[House Report 119-235]
[From the U.S. Government Publishing Office]
119th Congress } { Report
HOUSE OF REPRESENTATIVES
1st Session } { 119-235
======================================================================
COMMON CENTS ACT
_______
September 4, 2025.--Committed to the Committee of the Whole House on
the State of the Union and ordered to be printed
_______
Mr. Hill of Arkansas, from the Committee on Financial Services,
submitted the following
R E P O R T
together with
MINORITY VIEWS
[To accompany H.R. 3074]
The Committee on Financial Services, to whom was referred
the bill (H.R. 3074) to direct the Secretary of the Treasury to
stop minting the penny, to require cash transactions to be
rounded up or down to the nearest five cents, and for other
purposes, having considered the same, reports favorably thereon
with an amendment and recommends that the bill as amended do
pass.
CONTENTS
Page
Purpose and Summary.............................................. 2
Background and Need for Legislation.............................. 3
Committee Consideration.......................................... 4
Related Hearings................................................. 4
Committee Votes.................................................. 5
Committee Oversight Findings..................................... 8
Performance Goals and Objectives................................. 8
Committee Cost Estimate.......................................... 8
New Budget Authority and CBO Cost Estimate....................... 8
Unfunded Mandates Statement...................................... 8
Earmark Statement................................................ 8
Federal Advisory Committee Act Statement......................... 9
Applicability to the Legislative Branch.......................... 9
Duplication of Federal Programs.................................. 9
Section-by-Section Analysis of the Legislation................... 9
Changes in Existing Law Made by the Bill, as Reported............ 9
Documents Included by Unanimous Consent.......................... 40
Minority Views................................................... 42
The amendment is as follows:
Strike all after the enacting clause and insert the
following:
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Common Cents Act''.
SEC. 2. SPECIFICATIONS OF 5-CENT COINS AND ELIMINATION OF ONE-CENT
COINS.
Section 5112 of title 31, United States Code, is amended--
(1) in subsection (a)--
(A) in paragraph (5), by striking ``weighs 5 grams.''
and inserting the following: ``weighs--
``(A) 5 grams, with respect to such coin that is an
alloy of copper and nickel; or
``(B) between 4 and 6 grams, with respect to such
coin as described in subsection (c).''; and
(B) in paragraph (6)--
(i) by striking ``except as provided under
subsection (c) of this section,''; and
(ii) by striking ``and weighs 3.11 grams'';
(2) in subsection (b)--
(A) in the sixth sentence--
(i) by inserting ``either'' before ``an
alloy''; and
(ii) by inserting ``or a composition
described in subsection (c)'' before the
period;
(B) by inserting ``with respect to such coins that
are an alloy of copper and nickel'' after ``nickel
required''; and
(C) by striking ``Except'' through ``zinc'' and
inserting ``The one-cent coin is composed of copper and
zinc'';
(3) by amending subsection (c) to read as follows:
``(c) 5-cent Coin.--
``(1) In general.--The 5-cent coin may be a coin with an
inner layer of zinc and an outer layer of nickel.
``(2) Composition.--The Secretary may prescribe the
composition of zinc and nickel in the 5-cent coin, subject to
testing and evaluation that such composition reduces the cost
incurred to produce such coin.''; and
(4) by adding at the end the following:
``(bb) Elimination of One-cent Coin.--
``(1) In general.--Notwithstanding any other provision of
law, the Secretary shall cease production of one-cent coins for
general circulation, but may continue to produce and issue one-
cent coins for sale as numismatic items.
``(2) No effect on legal tender.--Any one-cent coin that is
minted and issued on any date before the date of the enactment
of this subsection shall remain legal tender for all debts,
public charges, taxes, and dues.''.
Purpose and Summary
H.R. 3074, the Common Cents Act, was introduced on April
29, 2025 by Republican Representative Lisa McClain (MI-09).
H.R. 3074 directs the Secretary of the Treasury to cease
production of pennies within one year of enactment but not
affect the continued status of the penny as legal tender. The
bill provides for an exception for numismatic pennies, which
the U.S. Mint would still be permitted to produce, so long as
the net receipts from the sale of these numismatic pennies are
sufficient to cover the total cost of their production.
Additionally, H.R. 3074 authorizes an alternative
composition for producing nickels, consisting of a zinc inner
layer with a nickel outer layer, with the Secretary of the
Treasury determining the specific zinc-nickel makeup. This new
composition would be subject to testing and evaluation to
confirm that it lowers production costs. The bill preserves the
U.S. Mint's ability to continue producing nickels using the
current alloy of 75 percent copper and 25 percent nickel.
Background and Need for Legislation
Article I, Section 8, Clause 5 of the U.S. Constitution
gives Congress the sole authority to coin money, determine its
value, and establish standard weights and measures.\1\ Congress
established the U.S. Mint in the Coinage Act of 1792.\2\
---------------------------------------------------------------------------
\1\U.S. CONST. art. I, Sec. 8, cl. 5.
\2\Coinage Act of April 2, 1792, https://www.usmint.gov/learn/
history/historical-
documents/coinage-act-of-april-2-1792?srsltid=AfmBOoqhi6CErmZrPfkfTbYI_
rz3yrZGOxOs29nAIAzLEhVSEG8yRe4V (last visited July 8, 2025).
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On May 22, 2025, the Treasury Department announced it would
begin efforts to suspend production of the penny, following a
directive issued by President Trump in February 2025. The U.S.
Mint received its final supply of penny blanks in June 2025 and
expects to cease issuing new pennies into circulation by the
end of 2025.
Legislative efforts to eliminate the penny from circulation
in the U.S. date back to the 1980s and have involved
initiatives from both Democrats and Republicans over the past
four decades. These efforts have been driven by the penny's
increasing production costs and diminishing purchasing power.
According to the US Mint's FY 2024 audit, the unit cost for
pennies was 3.69 cents, marking the 19th consecutive fiscal
year the unit cost has remained above the face value. The US
Mint lost approximately $85.3 million in the 2024 fiscal year
from penny production. In 2013, then-President Obama also
explored ending the penny given the costs of production.
H.R. 3074 provides for an exception for the production of
numismatic pennies given their important cultural, economic,
and educational benefits. Commemorative and collectible coins
celebrate American history, milestones, and notable figures,
while also allowing coin enthusiasts to expand their
collections and sustain a robust domestic collectibles market.
The U.S. Mint generates profits from numismatic coin
production--$42 million in 2024--which supports its operations
and are deposited into the Treasury's general fund through
budget transfers.\3\
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\3\THE U.S. MINT, 2024 ANNUAL REPORT (2024).
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In 2013, then-President Obama considered legislative
efforts to eliminate the penny due to its high production
costs. When asked why the Treasury continues to mint pennies
even though the cost to mint exceeds their value, he said,
``any time we're spending money on something people aren't
going to use, that's something that should change.''\4\
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\4\Jonathan Easley, Obama Favors Sacking the Expensive Penny, THE
HILL, Feb. 14, 2013, https://thehill.com/blogs/blog-briefing-room/news/
142333-obama-favors-sacking-the-expensive-penny/.
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Canada, Australia, New Zealand, and Sweden have all
eliminated their pennies in recent decades to reduce costs and
improve efficiency in their economies. Canada stopped
distributing pennies in 2012 due to the coin's production costs
exceeding its face value.\5\ Australia and New Zealand forged
similar paths in the early 1990s, withdrawing one- and two-cent
coins to streamline currency and cut expenses.\6\ Sweden
eliminated its smallest coins in 1972 to encourage electronic
payments and simplify cash handling.\7\ In all these countries,
the removal of low-value coins has led to minimal public
disruption and cost savings for governments. In all these
countries, the removal of low-value coins has led to minimal
public disruption, cost savings for governments, and a gradual
shift toward digital transactions.
---------------------------------------------------------------------------
\5\Martha C. White et al., Trump's Coin Toss: What's Going to
Happen When the U.S. Scraps Pennies?, NASDAQ (May 22, 2025), https://
www.nasdaq.com/articles/trumps-coin-toss-whats-going-happen-when-us-
scraps-pennies.
\6\Id.
\7\Id.
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However, eliminating the penny may increase demand for the
nickel, which the U.S. Mint also produces at a per-unit loss.
The FY 2024 unit cost for nickels was $13.78 cents and the US
Mint lost approximately $18 million from nickel production.
Currently, Section 5112 of title 31, U.S.C. mandates that the
5-cent coin is an alloy of 75 percent copper and 25 percent
nickel. As of July 16, the spot price per metric ton for nickel
was $14,836;\8\ the spot price per metric ton for zinc was
$2,699;\9\ and the spot price per metric ton for copper was
$9,563.\10\ To reduce costs in nickel production, efforts have
been made to develop a zinc-based nickel alloy with testing by
the Mint and private sector indicating that this new
composition would work with existing coin machinery. While H.R.
3074 does not require the Treasury Secretary to change the
nickel's composition, it allows for the production and
circulation of an alternative zinc-based nickel which will
likely have lower production costs due to the lower cost of
zinc.
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\8\Nickel Price, BUSINESS INSIDER, July 16, 2025, https://
markets.businessinsider.com/
commodities/nickel-price.
\9\Zinc Price, BUSINESS INSIDER, July 16, 2025, https://
markets.businessinsider.com/
commodities/zinc-price.
\10\Copper Price, BUSINESS INSIDER, July 16, 2025, https://
markets.businessinsider.com/
commodities/copper-price.
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Committee Consideration
119TH CONGRESS
H.R. 3074, the Common Cents Act, was introduced on April
29, 2025 by Representative McClain, with Representative Robert
Garcia (D-CA) as an original cosponsor. The bill was referred
solely to the Committee on Financial Services.
This bill was attached to the June 12, 2025, hearing titled
``Evaluating the Defense Production Act.''
