[House Report 109-39]
[From the U.S. Government Publishing Office]



109th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 1st Session                                                     109-39

======================================================================



 
                    PRESIDENTIAL $1 COIN ACT OF 2005

                                _______
                                

 April 13, 2005.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                                _______
                                

  Mr. Oxley, from the Committee on Financial Services, submitted the 
                               following

                              R E P O R T

                        [To accompany H.R. 902]

      [Including cost estimate of the Congressional Budget Office]

  The Committee on Financial Services, to whom was referred the 
bill (H.R. 902) to improve circulation of the $1 coin, create a 
new bullion coin, and for other purposes, having considered the 
same, report favorably thereon with amendments and recommend 
that the bill as amended do pass.

                                CONTENTS

                                                                   Page
Purpose and Summary..............................................     7
Background and Need for Legislation..............................     8
Hearings.........................................................     9
Committee Consideration..........................................     9
Committee Votes..................................................     9
Committee Oversight Findings.....................................     9
Performance Goals and Objectives.................................     9
New Budget Authority, Entitlement Authority, and Tax Expenditures    10
Committee Cost Estimate..........................................    10
Congressional Budget Office Estimate.............................    10
Federal Mandates Statement.......................................    14
Advisory Committee Statement.....................................    14
Constitutional Authority Statement...............................    14
Applicability to Legislative Branch..............................    14
Section-by-Section Analysis of the Legislation...................    14
Changes in Existing Law Made by the Bill, as Reported............    16

    The amendments are as follows:
    Strike all after the enacting clause and insert the 
following:

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 the 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.''.

                          Purpose and Summary

    H.R. 902, the Presidential $1 Coin Act of 2005, seeks to 
improve demand for and thus circulation of the current one-
dollar coin, with the intent of saving money for business and 
thus restraining price increases for consumers. To do this, the 
legislation directs the Secretary of the Treasury to redesign 
the one-dollar coin over an appropriate period, beginning in 
2007, issuing four different designs a year while continuing to 
issue the so-called ``Sacagawea-design'' $1 coin. Each 
Presidential design would depict the image and pertinent 
information about a President of the United States, in order of 
service. The reverse of the coin would depict an image of the 
Statue of Liberty. Additionally, the legislation directs the 
Treasury Secretary to begin issuing, concurrently with the 
Presidential dollars, pure-gold bullion coins depicting the 
First Spouses. The bill also proposes a number of methods to 
increase the circulation of the dollar coin. Finally, as 
amended in Committee, the legislation incorporates the text of 
H.R. 767, calling for the issuance of one-cent coins in 2009 
with four different reverse designs to commemorate the 
bicentennial of the birth of President Abraham Lincoln.

                  Background and Need for Legislation

    Although it is clear that a widely circulating one-dollar 
coin would be useful in ordinary commerce for low-dollar-value 
transactions, recent attempts to introduce such a coin have 
been unsuccessful. The so-called Susan B. Anthony dollar, 
issued beginning in 1979, was made of identical material and 
had identical edge treatment to the quarter-dollar, and despite 
the size difference between the two coins, sighted people as 
well as those with visual impairments had difficulty discerning 
the difference between the coins.
    More recently, in the 50 States Commemorative Coin Act 
(Public Law 105-124), Congress sought to address those problems 
by proscribing that the coin be golden in color--to make a 
visual difference from the quarter--and have a distinctive 
edge, with tactile features that would aid the visually 
impaired in identifying the coin. However, despite the success 
of those efforts and a large advertising campaign, after 
initial enthusiasm about the so-called ``golden'' dollar first 
issued in 2000, demand fell drastically, as did availability. 
Two GAO reports and a hearing by the Domestic and International 
Monetary Policy, Trade and Technology Subcommittee highlighted 
several reasons, including the continued circulation of the 
confusing Susan B. Anthony dollar, lack of availability to 
businesses in packaging of appropriate sizes, lack of 
acceptance by many vending machines, etc.
    H.R. 902 seeks to address all of these barriers to 
circulation, as well as creating a demand for the coin similar 
to that for the 50-state quarter program, which more than 
tripled demand for that coin because professional and amateur 
collectors sought the various designs. According to one of the 
GAO studies, one potentially successful way to get the dollar 
coin into regular use would be to create demand by instituting 
a regularly-changed design on the obverse, or face, of the 
coin. The legislation adopts that approach, with the images of 
the Presidents on the obverse combined with use of the popular 
theme of the Statue of Liberty on the reverse. Additionally, 
the legislation calls for a series of pure-gold bullion coins 
featuring images of the First Spouses, to be issued in the same 
order and rate as the Presidential dollars, so that the dollar 
and bullion coins could, for example, be sold in pairs.
    In keeping with the educational theme established by the 
50-State quarter program, one president (to date) would have 
two coin designs, as he served non-sequential terms. Two 
Presidents would have two spouse coins as they remarried while 
in office. Several would have no spouse coins, as they were not 
married while in office. For all of those except Chester A. 
Arthur, the coin would feature on the face the image of Liberty 
as represented by a circulating coin of the period; in the case 
of President Arthur, the image on the face would be that of 
Alice Paul, a suffragette strategist born during his term. 
Bronze copies of the bullion coins would be made available at a 
nominal cost for those who wanted to collect sets of First 
Spouses or Presidents and their spouses but did not wish to pay 
for the cost of a half-ounce of pure gold, plus processing and 
marketing costs.

