Bill(s) - HR 2838 (Introduced April 25, 2023; Garret Graves (R-LA) and Jeff Jackson (D-NC))
Short Title - National Association for Stock Car Auto Racing (NASCAR) 75th Anniversary Commemorative Coin Act
Proposed Year of Issue - 2023
Purpose To mark the 75th anniversary of NASCAR and raise funds to support the NASCAR Foundation.
"This Congress finds the following:
(1) On February 15, 2023, the National Association for Stock Car Auto Racing (NASCAR) observed the 75th anniversary of the first race hosted by a sanctioning body, held at Daytona Beach, Florida.
(2) In December 1947, Bill France, Sr., organized several meetings at the Streamline Hotel in Daytona Beach, Florida, at which time his vision of an organized group of race car drivers was conceived.
(3) On February 15, 1948, Red Bryon won the first sanctioned body event, defeating Marshall Teague on the Daytona Beach road course.
(4) More than 41,000 fans attended the Inaugural Daytona 500 on February 22, 1959, won by Lee Petty.
(5) At the Jacksonville, Florida, Speedway on December 1, 1963, Wendell Scott became the first Black driver to win a NASCAR sanctioned race.
(6) In 1977, Janet Guthrie became the first woman to compete in the Daytona 500.
(7) On February 18, 1979, CBS televised the first live coverage of the Daytona 500.
(8) In August 1994, the Indianapolis Motor Speedway was added to the race schedule.
(9) Betty Jane France founded The NASCAR Foundation in 2006, supporting causes that work to improve the lives of children in need.
(10) On May 23, 2020, the inaugural NASCAR Hall of Fame class (Bill France, Sr., Bill France, Jr., Richard Petty, Dale Earnhardt, and Junior Johnson) is inducted in Charlotte, North Carolina.
(11) Danica Patrick becomes the first female to win a pole in the Daytona 500 in 2013.
(12) Jimmie Johnson makes history with his record-tying seventh race championship on November 20, 2016.
(13) Before a sold-out crowd of 101,500 fans at the Daytona International Speedway on February 20, 2022, the Next-Gen car debuted in the 64th annual Daytona 500.
(14) NASCAR has grown from the small organization formed on the sands of Daytona Beach to one of the most popular sports in the world."
Coins - Up to TBD Silver $1 coins
Surcharges - $1 coin: $20
Sponsor/Beneficiary- The NASCAR Foundation "for application to general expenses associated with the fulfillment of the mission of The NASCAR Foundation."
CommentsPlease "No!"
IMO, the proposed NASCAR silver dollar is another attempt to cash in on the open 2023 calendar slot for a commemorative coin. Its sponsor is a privately-owned corporation that oversees a sport with hundreds of millions of dollars in annual revenue; it has large TV and corporate sponsorship revenue streams. IMO, it does not need funds from coin collectors to make ends meet.
The coin proposal specifies a surcharge of $20 per coin - double the standard figure for silver dollars. Another example of a sponsor looking to cash in and maximize its revenue via a US commemorative coin and extract the most from the collectors who purchase them.
Lastly, the coin bill does not include a maximum mintage specification. I interpret this as the sponsor not wanting to limit its potential revenue flow from coin sales - it must believe it can sell a large volume of coins. As the bill does limit the issue of the coin to 2023, the total mintage would, at least, have a date cap if not a volume cap. (It is likely that the bill's language would be amended to include a maximum mintage if it was reported out of Committee.)
I don't think the bill has much of a chance at passage.
Likelihood of Passage?The House bill currently has just 2 co-sponsors.
- Per GovTrack: TBD (as of date of this post)
For other of my posts about commemorative coins and medals, including more Possible? commemorative coin stories, see:
Commems Collection.
Posted 07/05/2023 11:45 am
