|
Congress Faces Numerous Coin Proposals
By David L. Ganz
September 12, 2007 |
Congress took quick action on the bill honoring Native Americans on the reverse of the Sacagawea dollar when it came back from summer recess Sept. 4, but it still faces an amazing number of national issues.
Some of them will turn into high political drama, like the legislation introduced by Rep., Virgil Goode, R-Va., to restore the national motto, "In God We Trust," to the obverse of the new dollar coin after a string of failures in edge lettering by the Mint.
The emotion of the subject brought about by a minting error and presumably a lack of familiarity with mass-production edge lettering is not numismatic, but goes to the root of congressional control over coinage matters.
H.R. 2510 would amend Title 31 of the United States Code "to require the inscription 'In God We Trust' to appear on a face of the $1 coins honoring each of the Presidents of the United States." It was introduced May 24 with 92 cosponsors and was referred to the House Committee on Financial Services.
Expect hearings or action, or both, on this emotional measure unusual in that in this partisan era, with a Democratic majority in the House and Senate, this bill is driven by a Republican member of the House.
If Goode's bill moves along, "the change required by the amendments ... shall be put into effect by the Secretary of the Treasury as soon as is practicable after the date of the enactment.
Even as Congress sees the need to regulate coin design, it is on the verge of giving compositional powers to the Treasury Secretary. H.R. 3330 is a bill that would authorize the Secretary of the Treasury to prescribe the weights and the compositions of circulating coins. Its author: Rep Luis V. Gutierrez, D-Ill., chair of the House coinage subcommittee, who introduced the measure Aug. 2 with a single cosponsor but the one that counts House Financial Services chair Rep. Barney Frank, D-Mass. That committee handles all coinage matters.
Under that bill, which the Mint strongly backs, the Treasury Secretary, not Congress, would "prescribe the weight and the composition of the dollar, half dollar, quarter dollar, dime, 5-cent, and 1-cent coins. In prescribing the weight and the composition of the dollar, half dollar, quarter dollar, dime, 5-cent, and 1-cent coins, the Secretary shall consider such factors that the Secretary considers, in the Secretary's sole discretion, to be appropriate."
The sole discretion clause has led some legal commentators to question the constitutionality of the measure. The need to deal with rising prices of copper, zinc and nickel are what is driving this bill; expect consideration before the first session of the 110th Congress ends around Thanksgiving.
Some other legislative initiatives:
Revolutionary War and War of 1812 Battlefields Commemorative Coin Act of 2007 (Introduced in House as H.R. 158). This calls for not more than 300,000 $5 coins, 1 million silver dollars and 2 million copper-nickel clad halves and is a Rep. Rush Holt, D-N.J., initiative, co-sponsored by most of the New Jersey congressional delegation. This one is likely to wait for a little while not likely in the 110th Congress.
It was introduced Jan. 4 and on March 16 referred to the Subcommittee on Domestic and International Monetary Policy, Trade and Technology, often called the coinage subcommittee.
American Veterans Disabled for Life Commemorative Coin Act, which passed the House as H.R. 634. It would require the Secretary of the Treasury to mint coins in commemoration of veterans who became disabled for life while serving in the Armed Forces of the United States.
The specifics: not more than 350,000 $1 coins in commemoration of disabled American Veterans. This was passed May 15 in the House after a motion to suspend the rules and pass the bill as amended. My guess is that this one is a keeper and will move toward passage.
NASA 50th Anniversary Com-memorative Coin Act, referred to the Senate Banking Committee after being received from House as H.R. 2750, would require the Secretary of the Treasury to mint coins in commemoration of the 50th anniversary of the establishment of the National Aeronautics and Space Administration.
This was popular in the House; introduced by Rep Sheila Jackson-Lee, D-Texas, who introduced it June 15, there were soon 296 cosponsors. This was approved 402-0.
This bill has a different twist. It requires minting and issuance of not more than 50,000 $50 gold coins that would weigh 33.931 grams; have a diameter of 32.7 millimeters; and contain 1 troy ounce of fine gold.