On July 23, 2025, the Committee on Financial Services met
in open session to consider, among others, H.R. 3074. The
Committee ordered H.R. 3074, as amended, to be favorably
reported to the House of Representatives.
Related Hearings
Pursuant to clause 3(c)(6) of rule XIII of the Rules of the
House of Representatives, the following hearing was used to
develop H.R. 3074:
The Subcommittee on National Security, Illicit Finance, &
International Financial Institutions of the Committee on
Financial Services held a hearing on June 12, 2025 titled
``Evaluating the Defense Production Act''. The following
witnesses testified at the February 26, 2025, hearing: Mr.
William Russell, Director, Contracting and National Security
Acquisitions, Government Accountability Office, and Mr. Adam G.
Levin, Analyst in Economic Development Policy, Congressional
Research Service (CRS).
Committee Votes
Clause 3(b) of rule XIII of the Rules of the House of
Representatives requires the Committee Report to include record
votes on the motion to report legislation and amendments
thereto.
On July 23, 2025, the Committee ordered H.R. 3074, as
amended, to be reported favorably to the House by a recorded
vote of 35 yeas and 13 nays. (Record Vote No. FC-187).
The Committee considered the following amendments to H.R.
3074:
Representative McClain offered an amendment
in the nature of a substitute, designated as
McLain_025, which ceases production of one-cent coins
for general circulation, authorizes the production of
an alternative zinc-based nickel, preserves the
production of numismatic one-cent coins, and maintains
the status of one-cent coins as legal tender. This
amendment was adopted by a voice vote.
Representative Maxine Waters (D-CA) offered
an amendment (No. 11), designated as HR3074_02. This
amendment would require the Secretary of the Treasury
to establish a task force to study the impact of
ceasing penny production and to submit a report to
determine whether such policy is in the public's best
interest. This amendment failed by a recorded vote of
22 yeas and 25 nays, a quorum being present. (Record
Vote No. FC-186).
Committee Oversight Findings
Pursuant to clause 3(c) of rule XIII of the Rules of the
House of Representatives, the findings and recommendations of
the Committee, based on oversight activities under clause
2(b)(1) of rule X of the Rules of the House of Representatives
are incorporated in the descriptive portions of this report.
Performance Goals and Objectives
Pursuant to clause 3(c)(4) of rule XIII of the Rules of the
House of Representatives, the goal of H.R. 3074 is to direct
the Secretary of the Treasury to cease production of pennies,
and to allow for the production and circulation of an
alternative zinc-based nickel due to the lower cost of zinc.
Committee Cost Estimate
Clause 3(d)(1) of rule XIII of the Rules of the House of
Representatives requires an estimate and a comparison of the
costs that would be incurred in carrying out H.R. 3074. The
Committee has requested but not received a cost estimate from
the Director of the Congressional Budget Office. However,
pursuant to clause 3(d)(1) of rule XIII of the Rules of the
House of Representatives, the Committee will adopt as its own
the cost estimate by the Director of the Congressional Budget
Office once it has been prepared.
New Budget Authority and CBO Cost Estimate
With respect to the requirements of clause 3(c)(2) of rule
XIII of the Rules of the House of Representatives and section
308(a) of the Congressional Budget Act of 1974 and with respect
to requirements of clause 3(c)(3) of rule XIII of the Rules of
the House of Representatives and section 402 of the
Congressional Budget Act of 1974, the Committee will adopt as
its own the cost estimate for the bill prepared by the Director
of the Congressional Budget Office. However, a cost estimate
was not made available to the Committee in time for the filing
of this report. The Chairman of the Committee shall cause such
estimate to be printed in the Congressional Record upon its
receipt by the Committee.
Unfunded Mandates Statement
The Committee has requested but not received from the
Director of the Congressional Budget Office an estimate of the
Federal mandates pursuant to section 423 of the Unfunded
Mandates Reform Act. The Chairman of the Committee shall cause
such estimate to be printed in the Congressional Record upon
its receipt by the Committee.
Earmark Statement
In compliance with clause 9 of rule XXI of the Rules of the
House of Representatives, this bill, as reported, contains no
congressional earmarks, limited tax benefits, or limited tariff
benefits as defined in clause 9(e), 9(f), or 9(g) of rule XXI.
Federal Advisory Committee Act Statement
No advisory committees within the meaning of section 5(b)
of the Federal Advisory Committee Act were created by this
legislation.
Applicability to the 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.
Duplication of Federal Programs
Pursuant to clause 3(c)(5) of rule XIII of the Rules of the
House of Representatives, the Committee states that no
provision of the bill establishes or reauthorizes a program of
the Federal Government known to be duplicative of another
Federal program, including any program that was included in a
report to Congress pursuant to section 21 of the Public Law
111-139 or the most recent Catalog of Federal Domestic
Assistance.
Section-by-Section Analysis of the Legislation
Section 1. Short title
Section 1 provides the short title as the ``Common Cents
Act''.
Section 2. Specifications of 5-cent coins and elimination of one-cent
coins
Section 2 authorizes an alternative composition for
producing nickels, consisting of a zinc core with a nickel
outer layer, with the Secretary of the Treasury determining the
specific zinc-nickel makeup. Additionally, Section 2 codifies
the cessation of the production of pennies but does not affect
the continued status of the penny as legal tender.
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 (existing law
proposed to be omitted is enclosed in black brackets, new
matter is printed in italics, and existing law in which no
change is proposed is shown in roman):
TITLE 31, UNITED STATES CODE
* * * * * * *
SUBTITLE IV--MONEY
* * * * * * *
CHAPTER 51--COINS AND CURRENCY
* * * * * * *
SUBCHAPTER II--GENERAL AUTHORITY
* * * * * * *
Sec. 5112. Denominations, specifications, and design of coins
(a) The Secretary of the Treasury may mint and issue only the
following coins:
(1) a dollar coin that is 1.043 inches in diameter.
(2) a half dollar coin that is 1.205 inches in
diameter and weighs 11.34 grams.
(3) a quarter dollar coin that is 0.955 inch in
diameter and weighs 5.67 grams.
(4) a dime coin that is 0.705 inch in diameter and
weighs 2.268 grams.
(5) a 5-cent coin that is 0.835 inch in diameter and
[weighs 5 grams.] weighs--
(A) 5 grams, with respect to such coin that
is an alloy of copper and nickel; or
(B) between 4 and 6 grams, with respect to
such coin as described in subsection (c).
(6) [except as provided under subsection (c) of this
section,] a one-cent coin that is 0.75 inch in diameter
[and weighs 3.11 grams].
(7) A fifty dollar gold coin that is 32.7 millimeters
in diameter, weighs 33.931 grams, and contains one troy
ounce of fine gold.
(8) A twenty-five dollar gold coin that is 27.0
millimeters in diameter, weighs 16.966 grams, and
contains one-half troy ounce of fine gold.
(9) A ten dollar gold coin that is 22.0 millimeters
in diameter, weighs 8.483 grams, and contains one-
fourth troy ounce of fine gold.
(10) A five dollar gold coin that is 16.5 millimeters
in diameter, weighs 3.393 grams, and contains one-tenth
troy ounce of fine gold.
(11) A $50 gold coin that is of an appropriate size
and thickness, as determined by the Secretary, weighs 1
ounce, and contains 99.99 percent pure gold.
(12) A $25 coin of an appropriate size and thickness,
as determined by the Secretary, that weighs 1 troy
ounce and contains .9995 fine palladium.
(b) The half dollar, quarter dollar, and dime coins are clad
coins with 3 layers of metal. The 2 identical outer layers are
an alloy of 75 percent copper and 25 percent nickel. The inner
layer is copper. The outer layers are metallurgically bonded to
the inner layer and weigh at least 30 percent of the weight of
the coin. The dollar coin shall be golden in color, have a
distinctive edge, have tactile and visual features that make
the denomination of the coin readily discernible, be minted and
fabricated in the United States, and have similar metallic,
anti-counterfeiting properties as United States coinage in
circulation on the date of enactment of the United States $1
Coin Act of 1997. The 5-cent coin is either an alloy of 75
percent copper and 25 percent nickel or a composition described
in subsection (c). In minting 5-cent coins, the Secretary shall
use bars that vary not more than 2.5 percent from the percent
of nickel required with respect to such coins that are an alloy
of copper and nickel. [Except as provided under subsection (c)
of this section, the one-cent coin is an alloy of 95 percent
copper and 5 percent zinc] The one-cent coin is composed of
copper and zinc. In minting gold coins, the Secretary shall use
alloys that vary not more than 0.1 percent from the percent of
gold required. The specifications for alloys are by weight.
[(c) The Secretary may prescribe the weight and the
composition of copper and zinc in the alloy of the one-cent
coin that the Secretary decides are appropriate when the
Secretary decides that a different weight and alloy of copper
and zinc are necessary to ensure an adequate supply of one-cent
coins to meet the needs of the United States.]
(c) 5-cent Coin.--
(1) In general.--The 5-cent coin may be a coin with
an inner layer of zinc and an outer layer of nickel.
(2) Composition.--The Secretary may prescribe the
composition of zinc and nickel in the 5-cent coin,
subject to testing and evaluation that such composition
reduces the cost incurred to produce such coin.
(d)(1) United States coins shall have the inscription ``In
God We Trust''. The obverse side of each coin shall have the
inscription ``Liberty''. The reverse side of each coin shall
have the inscriptions ``United States of America'' and ``E
Pluribus Unum'' and a designation of the value of the coin. The
design on the reverse side of the dollar, half dollar, and
quarter dollar is an eagle. Subject to other provisions of this
subsection, the obverse of any 5-cent coin issued after
December 31, 2005, shall bear the likeness of Thomas Jefferson
and the reverse of any such 5-cent coin shall bear an image of
the home of Thomas Jefferson at Monticello. The Secretary of
the Treasury, in consultation with the Congress, shall select
appropriate designs for the obverse and reverse sides of the
dollar coin. The coins have an inscription of the year of
minting or issuance. However, to prevent or alleviate a
shortage of a denomination, the Secretary may inscribe coins of
the denomination with the year that was last inscribed on coins
of the denomination.
