Bill Summary
This legislation, called the "1921 Silver Dollar Commemorative Coin Act," requires the Secretary of the Treasury to mint coins in honor of the centennial of two significant events in American history - the minting of the Morgan dollar and the Peace dollar. The coins will commemorate the end of World War I and the country's transition into a major international power. The coins will have a weight of 26.73 grams, a diameter of 1.500 inches, and contain at least 90% silver. The designs for the coins will be chosen by the Secretary after consulting with the Commission of Fine Arts and reviewed by the Citizens Coinage Advisory Committee. They will be sold at a price that includes the face value, a surcharge of $10 per coin, and the cost of designing and issuing the coins. The surcharges will be distributed to various organizations for educational and commemorative purposes related to World War I and the history of the United States Mint. The Secretary must ensure that the minting and issuing of these coins will not result in a cost to the federal government and that all costs are recovered before any funds are distributed.
Possible Impacts
1. Some people may be affected by the increased cost of purchasing these commemorative coins, as they will have to pay a surcharge of $10 on top of the face value of the coin.
2. The American Numismatic Association and the National World War I Museum and Memorial will receive funds for numismatic educational activities and education and commemoration activities, respectively, which may benefit students and history enthusiasts.
3. The Nevada State Museum and its Division of Museums and History will receive funding for preservation of historic features and programs related to the United States Mint, the Comstock Lode, and the American West, potentially benefiting visitors and researchers interested in this topic.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3757 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 3757
To require the Secretary of the Treasury to mint coins in commemoration
of the centennial of the minting of the Morgan dollar and the Peace
dollar.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 15, 2019
Mr. Cleaver (for himself and Mr. Barr) introduced the following bill;
which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To require the Secretary of the Treasury to mint coins in commemoration
of the centennial of the minting of the Morgan dollar and the Peace
dollar.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``1921 Silver Dollar Commemorative
Coin Act''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) The United States of America entered the First World
War when it declared war against Germany on April 6, 1917.
(2) The armed hostilities ceased on November 11, 1918, the
``11th hour of the 11th day of the 11th month''.
(3) The First World War effectively ended on June 28, 1919,
with the Treaty of Versailles, but the United States Senate
failed to ratify that treaty and later ratified a peace
agreement with Germany on October 21, 1921.
(4) Over 4,700,000 American military personnel served
during the First World War with 116,516 sacrificing their lives
for freedom and another 204,002 wounded.
(5) In December 1921, the Peace silver dollar (in this Act
referred to as the ``Peace dollar'') was approved by Treasury
Secretary Andrew Mellon, replacing the Morgan silver dollar (in
this Act referred to as the ``Morgan dollar'') and
commemorating the declaration of peace between the United
States and the Imperial German government.
(6) The Peace dollar was designed by Anthony de Francisci
with the Goddess of Liberty on the obverse and a bald eagle
clutching the olive branch (a symbol of peace) on the reverse.
The Peace dollars were minted between 1921-1935.
(7) The Morgan dollar was designed by George T. Morgan and
was minted from 1878 to 1904, and again in 1921. The obverse
depicts a profile portrait of Lady Liberty and on the reverse,
a heraldic eagle.
(8) The conversion from the Morgan dollar to the Peace
dollar design in 1921 reflected a pivotal moment in American
history. The Morgan dollar represents the country's westward
expansion and industrial development in the late 19th century.
The Peace dollar symbolizes the country's coming of age as an
international power while recognizing the sacrifices made by
her citizens in World War I and celebrating the victory and
peace that ensued.
(9) These iconic silver dollars with vastly different
representations of Lady Liberty and the American Eagle, reflect
a changing of the guard in 1921 in the United States and
therefore on the 100th anniversary must be minted again to
commemorate this significant evolution of American freedom.
SEC. 3. COIN SPECIFICATIONS.
(a) $1 Silver Coins.--The Secretary of the Treasury (referred to in
this Act as the ``Secretary'') shall mint and issue not more than a
total of 500,000 $1 coins in commemoration of the Morgan dollar and the
Peace dollar, each of which shall--
(1) weigh 26.73 grams;
(2) have a diameter of 1.500 inches; and
(3) contain not less than 90 percent silver.
(b) Legal Tender.--The coins minted under this Act shall be legal
tender, as provided in section 5103 of title 31, United States Code.
