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S.1326 - American Innovation $1 Coin Act

 
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 Posted 06/22/2017  10:20 am Show Profile   Bookmark this topic Add CCFPress to your friends list Get a Link to this Message
Congress - To require the Secretary of the Treasury to mint coins in recognition of American innovation and significant innovation and pioneering efforts of individuals or groups from each of the 50 States, the District of Columbia, and the United States territories, to promote the importance of innovation in the United States, the District of Columbia, and the United States territories, and for other purposes.

Sponsor: Sen. Murphy, Christopher [D-CT], Cosponsors
Committees: 06/08/2017 - Referred to Senate Banking, Housing, and Urban Affairs
Latest Action: 06/08/2017 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

S. 1326

IN THE SENATE OF THE UNITED STATES
June 8, 2017
Mr. Murphy introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL
To require the Secretary of the Treasury to mint coins in recognition of American innovation and significant innovation and pioneering efforts of individuals or groups from each of the 50 States, the District of Columbia, and the United States territories, to promote the importance of innovation in the United States, the District of Columbia, and the United States territories, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the American Innovation $1 Coin Act.

SEC. 2. AMERICAN INNOVATION $1 COIN PROGRAM.

Section 5112 of title 31, United States Code, is amended by adding at the end the following:

(w) Redesign And Issuance Of $1 Coins Honoring Innovation, Innovators, And Pioneers From Each State, The District Of Columbia, And Each Territory.—

(1) DEFINITION.—In this subsection, the term ‘territory’ means—

(A) the Commonwealth of Puerto Rico;

(B) Guam;

(C) American Samoa;

(D) the United States Virgin Islands; and

(E) the Commonwealth of the Northern Mariana Islands.

(2) REDESIGN BEGINNING IN 2018.—

(A) IN GENERAL.—Notwithstanding par­a­graphs (1) and (2) of subsection (d) and in accordance with this subsection, during the 14-year period beginning on January 1, 2018 (or such later date as provided under subparagraph (B)(ii)), the Secretary of the Treasury shall mint and issue $1 coins to be known as ‘American Innovation $1 coins’, that—

(i) have designs on the obverse selected in accordance with paragraph (3)(A); and

(ii) have a design on the reverse selected in accordance with paragraph (3)(B).

(B) CONTINUITY PROVISIONS.—

(i) IN GENERAL.—Notwithstanding subparagraph (A), the Secretary shall continue to mint and issue $1 coins honoring Native Americans and their contributions in accordance with subsection (r).

(ii) FIRST YEAR.—Notwithstanding subparagraph (A), if the Secretary finds that it is not feasible and cost-effective to mint and issue American Innovation $1 coins beginning in 2018, the Secretary may mint and issue $1 coins bearing the designs of such Presidential $1 coins issued pursuant to subsection (n) that the Secretary determines to be appropriate. If any such Presidential $1 coin design bore the inscription ‘In God We Trust’ incused on the edge, the Secretary shall modify the design to place that inscription only on the obverse of the coin, and such modification may be done without review by the Citizens Coinage Advisory Committee nor consultation with the Commission of Fine Arts.

(3) DESIGN REQUIREMENTS.—Not­with­stand­ing paragraphs (1) and (2) of subsection (d), the $1 coins issued in accordance with paragraph (2)(A) shall meet the following design requirements:

(A) COIN OBVERSE.—The design on the obverse of each coin issued under this subsection shall contain—

(i) a design symbolic of Liberty; and

(ii) the inscription ‘In God We Trust’.

(B) COIN REVERSE.—The design on the reverse of each coin issued under this subsection shall bear the following:

(i) An image or images emblematic of one of the following from 1 of the 50 States, District of Columbia, or the territories of the United States:

(I) A significant innovation.

(II) An innovator or pioneer.

(III) A group of innovators or pioneers.

(ii) The name of the State, District of Columbia, or territory, as applicable.

(iii) The inscriptions ‘$1’ and ‘United States of America’.

(C) EDGE-INCUSED INSCRIPTIONS.—

(i) IN GENERAL.—The inscription of the year of minting or issuance of the coin and the inscription ‘E Pluribus Unum’ shall be edge-incused into the coin.

(ii) PRESERVATION OF DISTINCTIVE EDGE.—The edge-incusing of the inscriptions under clause (i) on coins issued under this subsection shall be done in a manner that preserves the distinctive edge of the coin so that the denomination of the coin is readily discernible, including by individuals who are blind or visually impaired.

(4) ISSUANCE OF COINS COMMEMORATING INNOVATION, INNOVATORS, AND PIONEERS.—

(A) ORDER OF ISSUANCE.—The coins issued under this subsection commemorating either an innovation, an individual innovator or pioneer, or a group of innovators or pioneers, from each State, the District of Columbia, or a territory shall be issued in alphabetic order of the State, District, or territory represented, starting with Alabama.