There would also be nine silver dollars, one for each planet. "Not more than 300,000 $1 coins of each of the 9 designs specified: could be produced.
Designs are specified: the obverse of the $50 coins issued would contain an image of the sun. The reverse of the $50 coins would have a design emblematic of the sacrifice of the United States astronauts who lost their lives in the line of duty over the course of the space program.
Evidencing that a little numismatic knowledge is dangerous, the bill's author declares that the designs "on the obverse and reverse of the $50 coins issued under this Act shall be in high relief."
The reverse of the $1 coins would bear different designs each of which shall be emblematic of the contributions of the research and space centers, subject to the following requirements.
Some specifics: one reverse of the $1 coins would bear an image of the Earth on the obverse, would also bear images emblematic of, and honoring, the discoveries and missions of the National Aeronautics and Space Administration, the Mercury, Gemini and Space Shuttle missions and other manned Earth-orbiting missions, and the Apollo missions to the Moon.
Bronze duplicates of the $50 gold coins would be permitted for collectors.
Given the importance of American space exploration to world history, this one may move too, though it is hokey to see design specifications for Pluto, Neptune, Jupiter and others. Congress has weighed in on the controversy over Pluto's size: "PLUTO (AND OTHER DWARF PLANETS) COIN The reverse of the $1 coins ... which bear an image of the planet Pluto on the obverse shall include a design that is emblematic of telescopic exploration of deep space by the National Aeronautics and Space Administration and the ongoing search for Earth-like planets orbiting other stars."
Numismatic Rarities Certainty Act of 2007 was introduced as H.R. 2730 by Rep. Frank Lucas, R-Okla. It would amend Title 31, United States Code, to provide a clear line of demarcation with regard to private ownership of any coin, medal, or numismatic item made or issued by the U.S. government before Jan. 1, 1933.
It would also regulate any piece produced by the U.S. Mint before 1933 that is not in the possession of the U.S. government and establish requirements with respect to the inventory of certain U.S. coins, medals, numismatic items and other pieces produced by the U.S. Mint that are owned by the Department of the Treasury.
The bill is well meaning and deserves a hearing and vetting the analysis is largely based on a law review article I wrote in 1977 for the Cleveland State Law Review but mercifully, this is not an action item in this session of Congress from what I've seen.
Robert M. La Follette Sr. Commemorative Coin Act has several bills: S. 1664, S. 1864 and H.R. 26580 all would require the Secretary of the Treasury to mint coins in commemoration of Robert M. La Follette Sr., in recognition of his important contributions to the Progressive movement, the State of Wisconsin, and the United States.
The measure is parochial, and unlikely to gain currency.
H.R. 3229 likewise is an unlikely law this time, anyhow. It would require the Secretary of the Treasury to mint coins in commemoration of the legacy of the U.S. Army Infantry and the establishment of the National Infantry Museum and Soldier Center.
Introduced July 30 with nine cosponsors, it was referred to the House Committee on Financial Services. The coin stats: not more than 350,000 $1 coins in commemoration of the legacy of the U.S. Army Infantry and the establishment of the National Infantry Museum and Soldier Center.
Unlikely to be considered, though commercially worthy, is S. 587 and H.R. 1619, to require the Secretary of the Treasury to mint coins in commemoration of the Model T Ford Automobile and the 100th anniversary of the Highland Park Plant, Michigan, the birthplace of the assembly line.
What makes this serious is that Sen. Debbie Stabenow, D-Mich., and Rep. John Conyers, D-Mich., both senior democrats, are principal sponsors. While ordinarily it would be expected to go nowhere, their clout could move this to be considered.
The Star-Spangled Banner and War of 1812 Bicentennial Commemorative Coin Act, introduced in the House as H.R. 2894, would require the Secretary of the Treasury to mint coins in commemoration of the bicentennial of the writing of the "Star Spangled Banner" and the War of 1812, and for other purposes.
Introduced June 28 by Rep. Dutch Ruppersberger, D-Md., there are already 27 cosponsors. The specs: not more than 350,000 $1 coins in commemoration of the bicentennial of the writing of the "Star-Spangled Banner" and the War of 1812. My guess is that it's too early for Congress to see the urgency of his measure.
