first flight of Orville 
     and Wilbur Wright in Kitty Hawk, North Carolina, on December 
     17, 1903.
       (B) Designation and inscriptions.--On each coin minted 
     under this section there shall be--
       (i) a designation of the value of the coin;
       (ii) an inscription of the year ``2003''; and
       (iii) inscriptions of the words ``Liberty'', ``In God We 
     Trust'', ``United States of America'', and ``E Pluribus 
     Unum''.
       (2) Selection.--The design for the coins minted under this 
     section shall be--
       (A) selected by the Secretary after consultation with the 
     Board of Directors of the First Flight Foundation and the 
     Commission of Fine Arts; and
       (B) reviewed by the Citizens Commemorative Coin Advisory 
     Committee.
       (e) Period for Issuance of Coins.--The Secretary may issue 
     coins minted under this section only during the period 
     beginning on August 1, 2003, and ending on July 31, 2004.
       (f) Sale of Coins.--
       (1) Sale price.--The coins issued under this section shall 
     be sold by the Secretary at a price equal to the sum of--
       (A) the face value of the coins;
       (B) the surcharge provided in paragraph (4) with respect to 
     such coins; and
       (C) the cost of designing and issuing the coins (including 
     labor, materials, dies, use of machinery, overhead expenses, 
     marketing, and shipping).
       (2) Bulk sales.--The Secretary shall make bulk sales of the 
     coins issued under this section at a reasonable discount.
       (3) Prepaid orders.--
       (A) In general.--The Secretary shall accept prepaid orders 
     for the coins minted under this section before the issuance 
     of such coins.
       (B) Discount.--Sale prices with respect to prepaid orders 
     under subparagraph (A) shall be at a reasonable discount.
       (4) Surcharges.--All sales shall include a surcharge of--
       (A) $35 per coin for the $10 coin;
       (B) $10 per coin for the $1 coin; and
       (C) $1 per coin for the half dollar coin.

     SEC. 6. RULE OF CONSTRUCTION.

       Nothing in this Act or the amendments made by this Act 
     shall be construed to evidence any intention to eliminate or 
     to limit the printing or circulation of United States 
     currency in the $1 denomination.
       (g) General Waiver of Procurement Regulations.--
       (1) In general.--Except as provided in paragraph (2), no 
     provision of law governing procurement or public contracts 
     shall be applicable to the procurement of goods and services 
     necessary for carrying out the provisions of this Act.
       (2) Equal employment opportunity.--Paragraph (1) does not 
     relieve any person entering into a contract under the 
     authority of this section from complying with any law 
     relating to equal employment opportunity.
       (h) Treatment as Numismatic Items.--For purposes of 
     sections 5134 and 5136 of title 31, United States Code, all 
     coins minted under this subsection shall be considered to be 
     numismatic items.
       (i) Distribution of Surcharges.--
       (1) In general.--Subject to section 5134 of title 31, 
     United States Code, all surcharges received by the Secretary 
     from the sale of coins issued under this section shall be 
     promptly paid by the Secretary to the First Flight Foundation 
     for the purposes of--
       (A) repairing, refurbishing, and maintaining the Wright 
     Brothers Monument on the Outer Banks of North Carolina; and
       (B) expanding (or, if necessary, replacing) and maintaining 
     the visitor center and other facilities at the Wright 
     Brothers National Memorial Park on the Outer Banks of North 
     Carolina, including providing educational programs and 
     exhibits for visitors.
       (2) Audits.--The Comptroller General of the United States 
     shall have the right to examine such books, records, 
     documents, and other data of the First Flight Foundation as 
     may be related to the expenditures of amounts paid under 
     paragraph (1).
       (j) Financial Assurances.--The Secretary shall take such 
     actions as may be necessary to ensure that minting and 
     issuing coins under this section will not result in any net 
     cost to the United States Government.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Delaware [Mr. Castle] and the gentleman from Wisconsin [Mr. Barrett] 
each will control 20 minutes.
  The Chair recognizes the gentleman from Delaware [Mr. Castle].
  Mr. CASTLE. Madam Speaker, I yield myself such time as I may consume.
  (Mr. CASTLE asked and was given permission to revise and extend his 
remarks.)
  Mr. CASTLE. Madam Speaker, I rise in support of S. 1228, which 
includes the language of H.R. 2414, the bill to implement a program to 
issue quarter dollars over a 10-year period commemorating each of the 
50 States. This bill has passed this House in each of the last two 
Congresses, most recently on September 23, 1997, where it passed on a 
rollcall vote of 419-6.
  S. 1228 passed the Senate by unanimous consent last Sunday night, and 
it has been amended to include language redesigning the $1 coin. This 
redesign would correct the flaws of the Susan B. Anthony coin by 
specifying that the new coin be gold in color and have a distinctive 
edge to distinguish it from the quarter.
  A difference from the bill that I introduced, H.R. 2637, is that S. 
1228 does not specify what image will appear on the $1 coin. Instead, 
that decision is