(2) The Secretary shall prepare the devices, models, hubs,
and dies for coins, emblems, devices, inscriptions, and designs
authorized under this chapter. The Secretary may, after
consulting with the Citizens Coinage Advisory Committee and the
Commission of Fine Arts, adopt and prepare new designs or
models of emblems or devices that are authorized in the same
way as when new coins or devices are authorized. The Secretary
may change the design or die of a coin only once within 25
years of the first adoption of the design, model, hub, or die
for that coin. The Secretary may procure services under section
3109 of title 5 in carrying out this paragraph.
(e) Notwithstanding any other provision of law, the Secretary
shall mint and issue, in qualities and quantities that the
Secretary determines are sufficient to meet public demand,
coins which--
(1) are 40.6 millimeters in diameter and weigh 31.103
grams;
(2) contain .999 fine silver;
(3) have a design--
(A) symbolic of Liberty on the obverse side;
and
(B) of an eagle on the reverse side;
(4) have inscriptions of the year of minting or
issuance, and the words ``Liberty'', ``In God We
Trust'', ``United States of America'', ``1 Oz. Fine
Silver'', ``E Pluribus Unum'', and ``One Dollar''; and
(5) have reeded edges.
(f) Silver Coins.--
(1) Sale price.--The Secretary shall sell the coins
minted under subsection (e) to the public at a price
equal to the market value of the bullion at the time of
sale, plus the cost of minting, marketing, and
distributing such coins (including labor, materials,
dies, use of machinery, and promotional and overhead
expenses).
(2) Bulk sales.--The Secretary shall make bulk sales
of the coins minted under subsection (e) at a
reasonable discount.
(3) Numismatic items.--For purposes of section
5132(a)(1) of this title, all coins minted under
subsection (e) shall be considered to be numismatic
items.
(g) For purposes of section 5132(a)(1) of this title, all
coins minted under subsection (e) of this section shall be
considered to be numismatic items.
(h) The coins issued under this title shall be legal tender
as provided in section 5103 of this title.
(i)(1) Notwithstanding section 5111(a)(1) of this title, the
Secretary shall mint and issue the gold coins described in
paragraphs (7), (8), (9), and (10) of subsection (a) of this
section, in qualities and quantities that the Secretary
determines are sufficient to meet public demand, and such gold
coins shall--
(A) have a design determined by the Secretary, except
that the fifty dollar gold coin shall have--
(i) on the obverse side, a design symbolic of
Liberty; and
(ii) on the reverse side, a design
representing a family of eagles, with the male
carrying an olive branch and flying above a
nest containing a female eagle and hatchlings;
(B) have inscriptions of the denomination, the weight
of the fine gold content, the year of minting or
issuance, and the words ``Liberty'', ``In God We
Trust'', ``United States of America'', and ``E Pluribus
Unum''; and
(C) have reeded edges.
(2)(A) The Secretary shall sell the coins minted under this
subsection to the public at a price equal to the market value
of the bullion at the time of sale, plus the cost of minting,
marketing, and distributing such coins (including labor,
materials, dies, use of machinery, and promotional and overhead
expenses).
(B) The Secretary shall make bulk sales of the coins minted
under this subsection at a reasonable discount.
(3) For purposes of section 5132(a)(1) of this title, all
coins minted under this subsection shall be considered to be
numismatic items.
(4)(A) Notwithstanding any other provision of law and subject
to subparagraph (B), the Secretary of the Treasury may change
the diameter, weight, or design of any coin minted under this
subsection or the fineness of the gold in the alloy of any such
coin if the Secretary determines that the specific diameter,
weight, design, or fineness of gold which differs from that
otherwise required by law is appropriate for such coin.
(B) The Secretary may not mint any coin with respect to which
a determination has been made by the Secretary under
subparagraph (A) before the end of the 30-day period beginning
on the date a notice of such determination is published in the
Federal Register.
(C) The Secretary may continue to mint and issue coins in
accordance with the specifications contained in paragraphs (7),
(8), (9), and (10) of subsection (a) and paragraph (1)(A) of
this subsection at the same time the Secretary in minting and
issuing other bullion and proof gold coins under this
subsection in accordance with such program procedures and coin
specifications, designs, varieties, quantities, denominations,
and inscriptions as the Secretary, in the Secretary's
discretion, may prescribe from time to time.
(j) General Waiver of Procurement Regulations.--
(1) In general.--Except as provided in paragraph (2),
no provision of law governing procurement or public
contracts shall be applicable to the procurement of
goods or services necessary for minting, marketing, or
issuing any coin authorized under paragraph (7), (8),
(9), or (10) of subsection (a) or subsection (e),
including any proof version of any such coin.
(2) Equal employment opportunity.--Paragraph (1)
shall not relieve any person entering into a contract
with respect to any coin referred to in such paragraph
from complying with any law relating to equal
employment opportunity.
(k) The Secretary may mint and issue platinum bullion coins
and proof platinum coins in accordance with such
specifications, designs, varieties, quantities, denominations,
and inscriptions as the Secretary, in the Secretary's
discretion, may prescribe from time to time.
(l) Redesign and Issuance of Quarter Dollar in Commemoration
of Each of the 50 States.--
(1) Redesign beginning in 1999.--
(A) In general.--Notwithstanding the fourth
sentence of subsection (d)(1) and subsection
(d)(2), quarter dollar coins issued during the
10-year period beginning in 1999, shall have
designs on the reverse side selected in
accordance with this subsection which are
emblematic of the 50 States.
(B) Transition provision.--Notwithstanding
subparagraph (A), the Secretary may continue to
mint and issue quarter dollars in 1999 which
bear the design in effect before the redesign
required under this subsection and an
inscription of the year ``1998'' as required to
ensure a smooth transition into the 10-year
program under this subsection.
(C) Flexibility with regard to placement of
inscriptions.--Notwithstanding subsection
(d)(1), the Secretary may select a design for
quarter dollars issued during the 10-year
period referred to in subparagraph (A) in
which--
(i) the inscription described in the
second sentence of subsection (d)(1)
appears on the reverse side of any such
quarter dollars; and
(ii) any inscription described in the
third sentence of subsection (d)(1) or
the designation of the value of the
coin appears on the obverse side of any
such quarter dollars.
(2) Single state designs.--The design on the reverse
side of each quarter dollar issued during the 10-year
period referred to in paragraph (1) shall be emblematic
of 1 of the 50 States.
(3) Issuance of coins commemorating 5 states during
each of the 10 years.--
(A) In general.--The designs for the quarter
dollar coins issued during each year of the 10-
year period referred to in paragraph (1) shall
be emblematic of 5 States selected in the order
in which such States ratified the Constitution
of the United States or were admitted into the
Union, as the case may be.
(B) Number of each of 5 coin designs in each
year.--Of the quarter dollar coins issued
during each year of the 10-year period referred
to in paragraph (1), the Secretary of the
Treasury shall prescribe, on the basis of such
factors as the Secretary determines to be
appropriate, the number of quarter dollars
which shall be issued with each of the 5
designs selected for such year.
(4) Selection of design.--
(A) In general.--Each of the 50 designs
required under this subsection for quarter
dollars shall be--
(i) selected by the Secretary after
consultation with--
(I) the Governor of the State
being commemorated, or such
other State officials or group
as the State may designate for
such purpose; and
(II) the Commission of Fine
Arts; and
(ii) reviewed by the Citizens Coinage
Advisory Committee.
(B) Selection and approval process.--Designs
for quarter dollars may be submitted in
accordance with the design selection and
approval process developed by the Secretary in
the sole discretion of the Secretary.
(C) Participation.--The Secretary may include
participation by State officials, artists from
the States, engravers of the United States
Mint, and members of the general public.
(D) Standards.--Because it is important that
the Nation's coinage and currency bear
dignified designs of which the citizens of the
United States can be proud, the Secretary shall
not select any frivolous or inappropriate
design for any quarter dollar minted under this
subsection.
(E) Prohibition on certain representations.--
No head and shoulders portrait or bust of any
person, living or dead, and no portrait of a
living person may be included in the design of
any quarter dollar under this subsection.
(5) Treatment as numismatic items.--For purposes of
sections 5134 and 5136, all coins minted under this
subsection shall be considered to be numismatic items.
(6) Issuance.--
(A) Quality of coins.--The Secretary may mint
and issue such number of quarter dollars of
each design selected under paragraph (4) in
uncirculated and proof qualities as the
Secretary determines to be appropriate.
(B) Silver coins.--Notwithstanding subsection
(b), the Secretary may mint and issue such
number of quarter dollars of each design
selected under paragraph (4) as the Secretary
determines to be appropriate, with a content of
90 percent silver and 10 percent copper.
(C) Sources of bullion.--The Secretary shall
obtain silver for minting coins under
subparagraph (B) from available resources,
including stockpiles established under the
Strategic and Critical Materials Stock Piling
Act.
(7) Application in event of the admission of
additional states.--If any additional State is admitted
into the Union before the end of the 10-year period
referred to in paragraph (1), the Secretary of the
Treasury may issue quarter dollar coins, in accordance
with this subsection, with a design which is emblematic
of such State during any 1 year of such 10-year period,
in addition to the quarter dollar coins issued during
such year in accordance with paragraph (3)(A).
(m) Commemorative Coin Program Restrictions.--
(1) Maximum number.--Beginning January 1, 1999, the
Secretary may mint and issue commemorative coins under
this section during any calendar year with respect to
not more than 2 commemorative coin programs.
(2) Mintage levels.--
(A) In general.--Except as provided in
subparagraph (B), in carrying out any
commemorative coin program, the Secretary shall
mint--
(i) not more than 750,000 clad half-
dollar coins;
(ii) not more than 500,000 silver
one-dollar coins; and
(iii) not more than 100,000 gold
five-dollar or ten-dollar coins.
