Commems Collection Modern: What If? 1979 Gold $100 Coin

Authorizing a United States ("US") gold coin for the market became a focus for Congress in the late 1970s. I've written about late 1970s gold coin efforts in Congress:

- What If? 1978 Gold Commemorative "Coins"- A Similar But Different Program

- What If? 1978 Founding Fathers Gold Coins


In May 1979, Jesse Helms (R-NC), on behalf of himself and John Anthony Durkin (D-NH), introduced a bill in the US Senate that called for the striking of a $100 gold coin. Upon its introduction, the bill was referred to the Senate Committee on Banking, Housing and Urban Affairs.

The Helms bill did not include any design specifications for the new coin; the designs were to be determined by the Secretary of the Treasury.

The bill included the following provisions (including some atypical ones):

1. The coins were to feature 1/4 ounce of 0.999 fine gold

2. The coins were to be "manufactured from .900 fine gold." This suggests an overall coin weight that would exceed 1/4 ounce after the alloy was included.

3. The coin's $100 denomination was a starting point. To ensure the coin's intrinsic value did not exceed its face value, its denomination coud be increased by $25 "each time the value of the gold contained in each coin, measured by the world market price, equals or exceeds 95 per centum of the denomination of the coin currently being struck."

4. Related to #3 (above), the Secretary of the Treasury could suspend the striking of the coins - either temporarily or permanently - if market conditions warranted.

Note: The Spot Price of a troy ounce of gold was ~$250 in May 1979, which would put the value of 1/4 ounce of gold at ~$62 - nearly 40% less than the proposed coin's initial face value.

Though the bill added a handful of sponsors over the ensuing months, it never gained significant support in the Senate, and stalled in Committee.


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