[Congressional Record Volume 164, Number 9 (Tuesday, January 16, 2018)]
[House]
[Pages H181-H183]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
AMERICAN INNOVATION $1 COIN ACT
Mr. DUFFY. Mr. Speaker, I move to suspend the rules and pass the bill
(H.R. 770) to require the Secretary of the Treasury to mint coins in
recognition of American innovation and significant innovation and
pioneering efforts of individuals or groups from each of the 50 States,
the District of Columbia, and the United States territories, to promote
the importance of innovation in the United States, the District of
Columbia, and the United States territories, and for other purposes, as
amended.
The Clerk read the title of the bill.
The text of the bill is as follows:
H.R. 770
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 ``American Innovation $1 Coin
Act''.
SEC. 2. AMERICAN INNOVATION $1 COIN PROGRAM.
Section 5112 of title 31, United States Code, is amended by
inserting after subsection (v) the following new subsection:
``(w) Redesign and Issuance of $1 Coins Honoring Innovation
and Innovators From Each State, the District of Columbia, and
Each Territory.--
``(1) Redesign beginning in 2019.--
``(A) In general.--Notwithstanding subsection (d)(1) and
subsection (d)(2) and in accordance with the provisions of
this subsection, during the 14-year period beginning on
January 1, 2019 (or such later date as provided under
subparagraph (B)(ii)), the Secretary of the Treasury shall
mint and issue $1 coins to be known as `American Innovation
$1 coins', that--
[[Page H182]]
``(i) have designs on the obverse selected in accordance
with paragraph (2)(A); and
``(ii) have a design on the reverse selected in accordance
with paragraph (2)(B).
``(B) Continuity provisions.--
``(i) In general.--Notwithstanding subparagraph (A), the
Secretary shall continue to mint and issue $1 coins honoring
Native Americans and their contributions in accordance with
subsection (r).
``(ii) First coin.--Notwithstanding subparagraph (A), if
the Secretary finds that it is feasible and cost-effective,
the Secretary may mint and issue a $1 coin in 2018 to
introduce the series of coins described in this subsection,
that--
``(I) has the obverse described under paragraph (2)(A);
``(II) has a reverse that bears the inscription `United
States of America' and `American Innovators' and a
representation of the signature of President George
Washington on the first United States patent issued;
``(III) has the edge-incusing described under paragraph
(2)(C); and
``(IV) the design for which has reviewed by the Citizens
Coinage Advisory Committee
``(C) Definition of territory.--For purposes of this
subsection, the term `territory' means the Commonwealth of
Puerto Rico, Guam, American Samoa, the United States Virgin
Islands, and the Commonwealth of the Northern Mariana
Islands.
``(2) Design requirements.--Notwithstanding subsection
(d)(1) and subsection (d)(2), the $1 coins issued in
accordance with paragraph (1)(A) shall meet the following
design requirements:
``(A) Coin obverse.--The common design on the obverse of
each coin issued under this subsection shall contain--
``(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;
``(ii) the inscription `$1'; and
``(iii) the inscription `In God We Trust'.
``(B) Coin reverse.--The design on the reverse of each coin
issued under this subsection shall bear the following:
``(i) An image or images emblematic of one of the following
from one of the 50 States, the District of Columbia, or the
territories of the United States:
``(I) A significant innovation.
``(II) An innovator.
``(III) A group of innovators.
``(ii) The name of the State, the District of Columbia, or
territory, as applicable.
``(iii) The inscription `United States of America'.
``(C) Edge-incused inscriptions.--
``(i) In general.--The inscription of the year of minting
or issuance of the coin, the mint mark, and the inscription
`E Pluribus Unum' 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.
``(3) Issuance of coins commemorating innovation or
innovators.--
``(A) Order of issuance.--The coins issued under this
subsection commemorating either an innovation, an individual
innovator, or a group of innovators, from each State, the
District of Columbia, or a territory shall be issued in
alphabetic order of the State, the District, or territory
represented, starting with Alabama, and with the District of
Columbia following Delaware.
``(B) Issuance of coins commemorating four innovations or
innovators during each of 14 years.--
``(i) In general.--Four $1 coin designs as described in
this subsection shall be issued during each year of the
period referred to in paragraph (1) until one coin featuring
one innovation, an individual innovator, or a group of
innovators, from each of the States, the District of
Columbia, and territories has been issued.
