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HR1582 - To Require Minting of Coins in Commemoration of 100 Year Anniversary of the 1st Infantry  
 

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 Posted 03/20/2017  12:57 pm Show Profile   Bookmark this topic Add CCF Press to your friends list Get a Link to this Message
Congress - H.R.1582 - To require the Secretary of Treasury to mint coins in commemoration of the 100 year anniversary of the 1st Infantry Division.

Sponsor: Rep. Russell, Steve [R-OK-5] (Introduced 03/16/2017) Cosponsors
Committees: House - Financial Services
Latest Action: 03/16/2017 Referred to the House Committee on Financial Services.

Text: As of 03/20/2017 text has not been received for H.R.1582 - To require the Secretary of Treasury to mint coins in commemoration of the 100 year anniversary of the 1st Infantry Division.

Bills are generally sent to the Library of Congress from GPO, the Government Publishing Office, a day or two after they are introduced on the floor of the House or Senate. Delays can occur when there are a large number of bills to prepare or when a very large bill has to be printed.

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 Posted 03/20/2017  5:11 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
The 100th would be 2017 and we already have two programs for this year.
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 Posted 03/20/2017  5:39 pm  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
2018 is full too, and 2019 already has at least one confirmed program (Apollo). It would seem the only option is to push to at least 2019 or make it a medal as opposed to a commemorative?
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 Posted 03/20/2017  5:57 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
2020... The third anniversary of the 100th anniversary celebration.
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 Posted 03/20/2017  9:43 pm  Show Profile   Bookmark this reply Add muddler to your friends list Get a Link to this Reply
Don't we already have an infranty dollar?
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 Posted 03/29/2017  10:49 am  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
There's finally some text listed that goes with the bill. It describes gold, silver, and clad coins that are to be dated 2017 but minted in 2018.

https://www.congress.gov/bill/115th...ll/1582/text


Quote:
A Bill / To require the Secretary of Treasury to mint coins in commemoration of the 100 year anniversary of the 1st Infantry Division.



Quote:
Period for issuance.—The Secretary may issue coins minted under this Act only during the 1-year period beginning on January 2018.


So, I'm confused. Are these to be actual commemoratives? As mentioned above, we already have a full docket for 2018 (Breast Cancer Awareness, WWI Centennial).
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 Posted 03/29/2017  11:28 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply


I am sure commems is furiously researching this one.

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 Posted 03/29/2017  9:13 pm  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
This bill definitely has an uphill climb ahead of it.

The Representatives listed on the bill are not first timers in the House, they have been exposed to commemorative coin legislation before and should know better than to propose a coin that directly conflicts with the rules Congress put in place in 1999 to curb the number of commemorative coin programs each year. While getting Congress to “change its mind” is not impossible, there is support for commemorative coin program limitation among members of Congress and also within the Treasury Department. This could prove very difficult to overcome.

If any of the representatives named on the bill happen to be reading this post, please refer to Title 31, Subtitle IV, Chapter 51, Subchapter II, Section 5112 of the US Code for a discussion of the two coin limits. It’s rather clear!

I doubt very much that Congress would go against itself and approve this coin for release in 2018. As noted by CelticKnot, the next open slot for a commemorative coin is 2019 – two years beyond the centennial year. At present, only the coin program for the 50th anniversary of Apollo 11 has been approved, but other 2019 proposals have either already been introduced or are planned. I think the First Division bill will lose steam the further out it would have to get pushed which decreases its likelihood of approval.

The Mint seems to be entering a “New Age of Commemorative Medals,” with 2018 set to see a fairly large number of issues with the planned WWI series. Maybe the coin’s sponsor (the Society of the 1st Infantry Division) could be convinced to accept a silver commemorative medal instead. I think that is the path of least resistance at this point.

The bill specifies that the surcharges collected through the sale of the coins are to be given to the Society of the 1st Infantry Division for its use in renovating the 1st Infantry Division Memorial in Washington, DC. The Memorial was originally constructed in 1924 to honor the soldiers of the First Division who lost their lives in World War I. The Memorial has been expanded over the years to recognize First Division soldiers who were lost in World War II, the Vietnam War and Desert Storm; the First Division did not participate in Korea, its soldier were in Germany as part of the post-WWII occupation force. The Memorial is located south of the Dwight D. Eisenhower Executive Office Building which, in turn, is located to the west of the White House.

