The minting of United States ("US") commemorative coins to provide financial support to the nation's Olympic Athletes for the 1992 Games was proposed in the Second Session of the 101st Congress; it was to become the US' third Olympics coin program.
In 1992, the Summer Olympic Games were held in Barcelona, Spain from July 25 to August 9, 1992; the Winter Games were held in Albertville, France from February 8 to February 23, 1992. The US won 108 total medals at the Summer Games (36 Gold, 34 Silver and 37 Bronze; Overall, 2nd Place). At the Winter Games, it won a total of 11 medals (5 Gold, 4 Silver and 2 Bronze; Overall, 5th Place).
The first bill to be proposed was introduced in the House of Representatives ("House") by Richard H. Lehman (D-CA) in June 1990. Upon its introduction, 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 called for a two-coin program that included up to 1 million Gold Half Eagles and up to 10 million Silver Dollars.
The designs the coins was mandated to "be emblematic of the participation of American athletes in the 1992 Olympic Games."
The Issue Price of each coin was to include a per-coin surcharge:
- $35 per Gold Half Eagle
- $7 per Silver Dollar
- $1 per Clad Half Dollar*
* In amended version of the bill Collected surcharge were to be paid "to the United States Olympic Committee. Such amounts shall be used by the United States Olympic Committee for the objects and purposes of the committee as established in the Amateur Sports Act of 1978."
The Subcommittee subsequently held a Hearing on the 1992 Olympic coin bill and the Korean War Veterans coin bill in August 1990. The Hearing involved testimony from the President and Executive Director of the US Olympic Committee, from multiple former US Olympic athletes and Donna Pope, Director of the US Mint, among others.
Ms. Pope reviewed the successful results of the US' 1984 and 1988 Olympic coin programs - they raised approximately $95 million for the Olympic Committees - but noted that sales of the 1988 coin program were only 40% of the 1984 coin program, and that commemorative coin sales, in general, were trending down.
Because of this Ms. Pope termed as "highly unrealistic" the belief that demand for the 1992 coins would "approach the 1 million gold and 10 million silver coins called for in [the] bill." She suggested a mintage of up to 500,000 gold coins and up to 2 million silver coins.
The American Numismatic Association ("
ANA") provided a written Statement to the Hearing, and strongly supported the inclusion of a Copper-Nickel ("CuNi") Clad Half Dollar in the program.
As a result of the Hearing's testimony, statements and Committee consideration, the scope of the original coin proposal was altered significantly. The maximum mintage for the Gold Half Eagle was reduced to 500,000 and the maximum mintage of the Silver Dollar was reduced to 4 million. A CuNi Clad Half Dollar was added, with a maximum mintage of 6 million coins.
Following the Committee's reporting on the bill, the House considered and passed it without opposition. At the time, the bill had strong support in the House as evidenced by its 230+ co-sponsors.
The Senate moved quickly on the House bill, passing it without a Committee referral or voiced opposition.
Both chambers examined and signed the bill prior to it being sent to the President; it was signed into law on October 3, 1990 by George HW Bush.
A companion bill was introduced in the Senate in June 1990 by Bob Graham (D-FL). It was referred to the Senate Committee on Banking, but did not progress further as the House bill took priority.
For a look at the 1992 Olympic Games coins, see:
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1992 Olympic Games - The CoinsFor other of my posts about commemorative coins and medals, including other modern US commemorative stories, see:
Commems Collection
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