``(ii) Number of coins of each design.--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).
``(iii) Application in event of the admission of additional
states or territories.--Notwithstanding clause (i), if any
additional State or territory is admitted into the Union
before the end of the 14-year period referred to in paragraph
(1), the Secretary of the Treasury may issue $1 coins with
respect to such additional State or territory, in accordance
with this subsection during any one year of such 14-year
period, in addition to the four $1 coins issued during such
year in accordance with clause (i).
``(iv) Application in the event of independence.--
Notwithstanding paragraph (3)(B)(i), if any territory becomes
independent or otherwise ceases to be a territory of the
United States before $1 coins are minted pursuant to this
subsection, the subsection shall cease to apply with respect
to such territory.
``(4) Selection of concept and design.--
``(A) Concept.--With respect to each State, the District of
Columbia, and each territory to be honored with a coin under
this subsection, the selection of the significant innovation,
innovator, or group of innovators to be borne on the reverse
of such coin shall be made by the Secretary of the Treasury,
after consultation with the Governor or other chief executive
of the State, the District of Columbia, or territory with
respect to which a coin is to be issued under this
subsection.
``(B) Design.--Each of the designs required under this
subsection shall be selected by the Secretary after--
``(i) consultation with--
``(I) the Governor or other chief executive of the State,
the District of Columbia, or territory with respect to which
a coin is to be issued under this subsection; and
``(II) the Commission of Fine Arts; and
``(ii) review by the Citizens Coinage Advisory Committee.
``(C) Selection and approval process.--Proposals for
designs for $1 coins under this subsection may be submitted
in accordance with the design selection and approval process
developed by the Secretary in the sole discretion of the
Secretary.
``(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 $1 coin minted under this subsection.
``(E) Prohibition on certain representations.--No head and
shoulders portrait or bust of any person and no portrait of a
living person may be included in the design of any coin
issued under this subsection.
``(5) Treatment as numismatic items.--For purposes of
sections 5134 and 5136, all $1 coins minted under this
subsection shall be considered to be numismatic items.
``(6) 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.
``(7) Termination of program.--The issuance of coins under
this subsection shall terminate when one innovation, an
individual innovator, or a group of innovators, from each
State, the District of Columbia, and each territory has been
honored and may not be resumed except by an Act of
Congress.''.
The SPEAKER pro tempore. Pursuant to the rule, the gentleman from
Wisconsin (Mr. Duffy) and the gentleman from Connecticut (Mr. Himes)
each will control 20 minutes.
The Chair recognizes the gentleman from Wisconsin.
General Leave
Mr. DUFFY. Mr. Speaker, I ask unanimous consent that all Members may
have 5 legislative days within which to revise and extend their remarks
and include extraneous material on this bill.
The SPEAKER pro tempore. Is there objection to the request of the
gentleman from Wisconsin?
There was no objection.
Mr. DUFFY. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise today in support of H.R. 770, the American
Innovation $1 Coin Act, introduced by my friend from Connecticut (Mr.
Himes). The legislation seeks to honor that which is best about
America: her innovative spirit.
If enacted, the legislation would authorize a program under which the
Treasury Department's United States Mint would produce a series of $1
coins celebrating the innovative capacity of the United States. By the
way, it is that innovative capacity that makes us so great and
competitive and allows our salaries and incomes to rise.
Under the program, the front of the coins would have the standardized
image symbolic of liberty, and the design on the reverse would be an
image or images emblematic of one of a significant innovation, an
innovator or pioneer, or a group of innovators or pioneers.
Four different reverse images would be issued annually, representing
innovations or innovators from each State, territory, or the District
of Columbia. The order of issue would be strictly alphabetical. That
means the first issue would go to the great State of Alabama.
The number of coins of each design would be determined by the
Treasury Secretary. While the coins technically would be circulating
coins and usable in ordinary commerce, there is no real demand for
circulating $1 coins at present. So the demand would strictly be
determined by collector interest.
The program would be produced at no cost to the taxpayer. I think
that is important. Mr. Himes made sure of that. Depending on the
collector demand, it actually might produce a surplus that would then
be returned to the Treasury's General Fund.