(B) ISSUANCE OF COINS COMMEMORATING FOUR INNOVATIONS, INNOVATORS, AND PIONEERS DURING EACH OF 14 YEARS.—

(i) IN GENERAL.—Four $1 coin designs as described in this subsection shall be issued during each year of the period referred to in paragraph (2) until 1 coin featuring 1 innovation, an individual innovator or pioneer, or a group of innovators or pioneers, from each of the States, District of Columbia, and territories has been issued.

(ii) NUMBER OF COIN DESIGNS IN EACH YEAR.—The Secretary shall prescribe, on the basis of such factors as the Secretary determines to be appropriate, the number of $1 coins that shall be issued with each of the designs selected for each year of the period referred to in paragraph (2).

(iii) APPLICATION IN EVENT OF THE ADMISSION OF ADDITIONAL STATES.—Notwithstanding clause (i), if any additional State or territory is admitted into the Union before the end of the 14-year period referred to in paragraph (2), the Secretary of the Treasury may issue $1 coins, in accordance with this subsection during any 1 year of such 14-year period, in addition to the four $1 coins issued during such year in accordance with clause (i).

(iv) APPLICATION IN THE EVENT OF INDEPENDENCE.—Notwithstanding clause (i), if any State or territory becomes independent or otherwise ceases to be a State or territory of the United States before $1 coins are minted pursuant to this subsection, the subsection shall cease to apply with respect to such State or territory.

(5) SELECTION OF CONCEPT AND DESIGN.—

(A) CONCEPT.—With respect to each State, the District of Columbia, and territory to be honored with a coin under this subsection, the selection of the significant innovation, innovator or pioneer, or group of innovators or pioneers to be borne on the reverse of such coin shall be made by the Secretary of the Treasury, after consultation with the Governor or other chief executive of the State, District of Columbia, or territory with respect to which a coin is to be issued under this subsection.

(B) DESIGN.—Each of the designs required under this subsection shall be selected by the Secretary after—

(i) consultation with—

(I) the Governor or other chief executive of the State, District of Columbia, or territory with respect to which a coin is to be issued under this subsection; and

(II) the Commission of Fine Arts; and

(ii) review by the Citizens Coinage Advisory Committee.

(C) SELECTION AND APPROVAL PROCESS.—Designs for $1 coins under this subsection may be submitted in accordance with the design selection and approval process developed by the Secretary in the sole discretion of the Secretary.

(D) STANDARDS.—Because it is important that the Nation’s coinage and currency bear dignified designs of which the citizens of the United States can be proud, the Secretary shall not select any frivolous or inappropriate design for any $1 coin minted under this subsection.

(E) PROHIBITION ON CERTAIN REPRESENTATIONS.—No head and shoulders portrait or bust of any person, living or dead, and no portrait of a living person may be included in the design of any coin issued under this subsection.

(6) TREATMENT AS NUMISMATIC ITEMS.—For purposes of sections 5134 and 5136, all $1 coins minted under this subsection shall be considered to be numismatic items.

(7) ISSUANCE OF NUMISMATIC COINS.—The Secretary may mint and issue such number of $1 coins of each design selected under this subsection in uncirculated and proof qualities as the Secretary determines to be appropriate.

(8) TERMINATION OF PROGRAM.—The issuance of coins under this subsection shall terminate when 1 innovation, an individual innovator or pioneer, or a group of innovators or pioneers, from each State, the District of Columbia, and territory has been honored and may not be resumed except by an Act of Congress.

Read entire bill
Pillar of the Community
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822 Posts
 Posted 06/22/2017  10:59 am  Show Profile   Bookmark this reply Add CollegeBarbers to your friends list Get a Link to this Reply
I'm not sure what to think of this idea. From my understanding of the language of the bill, specifically Section 2, subsection 6, these are solely numismatic dollar coins not intended for circulation. Regardless, we just made it through a long dollar program and still have the Native American dollars, so I don't think we need any more to collect. Additionally, January 1 is a short deadline to come up with an obverse, the first four reverse designs, and then manufacture them. The alternative is confusing, because the Presidential dollars ended last year, so what more could they make? My other qualm is that "innovation" is a pretty vague term. I take it to mean scientific innovation, but it could apply to other things.

On the plus side, the series could be artistically refreshing, especially if they choose a significantly better portrait of liberty for the obverse than the Statue of Liberty reverse on the Presidential dollars. If so, then it would be a tempting series to collect. But could my collection (and my wallet) handle another long series?
*Edited to fix typo and clarification
Searching for some US modern coins (cents through dollars) via my want list.
Edited by CollegeBarbers
06/22/2017 11:04 am
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 Posted 06/22/2017  11:37 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
This bill really needs to call for termination of the one dollar federal reserve note so that these coins will circulate.

