Commems Collection Modern: 1993 Mount Rushmore - Surcharge Amendment

The coin bill that authorized the 1991 Mount Rushmore commemorative coin program was signed into law on July 16, 1990 by United States ("US") President George Herbert Walker Bush. The Act specified that the program's collected surcharge funds were to be split 50/50 with half "returned to the Federal Treasury for purposes of reducing the national debt" and half paid to the Mount Rushmore National Memorial Society of Black Hills ("Society") "to assist the Society's efforts to improve, enlarge, and renovate the Mount Rushmore National Memorial."

Had the coin program sold out its maximum mintage of Gold Half Eagles (500.000), Silver Dollars (2.5 million) and Copper-Nickel (CuNi) Clad Half Dollars (2.5 million), the coins would have generated $37.5 million in surcharges and the Society would have received $18.75 million.

Total sales of the coins, however, fell far short of the authorized maximums: Gold Half Eagles - 143,950; Silver Dollars - 871,558 and Clad Half Dollars - 926,011. These sales generated ~$12.065 million in surcharges, which meant the Society stood to receive just over $6 million - about 1/3 of what it had hoped for/expected

As a result, the Society ran into financial difficulties regarding its plans for the Memorial and, through Senator Larry Pressler (R-SD), sought to increase its take of the surcharge funds. It basically was looking to collect up to the projected amount it could have received.

In January 1991, during the 102nd Congress, Pressler introduced a bill that proposed to "make a technical amendment to the Mount Rushmore Commemorative Coin Act to conform to the intent of Congress."

The bill included revised surcharge distribution language that favored the Society over the National Debt by establishing a revised surcharge payment order:

"(1) the first $18,750,000 shall be promptly paid by the Secretary to the Society to assist the Society's efforts to improve, enlarge, and renovate the Mount Rushmore National Memorial; and

"(2) the remainder shall be returned to the United States Treasury for purposes of reducing the national debt.''

Also included was a "Retroactive Effect" provision that specified that if any surcharge funds had been paid to the US Treasury for the National Debt prior to the passage of the bill/amendment, such funds would retroactively be paid to the Society.

The bill/amendment was passed by the Senate without objection or revision, then sent to the House of Representatives ("House") where it was referred to the Committee on Banking, Finance, and Urban Affairs with a further referral to its Subcommittee on Consumer Affairs and Coinage. The billed stalled in the House Subcommittee.

Senator Pressler was back in the First Session of the 103rd Congress to re-introduce an identical version of his Mount Rushmore bill/amendment; he did so in December 1993. When introducing his bill, Pressler commented:

"The Mount Rushmore Society sought to finance the Mount Rushmore renovations project mostly through private contributions. However, proceeds from the coin sales were an essential funding source. Far short from the Society's coin funding goal, the preservation project faces a funding crisis."

[...]

"The actions taken during the 102d Congress is compelling evidence of strong congressional support for the preservation effort underway at Mount Rushmore. Therefore, I am hopeful that the 103d Congress will act expeditiously to approve my legislation."

Once again, the Senate passed the bill without objection, and once again the bill stalled in the House after being referred to the House Committee on Banking, Finance, and Urban Affairs and its Subcommittee on Consumer Credit and Insurance.

All was not lost, however, as the language from Pressler's bill was added to the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (via Senate amendment); it was included in the Banking bill when it was signed into law on December 1, 1994.

So, in the end, the Society got a sizable bump in the amount of surcharge funds it received (~$6 million additional) and the Society's financial issues were partially mitigated. Original estimates placed the total cost of the planned renovations at $40 million, so the Society had work to do regarding fundraising beyond coin sales.

1991 Mount Rushmore National Memorial Clad Half Dollar


1991 Mount Rushmore National Memorial Silver Dollar


1991 Mount Rushmore National Memorial Gold Half Eagle


I went with Uncirculated versions for my collection vs. Proofs.


For other of my posts about commemorative coins and medals, including more Mount Rushmore coin stories, see: Commems Collection.