(B) Exception.--If the Secretary determines,
based on independent, market-based research
conducted by a designated recipient
organization of a commemorative coin program,
that the mintage levels described in
subparagraph (A) are not adequate to meet
public demand for that commemorative coin, the
Secretary may waive one or more of the
requirements of subparagraph (A) with respect
to that commemorative coin program.
(C) Designated recipient organization
defined.--For purposes of this paragraph, the
term ``designated recipient organization''
means any organization designated, under any
provision of law, as the recipient of any
surcharge imposed on the sale of any numismatic
item.
(n) Redesign and Issuance of Circulating $1 Coins Honoring
Each of the Presidents of the United States.--
(1) Redesign beginning in 2007.--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 (8), shall--
(A) have designs on the obverse selected in
accordance with paragraph (2)(B) which are
emblematic of the Presidents of the United
States; and
(B) have a design on the reverse selected in
accordance with paragraph (2)(A).
(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--
(i) the name and likeness of a
President of the United States; and
(ii) basic information about the
President, including--
(I) the dates or years of the
term of office of such
President; and
(II) 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 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.
(D) Inscriptions of ``liberty''.--
Notwithstanding the second 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) Limitation in series to deceased
presidents.--No coin issued under this
subsection may bear the image of a living
former or current President, or of any deceased
former President during the 2-year period
following the date of the death of that
President.
(F) Inscription of ``in god we trust''.--The
design on the obverse or the reverse shall bear
the inscription ``In God We Trust''.
(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) Legal tender.--The coins minted under this title
shall be legal tender, as provided in section 5103.
(6) Treatment as numismatic items.--For purposes of
section 5134 and 5136, all coins minted under this
subsection shall be considered to be numismatic items.
(7) 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.
(8) 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.
(9) 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 described in
subsection (n), the Secretary 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) a 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 the ability to
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 by the Secretary at
a price 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 each 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)(8), of the $1 coin program established
under subsection (n).
(6) Quality of coins.--The bullion coins minted under
this Act shall be issued in both proof and uncirculated
qualities.
(7) Source of gold bullion.--
(A) In general.--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.
(B) Price of gold.--The Secretary shall pay
not more than the average world price for the
gold mined under subparagraph (A).
(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.
(9) Legal tender.--The coins minted under this title
shall be legal tender, as provided in section 5103.
(10) Treatment as numismatic items.--For purposes of
section 1 5134 and 5136, all coins minted
under this subsection shall be considered to be
numismatic items.
(p) Removal of Barriers to Circulation of $1 Coin.--
(1) Acceptance by agencies and instrumentalities.--
Beginning January 1, 2006, all agencies and
instrumentalities of the United States, the United
States Postal Service, all nonappropriated fund
instrumentalities established under title 10, and all
transit systems that receive operational subsidies or
any disbursement of funds from the Federal Government,
such as funds from the Federal Highway Trust Fund,
including the Mass Transit Account, shall take such
action as may be appropriate to ensure that by the end
of the 2-year period beginning on such date--
(A) any business operations conducted by any
such agency, instrumentality, system, or entity
that involve coins or currency will be fully
capable of--
(i) accepting $1 coins in connection
with such operations; and
(ii) other than vending machines that
do not receive currency denominations
higher than $1, dispensing $1 coins in
connection with such operations; and
(B) display signs and notices denoting such
capability on the premises where coins or
currency are accepted or dispensed, including
on each vending machine.
This paragraph does not apply with respect to business
operations conducted by any entity under a contract with an
agency or instrumentality of the United States, including with
any nonappropriated fund instrumentality established under
title 10.
(2) Publicity.--The Director of the United States
Mint, shall work closely with consumer groups, media
outlets, and schools to ensure an adequate amount of
news coverage, and other means of increasing public
awareness, of the inauguration of the Presidential $1
Coin Program established in subsection (n) to ensure
that consumers know of the availability of the coin.
(3) Coordination.--The Board of Governors of the
Federal Reserve System and the Secretary shall take
steps to ensure that an adequate supply of $1 coins is
available for commerce and collectors at such places
and in such quantities as are appropriate by--
(A) consulting, 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, from time
to time but no less frequently than annually,
with a coin users group, which may include--
(i) representatives of merchants who
would benefit from the increased usage
of $1 coins;
(ii) vending machine and other coin
acceptor manufacturers;
(iii) vending machine owners and
operators;
(iv) transit officials;
(v) municipal parking officials;
(vi) depository institutions;
(vii) coin and currency handlers;
(viii) armored-car operators;
(ix) car wash operators; and
(x) coin collectors and dealers;
(B) submitting an annual report to the
Congress containing--
(i) an assessment of the remaining
obstacles to the efficient and timely
circulation of coins, particularly $1
coins;
(ii) an assessment of the extent to
which the goals of subparagraph (C) are
being met; and
(iii) 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 established under
subsection (n) and any coins bearing any design
in effect before the issuance of coins required
under subsection (n) (including the so-called
``Sacagawea-design'' $1 coins), and to include
notices on the machines and devices of such
acceptability;
(D) ensuring that--
(i) during an introductory period,
all institutions that want unmixed
supplies of each newly-issued design of
$1 coins minted under subsections (n)
and (o) are able to obtain such unmixed
supplies; and
(ii) circulating coins will be
available for ordinary commerce in
packaging of sizes and types
appropriate for and useful to ordinary
commerce, including rolled coins;
(E) working closely with any agency,
instrumentality, system, or entity referred to
in paragraph (1) to facilitate compliance with
the requirements of such paragraph; and
(F) identifying, analyzing, and overcoming
barriers to the robust circulation of $1 coins
minted under subsections (n) and (o), including
the use of demand prediction, improved methods
of distribution and circulation, and improved
public education and awareness campaigns.
(4) Bullion dealers.--The Director of the United
States Mint shall take all steps necessary to ensure
that a maximum number of reputable, reliable, and
responsible dealers are qualified to offer for sale all
bullion coins struck and issued by the United States
Mint.
(5) Review of co-circulation.--At such time as the
Secretary determines to be appropriate, and after
consultation with the Board of Governors of the Federal
Reserve System, the Secretary shall notify the Congress
of its assessment of issues related to the co-
circulation of any circulating $1 coin bearing any
design, other than the so-called ``Sacagawea-design''
$1 coin, in effect before the issuance of coins
required under subsection (n), including the effect of
co-circulation on the acceptance and use of $1 coins,
and make recommendations to the Congress for improving
the circulation of $1 coins.
(q) Gold Bullion Coins.--
(1) In general.--Not later than 6 months after the
date of enactment of the Presidential $1 Coin Act of
2005, the Secretary shall commence striking and issuing
for sale such number of $50 gold bullion and proof
coins as the Secretary may determine to be appropriate,
in such quantities, as the Secretary, in the
Secretary's discretion, may prescribe.
(2) Initial design.--
(A) In general.--Except as provided under
subparagraph (B), the obverse and reverse of
the gold bullion coins struck under this
subsection during the first year of issuance
shall bear the original designs by James Earle
Fraser, which appear on the 5-cent coin
commonly referred to as the ``Buffalo nickel''
or the ``1913 Type 1''.
(B) Variations.--The coins referred to in
subparagraph (A) shall--
(i) have inscriptions of the weight
of the coin and the nominal
denomination of the coin incused in
that portion of the design on the
reverse of the coin commonly known as
the ``grassy mound''; and
(ii) bear such other inscriptions as
the Secretary determines to be
appropriate.
(3) Source of gold bullion.--
(A) In general.--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.
(B) Price of gold.--The Secretary shall pay
not more than the average world price for the
gold mined under subparagraph (A).
(4) Sale of coins.--Each gold bullion coin issued
under this subsection shall be sold for an amount the
Secretary determines to be appropriate, but not less
than the sum of--
(A) the market value of the bullion at the
time of sale; and
(B) the cost of designing and issuing the
coins, including labor, materials, dies, use of
machinery, overhead expenses, marketing, and
shipping.
(5) Legal tender.--The coins minted under this title
shall be legal tender, as provided in section 5103.
(6) Treatment as numismatic items.--For purposes of
section 1 5134 and 5136, all coins minted
under this subsection shall be considered to be
numismatic items.
(r) Redesign and Issuance of Circulating $1 Coins Honoring
Native Americans and the Important Contributions Made by Indian
Tribes and Individual Native Americans in United States
History.--
(1) Redesign beginning in 2008.--
(A) In general.--Effective beginning January
1, 2008, notwithstanding subsection (d), in
addition to the coins to be issued pursuant to
subsection (n), and in accordance with this
subsection, the Secretary shall mint and issue
$1 coins that--
(i) have as the designs on the
obverse the so-called ``Sacagawea
design''; and
(ii) have a design on the reverse
selected in accordance with paragraph
(2)(A), subject to paragraph (3)(A).
(B) Delayed date.--If the date of the
enactment of the Native American $1 Coin Act is
after August 25, 2007, subparagraph (A) shall
be applied by substituting ``2009'' for
``2008''.
(2) Design requirements.--The $1 coins issued in
accordance with paragraph (1) shall meet the following
design requirements:
(A) Coin reverse.--The design on the reverse
shall bear--
(i) images celebrating the important
contributions made by Indian tribes and
individual Native Americans to the
development of the United States and
the history of the United States;
(ii) the inscription ``$1''; and
(iii) the inscription ``United States
of America''.
(B) Coin obverse.--The design on the obverse
shall--
(i) be chosen by the Secretary, after
consultation with the Commission of
Fine Arts and review by the Citizens
Coinage Advisory Committee; and
(ii) contain the so-called
``Sacagawea design'' and the
inscription ``Liberty''.
(C) Edge-incused inscriptions.--
(i) In general.--The inscription of
the year of minting and issuance of the
coin 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.
