The US Congress authorized the US Mint to strike palladium coins in 2010 (Public Law 111-303); the Mint issued its first palladium bullion coin in 2017 and first collector-issue palladium coin in 2018 (a Proof).
More than two decades prior, however, a bill was introduced in the House of Representatives by Pat Williams (D-MT) in March 1989, during the 101st Congress, that called for a Silver Dollar and a $5.00 Palladium coin that was to contain 0.75 troy ounces of palladium within its one-ounce total weight (alloy TBD). The coins were to be struck "in commemoration of the 100th anniversary of the statehood of Idaho, Montana, North Dakota, South Dakota, Washington, and Wyoming."
Statehood Admission Order and Dates39. North Dakota: November 2, 1889
40. South Dakota: November 2, 1889
41. Montana: November 8, 1889
42. Washington: November 11, 1889
43. Idaho: July 3, 1890
44. Wyoming: July 10, 1890
The bill allowed for a maximum of 350,000 palladium coins to be struck, along with up to 1 million Silver Dollars. The issue price of each palladium coin was to include a surcharge of $20; the issue price for the Silver Dollar was to include a $7 surcharge per coin.
Collected surcharges were potentially to be divided between two recipients. The first $1.5 million collected was to be paid to the "Documents West" exhibition program that was being administered by the Idaho Centennial Foundation to be used for "the sole purpose of promoting the exhibition of historical and educational artifacts pertaining to the six Centennial States." Collected surcharges beyond the $1.5 million threshold, were to be deposited in the General Fund of the Treasury Department and used to reduce the national debt - up to $12.5 million could have been deposited.
The bill included specifications for the design of the coins: "the Centennial States' regional logo on one side; and on the other side, the bust of Thomas Jefferson, and the busts of Lewis and Clark overlooking the Missouri River." (The portrait side, as described, had the potential to be "busy" / crowded.) The bill did not explicitly state that the same design was to be used on both coins, and did include language allowing for design changes "in consultation "with a duly authorized representative of the 6 States' Centennial Commissions." So, it's possible that the design thoughts of Congress were open to some level of interpretation by the Treasury/Mint.
The bill was referred to the Committee on Banking, Finance and Urban Affairs which then referred the bill to its Subcommittee on Consumer Affairs and Coinage. A Hearing was held for the coin proposal, during which the palladium coin faced objections. The bill was reported out of Committee with a recommendation to pass, but with amendments that removed the palladium coin from the proposal.
The bill passed the House and was sent to the Senate for its consideration. In the Senate, Senator George John Mitchell (D-ME) - for Senator Max Sieben Baucus (D-MT) - introduced an amendment to the bill that re-inserted the palladium coin, but with a maximum mintage of 175,000 (vs. 350,000), and renewed the provision for a surcharge of $20 per coin. The amended bill kept the original surcharge distribution instructions.
The amended bill was passed in the Senate and returned to the House seeking its consideration/concurrence. The House, which had removed the palladium coin before sending the bill to the Senate, did not take up the Senate-amended bill and it ultimately died for lack of action.
So, an interesting bill on multiple levels: 1) it called for a one-ounce palladium coin (0.750 fine) 20 years before the American Palladium Eagle program was approved, and 2) it was a case of a bill passed by the House of Representatives and the Senate but not sent to the President for final approval because the two chambers did not agree on the bill's provisions.
For other of my posts about commemorative coins and medals, including more What If? stories, see:
Commems Collection.
Posted 07/21/2023 06:54 am