(c) Numismatic Items.--For purposes of sections 5134 and 5136 of
title 31, United States Code, all coins minted under this Act shall be
considered to be numismatic items.
SEC. 4. DESIGN OF COINS.
(a) Design Requirements.--
(1) In general.--The designs of the coins minted under this
Act shall be representative of either the Morgan dollar or the
Peace dollar.
(2) Designation and inscriptions.--On each coin minted
under this Act, there shall be--
(A) a designation of the value of the coin;
(B) an inscription of the year ``2021''; and
(C) inscriptions of the words ``Liberty'', ``In God
We Trust'', ``United States of America'', and ``E
Pluribus Unum''.
(b) Selection.--The designs for the coins minted under this Act
shall be--
(1) selected by the Secretary after consultation with the
Commission of Fine Arts; and
(2) reviewed by the Citizens Coinage Advisory Committee.
SEC. 5. ISSUANCE OF COINS.
(a) Quality of Coins.--Coins minted under this Act shall be issued
in uncirculated and proof qualities.
(b) Mint Facility.--Notwithstanding section 5131 of title 31,
United States Code, it is the sense of Congress that if the Secretary
determines it to be feasible and cost effective, the Secretary may mint
some of the coins minted under this Act at the Nevada State Museum
(formerly a United States Mint facility) located in Carson City,
Nevada.
(c) Period for Issuance.--The Secretary may issue coins under this
Act only during the 1-year period beginning on January 1, 2021.
SEC. 6. SALE OF COINS.
(a) Sale Price.--The coins issued under this Act shall be sold by
the Secretary at a price equal to the sum of--
(1) the face value of the coins;
(2) the surcharge described in section 7 with respect to
the coins; and
(3) the cost of designing and issuing the coins (including
labor, materials, dies, use of machinery, overhead expenses,
marketing, and shipping).
(b) Bulk Sales.--The Secretary shall make bulk sales of the coins
issued under this Act at a reasonable discount.
(c) Prepaid Orders.--
(1) In general.--The Secretary shall accept prepaid orders
for the coins minted under this Act before the date on which
the coins are issued.
(2) Discount.--Sale prices with respect to prepaid orders
under paragraph (1) shall be at a reasonable discount.
SEC. 7. SURCHARGES.
(a) In General.--All sales of coins issued under this Act shall
include a surcharge of $10 per coin.
(b) Distribution.--Subject to section 5134(f) of title 31, United
States Code, all surcharges received by the Secretary from the sale of
coins issued under this Act shall be promptly paid by the Secretary as
follows:
(1) Forty percent of all surcharges shall be paid to the
American Numismatic Association for the purpose of numismatic
educational activities.
(2) Forty percent of all surcharges shall be paid to the
National World War I Museum and Memorial in Kansas City,
Missouri, for the purposes of education and commemoration
activities relating to World War I and its enduring impact.
(3) Twenty percent of all surcharges shall be paid to the
Nevada State Museum (formerly a United States Mint facility)
located in Carson City, Nevada, for the purposes of--
(A) supporting the preservation of the historic
features of the museum relating to the United States
Mint;
(B) designing interpretive programs that connect
visitors to the significance of minting in the United
States, the Comstock Lode, and the American West; and
(C) to support the activities of the Nevada
Division of Museums and History.
(c) Audits.--The entities described under subsection (b) shall be
subject to the audit requirements under section 5134(f)(2) of title 31,
United States Code, with respect to the amounts received under such
subsection.
(d) Limitation.--Notwithstanding subsection (a), no surcharge may
be included with respect to the issuance of any coin under this Act
during a calendar year if, on the date of the issuance, the issuance of
the coin would result in the number of commemorative coin programs
issued during that year to exceed the limitation under section
5112(m)(1) of title 31, United States Code.
SEC. 8. FINANCIAL ASSURANCES.
Except with respect to extraordinary costs associated with
compliance with section 5(b), the Secretary shall take such actions as
may be necessary to ensure that--
(1) minting and issuing coins under this Act shall result
in no net cost to the Federal Government; and
(2) no funds, including applicable surcharges, may be
disbursed to any recipient designated in section 7 until the
total cost of designing and issuing all of the coins authorized
by this Act (including labor, materials, dies, use of
machinery, overhead expenses, marketing, and shipping) is
recovered by the United States Treasury, consistent with
sections 5112(m) and 5134(f) of title 31, United States Code.
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