                                Hearings

    No hearings were held in the 109th Congress on this 
legislation. However, during the 108th Congress, the 
Subcommittee on Domestic and International Monetary Policy, 
Trade and Technology held a hearing on April 28, 2004, entitled 
``Money Matters: Coin and Currency Design and Counterfeiting 
issues'' during which it considered H.R. 3916, which was 
essentially identical legislation to this bill.

                        Committee Consideration

    The Committee on Financial Services met in open session on 
March 16, 2005, and ordered H.R. 902 reported to the House, as 
amended, by a voice vote.

                            Committee Votes

    Clause 3(b) of rule XIII of the Rules of the House of 
Representatives requires the Committee to list the record votes 
on the motion to report legislation and amendments thereto. No 
record votes were taken with in conjunction with the 
consideration of this legislation. A motion by Mr. Oxley to 
report the bill to the House with a favorable recommendation 
was agreed to by a voice vote.
    The Committee considered the following amendment:
          An amendment in the nature of a substitute by Mr. 
        Oxley, No. 1, making various substantive and technical 
        changes, was agreed to by a voice vote.

                      Committee Oversight Findings

    Pursuant to clause 3(c)(1) of rule XIII of the Rules of the 
House of Representatives, the Committee held a hearing in the 
previous Congress, making findings that are reflected in this 
report.

                    Performance Goals and Objectives

    Pursuant to clause 3(c)(4) of rule XIII of the Rules of the 
House of Representatives, the Committee establishes the 
following performance related goals and objectives for this 
legislation:
    The Secretary of the Treasury shall use the authority 
granted in this legislation to design, strike and issue 
circulating one-dollar coins and pure-gold bullion coins 
featuring, respectively, images of the Presidents of the United 
States and their spouses. The coins shall be issued on a 
schedule representing the order in which the Presidents served, 
and four different Presidential dollars shall be issued per 
year until the next design issued would relate to the President 
then in office. The Secretary and the Federal Reserve Board 
shall consider appropriate steps to reduce barriers to 
circulation and to improve circulation of the one-dollar coin 
so that it will be readily available for ordinary commerce. 
Additionally, the Secretary shall use the authority granted in 
this legislation to design, strike and issue circulating one-
cent coins, in the year 2009, with obverse designs identical to 
the one currently in use, but with four different reverse 
designs, and strike and sell as many of each in all-copper 
versions as are required to meet numismatic demand.

   New Budget Authority, Entitlement Authority, and Tax Expenditures

    In compliance with clause 3(c)(2) of rule XIII of the Rules 
of the House of Representatives, the Committee finds that this 
legislation would result in no new budget authority, 
entitlement authority, or tax expenditures or revenues.

                        Committee Cost Estimate

    The Committee adopts as its own the cost estimate prepared 
by the Director of the Congressional Budget Office pursuant to 
section 402 of the Congressional Budget Act of 1974.

