Commems Collection Modern: What If? 1982-83 Founding Fathers Gold Coins

Before I wrap up the story of the American Gold Eagle bullion coin program's journey through the United States ("US") Congress, I wanted to present a quick follow-up story to the proposed Founding Fathers gold coin program of 1978.

You can read about the proposed 1978 version of the program here:

- What If? 1978 Founding Fathers Gold Coins

As discussions and debate continued regarding an American Gold Eagle bullion coin program in the 97th Congress, an update to a proposal first introduced in 1978 offered an alternative. A bill calling for the minting and issuing of "gold coins to be known as Jeffersons, Hamiltons, Madisons, and Franklins" was introduced in the House of Representatives ("House") by George Vernon Hansen (R-ID) in March 1982 (during the 97th Congress' Second Session).

Note: Representative Hansen was the sponsor of the similar 1978 gold coin bill, as well.

The 1982 version continued the unusual coin sizes/weights of its proposed coins first proposed in 1978:

"Gold coins minted under this Act shall be the following weights: one and one-half troy ounces, three-fourths troy ounces, three-eighths troy ounces, and three-twentieths troy ounces."

Nothing like using common, everyday units for your proposed gold coins Mr. Hansen!

The coins were to be marked with their weight in troy ounces vs. a denomination. The bill did not include any reference to the legal tender status of the coins.

As in 1978, Founding Father designations were to be used to 'name' the coins:

- Thomas Jefferson: the 1-1/2-ounce coin (a Jefferson)
- Alexander Hamilton: the 3/4-ounce coin (a Half Jefferson)
- James Madison: the 3/8th-ounce coin (i.e., 0.375 ounce) (a Quarter Jefferson)
- Benjamin Franklin: the 3/20th-ounce coin (i.e., 0.15 ounce) (a Tenth Jefferson)

Each of the coins was to be struck on a 0.900 fine gold planchet, with 0.100 of a TBD alloy. A minimum of 50% of the gold struck into coins was required to be mined in the US.

Note: The mining provision applied to gold mined after the bill became law vs. existing stockpiles of US-mined gold.

The coins were to be sold at public auction, with offered lots as small as a single coin so that they would be accessible to the general public. The coins were to be sold at a minimum of 105% of the market price for gold bullion - an exception was made for no more than one million ounces per year. The 'exception' provision enabled the limited sale of the one million coins at lower than the 105% minimum threshold.

The proposed bill also repealed Section 5 of the Gold Reserve Act of 1934. Such Section of the 1934 Act mandated that no US gold coins could be struck and that no gold coins could be paid out by the US. This repeal paved the way for new gold coins to be legally struck at the Mint.

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, however, was not considered further.

Representative Hansen re-introduced the bill in January 1983 with the same provisions as in 1982, during the First Session of the 98th Congress. It resulted in the same outcome as his 1982 bill.

And so, the US would not strike 1-1/2-ounce, 3/4-ounce, 3/8th-ounce and/or 3/20th-ounce gold coins!


For more of my topics on commemorative coins and medals, including more What If? stories, see: Commems Collection.