The legislation explicitly states that minting of the innovation
coins would in no way interfere with the minting and issuing of the $1
coins honoring Native Americans. Those coins similarly have a
standardized front design
[[Page H183]]
and a reverse design that changes regularly, honoring the great
contributions that have been made to this country by Native Americans.
So, Mr. Speaker, the Presidential dollar, when produced for
collectors, had a demand of a little more than 5 million coins per
design. That seems to indicate enough interest that would and should
approve this program, as it can proceed at no cost to the taxpayer,
while allowing the Mint to fully use its facilities. The language we
are considering contains some minor technical amendments that will
allow the coin production to begin more swiftly, which I think makes
sense.
I think this is a good bill, and Mr. Himes has kind of thought
through any red flags that could be risen by any Member on the floor.
He has addressed those.
Mr. Speaker, I support this bill and encourage my colleagues to do
the same, and I reserve the balance of my time.
Mr. HIMES. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I thank my friend from Wisconsin for his support of this
bill and the kind things he said about it.
Mr. Speaker, the American Innovation $1 Coin Act addresses the
decreasing numismatic coin sales resulting from the discontinuation of
the Presidential $1 coin series.
When enacted, this bill will first commission the U.S. Mint to create
a year-long introductory coin series bearing the semblance of George
Washington's signature on the first patent.
The bill will then direct the Mint to release four $1 coins each
year, as my friend from Wisconsin said, featuring a great American
innovation from each State over the next 14 years. Coins will be issued
in alphabetical order, starting with Alabama. State innovations will be
chosen with input from State Governors, territory executives, the
Commission of Fine Arts, and the Citizens Coinage Advisory Committee.
Mr. Speaker, I am particularly excited about the concept of
commemorating and honoring innovation. As Mr. Duffy has said, this is
one of the core strengths of our country. We have fights across the
aisle, as we should, over our economy and where this government
intervenes. I think we agree that one of the key strengths of the
United States is our entrepreneurial capacity and the remarkable
innovations that come out of all 50 States and the territories of the
United States.
It is right that, in some small way, we honor those innovations and
those innovators who help our economy grow, give us competitive
advantage, and make us all proud to be part of the United States of
America.
Mr. Speaker, these coins will be sold as a product for collectors and
minted to demand with oversight from the Treasury.
Per U.S. Mint reports, to the point made by my friend from Wisconsin,
the $1 coin costs less than 35 cents to make. As a product for
collectors, the $1 coins sell for more than face value, up to $1.32
each. That is nearly a $1 profit on every coin. Proceeds from this coin
will return money to the Treasury. In addition, the infrastructure
producing these coins is already in place.
This program will sunset once all States and territories have been
honored and cannot be resumed, except by an act of Congress.
This legislation has the support of members of the coin industry and
their local suppliers and service providers across the States,
including a number of small businesses in my district. These businesses
represent scores of small businesses and thousands of jobs around the
country.
I believe this bill will engage the public, fill the void of a
terminated coin series, help increase the Mint's profitability, and
create and sustain coin-related jobs in both public and private
sectors, all while honoring and commemorating the remarkable innovative
capacity of our country.
I urge my colleagues to support H.R. 770, and I thank Chairman
Hensarling, Ranking Member Waters, Chairman Barr, and Ranking Member
Moore, as well as my friend from Wisconsin, for their support and
determination to get this important bill scheduled and passed.
Mr. Speaker, I reserve the balance of my time.
Mr. DUFFY. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, again, I think it is important to note that we are using
the capacity of the Mint, which costs no additional money. But as Mr.
Himes pointed out, we are celebrating innovation. As a country, we
continue to innovate and create in a way that no one else does in the
world. It is that innovation and creation that creates more and better
jobs for our society, our community, and our families. So I think it is
a wonderful idea to celebrate that by way of a coin that costs the
taxpayers no money but celebrates this great American trade.
Mr. Speaker, I encourage all Members to support this bill, and I
yield back the balance of my time.
Mr. HIMES. Mr. Speaker, I have no further requests for time, and I
yield back the balance of my time.
The SPEAKER pro tempore. The question is on the motion offered by the
gentleman from Wisconsin (Mr. Duffy) that the House suspend the rules
and pass the bill, H.R. 770, as amended.
The question was taken; and (two-thirds being in the affirmative) the
rules were suspended and the bill, as amended, was passed.
A motion to reconsider was laid on the table.
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