                  Congressional Budget Office Estimate

    Pursuant to clause 3(c)(3) of rule XIII of the Rules of the 
House of Representatives, the following is the cost estimate 
provided by the Congressional Budget Office pursuant to section 
402 of the Congressional Budget Act of 1974:

                                                    April 12, 2005.
Hon. Michael G. Oxley,
Chairman, Committee on Financial Services,
House of Representatives, Washington, DC.
    Dear Mr. Chairman: The Congressional Budget Office has 
prepared the enclosed cost estimate for H.R. 902, the 
Presidential $1 Coin Act of 2005.
    If you wish further details on this estimate, we will be 
pleased to provide them. The CBO staff contact is Matthew 
Pickford.
            Sincerely,
                                               Douglas Holtz-Eakin.
    Enclosure.

H.R. 902--Presidential $1 Coin Act of 2005

    Summary: H.R. 902 would authorize the U.S. Mint to create a 
new $1 coin and an investment-grade gold bullion coin as well 
as redesign the 1 cent coin. CBO estimates that enacting this 
bill would decrease direct spending by $6 million over the 
2006-2015 period. Enacting the bill would not affect revenues. 
H.R. 902 contains no intergovernmental or private-sector 
mandates as defined in the Unfunded Mandates Reform Act (UMRA) 
and would not affect the budgets of state, local, or tribal 
governments.
    Major provisions: Beginning in 2007, H.R. 902 would direct 
the Treasury to create a series of $1 coins commemorating all 
former U.S. Presidents. The coins would have an image of a 
former President and the reverse would feature an image of the 
Statue of Liberty. Under the bill, the Mint could continue to 
issue Sacagawea dollar coins (Golden Dollar). The Mint would 
issue four different $1 coins a year in the order of the period 
of service of each President starting with George Washington. 
The bill would authorize the Mint to sell $1 proof coins and 
uncirculated versions. H.R. 902 would not terminate production 
of the $1 bill and would not affect the circulation of any of 
the current $1 coins.
    In addition, H.R. 902 would direct the U.S. Mint to produce 
a gold bullion coin honoring the spouses of former Presidents. 
The new gold bullion coins would be produced in sequence with 
the $1 Presidential coins. In addition, the bill would 
authorize the Mint to sell bronze copies of the gold bullion 
coin.
    H.R. 902 also would also authorize the U.S. Mint to make 
changes to the design of the 1 cent coin. For calendar year 
2009, four circulating and one copper penny would be issued to 
commemorate the bicentennial anniversary of the birth of 
Abraham Lincoln. Beginning in calendar year 2010 the reverse 
side of the penny would bear an emblematic image of Lincoln's 
preservation of the United States as a single united country.
    Estimated cost to the Federal Government: The estimated 
budgetary impact of H.R. 902 is shown in the following table. 
The costs of this legislation fall within budget function 800 
(general government).

----------------------------------------------------------------------------------------------------------------
                                                          By fiscal year, in millions of dollars--
                                           ---------------------------------------------------------------------
                                             2006   2007   2008   2009   2010   2011   2012   2013   2014   2015
----------------------------------------------------------------------------------------------------------------
                                           CHANGES IN DIRECT SPENDING

Production of Presidential $1 Coin:
    Estimated Budget Authority............      2      1      *      *      *      *      *      *      *      *
    Estimated Outlays.....................      2      1      *      *      *      *      *      *      *      *
Net Sales of First-Spouse Gold Bullion
 Coin:
    Estimated Budget Authority............      0      *     -1     -1     -1     -1     -1     -1     -1     -1
    Estimated Outlays.....................      0      *     -1     -1     -1     -1     -1     -1     -1     -1
Production of Abraham Lincoln Bicentennial
 1 Cent Coin:
    Estimated Budget Authority............      0      *      0      0      0      0      0      0      0      0
    Estimated Outlays.....................      0      *      0      0      0      0      0      0      0      0
Net Changes in Direct Spending Under H.R.
 902:
    Estimated Budget Authority............      2      *     -1     -1     -1     -1     -1     -1     -1     -1
    Estimated Outlays.....................      2      *     -1     -1     -1     -1     -1     -1     -1     -1
----------------------------------------------------------------------------------------------------------------
Note.--*=less than $500,000.

    In addition to the budgetary effects summarized in the 
table, by increasing the value of coins held by the public, 
H.R. 902 also would provide the government with additional 
resources for financing the federal deficit. Seigniorage (or 
profit)--the difference between the face value of the coins and 
the cost of production--reduces the amount the government would 
otherwise need to borrow from the public to finance the federal 
budget deficit. CBO estimates that seigniorage resulting from 
the value of additional coins in circulation under the bill 
would amount to about $280 million over the 2006-2015 period. 
Under the principles established by the President's 1967 
Commission on Budget Concepts, seigniorage does not directly 
affect the budget but is treated as a means of financing the 
deficit.