(D) Reverse design selection.--The designs
selected for the reverse of the coins described
under this subsection--
(i) shall be chosen by the Secretary
after consultation with the Committee
on Indian Affairs of the Senate, the
Congressional Native American Caucus of
the House of Representatives, the
Commission of Fine Arts, and the
National Congress of American Indians;
(ii) shall be reviewed by the
Citizens Coinage Advisory Committee;
(iii) may depict individuals and
events such as--
(I) the creation of Cherokee
written language;
(II) the Iroquois
Confederacy;
(III) Wampanoag Chief
Massasoit;
(IV) the ``Pueblo Revolt'';
(V) Olympian Jim Thorpe;
(VI) Ely S. Parker, a general
on the staff of General Ulysses
S. Grant and later head of the
Bureau of Indian Affairs; and
(VII) code talkers who served
the United States Armed Forces
during World War I and World
War II; and
(iv) in the case of a design
depicting the contribution of an
individual Native American to the
development of the United States and
the history of the United States, shall
not depict the individual in a size
such that the coin could be considered
to be a ``2-headed'' coin.
(E) Inscription of ``in god we trust''.--The
design on the obverse or the reverse shall bear
the inscription ``In God We Trust''.
(3) Issuance of coins commemorating 1 native american
event during each year.--
(A) In general.--Each design for the reverse
of the $1 coins issued during each year shall
be emblematic of 1 important Native American or
Native American contribution each year.
(B) Issuance period.--Each $1 coin minted
with a design on the reverse in accordance with
this subsection for any year shall be issued
during the 1-year period beginning on January 1
of that year and shall be available throughout
the entire 1-year period.
(C) Order of issuance of designs.--Each coin
issued under this subsection commemorating
Native Americans and their contributions--
(i) shall be issued, to the maximum
extent practicable, in the
chronological order in which the Native
Americans lived or the events occurred,
until the termination of the coin
program described in subsection (n);
and
(ii) thereafter shall be issued in
any order determined to be appropriate
by the Secretary, after consultation
with the Committee on Indian Affairs of
the Senate, the Congressional Native
American Caucus of the House of
Representatives, and the National
Congress of American Indians.
(4) 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.
(5) Quantity.--The number of $1 coins minted and
issued in a year with the Sacagawea-design on the
obverse shall be not less than 20 percent of the total
number of $1 coins minted and issued in such year.
(s) Redesign and Issuance of Circulating Quarter Dollar
Honoring the District of Columbia and Each of the
Territories.--
(1) Redesign in 2009.--
(A) In general.--Notwithstanding the fourth
sentence of subsection (d)(1) and subsection
(d)(2) and subject to paragraph (6)(B), quarter
dollar coins issued during 2009, shall have
designs on the reverse side selected in
accordance with this subsection which are
emblematic of the District of Columbia and the
territories.
(B) Flexibility with regard to placement of
inscriptions.--Notwithstanding subsection
(d)(1), the Secretary may select a design for
quarter dollars issued during 2009 in which--
(i) the inscription described in the
second sentence of subsection (d)(1)
appears on the reverse side of any such
quarter dollars; and
(ii) any inscription described in the
third sentence of subsection (d)(1) or
the designation of the value of the
coin appears on the obverse side of any
such quarter dollars.
(2) Single district or territory design.--The design
on the reverse side of each quarter dollar issued
during 2009 shall be emblematic of one of the
following: The District of Columbia, the Commonwealth
of Puerto Rico, Guam, American Samoa, the United States
Virgin Islands, and the Commonwealth of the Northern
Mariana Islands.
(3) Selection of design.--
(A) In general.--Each of the 6 designs
required under this subsection for quarter
dollars shall be--
(i) selected by the Secretary after
consultation with--
(I) the chief executive of
the District of Columbia or the
territory being honored, or
such other officials or group
as the chief executive officer
of the District of Columbia or
the territory may designate for
such purpose; and
(II) the Commission of Fine
Arts; and
(ii) reviewed by the Citizens Coinage
Advisory Committee.
(B) Selection and approval process.--Designs
for quarter dollars may be submitted in
accordance with the design selection and
approval process developed by the Secretary in
the sole discretion of the Secretary.
(C) Participation.--The Secretary may include
participation by District or territorial
officials, artists from the District of
Columbia or the territory, engravers of the
United States Mint, and members of the general
public.
(D) Standards.--Because it is important that
the Nation's coinage and currency bear
dignified designs of which the citizens of the
United States can be proud, the Secretary shall
not select any frivolous or inappropriate
design for any quarter dollar minted under this
subsection.
(E) Prohibition on certain representations.--
No head and shoulders portrait or bust of any
person, living or dead, and no portrait of a
living person may be included in the design of
any quarter dollar under this subsection.
(4) Treatment as numismatic items.--For purposes of
sections 5134 and 5136, all coins minted under this
subsection shall be considered to be numismatic items.
(5) Issuance.--
(A) Quality of coins.--The Secretary may mint
and issue such number of quarter dollars of
each design selected under paragraph (3) in
uncirculated and proof qualities as the
Secretary determines to be appropriate.
(B) Silver coins.--Notwithstanding subsection
(b), the Secretary may mint and issue such
number of quarter dollars of each design
selected under paragraph (3) as the Secretary
determines to be appropriate, with a content of
90 percent silver and 10 percent copper.
(C) Timing and order of issuance.--Coins
minted under this subsection honoring the
District of Columbia and each of the
territories shall be issued in equal sequential
intervals during 2009 in the following order:
the District of Columbia, the Commonwealth of
Puerto Rico, Guam, American Samoa, the United
States Virgin Islands, and the Commonwealth of
the Northern Mariana Islands.
(6) Other provisions.--
(A) Application in event of admission as a
state.--If the District of Columbia or any
territory becomes a State before the end of the
10-year period referred to in subsection
(l)(1), subsection (l)(7) shall apply, and this
subsection shall not apply, with respect to
such State.
(B) Application in event of independence.--If
any territory becomes independent or otherwise
ceases to be a territory or possession of the
United States before quarter dollars bearing
designs which are emblematic of such territory
are minted pursuant to this subsection, this
subsection shall cease to apply with respect to
such territory.
(7) Territory defined.--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.
(t) Redesign and Issuance of Quarter Dollars Emblematic of
National Sites in Each State, the District of Columbia, and
Each Territory.--
(1) Redesign beginning upon completion of prior
program.--
(A) In general.--Notwithstanding the fourth
sentence of subsection (d)(1) and subsection
(d)(2), quarter dollars issued beginning in
2010 shall have designs on the reverse selected
in accordance with this subsection which are
emblematic of the national sites in the States,
the District of Columbia and the territories of
the United States.
(B) Flexibility with regard to placement of
inscriptions.--Notwithstanding subsection
(d)(1), the Secretary may select a design for
quarter dollars referred to in subparagraph (A)
in which--
(i) the inscription described in the
second sentence of subsection (d)(1)
appears on the reverse side of any such
quarter dollars; and
(ii) any inscription described in the
third sentence of subsection (d)(1) or
the designation of the value of the
coin appears on the obverse side of any
such quarter dollars.
(C) Inclusion of district of columbia, and
territories.--For purposes of this subsection,
the term ``State'' has the same meaning as in
section 3(a)(3) of the Federal Deposit
Insurance Act.
(2) Single site in each state.--The design on the
reverse side of each quarter dollar issued during the
period of issuance under this subsection shall be
emblematic of 1 national site in each State.
(3) Selection of site and design.--
(A) Site.--
(i) In general.--The selection of a
national park or other national site in
each State to be honored with a coin
under this subsection shall be made by
the Secretary of the Treasury, after
consultation with the Secretary of the
Interior and the governor or other
chief executive of each State with
respect to which a coin is to be issued
under this subsection, and after giving
full and thoughtful consideration to
national sites that are not under the
jurisdiction of the Secretary of the
Interior so that the national site
chosen for each State shall be the most
appropriate in terms of natural or
historic significance.
(ii) Timing.--The selection process
under clause (i) shall be completed
before the end of the 270-day period
beginning on the date of the enactment
of the America's Beautiful National
Parks Quarter Dollar Coin Act of 2008.
(B) Design.--Each of the designs required
under this subsection for quarter dollars shall
be--
(i) selected by the Secretary after
consultation with--
(I) the Secretary of the
Interior; and
(II) the Commission of Fine
Arts; and
(ii) reviewed by the Citizens Coinage
Advisory Committee.
(C) Selection and approval process.--
Recommendations for site selections and designs
for quarter dollars may be submitted in
accordance with the site and design selection
and approval process developed by the Secretary
in the sole discretion of the Secretary.
(D) Participation in design.--The Secretary
may include participation by officials of the
State, artists from the State, engravers of the
United States Mint, and members of the general
public.
(E) Standards.--Because it is important that
the Nation's coinage and currency bear
dignified designs of which the citizens of the
United States can be proud, the Secretary shall
not select any frivolous or inappropriate
design for any quarter dollar minted under this
subsection.
(F) Prohibition on certain representations.--
No head and shoulders portrait or bust of any
person, living or dead, no portrait of a living
person, and no outline or map of a State may be
included in the design on the reverse of any
quarter dollar under this subsection.
(4) Issuance of coins.--
(A) Order of issuance.--The quarter dollar
coins issued under this subsection bearing
designs of national sites shall be issued in
the order in which the sites selected under
paragraph (3) were first established as a
national site.
(B) Rate of issuance.--The quarter dollar
coins bearing designs of national sites under
this subsection shall be issued at the rate of
5 new designs during each year of the period of
issuance under this subsection.
(C) Number of each of 5 coin designs in each
year.--Of the quarter dollar coins issued
during each year of the period of issuance, the
Secretary of the Treasury shall prescribe, on
the basis of such factors as the Secretary
determines to be appropriate, the number of
quarter dollars which shall be issued with each
of the designs selected for such year.
