Coin Legislation Update
Back in November, I had taken a look at the schedule for upcoming commemorative coins that have been approved for the next few years. Since that time, there have been no additional commemorative coin programs approved, however a few bills have moved forward.
Most recently, a bill proposing silver dollars to celebrate the establishment of Mother's Day was passed in the House on May 5, 2010. Yesterday, a bill seeking $5 gold, $1 silver, and clad half dollars to recognize 5-Star Generals was passed in the House.
Commemorative coin programs are authorized by Congress. The process begins when a bill is introduced in either the House of Representatives or the Senate. In order for the bill to become law, it must be passed in both the House and Senate, and then signed by the President.
Under current law, only two commemorative coin programs may be approved for each year. Two programs have already been approved for 2011. Only one program has been approved for each of the years 2012, 2013, and 2014, leaving one slot open for an additional program.
The table below shows all of the current commemorative coin proposals and approved programs for each year. The coins included in the program and current status are also included. For 2011, only the approved programs have been listed since the schedule for that year has been filled.
|United States Army||$5 gold, $1 silver, half||Signed into Law|
|Medal of Honor||$5 gold, $1 silver||Signed into Law|
|United States Infantry||$1 silver||Signed into Law|
|Star Spangled Banner||$5 gold, $1 silver||Passed House|
|National Future Farmers||$5 gold, $1 silver||Introduced|
|Girl Scouts Centennial||$1 silver||Signed into Law|
|5-Star Generals||$5 gold, $1 silver, half||Passed House|
|Mark Twain||$5 gold, $1 silver||Introduced|
|Gettysburg Campaign||$5 gold, $1 silver, half||Introduced|
|Ronald Reagan||$5 gold, $1 silver||Introduced|
|Civil Rights Act of 1964||$1 silver||Signed into Law|
|Mother's Day Centennial||$1 silver||Passed House|
|US Marshals Service||$5 gold, $1 silver||Introduced|
|James Monroe||$50 gold, $1 silver, half||Introduced|
Some notes on a few of the programs:
The 5-Stars Generals Commemorative Coin proposal specifies that the designs of the coins shall include the portraits of Generals George C. Marshall, Douglas MacArthur, Dwight D. Eisenhower, Henry Arnold, and Omar N. Bradley. I think that this would be a very challenging design to implement. A five headed coin?
The Ronald Reagan Commemorative Coin proposal calls for a design of an American Eagle carrying an olive branch, flying above a nest with another eagle and hatchlings. If this sounds familiar, it's because it is the design which currently appears on the American Gold Eagle bullion coins.
The US Marshals Service Program calls for a $5 gold coin containing one ounce of gold. This would be unusual since one ounce gold coins issued by the US Mint typically carry a $50 face value. The legislation also calls for the gold coins to feature a design in high relief with edge lettering.
The James Monroe coin program seeks a one ounce gold coin with a $50 face value. This would be the highest denomination modern commemorative coin. The authorized mintages specified for the program are lower than typical. The $50 gold coins would be limited to 20,000, the $1 silver coins would be limited to 275,000, and the half dollars would be limited to 500,000.
Labels: Commemorative Coins