Basis of estimate

            Direct spending
    Presidential $1 Coin Program. H.R. 902 would create a 
series of $1 coins commemorating all former U.S. Presidents. 
The Presidential coin would have distinctive tactile and visual 
features on the edge of the coin. The bill would allow the Mint 
to continue to issue the Golden Dollar. According to the Mint, 
it would need at least 18 months to design, test, and produce a 
new $1 Presidential coin for circulation. Thus, assuming this 
bill is enacted by the end of fiscal year 2005, CBO expects 
that the first two new coins would begin circulating by the 
middle of fiscal year 2007. CBO estimates start-up costs for 
producing a new $1 coin would increase direct spending by about 
$3 million over the 2006-2007 period, based on the experience 
of prior new issues by the Mint.
    With the development of a $1 Presidential coin, there would 
be three $1 coins in circulation, including the Susan B. 
Anthony and the Golden Dollar. Based on information from the 
Mint, CBO would not expect the Treasury would remove any of 
these existing coins from circulation, and such a change by the 
Mint would not be done without explicit Congressional 
authorization.
    H.R. 902 would authorize the Mint to include the new $1 
coin in collector coin sets sold to the public. Adding four new 
$1 coins to the Mint's current sets could increase offsetting 
collections to the U.S. Mint Public Enterprise Fund if the new 
coins increase collectors' interest in the sets. However, CBO 
estimates that any increase in offsetting collections from the 
sale of commercial products would be small and primarily of a 
one-time nature over the first two years of the program. In 
addition, CBO estimates that the Mint would retain and spend 
any additional collections, resulting in a negligible net 
budgetary effect over the next 10 years.
    First-Spouse Bullion Coin. H.R. 902 would direct the Mint 
to produce a gold bullion coin for investors, honoring the 
spouses of former Presidents. The new gold bullion coin would 
be produced in the same sequence as the $1 Presidential coins. 
The bullion coin would feature an image of the spouse of the 
former President and the reverse would feature an image of her 
life and work. CBO expects that the first gold bullion coins 
would be ready at the same time as the $1 Presidential coin.
    Public Law 104-52, which established the U.S. Mint Public 
Enterprise Fund, requires the Mint to transfer any excess funds 
to the general fund of the Treasury at least annually. Based on 
information from the Mint and the numismatic community, CBO 
expects that the First Spouse gold bullion coin would generate 
sales similar to recent commemorative coins. In addition, the 
Mint could sell bronze duplicates to the public; however, based 
on the sales of previous duplicates, we do not expect that 
those sales would be large. CBO estimates that the Mint would 
produce about 10,000 gold bullion coins annually generating 
about $1 million a year in excess funds that would be recorded 
in the budget as offsetting receipts.
    Abraham Lincoln Bicentennial 1 Cent Coins. H.R. 902 would 
authorize the U.S. Mint to change the design of the current 1 
cent coin beginning in calendar year 2009 to celebrate the 
200th anniversary of the birth of Abraham Lincoln. Four pennies 
would be issued to reflect the four major periods in Lincoln's 
life. The legislation also would require the Mint to produce a 
new copper penny in 2009 with the same metallic content as the 
1909 penny (Lincoln cent) in amounts appropriate for the 
numismatic community.
    According to the Mint, it would take approximately six 
months to design, test, and produce the 1 cent coins for 
circulation in 2009. CBO estimates that designing and preparing 
dies for a new 1 cent coin would cost less than $100,000 in 
2008. In addition, production of the copper penny would be 
based on market research and requests. Adding a new 1 cent coin 
to the Mint's current sets could increase offsetting 
collections to the U.S. Mint Public Enterprise Fund if the new 
coin increases collectors' interest in the sets. However, any 
increase in offsetting collections from the sale of commercial 
products would be available to the Mint to retain and spend and 
would have a negligible net budgetary impact over time.
            Seigniorage
    In addition to the bill's effects on direct spending, by 
increasing the public's holding of dollar coins, H.R. 902 also 
would result in additional federal resources for financing the 
deficit.
    The seigniorage, or profit, from placing the new coins in 
circulation would reduce the amount the government would 
otherwise borrow from the public to finance the deficit. By 
circulating a new $1 Presidential coin with the current Golden 
Dollar and Susan B. Anthony coins, the legislation would 
increase the seigniorage earned if the new $1 coin is more 
widely circulated. CBO estimates that there would be no 
significant effect on seigniorage from the new 1 cent coins.
    A Government Accountability Office report (GAO-02-896, 
September 2003) noted that, after a multimillion dollar 
marketing and advertising campaign, the Golden Dollar, like the 
Susan B. Anthony $1 coin, has not achieved widespread use. It 
has increased the public's interest in collecting the $1 coin 
but is not widely circulating. Barriers to the public's 
acceptance include the continued circulation of the $1 bill and 
the commingling of the Susan B. Anthony and Sacagwea dollars in 
rolls for distribution, which would not be eliminated by H.R. 
902.
    The Mint's 50 State Quarters program, involving a set of 
recurring designs commemorating each state, has been credited 
with generating renewed interest in holding more coins by 
collectors and the public. The production of quarters increased 
from 1.7 billion coins in fiscal year 1998 to over 6 billion in 
fiscal year 2000 when the 50 State Quarters program began. By 
fiscal year 2004, demand for quarters had fallen to about 2.2 
billion quarters. The Mint estimates that the 50 State Quarters 
program has generated about $4.6 billion in seigniorage since 
the program began in 1999.
    Taking into account the experience of the 50 State Quarters 
program, information from the numismatic community, and the 
public's continued resistence to the use of dollar coins, CBO 
expects that the new $1 Presidential coin would increase the 
public's interest in collecting coins, but it would continue to 
face barriers to widespread circulating use. CBO expects that 
most of the demand for the $1 Presidential coin would be from 
collectors. According to the Mint, the federal government is 
currently putting into circulation about 55 million Golden 
Dollar coins annually, with seigniorage of 80 cents per coin. 
CBO expects that demand for the new $1 Presidential coin would 
double the current demand for the dollar coin to about 100 
million annually in 2008. After that, we expect that production 
would decline, following the experience of the 50 State 
Quarters program. Hence, CBO estimates that replacing the 
Golden Dollar with the $1 Presidential coin would increase 
seigniorage by about $280 million over the 2006-2015 period.
    Intergovernmental and private-sector impact: H.R. 902 
contains no intergovernmental or private-sector as defined in 
UMRA and would not affect the budgets of state, local, or 
tribal governments.
    Estimate prepared by: Federal Costs: Matthew Pickford; 
Impact on State, Local, and Tribal Governments: Sarah Puro; 
Impact on the Private Sector: Paige Piper/Bach.
    Estimate approved by: Peter H. Fontaine, Deputy Assistant 
Director for Budget Analysis.