(5) Treatment as numismatic items.--For purposes of
sections 5134 and 5136, all coins minted under this
subsection shall be considered to be numismatic items.
(6) Issuance.--
(A) Quality of coins.--The Secretary may mint
and issue such number of quarter dollars of
each design selected under paragraph (3) in
uncirculated and proof qualities as the
Secretary determines to be appropriate.
(B) Silver coins.--Notwithstanding subsection
(b), the Secretary may mint and issue such
number of quarter dollars of each design
selected under paragraph (3) as the Secretary
determines to be appropriate, with a content of
not less than 90 percent silver.
(7) Period of issuance.--
(A) In general.--Subject to paragraph (2),
the program established under this subsection
shall continue in effect until a national site
in each State has been honored.
(B) Second round at discretion of
secretary.--
(i) Determination.--The Secretary may
make a determination before the end of
the 9-year period beginning when the
first quarter dollar is issued under
this subsection to continue the period
of issuance until a second national
site in each State, the District of
Columbia, and each territory referred
to in this subsection has been honored
with a design on a quarter dollar.
(ii) Notice and report.--Within 30
days after making a determination under
clause (i), the Secretary shall submit
a written report on such determination
to the Committee on Financial Services
of the House of Representatives and the
Committee on Banking, Housing, and
Urban Affairs of the Senate.
(iii) Applicability of provisions.--
If the Secretary makes a determination
under clause (i), the provisions of
this subsection applicable to site and
design selection and approval, the
order, timing, and conditions of
issuance shall apply in like manner as
the initial issuance of quarter dollars
under this subsection, except that the
issuance of quarter dollars pursuant to
such determination bearing the first
design shall commence in order
immediately following the last issuance
of quarter dollars under the first
round.
(iv) Continuation until all states
are honored.--If the Secretary makes a
determination under clause (i), the
program under this subsection shall
continue until a second site in each
State has been so honored.
(8) Designs after end of program.--Upon the
completion of the coin program under this subsection,
the design on--
(A) the obverse of the quarter dollar shall
revert to the same design containing an image
of President Washington in effect for the
quarter dollar before the institution of the
50-State quarter dollar program; and
(B) notwithstanding the fourth sentence of
subsection (d)(1), the reverse of the quarter
dollar shall contain an image of General
Washington crossing the Delaware River prior to
the Battle of Trenton.
(9) National site.--For purposes of this subsection,
the term ``national site'' means any site under the
supervision, management, or conservancy of the National
Park Service, the United States Forest Service, the
United States Fish and Wildlife Service, or any similar
department or agency of the Federal Government,
including any national park, national monument,
national battlefield, national military park, national
historical park, national historic site, national
lakeshore, seashore, recreation area, parkway, scenic
river, or trail and any site in the National Wildlife
Refuge System.
(10) Application in event of independence.--If any
territory becomes independent or otherwise ceases to be
a territory or possession of the United States before
quarter dollars bearing designs which are emblematic of
such territory are minted pursuant to this subsection,
this subsection shall cease to apply with respect to
such territory.
(u) Silver Bullion Investment Product.--
(1) In general.--The Secretary is authorized to
strike and make available for sale such number of
bullion coins as the Secretary determines to be
appropriate that feature the designs of the quarter
dollars and half dollars issued under subsections (x),
(y), and (z), that--
(A) have a diameter of 3.0 inches and weigh
5.0 ounces;
(B) contain .999 fine silver;
(C) have incused into the edge the fineness
and weight of the bullion coin; and
(D) bear an inscription of the denomination
of such coins, such denominations to be
determined by the Secretary as the Secretary
determines to be appropriate.
(2) Fractionals.--The Secretary is authorized to mint
and issue so-called ``fractional'' silver bullion coins
bearing the designs of the quarter dollars and half
dollars issued under subsections (x), (y), and (z) in
sizes, weights, fineness, and denominations, and with
inscriptions, that the Secretary determines to be
appropriate.
(3) Availability for sale.--Should the Secretary
exercise the Secretary's discretion to strike bullion
coins under this subsection, the bullion coins minted
under paragraph (1) shall become available for sale no
sooner than the first day of the calendar year in which
the corresponding circulating quarter dollar or half
dollar is issued.
(4) Continuity.--Until the conclusion of the quarter
dollar program authorized under subsection (t), the
Secretary shall strike and make available for sale such
number of bullion coins as the Secretary determines to
be appropriate that are likenesses of the quarter
dollars issued under subsection (t).
(v) Palladium Bullion Investment Coins.--
(1) In general.--The Secretary shall mint and issue
the palladium coins described in paragraph (12) of
subsection (a) in such quantities as the Secretary may
determine to be appropriate to meet demand.
(2) Source of bullion.--
(A) In general.--To the greatest extent
possible, the Secretary shall acquire bullion
for the palladium coins issued under this
subsection by purchase of palladium 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. If no such
palladium is available or if it is not
economically feasible to obtain such palladium,
the Secretary may obtain palladium for the
palladium coins described in paragraph (12) of
subsection (a) from other available sources.
(B) Price of bullion.--The Secretary shall
pay not more than the average world price for
the palladium under subparagraph (A).
(3) Sale of coins.--Each coin issued under this
subsection shall be sold for an amount the Secretary
determines to be appropriate, but not less than the sum
of--
(A) the market value of the bullion at the
time of sale; and
(B) the cost of designing and issuing the
coins, including labor, materials, dies, use of
machinery, overhead expenses, marketing,
distribution, and shipping.
(4) Treatment.--For purposes of section 5134 and
5136, all coins minted under this subsection shall be
considered to be numismatic items.
(5) Quality.--The Secretary may issue collectible
versions of the coins described in paragraph (1) in
both proof and uncirculated versions, except that,
should the Secretary determine that it is appropriate
to issue proof or uncirculated versions of such coin,
the Secretary shall, to the greatest extent possible,
ensure that the surface treatment of each year's proof
or uncirculated version differs in some material way
from that of the preceding year.
(6) Design.--Coins minted and issued under this
subsection shall bear designs on the obverse and
reverse that are close likenesses of the work of famed
American coin designer and medallic artist Adolph
Alexander Weinman--
(A) the obverse shall bear a high-relief
likeness of the ``Winged Liberty'' design used
on the obverse of the so-called ``Mercury
dime'';
(B) the reverse shall bear a high-relief
version of the reverse design of the 1907
American Institute of Architects medal; and
(C) the coin shall bear such other
inscriptions, including ``Liberty'', ``In God
We Trust'', ``United States of America'', the
denomination and weight of the coin and the
fineness of the metal, as the Secretary
determines to be appropriate and in keeping
with the original design.
(7) Mint facility.--Any United States mint, other
than the United States Mint at West Point, New York,
may be used to strike coins minted under this
subsection other than any proof version of any such
coin. If the Secretary determines that it is
appropriate to issue any proof version of such coin,
coins of such version shall be struck only at the
United States Mint at West Point, New York.
(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--
(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.--
(i) In general.--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 the following order:
(I) State.--With respect to
each State, the coins shall be
issued in the order in which
the States ratified the
Constitution of the United
States or were admitted into
the Union, as the case may be.
(II) District of columbia and
territories.--After all coins
are issued under subclause (I),
the coins shall be issued for
the District of Columbia and
the territories in the
following order: the District
of Columbia, the Commonwealth
of Puerto Rico, Guam, American
Samoa, the United States Virgin
Islands, and the Commonwealth
of the Northern Mariana
Islands.
(ii) Application in event of the
admission of additional states.--
Notwithstanding clause (i), if any
additional State 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
a $1 coin with respect to the
additional State in accordance with
clause (i)(I).
(iii) Application in the event of
independence or adding of a
territory.--Notwithstanding clause
(i)--
(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; and
(II) if any new territory is
added to the United States, $1
coins shall be issued for such
territories in the order in
which the new the territories
are added, beginning after the
$1 coin is issued for the
Commonwealth of the Northern
Mariana Islands.
(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 1 coin featuring 1 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).
(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.
(x) Redesign and Issuance of Quarter Dollars Emblematic of
Prominent American Women and Commemorating the 19th
Amendment.--
(1) Redesign of quarter dollars beginning in 2022.--
(A) In general.--Effective beginning January
1, 2022, notwithstanding the fourth sentence of
subsection (d)(1) and subsection (d)(2), the
Secretary of the Treasury shall issue quarter
dollars that have designs on the reverse
selected in accordance with this subsection
which are emblematic of the accomplishment of a
prominent American woman.
(B) Flexibility with regard to placement of
inscriptions.--Notwithstanding subsection
(d)(1), the Secretary may select a design for
quarter dollars referred to in subparagraph (A)
in which--
(i) the inscription described in the
second sentence of subsection (d)(1)
appears on the reverse side of any such
quarter dollar; and
(ii) any of the inscriptions
described in the third sentence of
subsection (d)(1) or the designation of
the value of the coin appear on the
obverse side of any such quarter
dollar.
(C) Single prominent american woman on each
quarter dollar.--The design on the reverse side
of each quarter dollar issued under this
subsection shall be emblematic of the
accomplishments and contributions of one
prominent woman of the United States, and may
include contributions to the United States in a
wide spectrum of accomplishments and fields,
including but not limited to suffrage, civil
rights, abolition, government, humanities,
science, space, and arts, and should honor
women from ethnically, racially, and
geographically diverse backgrounds.
(D) Issuance of quarter dollars emblematic of
up to five prominent american women each
year.--The designs for the quarter dollars
issued during each year of the period of
issuance described under paragraph (4) shall be
emblematic of up to five prominent American
women.
(E) Selection of prominent american women
generally.--The selection of a prominent
American woman to be featured under this
subsection shall be made by the Secretary--
(i) in accordance with a selection
process developed by the Secretary;
(ii) after soliciting recommendations
from the general public for prominent
women designs for quarter dollars; and
(iii) in consultation with the
Smithsonian Institution American
Women's History Initiative, National
Women's History Museum, and the
Bipartisan Women's Caucus.
