Though discussions of United States ("US") gold coins continued in 1984, it was 1985 that witnessed the introduction of multiple bills that served as the foundation for the American Eagle gold bullion coinage program. Bills were introduced in the Senate and House of Representatives ("House").
1985 was an active year within the US Congress for coin and coin-related proposals beyond the American Eagle coins, however. Bills introduced included for silver and gold bullion coins, for commemorative coins, for bans on South African gold coins and financial transactions with South Africa and for re-establishing the US on a gold standard for its money. (My focus here will be on the American Eagle gold bullion coin program, however.)
Things kicked off in January 1985 with a bill introduced in the House by Philip M. Crane (R-IL). Crane's bill sought the minting of
two American Eagle gold coins: the bill called for one-ounce and one-half-ounce gold coins that were to be referred to as 'American Eagles'.
Key provisions of the bill included:
- (in a continuation of previous gold bullion coin proposals) the coins
were not to be considered legal tender for public debts (including taxes)
- The Secretary of the Treasury was to set a daily price for the coins; it was to include production costs.
- The coins were to be taxable "in the same manner as other currency of the United States."
The bill was referred to the House Committee on Banking, Finance, and Urban Affairs, with a further referral to its Subcommittee on Consumer Affairs and Coinage.
The bill stalled in Committee, but would be followed by additional bills seeking American Eagle gold coins.
In March 1985, J. James Exon (D-NE) introduced a bill in the US Senate that directed the Secretary of the Treasury to strike one ounce, one-half ounce, one-quarter ounce and one-tenth ounce gold coins; the bill
did not, however, refer to them as 'American Gold Eagles'.
Also in March 1985, William H. Gray (D-PA) introduced in the House the Anti-Apartheid Act of 1985. The bill was not specifically a gold coin bill - it was focused on economic measures to combat apartheid practices in South Africa - but included provisions that called for the minting of one ounce, one-half ounce, one-fourth ounce and one-tenth ounce gold coins. The coins were to carry the denominations of $50, $25, $10 and $5, respectively. The coins
were not referred to as American Gold Eagles, but, importantly, were to be considered legal tender..
The bill was initially referred to the House Committee on Banking, Finance and Urban Affairs along with the House Committee on Foreign Affairs. Multiple Committee and Subcommittee referrals followed. Ultimately, amended versions of the bill were passed in the House and Senate, but the bill stalled before being sent to the President as differences between Senate and House versions were debated but not resolved.
The various US gold coin initiatives were coalescing in Congress, however, and on the doorstep of a program on which the majority could agree.
Next up, the story of the Gold Bullion Coin Act of 1985 and the American Gold Eagle bullion coin program it authorized. See it here:
Commems Collection Modern: American Gold Eagle Program - 1985 Proposals / Part II.
For other of my posts about commemorative coins and medals, including previous stories about the journey taken to arrive at the American Gold Eagle program, see:
Commems Collection
Posted Today 5H 38M ago