A bill whose time may have come is the Civil Rights Act of 1964 Commemorative Coin Act, H.R. 2040, which would require the Secretary of the Treasury to mint coins in commemoration of the semicentennial of the enactment of the Civil Rights Act of 1964. S. 1437 by Sen. Debbie Stabenow (12 cosponsors) is the parallel provision.
With 42 co-sponsors, the author is Rep. John Lewis, D-Ga., a genuine article for this field. During the height of the Movement, from 1963 to 1966, Lewis was named Chairman of the Student Nonviolent Coordinating Committee (SNCC), which he helped form. SNCC was largely responsible for organizing student activism in the Movement, including sit-ins and other activities.
His congressional Web site quotes Sen. John McCain: "I've seen courage in action on many occasions. I can't say I've seen anyone possess more of it, and use it for any better purpose and to any greater effect, than John Lewis." The Speaker of the U.S. House of Representatives, Nancy Pelosi has called Rep. Lewis "the conscience of the U.S. Congress." The coin specs: not more than 350,000 $1 coins.
S. 1533 is a bill entitled Options for Investors through United States Certified Coins Act of 2007. It would amend the Internal Revenue Code of 1986 to allow certain coins to be acquired by individual retirement accounts and other individually directed pension plan accounts, and for other purposes.
The sponsor is Sen. David Vitter, R-La., who introduced it May 25. Whatever its chances were, they are not improved by the call-girl scandal Vitter found himself in the midst of.
The bill would allow a coin which is certified by an independent, third-party grading service and is traded on a nationally recognized electronic coin trading network or listed by an independent coin wholesale reporting service be bought by an individual retirement account, which is currently effectively barred by Section 408(m) of the Internal Revenue Code.
And some others on which action is unlikely:
Mother's Day Centennial Commemorative Coin Act (Introduced in House) as H.R. 2268, to require the Secretary of the Treasury to mint coins in commemoration of the centennial of the establishment of Mother's Day. Cosponsors (97) (not more than
400,000 $1 coins).
Fair Treatment for Precious Metals Investors Act, introduced in Senate as S. 1546, a bill to amend the Internal Revenue Code of 1986 to treat gold, silver, platinum, and palladium, in either coin or bar form, in the same manner as equities and mutual funds for purposes of the maximum capital gains rate for individuals. Author: Sen. Mike Crapo, R-Idaho. Going nowhere until a tax bill comes to the floor, then watch out. The parallel provision is S. 2883 by Rep. Shelley Berkley, D-Nev. That one is referred to the House Committee on Ways and Means, Rep. Charles Rangel chairman.
H.R. 392, to provide for a circulating quarter dollar coin program to honor 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, has a long history, A similar bill has passed the House four times. The Senate copes with it by having an anonymous hold on it, regardless of who is in control.
Rep. Eleanor Holmes Norton, D-D.C. introduced the quarter measure Jan. 10. It was referred to the House Committee on Financial Services on Jan. 23, the same day Rep. Gutierrez moved to suspend the rules and pass the bill. The motion to suspend the rules and pass the bill was agreed to by voice vote. It's been in the Senate Banking committee ever since.
Watch for some side-door action to move this bill. It's time.
Some commissions that have power to recommend commemorative coins to Congress are under consideration:
200th Anniversary Commemoration Commission of the Abolition of the Transatlantic Slave Trade Act of 2007 (Introduced in House) H.R. 3432.
Star-Spangled Banner and War of 1812 Bicentennial Commission Act (Introduced in Senate) S. 798, H.R. 1389.
Hudson-Fulton-Champlain Quadricentennial Commemoration Act of 2007 (Introduced in House) H.R. 1520 and Senate, S. 1148.
Expect all of them to pass. Their coins if so recommended are another story.
Add to: del.icio.us digg
With this article: Email to friend Print
| On August 31, 2008 Michael said  |
Something to add? Notice an error? Comment on this article. | |