(2) Design generally.--The coins issued in accordance
with this subsection shall meet the following design
requirements--
(A) In general.--All designs under this
subsection shall be selected by the Secretary,
after consultation with the Commission of Fine
Arts and review by the Citizens Coinage
Advisory Committee.
(B) Obverse.--The design on the obverse of
the quarter dollars shall maintain a likeness
of George Washington, and be designed in a
manner, such as with incused inscriptions, so
as to distinguish it from the obverse design
used during the previous quarters program.
(3) Issuance of coins.--The Secretary shall
prescribe, on the basis of such factors as the
Secretary determines to be appropriate, the number of
new designs during each year of the period of issuance,
and the number of coins which shall be issued with each
of the designs selected for such year.
(4) Period of issuance.--
(A) In general.--The program established
under this subsection shall continue in effect
until the end of 2025.
(B) Continuity.--After 2025, the Secretary
may continue to issue coins minted during the
program but not yet issued.
(y) Redesign and Issuance of Coins Emblematic of the United
States Semiquincentennial.--
(1) Redesign beginning in 2026.--
(A) In general.--
(i) Notwithstanding the 4th, 5th, and
6th sentences of subsection (d)(1), the
Secretary may change the design on any
of the coins authorized under this
section and minted for issuance during
the one-year period beginning January
1, 2026, in celebration of the United
States semiquincentennial.
(ii) Notwithstanding the 2nd and 3rd
sentences of subsection (d)(1), the
Secretary may place the required
inscriptions on either the obverse or
reverse sides of the coins authorized
for redesign under this subsection.
(B) Quarter dollars.--The Secretary may issue
quarter dollars in 2026 with up to five
different designs emblematic of the United
States semiquincentennial. One of the quarter
dollar designs must be emblematic of a woman's
or women's contribution to the birth of the
Nation or the Declaration of Independence or
any other monumental moments in American
History.
(C) Dollars.--The Secretary may, in addition
to the coins produced under subsections (r) and
(w), mint for issuance during the one-year
period beginning January 1, 2026, $1 dollar
coins with designs emblematic of the United
States semiquincentennial.
(D) Designs after end of the program.--
Beginning in 2027, any coin redesigned under
this subsection shall revert to the immediately
previous designs, with the exception of the
quarter dollar and the half dollar, which shall
bear designs in accordance with subsection (z).
(E) Redesign definition.--A redesign
authorized under this subsection shall not
constitute a ``change'' for purposes of
subsection (d)(2).
(2) Selection of designs.--
(A) In general.--Each of the designs
authorized under this subsection shall be
selected by the Secretary after consultation
with Commission of Fine Arts and review by the
Citizens Coinage Advisory Committee.
(B) Design selection process.--Designs shall
be developed and selected in accordance with
the design selection process developed by the
Secretary in consultation with the United
States Semiquincentennial Commission and with
recommendations from the general public.
(z) Redesign and Issuance of Quarter Dollars and Half Dollars
Emblematic of Sports Played by American Youth.--
(1) Redesign of quarter dollars beginning in 2027.--
(A) In general.--Effective beginning January
1, 2027, notwithstanding the fourth sentence of
subsection (d)(1) and subsection (d)(2), the
Secretary shall issue quarter dollars that have
designs on the reverse selected in accordance
with this subsection which are emblematic of
sports played by American youth.
(B) Flexibility with regard to placement of
inscriptions.--Notwithstanding subsection
(d)(1), the Secretary may select a design for
quarter dollars referred to in subparagraph (A)
in which--
(i) the inscription described in the
second sentence of subsection (d)(1)
appears on the reverse side of any such
quarter dollars; and
(ii) any of the inscriptions
described in the third sentence of
subsection (d)(1) or the designation of
the value of the coin appear on the
obverse side of any such quarter
dollars.
(C) Single sport on each quarter dollar.--The
design on the reverse side of each quarter
dollar issued under this subsection shall be
emblematic of one sport played by American
youth.
(D) Issuance of quarter dollars emblematic of
up to five sports each year.--The designs for
the quarter dollars issued during each year of
the period referred to in paragraph (5) shall
be emblematic of up to five sports.
(E) Selection of sports generally.--The
Secretary shall select the sports to be honored
during each year of the period referred to in
paragraph (5) after appropriate outreach and
consultation with the public.
(2) Redesign of half dollars beginning in 2027.--
(A) In general.--Effective January 1, 2027,
notwithstanding the fourth sentence of
subsection (d)(1) and subsection (d)(2), the
Secretary shall issue half dollars that have
designs on the reverse selected in accordance
with this subsection which are emblematic of a
sport tailored to athletes with a range of
disabilities, including physical impairment,
vision impairment and intellectual impairment
(referred to in this Act as a ``Paralympic''
sport).
(B) Flexibility with regard to placement of
inscriptions.--Notwithstanding subsection
(d)(1), the Secretary may select a design for
half dollars referred to in subparagraph (A) in
which--
(i) the inscription described in the
second sentence of subsection (d)(1)
appears on the reverse side of any such
half dollars; and
(ii) any of the inscriptions
described in the third sentence of
subsection (d)(1) or the designation of
the value of the coin appear on the
obverse side of any such half dollars.
(C) Single paralympic sport on each half
dollar.--The design on the reverse side of each
half dollar issued under this subsection shall
be emblematic of one Paralympic sport.
(D) Selection of sports.--The selection of a
Paralympic sport to be honored with a half
dollar under this subsection shall be made by
the Secretary after consultation with U.S.
Paralympics.
(3) Design generally.--The coins issued in accordance
with this subsection shall meet the following design
requirements:
(A) In general.--All designs under this
subsection shall be selected by the Secretary,
after consultation with the Commission of Fine
Arts and review by the Citizens Coinage
Advisory Committee.
(B) Quarter dollar obverse.--The design on
the obverse of the quarter dollars shall
maintain a likeness of George Washington, and
be designed in a manner so as to distinguish it
from the obverse design used during the
previous quarter dollars program.
(C) Half dollar obverse.--The design on the
obverse of the half dollar shall maintain a
likeness of John Kennedy, and be designed in a
manner so as to distinguish it from the obverse
design used on the current half dollar.
(4) Issuance of coins.--
(A) Quarter dollar.--The quarter dollar coins
bearing designs under this subsection shall be
issued at the rate of up to 5 new designs
during each year of the period of issuance
described under paragraph (5).
(B) Half dollar.--The half dollar coins
bearing designs under this subsection shall be
issued at the rate of 1 new design during each
year of the period of issuance described under
paragraph (5).
(5) Period of issuance.--
(A) In general.--The program established
under this subsection shall continue in effect
until the end of 2030.
(B) Continuity.--After the date specified in
subparagraph (A), the Secretary may continue to
issue coins minted during the program but not
yet issued.
(6) Accompanying sports medals.--For every design of
a coin honoring a sport issued under this subsection,
the Secretary is authorized to design and issue one or
more accompanying medals with designs emblematic of the
sport honored with the issuance of the coin, and
include a surcharge on the sale the medals sold in
accordance with this paragraph, in an amount determined
by the Secretary, in the Secretary's sole discretion,
that may be used for the design and manufacture of the
medals described in paragraph (7).
(7) Olympic medals.--
(A) In general.--The Secretary is authorized
to design and manufacture medals for award at
the 2028 Olympic Games in Los Angeles,
California.
(B) Working stock.--The Secretary may use
Treasury working gold and silver stock in the
manufacture of the award medals produced under
this subsection.
(C) Olympic & paralympic committees.--The
Secretary may provide the medals described in
this paragraph to the United States Olympic &
Paralympic Committee under terms and conditions
established by the Secretary.
(D) Cooperative marketing and promotion
opportunities.--The Secretary is encouraged to
seek out cooperative marketing and promotion
opportunities, including with the United States
Olympic & Paralympic Committee, LA28, and
United States Olympic and Paralympic Properties
to promote the coins and medals produced under
this section.
(8) Designs after end of program.--Upon the
completion or termination of the coin program under
this subsection, the designs on the quarter dollar and
half dollar shall be as follows:
(A) Quarter dollar.--
(i) Obverse.--The obverse of the
quarter dollar shall bear a design
containing a likeness of George
Washington.
(ii) Reverse.--The reverse of the
quarter dollar shall be of a design
selected by the Secretary after
consultation with the Commission of
Fine Arts and review by the Citizens
Coinage Advisory Committee.
(B) Half dollar.--
(i) Obverse.--The obverse of the half
dollar shall bear a design containing a
likeness of John Kennedy.
(ii) Reverse.--The reverse of the
half dollar shall be of a design
selected by the Secretary after
consultation with the Commission of
Fine Arts and review by the Citizens
Coinage Advisory Committee.
(aa) Standards and General Provisions for Circulating
Collectible Coins Under Subsections (x), (y), and (z).--
(1) Prohibition on certain representations.--No head
and shoulders portrait or bust of any person, living or
dead, and no portrait of a living person may be
included in the design on the reverse of any coin under
subsections (x), (y), and (z).
(2) Treatment as numismatic items.--For purposes of
sections 5134 and 5136, all coins and medals minted
under subsections (x), (y), and (z) shall be considered
to be numismatic items.
(3) Issuance.--
(A) Quality of coins.--The Secretary may mint
and issue such number of coins of each design
selected under subsections (x), (y), and (z) in
uncirculated and proof qualities as the
Secretary determines to be appropriate.
(B) Coordination.--The Board of Governors of
the Federal Reserve System and the Secretary
shall take steps to ensure that an adequate
supply of coins produced under subsections (x),
(y), and (z) are available for commerce and
collectors at such places and in such
quantities as are appropriate.
(C) Number of each coin designs in each
year.--Of the coins issued during each year of
the period of issuance under subsections (x),
(y), and (z), the Secretary shall prescribe, on
the basis of such factors as the Secretary
determines to be appropriate, the number of
coins which shall be issued with each of the
designs selected for such year.