A great summary of the Society’s efforts to create the original memorial and expand it over time can be found here: First Division Memorial

The term “renovation” might be used a little loosely in the bill. The Memorial is managed by the National Park Service (NPS), not the Society; the NPA handles the Memorial’s maintenance needs. From what I have been able to find, the Society is looking to raise funds to add memorial plaques to recognize First Division soldiers who gave their lives in Operation Enduring Freedom and Operation Iraqi Freedom and to make room for potential future memorial plaques. Funds raised would be used to develop a design plan for the additions, address the costs of getting the needed approvals for the updates (e.g., Commission of Fine Arts, American Battle Monuments Commission, the NPS’ National Capital Region, etc.) and for the actual site work and creation of the memorial tablets.

The bill calls for a gold half eagle ($5.00), a silver dollar and a clad half dollar. If it was to ultimately pass Congress and get approved by the President, the mintages specified have the potential to stir things up among commemorative collectors. Only 20,000 gold coins, 100,000 silver dollars and 200,000 half dollars are requested.

Each of these mintage requests is far below the norm for modern commemoratives. The argument can be raised that recent modern commemorative coins don’t reach these sales numbers so what’s the big deal. Well, it’s possible that the lower maximum mintages could give the perception of scarcity and thus draw in collectors who are “looking to score!” Also, there’s the possibility that the lower figures could entice the grading services and several large dealers to work together to hype the coins and create a market frenzy; see the 2014 Baseball Hall of Fame coins for a recent example of such a strategy. The subject of the proposed coins isn't as "sexy" as baseball for many folks, however, so I'm not sure if an attempt at market manipulation would be successful.

As I mentioned at the top, I think this bill has a long uphill climb ahead of it – the proposed year of issue is just the first of several obstacles to overcome; as noted, a switch to 2019 would bring other competing bills into play. If the funds were being sought for the creation of a new monument vs. a relatively minor update to an existing one, I think the bill would have a better chance.



Quote:
Don't we already have an infanty dollar?

Yes, but it was for a different purpose. The 2012 Infantry silver dollar was issued to help raise funds to support the maintenance of the National Infantry Museum and Soldier Center in Columbus Georgia; the museum opened in 2009 and tells the story of all infantrymen, not just a specific division.


Collecting history, one commemorative coin (or medal) at a time!
Original content (c) Commems, 2012-2017
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 Posted 03/30/2017  01:39 am  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
Well, this will be interesting to watch unfold. Thanks for the deep insight that we are fortunate to have grown accustomed to here at CCF, commems!
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 Posted 03/30/2017  09:16 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I knew commems would bring it.

Thank you.


Quote:
The Mint seems to be entering a “New Age of Commemorative Medals,” with 2018 set to see a fairly large number of issues with the planned WWI series. Maybe the coin’s sponsor (the Society of the 1st Infantry Division) could be convinced to accept a silver commemorative medal instead. I think that is the path of least resistance at this point.
Agreed. This would be a welcome addition to 2018 medal releases.
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 Posted 03/31/2017  9:13 pm  Show Profile   Bookmark this reply Add terry8835 to your friends list Get a Link to this Reply
I saw the "Big Red One" in action in Vietnam. If the Mint is going to commemorate the 1st Infantry Division what about the 101St Airborne, 82nd Airborne, 1st Cav., 9th Infantry and 73rd Airborne? Where does it end? The Mint is just trying to make money by overcharging for everything under the sun.
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 Posted 03/31/2017  9:42 pm  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply

Quote:
Where does it end? The Mint is just trying to make money by overcharging for everything under the sun.


Have to disagree with this statement.

First, the Mint does not decide which commemorative coins to strike. Such things are dictated to it by Congress. It would be best to direct your displeasure there.

Second, if you compare the prices charged for its coins to what other mints around the world charge, you will find that the US Mint offers very reasonable pricing. For example, the one-ounce American Liberty high-relief gold coin will be likely be priced between $1650 and $1690 when it goes on sale next week. For comparison, the Royal Canadian Mint is selling a 9/10th ounce gold coin for about $2,170 USD. A tenth ounce less but ~$500 more.





Collecting history, one commemorative coin (or medal) at a time!
Original content (c) Commems, 2012-2017
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 Posted 04/04/2017  9:47 pm  Show Profile   Bookmark this reply Add terry8835 to your friends list Get a Link to this Reply
I guess a %450 premium on gold price is not bad, but I won't pay it.
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 Posted 04/12/2017  11:12 pm  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
More info on this:

http://mintnewsblog.com/bills-seek-...ll-of-honor/

Mostly what we already know but apparently they're still gong to try for 3 commemorative programs in 2018.
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 Posted 04/13/2017  11:47 am  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply
I hope that the "try for 3" effort fails - it would set an awful precedent and potentially open up the modern commemorative series to the abusive practices that the current law protects against.



Collecting history, one commemorative coin (or medal) at a time!
Original content (c) Commems, 2012-2017
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