[[Page H10802]]

left to the Secretary of the Treasury. My bill would have had the 
Statue of Liberty as the image of the face of the coin, gold, smooth 
edge, Statue of Liberty on the face of the coin, but we are going to 
leave that decision up, as I said, to the Secretary of the Treasury.
  I would also at this time like to thank Senator Alphonse D'Amato, the 
chairman of the Senate Banking Committee, who was extremely cooperative 
throughout all of this and was very helpful in bringing all of this 
legislation to fruition.
  In the other House, the word ``clad'' was removed from language 
describing that the new dollar coin should have similar properties as 
current coinage in circulation. There is nothing in this bill that 
should be construed as limiting the mint's choice of technology in 
determining the best, most effective coin to meet the public's need and 
which is not subject to counterfeiting.
  There is some urgency to the dollar coin redesign, in that the mint 
has said that they need 30 months to test alloys and prepare production 
for the new coin, and there is now only a 30-month supply of the 
Anthony dollars remaining in storage at current rates of usage and 
issuance. This legislation leaves the paper $1 note unaffected, to 
continue to be printed and issued as public demand determines.
  The legislative package also includes a commemorative coin that 
authorizes coins to be issued commemorating the centennial of the first 
flight by the Wright brothers which will be celebrated in 2003. This 
commemoration has already been approved by the Citizens Commemorative 
Coin Advisory Committee as required under our coin reform legislation 
passed last year. It also meets other strictures of those reforms, 
including mintage limits and retention of surcharge payments until all 
of the Government's costs are recovered from the program.
  This bill will reinvigorate our circulating coinage in a responsible, 
affordable way, serving the best interests of the general public, the 
national economy and the coin collecting community as well.