                       Federal Mandates Statement

    The Committee adopts as its own the estimate of Federal 
mandates prepared by the Director of the Congressional Budget 
Office pursuant to section 423 of the Unfunded Mandates Reform 
Act.

                      Advisory Committee Statement

    No advisory committees within the meaning of section 5(b) 
of the Federal Advisory Committee Act were created by this 
legislation.

                   Constitutional Authority Statement

    Pursuant to clause 3(d)(1) of rule XIII of the Rules of the 
House of Representatives, the Committee finds that the 
Constitutional Authority of Congress to enact this legislation 
is provided by Article 1, section 8, clause 1 (relating to the 
general welfare of the United States), clause 3 (relating to 
the power to regulate interstate commerce), and clause 5 
(relating to the power to coin Money).

                  Applicability to Legislative Branch

    The Committee finds that the legislation does not relate to 
the terms and conditions of employment or access to public 
services or accommodations within the meaning of section 
102(b)(3) of the Congressional Accountability Act.

             Section-by-Section Analysis of the Legislation


Section 1. Short title

    This section establishes the short title of the bill, the 
``Presidential $1 Coin Act of 2005.''

                     TITLE 1--PRESIDENTIAL $1 COINS


Section 101. Findings

    This section finds that there is a need for a widely 
circulating one-dollar coin in ordinary commerce, discusses 
reasons why previous one-dollar coins have not circulated well, 
and lays out the reasoning why a regularly changing design, as 
in the 50-State quarter program, would create demand for the 
coin that would lead to better circulation and better 
availability.