All it is really doing it fattening up the mint and proof sets after they shed some weight this year.
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 Posted 06/22/2017  11:48 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
Without an elimination of the dollar note, not NO but HECK NO!.
Gary Schmidt
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 Posted 06/22/2017  12:53 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
The U.S. congress must be spending too much time in Canada. No offense to our northern buddies but I think we might see some glow in the dark dollars, made square, with our most offensive celebrities, soon, too.

I like all that new stuff so people spend their money there instead of competing with me for the classic stuff.
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 Posted 06/22/2017  2:01 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I like all that new stuff so people spend their money there instead of competing with me for the classic stuff.
The hidden benefit.
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Russian Federation
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 Posted 06/22/2017  2:12 pm  Show Profile   Bookmark this reply Add january1may to your friends list Get a Link to this Reply
This is apparently the Senate version of this House act (which appears to still be in committee five months after introduction).

Quote:
The alternative is confusing, because the Presidential dollars ended last year, so what more could they make?
As far as I understand it, this bill basically allows for restrikes of old Presidential dollars (with design adjustments for early issues that originally had the motto on the edge, and dated 2018, presumably, but the date would be on the edge anyway).

I'm surprised that this point didn't come up in the old thread, actually.
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 Posted 06/22/2017  3:30 pm  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply
Another 14-year program? No, thank you.

Special language to re-strike Presidential dollars, just to put the motto on the obverse? Double no-thank-you.
Working on: Peace dollars (two to go), US type (Bust era), Chinese pandas, and San Francisco tokens.

"Fear is the enemy of will. Will is what makes you take action; fear is what stops you, and makes you weak."
-- Sinestro to (my avatar) Hal Jordan, "Green Lantern" (2011)
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 Posted 06/23/2017  11:34 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply
Maybe they are out of touch enough they don't realize the President dollar series has ended.


Quote:
As far as I understand it, this bill basically allows for restrikes of old Presidential dollars (with design adjustments for early issues that originally had the motto on the edge, and dated 2018,

Actually it lets the Secretary reissue any President dollar that he chooses (or feels is appropriate) and if that President design HAPPENED to have the motto on the edge originally, that it should be moved to the obv. He could just as easily choose later ones that already had the motto on the obv.
Gary Schmidt
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 Posted 06/23/2017  5:00 pm  Show Profile   Bookmark this reply Add january1may to your friends list Get a Link to this Reply

Quote:
Actually it lets the Secretary reissue any President dollar that he chooses (or feels is appropriate) and if that President design HAPPENED to have the motto on the edge originally, that it should be moved to the obv. He could just as easily choose later ones that already had the motto on the obv.
I should have clarified it better, but this was basically what I meant: it allows for restrikes of old Presidential dollars (of the Secretary's choosing), with design adjustments (i.e. moving the motto to the obverse) if early issues that originally had the motto on the edge happen to be chosen.
(Mind you, as far as I am concerned, if any lettering has to be at the edge, it should probably be that ch*rping motto. But whatever, I'm not the Secretary.)

The bill as written doesn't appear to mention what the date on such restrikes would be, if any (though most likely it would just have been 2018, or whatever the current year is at that point, as the default option).

EDIT:
Quote:
Maybe they are out of touch enough they don't realize the President dollar series has ended.
Well, there was an essentially identical bill back in 2016...
Edited by january1may
06/23/2017 5:02 pm
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 Posted 06/24/2017  12:24 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Actually it lets the Secretary reissue any President dollar that he chooses (or feels is appropriate)
Translation: More C&C sets coming our way.
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 Posted 06/22/2018  11:25 am  Show Profile   Bookmark this reply Add Alpha2814 to your friends list Get a Link to this Reply
Looks like it's going to happen. http://www.coinnews.net/2018/06/22/...sses-senate/
Working on: Peace dollars (two to go), US type (Bust era), Chinese pandas, and San Francisco tokens.

"Fear is the enemy of will. Will is what makes you take action; fear is what stops you, and makes you weak."
-- Sinestro to (my avatar) Hal Jordan, "Green Lantern" (2011)
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 Posted 06/22/2018  11:58 am  Show Profile   Check chafemasterj's eBay Listings Bookmark this reply Add chafemasterj to your friends list Get a Link to this Reply
Not an easy read. Actually skimmed the last half. Looks like the dollar coins aren’t going anywhere anytime soon. Maybe I should get a Dansco for them?



Maybe not.
http://goccf.com/t/303774
Check out my counterstamped Lincoln Cent collection:
http://goccf.com/t/303507
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 Posted 06/22/2018  12:09 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Maybe I should get a Dansco for them?
I will probably. If the date and mint mark remain on the edge I will only collect the proofs though.
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 Posted 06/22/2018  12:48 pm  Show Profile   Bookmark this reply Add bobby131313 to your friends list Get a Link to this Reply
They better buy some more warehouse space.
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