                              {time}  1300

  It will be educational and fun, will promote pride among the States, 
and it will be a winner financially for the Government.
  The Mint will earn an estimated $11 million annually, $110 million 
over the life of the program, from the sale of silver proof sets of the 
quarter, and a study by the accounting firm of Coopers & Lybrand showed 
that, as with the Bicentennial quarter, the 50-State quarter will be 
very popular with the public.
  The study said that fully 75 percent of the 2,000 people surveyed 
would collect some or all of the coins. Coopers & Lybrand estimated 
that between 2.6 billion and 5.1 billion dollars' worth of quarters 
would be taken out of circulation by collectors.
  Given that the survey excluded people under the age of 18, the entire 
universe of schoolchildren who might be expected to collect the coins, 
those figures seem very conservative. Estimates by the General 
Accounting Office, the Congressional Budget Office, and the Mint of the 
amount that would be collected are generally consistent with the 
estimates in the Coopers & Lybrand study.
  Treasury Secretary Rubin and I are in agreement that the new State 
design should be dignified. To that end, the legislation authorizing 
the new quarters stipulates that the Secretary shall not select any 
frivolous or inappropriate design.
  The bill also specifies that the Governors of the individual States 
or such other State officials or group as the State may designate will 
consult with the Secretary of the Treasury, who will select the final 
designs.
  I urge the immediate adoption of S. 1228.
  Madam Speaker, I reserve the balance of my time.
  Mr. BARRETT of Wisconsin. Madam Speaker, I yield myself such time as 
I may consume.
  Madam Speaker, I rise in support of S. 1228 and urge all of my 
colleagues to support this bill which authorizes three worthy coin 
programs.
  First we will commemorate Kitty Hawk in 2002. All Americans recognize 
the importance of flight and the importance of the Wright brothers' 
breakthrough at Kitty Hawk, NC. This coin will be a fitting tribute and 
is one of the first coins to abide by our new rules governing 
commemoratives.
  I am also pleased that this bill incorporates a redesign of the Susan 
B. Anthony dollar coin and the circulating commemorative quarter 
series. As a father of three young kids, this last one, the 50-State 
quarter, is a personal favorite of mine, and I think that this is going 
to be a tremendous hit throughout this country. I think we are going to 
see school kids by the millions who are going to know the States in 
this country better than they ever have before, and they are going to 
do so for a quarter apiece.
  So it is a tremendous program and one of the finest programs, I 
think, teaching programs, I have seen in awhile to really teach kids 
about our country.
  The gentleman from Delaware [Mr. Castle] along with the gentleman 
from New York [Mr. Flake] have to be commended because they have 
brought sensible coin reform during the last 3 years. Mr. Castle, in 
particular, has worked hard to bring value and enjoyment to coin 
collecting, and I am proud to say that these last two measures are his 
ideas.
  I urge the House to support this bill, and I wish to personally 
congratulate the gentleman from Delaware [Mr. Castle] on his personal 
accomplishments in this bill.
  Looking around, I see no other speakers. So, Madam Speaker, I yield 
back the balance of my time.
  Mr. CASTLE. Madam Speaker, I yield myself such time as I may consume.
  Madam Speaker, I also will yield back in a moment, but I would just 
like to say that we of course already miss the gentleman from New York 
[Mr. Flake] who is not with us today. He has always been a stalwart 
over there in support of what we have done, with Sean Peterson, his 
staff, and others who have helped with him.
  But the gentleman from Wisconsin [Mr. Barrett] is a very worthy 
substitute, and there is now an opening for the ranking member of this 
particular subcommittee. I hope the gentleman from Wisconsin [Mr. 
Barrett], who is one of our most distinguished members, will consider 
filling that, and we appreciate his kind words today.
  We do believe this is good legislation, we do believe the interests 
are valid in terms of educating children as well as helping with our 
Treasury and in making American coinage more interesting to all 
citizens of the United States of America, so we would encourage passage 
of the legislation.
  Ms. NORTON. Mr. Speaker, I support the 50-State Commemorative Coin 
Program Act and want to call attention to Chairman Castle's promise to 
include the District of Columbia and the four insular areas in this 
privilege in forthcoming legislation. The Chair has agreed to cosponsor 
with the other delegates and me a bill that would allow us the same 
privilege as the 50 States, namely, the ability to choose a design for 
the reverse side of the quarter coin in order to commemorate each 
jurisdiction.
  The Act provides that all quarter coins issued for the 10 years 
beginning in 1999 would carry designs from five States each year. The 
side of the 25-cent piece with George Washington's image would remain 
unchanged. The quarter would have to carry the existing slogans. 
Approval of each State's design by the Federal Government is required. 
Earnings from silver collectors of $110 million and indirect earnings 
of $2.6-$5 billion are estimated.
  I supported this bill on the House floor in September when it was 
agreed that the District of Columbia and the four insular areas would 
be included in a subsequent bill. We asked to be included in the bill 
while it was on the floor at that time. However, the Chairman wanted to 
take the matter back to the Treasury Department and through the rest of 
the process in order to avoid objections to the bill that might inhibit 
fast passage of this bill in the Senate. We are writing our bill now 
and intend to introduce it when Congress reconvenes early next year.
  Although the residents of the District and the insular areas are 
American citizens, there are some differences between us and the 
States. However, qualification to be part of a program to redesign 
quarters to commemorate home jurisdictions is not one of them.
  As to the District, the Congress has no trouble including us when it 
comes to collecting Federal income taxes. The four territories or 
insular areas do not pay Federal incomes taxes, but they have earned 
the right to this privilege in many ways, among them, because of the 
larger numbers of their citizens who have fought or died for their 
country.