(D) Special inscriptions or symbol across the
coins.--The Secretary is encouraged to develop
and include on any coin issued in accordance
with subsections (x), (y), or (z), a unifying
inscription, privy mark, or other symbol for
that particular coin program.
(4) Legal tender.--The coins minted under subsections
(x), (y), and (z) shall be legal tender, as provided in
section 5103.
(5) Marketing and educational campaign.--In an effort
to advance the collecting of the coins and medals
authorized under subsections (x), (y), and (z), and
numismatics in general, the Secretary may develop and
execute a marketing, advertising, promotional, and
educational program to promote the collecting of the
coins and medals authorized under subsections (x), (y),
and (z). As part of this program, the Secretary is
encouraged to seek out appropriate cooperative
marketing opportunities, and to develop ancillary
derivative products beyond traditional numismatic
products such as sports, women, and youth oriented
products appropriate to the particular coin and medal
program.
(6) Quality of medals.--It is the sense of Congress
that the medals authorized under subsection (z) be
produced in high relief and, if feasible and cost
effective, with surface treatments such as frosting and
colorization.
(bb) Elimination of One-cent Coin.--
(1) In general.--Notwithstanding any other provision
of law, the Secretary shall cease production of one-
cent coins for general circulation, but may continue to
produce and issue one-cent coins for sale as numismatic
items.
(2) No effect on legal tender.--Any one-cent coin
that is minted and issued on any date before the date
of the enactment of this subsection shall remain legal
tender for all debts, public charges, taxes, and dues.
* * * * * * *
MINORITY VIEWS
H.R. 3074 is a bill that ends the production of new pennies
but does not provide sufficient guidance or consideration of
how small businesses, local communities, and other stakeholders
would execute this transition. On February 9, 2025, on a Truth
Social post, President Trump announced that he directed
Treasury Secretary Scott Bessent to stop producing new
pennies.\1\ This represented another unilateral policy
declaration made outside of the President's authority, as
Article I, Section 8 of the Constitution declares that
``Congress shall have power . . . to coin money [and] regulate
the value thereof.''\2\ The Supreme Court has also recognized
Congress's coinage power to be exclusive.\3\ However, in
following Trump's directive, and without a law from Congress,
on May 22, 2025, Treasury announced it made its last order of
penny blanks, which are the flat metal discs the U.S. Mint
turns into coins.\4\ The Mint plans to continue to manufacture
pennies while the inventory of penny blanks exists.\5\ The Mint
is expected to stop producing pennies for circulation by early
2026.\6\
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\1\X, Department of Government Efficiency Post (Jan. 21, 2025);
Truth Social, Donald J. Trump (Feb. 9, 2025).
\2\ArtI.S8.C5.1, Congress's Coinage Power.
\3\Houston v. Moore, 18 U.S. 1, 49 (1820); Sturges v.
Crowninshield, 17 U.S. 122, 125 (1819).
\4\The U.S. will soon mint its last penny, NBC News (May 22, 2025).
\5\The U.S. will soon mint its last penny, NBC News (May 22, 2025).
\6\Rounding Up: The Impact of Phasing Out the Penny, Federal
Reserve Bank of Richmond (July 2025).
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Although H.R. 3074 directs the Treasury to stop the
production of pennies, pennies can still be produced and sold
as numismatic items for coin collecting and existing pennies
will still be considered legal tender. Under this legislation,
the Treasury may also determine the composition of zinc and
nickel in the 5-cent coin, subject to testing and evaluation
that such composition reduces the cost to produce the 5-cent
coin.
Ending the production of pennies raises new challenges as
the demand of 5-cent coins would increase. Five-cent coins are
more expensive to produce due to their manufacturing costs,
metal composition, and inflation and supply chain issues.\7\
Each penny costs 3.7 cents to make: 3 cents for production
costs and 0.7 cents per coin for administrative and
distribution costs.\8\ Each 5-cent coin costs 13.8 cents: 11
cents for production costs and 2.8 cents for administrative and
distribution costs.\9\ The cost of producing 5-cent coins has
risen by about 20% since 2022 due to the costs of copper and
nickel.\10\ Five-cent coins are made of 75% copper and 25%
nickel.\11\ While pennies are made of copper-plated zinc, they
are only 2.5% copper and 97.5% zinc.\12\ Zinc prices have
stayed relatively steady since 2016, but copper and nickel
prices have roughly doubled since then.\13\ Of note, on July 8,
Trump announced a 50% tariff on copper imports starting on
August 1.\14\ This move sent prices for copper surging 13% in
one day up to a record high of $5.69 per pound.\15\ It is not
clear that the proposed composition for the nickel is the most
cost effective metal composition.
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\7\The Future of the US Nickel: Will It Be Next to Go?, Bullion
Exchanges (Feb. 20, 2025).
\8\U.S. Mint, 2024 Annual Report (2024).
\9\U.S. Mint, 2024 Annual Report (2024).
\10\U.S. Mint, 2024 Annual Report (2024).
\11\Joshua McMorrow-Hernandez, What Are Nickels Made Of?,
Gainseville Coins (Nov. 03, 2023).
\12\Maria Francis, Trump orders Treasury to stop minting pennies:
How much does it cost to mint a penny?, USA Today (Feb. 10, 2025).
\13\Chris Isidore, Getting rid of the penny introduces a new
problem: nickels, CNN (Feb. 10, 2025).
\14\Trump says 50% tariff on copper imports is coming and threatens
200% on pharmaceuticals, CNN (July 8, 2025).
\15\Copper prices have surged to record highs--and they could jump
higher. Here's why, CNN (July 17, 2025).
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Furthermore, adopting a new composition for the 5-cent coin
without implementation standards and timelines for vendors to
adjust their equipment, such as vending machines, and other
operations will burden entrepreneurs and small businesses who
depend on cash transactions. Vending machines rely on
electromagnetic and weight sensors calibrated to current coin
specifications. An abrupt change in the 5-cent coin composition
would render many mechanisms inoperable, requiring operators to
update or replace equipment at a significant expense. These
sudden shifts would also impact a range of stakeholders. For
example, under the Randolph-Sheppard program, individuals who
are blind or have vision impairment are recruited to manage
vending facilities and would also be required to grapple with
the implications of this legislation.\16\ In addition, other
small businesses that rely heavily on cash, such as laundromats
and corner stores, might also be particularly affected.\17\
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\16\National Council of State Agencies for the Blind, About
Randolph-Sheppard (accessed Aug. 29, 2025).
\17\Tim Sablik, Insert Coins: The COVID-19 pandemic disrupted the
supply of many items, including cold hard cash, Fourth Quarter 2020
(2020).
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H.R. 3074 does not clearly describe the types of standards
states and different localities should adopt regarding the
rounding of cash transactions. A lack of uniform guidance,
especially for multi-state operations, may cause
inconsistencies, uncertainty in pricing approaches, legal
compliance issues, and sales tax calculations.\18\ Without this
guidance, consumers who use cash to pay may face a ``rounding''
tax, as businesses may round transactions to the disadvantage
of consumers,\19\ which would likely disproportionately affect
older Americans and low-income individuals.\20\ On the other
hand, consumers using electronic payments like credit and debit
transactions would remain unaffected and have their
transactions executed in exact amounts.\21\
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\18\Phasing out the penny: Preparing for a currency shift without
clear rules, pwc (June 23, 2025).
\19\Yan Zhuang and Erica L. Green, Trump Orders Treasury Secretary
to Sop Minting Pennies, The New York Times (Feb. 9, 2025).
\20\Why the end of pennies could trigger a small ``rounding tax,
AXIOS (July 9, 2025); What the end of the penny means for the economy,
your piggy bank, and the way America prices items, CNBC (Feb. 10,
2025); and Tim Sablik, Will the Penny Get Pitched?, Federal Reserve
Bank of Richmond, Fourth Quarter 2020 (2020).
\21\Rounding Up: The Impact of Phasing Out the Penny, Federal
Reserve Bank of Richmond (July 2025).
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While there is little research on the impacts to consumers,
research by the Federal Reserve Bank of Richmond estimates that
a standard rounding tax could cost consumers approximately $6
million annually.\22\ During debate of the bill, there was
bipartisan concern. Rep. Rose stated, ``as my colleagues on the
other side of the aisle have already expressed, simply
eliminating the penny without a well-crafted plan for the
orderly phaseout of the penny won't accomplish that goal and
could actually make things worse. As it stands, there has been
no time provided for States, retailers, or consumers to prepare
for a penniless economy.'' He continued saying, ``One of my
concerns [surrounding] the current version of the [bill] is
that it does not provide for a plan for the orderly withdrawal
of the penny from circulation, which I believe is essential for
minimizing disruptions from this momentous policy change.''\23\
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\22\Rounding Up: The Impact of Phasing Out the Penny, Federal
Reserve Bank of Richmond (July 2025).
\23\House Committee on Financial Services, Committee Markup, 119th
Cong. (July 23, 2025).
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During consideration, Ranking Member Waters
offered an amendment to pause the bill's termination of
penny production for three years and establish a task
force composed of local and state entities to evaluate
the impact of stopping penny production on low-income
communities, older consumers, and debanked and
underbanked groups. The Treasury Secretary is
authorized to determine, after considering the
taskforce findings, whether stopping production of the
penny is in the public interest.
Unfortunately, this amendment was not adopted. Finally,
this bill is opposed by the National Automatic Merchandising
Association and National Federation of the Blind. For the
reasons stated above, we oppose H.R. 3074.
Sincerely,
Maxine Waters,
Ranking Member.
Nydia M. Velazquez,
Stephen F. Lynch,
Al Green,
Emanuel Cleaver, II,
Joyce Beatty,
Juan Vargas,
Sylvia R. Garcia,
Members of Congress.
[all]