Section 102. Presidential $1 Coin Program

    This section directs the Treasury Secretary, beginning in 
2007, to issue one-dollar coins with regularly changed designs 
representing the images of the Presidents of the United States, 
in the order in which they served. It also specifies that the 
design on the reverse of the coin is to be an image of the 
Statue of Liberty, and specifies that the date of issue and the 
mottoes ``E Pluribus Unum'' and ``In God We Trust'' should be 
struck into the edge of the coin rather than one of the faces. 
The section continues the striking of the so-called 
``Sacagawea'' design $1 coin, and specifies that the 
Presidential $1 coin program ends and cannot be restarted 
except by Act of Congress when the next coin to be issued would 
represent on the obverse the image of the President still in 
office at the time it would be issued. Finally, the section 
specifies that four different designs would be issued per year, 
and allows for the striking and issuing of numismatic versions 
of the coins.

Section 103. First Spouse Bullion Coin Program

    Section 103 directs the Secretary of the Treasury to strike 
and make available for sale 99.99 percent pure gold bullion 
coins bearing the images of First Spouses, on the same schedule 
as the Presidential Dollars, with images of the spouses on the 
obverse and of works associated with them on the reverse. It 
also specifies that in the instances where President remarried 
in office, more than one bullion coin could be issued during 
the period of issue of that President's dollar, and specifies 
that in the case of Presidents who were not married in office, 
the bullion coin bear the image of Liberty as represented on a 
circulating coin of the period, except that in the case of 
President Chester A. Arthur the bullion coin would bear the 
image of Liberty as represented by suffragette strategist Alice 
Paul, born during his term. The section also specifies that the 
Treasury Secretary shall announce maximum mintages of each 
bullion coin prior to issue and allows the striking of 
affordable bronze copies of the coin.

Section 104. Sense of Congress

    Section 104 notes that a successful Presidential Dollar 
coin program would also improve the circulation of the so-
called ``Sacagawea'' design $1 coin. It also discusses a number 
of ways to improve circulation of the dollar coin, ranging from 
removing the remaining Susan B. Anthony dollars from 
circulation to improving its appearance by increasing tarnish-
resistance, to setting up regular meetings between the Federal 
Reserve and Treasury, and users and distributors of the dollar 
coin, to discuss ways to improve circulation, and suggests 
regular reports to Congress on any legislative efforts that 
might be necessary.

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


Section 201. Findings

    This section finds that the nations' 16th President was one 
of its greatest leaders, demonstrating true courage during the 
Civil War. It also finds that he rose from humble origins to 
the Presidency through a combination of honesty, integrity, 
intelligence and commitment to the United States. The section 
also finds that all Americans could benefit from studying 
President Lincoln's life, and that redesigns of the reverse of 
the one-cent coin, first issued on the centennial of President 
Lincoln's birth, would be helpful in illustrating different 
phases of his life.

Section 202. Redesign of Lincoln Cent for 2009

    The section specifies that during calendar 2009, the 
Secretary of the Treasury shall issue one-cent coins with the 
obverse design being the Victor David Brenner design first 
struck on the cent coin in 1909, and a different reverse design 
every three months. Those reverses would represent President 
Lincoln's birth and early years in Kentucky, his formative 
years in Indiana, his professional life in Illinois, and his 
Presidency in Washington, D.C.

Section 203. Redesign of reverse of 1-cent coins after 2009

    Section 203 specifies that the reverse of one-cent coins 
issued after the Lincoln bicentennial year shall bear an image 
emblematic of President Lincoln's preservation of the Union 
during the Civil War.

Section 204. Numismatic pennies with the same metallic content as the 
        1909 penny

    This section allows the Treasury Secretary to strike and 
issue one-cent coins during 2009 with the same metallic content 
as the original ``Lincoln'' cents issued in 1909.

Section 205. Sense of Congress

    The section states that the original design for the Lincoln 
cent was a dramatic work and that it is the sense of Congress 
that if at all possible the Lincoln likeness on the 2009 cent 
coins should be reproduced in the original form and with the 
original relief.

         Changes in Existing Law Made by the Bill, as Reported

  In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (new matter is 
printed in italic, existing law in which no change is proposed 
is shown in roman):

              SECTION 5112 OF TITLE 31, UNITED STATES CODE


Sec. 5112. Denominations, specifications, and design of coins

  (a)  * * *

           *       *       *       *       *       *       *

  (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 each 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 so-called ``Sacagawea-design'' $1 coins.
  (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.

                                  
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