[[Page H10803]]

  I look forward to supporting a bill adding the District and the other 
four insular areas when we return next year.
  Mr. KOLBE. Mr. Speaker, I rise today in reluctant opposition to S. 
1228, a bill that does a number of things, including calling for the 
redesign of the Susan B. Anthony dollar coin.
  While I enthusiastically support the portion of this legislation 
providing for the minting of 50 different circulating commemorative 
quarters, I have serious concerns about the portion dealing with the 
redesign of the Susan B. Anthony dollar coin.
  For over a decade, I have been the principal sponsor of legislation 
calling for the redesign of the Anthony dollar and for the phaseout of 
the $1 Federal Reserve note. While S. 1228 addresses the issue of the 
look and feel of our Nation's $1 coin, it neglects the important issue 
of what to do with the $1 note.
  S. 1228 recognizes one of the great myths about the Anthony dollar--
that size was not the problem with the coin. It maintains the Anthony's 
dimensions, but changes the color to golden and calls for a distinctive 
edge--exactly what I've been proposing for the last decade. With the 
changes, the newly-designed dollar will be easier to distinguish from a 
quarter than a quarter from the current nickel.
  Unfortunately, S. 1228 will not remove the $1 bill from circulation.
  Ever since Congressman Mo Udall and I introduced the first dollar 
coin legislation in 1986, I have argued that the Anthony dollar failed 
for two reasons: it looked and felt like a quarter and the $1 bill was 
not taken out of circulation. So, this legislation takes a first and 
very important step in the effort to introduce a circulating $1 coin. 
However, I fear that the new dollar coin will be doomed to the fate of 
the Anthony dollar since the $1 note remains in circulation and no 
provision for its phase-out is included in the legislation.

  I've been delivering this unpopular message for a decade, and it has 
been my experience that the general public understands the necessity of 
a phaseout when given the facts.
  Mr. Speaker, I have been raked over the coals by those who opposed 
the phaseout of the $1 note. My efforts have been attacked through 
sound bites that instill fear and tell the public that elimination of 
the $1 note is taking about the choice. Well, when those delivering 
that message introduce legislation to create paper pennies, nickels, 
dimes, and quarters, and $1, $2, $5, $10, $20, $50, and $100 coins, I 
will be convinced they truly believe in giving choice to the American 
public.
  Sadly, the smear campaigns that have been going on for over a decade 
leave Congress in a situation where we can take only incremental steps 
to implement good currency policy. Sadly, this and prior 
administrations have forwarded no comprehensive policy objectives 
related to modernizing our currency.
  I still read and hear about the stunning success of the Canadian 
``loon'' dollar coin which was introduced in 1987. Make no mistake. The 
coin was extremely unpopular in concept before its introduction. And 
the coin did not widely circulate until late in 1989--when the $1 bill 
was removed from circulation. The retail industry was very reluctant to 
use the $1 coin, and it did not circulate widely for that reason.
  I traveled to Ottawa several years ago to meet with officials of the 
Royal Canadian Mint, the Canadian banking industry, the Canadian 
Parliament, and Canadian retail executives. While they were very proud 
of the accomplishment, they did acknowledge one significant error in 
their planning. The said that the prolonged cocirculation of both the 
``loon'' coin and the $1 bill made the transition more difficult and 
unpopular than it should have been.
  That is my fear about S. 1228. Congress cannot idly sit back and 
expect the mere introduction of a redesigned dollar coin will develop 
it own momentum. And no amount of marketing by the Mint will make the 
coin succeed. As a matter of fact, heavy simultaneous circulation of 
both the redesigned dollar coin and $1 bills will become a major 
nuisance to retailer, mass transit, and the visually impaired. I expect 
Congress will be hearing from them before long.
  Let me finally add that unlike my legislation, H.R. 1174, there is 
little budgetary savings associated with legislation that only has 
redesignated the Anthony dollar without phasing out the $1 note. While 
passage of H.R. 1174 would ultimately result in about $12 billion in 
savings to taxpayers over 30 years, I understand that the language in 
S. 1228 will result in minimal budgetary savings.
  I commend Chairman Castle for his continuing attention to coinage 
matters--especially the circulating commemorative quarter legislation. 
And frankly, I am relieved to know that the Mint will be saved from the 
embarrassment of having to produce more Anthony dollars. However, I 
remain convinced that the absence of a plan to address the necessary 
action of removing the $1 bill from circulation will doom us to the 
same embarrassment.
  Mr. CASTLE. Madam 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 Senate bill, S. 1228.
  The question was taken; and (two-thirds having voted in favor 
thereof) the rules were suspended and the Senate bill was passed.
  A motion to reconsider was laid on the table.

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