Commems Collection Modern: 2006 Benjamin Franklin Tercentenary - Part II / In Congress

Continuing the Benjamin Franklin Tercentenary coin program story...


Benjamin Franklin was born on January 17, 1706 in Boston, Massachusetts. During his career, he was a printer (after apprenticing for years), a print shop owner, a newspaper publisher (Pennsylvania Gazette), founder of a library, founder of the American Philosophical Society, a co-founder of the Pennsylvania Hospital, a fire company organizer, a scientist, inventor, politician, Founding Father, US Ambassador to France and signer of the US Constitution. (Whew!) He died in Philadelphia, Pennsylvania on April 17, 1790.

In September 2003, Michael N. Castle (R-DE) introduced a bill for himself and Joseph M. Hoeffel (D-PA) in the House of Representatives ("House") "to mint coins in commemoration of the tercentenary of the birth of Benjamin Franklin"; the bill went on to secure 326 co-sponsors. The bill was referred to the House Committee on Financial Services with a further referral to its Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.

In conjunction with introducing the bill, Representative Castle commented:

"Ben Franklin was one of the most remarkable of our founding fathers; he made historic contributions to our nation in a number of fields: government, business, science, communications, and the arts...it is notable to recognize that Franklin was the only Founding Father to sign all of our nation's organizational documents.

"It is fitting to honor Franklin with a commemorative coin."

The bill included a lengthy Findings section that provided background and context for the Franklin coin program:

"The Congress finds the following:

(1) Benjamin Franklin made historic contributions to the development of our Nation in a number of fields: government, business, science, communications, and the arts.

(2) Benjamin Franklin was the only Founding Father to sign all of our nation's organizational documents.

(3) Benjamin Franklin spent his career as a successful printer, which included printing the official currency for the colonies of Pennsylvania, Delaware, New Jersey and Maryland.

(4) Franklin's "Essay on Paper Currency" of 1741 proposed methods to fix the rate of exchange between the colonies and Great Britain.

(5) Benjamin Franklin, during the American Revolution, designed the first American coin, the "Continental" penny.

(6) Franklin made "A Penny Saved is A Penny Earned" a household phrase to describe the American virtues of hard work and economical living.

(7) Franklin played a major role in the design of the Great Seal of the United States, which appears on the One Dollar Bill and other major American symbols.

(8) Before 1979 Benjamin Franklin was the only non-president of the United States whose image graced circulating coin and paper currency.

(9) The official United States half dollar from 1948-1963 showed Franklin's portrait, as designed by John Sinnock.

(10) Franklin's "Way to Wealth" has come to symbolize America's commitment to free enterprise.

(11) The Franklin Institute Science Museum in Philadelphia houses the first steam printing machine for coinage, used by the United States Mint, which was placed in service in 1836, the 130th anniversary year of Franklin's birth.

(12) In 1976, Franklin Hall in The Franklin Institute Science Museum in Philadelphia was named the Official National Monument to the great patriot, scientist and inventor.

(13) The Franklin Institute and four other major Franklin-related Philadelphia cultural institutions joined hands in 2000 to organize international programs to commemorate the forthcoming 300th anniversary of Franklin's birth in 2006.

(14) The Congress passed the Benjamin Franklin Tercentenary Act in 2002, creating a panel of distinguished Americans, with its Secretariat in Philadelphia, to work with the private sector in recommending appropriate Tercentenary programs."

Castle's bill called for a pair of Silver Dollars, with a maximum mintage of 250,000 each. One of the coins was to represent a "Younger" Franklin on its obverse. the other an "Older" Franklin. The reverse of the "Younger" Franklin coin was to "bear an image related to Benjamin Franklin's role as a patriot and a statesman." The reverse of the "Older" Franklin coin was to "bear an image related to Benjamin Franklin's role in developing the early coins and currency of the new country. Proof and Uncirculated coins were authorized for each design, with coins to be struck in Philadelphia

The coin designs were to include all standard US coinage inscriptions and bear the date "2006". Designs were to be selected by the Secretary of the Treasury after consulting with the Commission of Fine Arts. The Citizens Coin Advisory Committee was to serve in a review capacity.

The coining authority for the program was from January 1,2006 through December 31, 2006 - one calendar year.

The Issue Price of each Silver Dollar was to include a surcharge of $10, with collected surcharges being paid to the Benjamin Franklin Tercentenary Commission, "to be used to educate people everywhere about the important legacy of Benjamin Franklin."

The bill did not receive Committee action for more than a year, however, so Representative Castle motioned that the Committee be discharged and the measure be considered in the full House. The motion was carried and the House took up consideration of the bill. During this consideration, Castle offered an amendment to the bill, by way of substitution. The amendment kept the maximum mintage figures, design specifications and per-coin surcharge amounts in place.

It did, however, change the distribution model for the collected surcharge. Under the amendment, the surcharges were to be distributed to the Franklin Institute "for purposes of the Benjamin Franklin Tercentenary Commission" vs. the Commission directly. The Benjamin Franklin National Memorial is located within Philadelphia's Franklin Institute and the Commission's base was at the Institute (as was its Executive Director), so the distribution change was not unreasonable.

The amendment was agreed to in the House without issue and sent to the Senate for its consideration. The amended bill faced no opposition in the Senate, and was passed without objection. The bill was then examined and signed in each chamber before being presented to the President. The bill was signed in Public Law on December 21, 2004 by US President George Walker Bush.

At the time when the House bill was held up in Committee with no visible action - June 2004 - Joseph R. Biden, Jr. (D-DE) introduced a Franklin coin bill in the Senate. It was not identical to Representative Castle's bill, but it did retain its major provisions/specifications.

Biden's bill added a new "Finding":

- the Franklin Institute and 4 other major Benjamin Franklin-related Philadelphia cultural institutions joined hands in 2000 to organize international programs to commemorate the forthcoming 300th anniversary of Franklin's birth in 2006;

Biden's bill also altered the surcharge distribution language, with collected surcharges specified as being paid to the Franklin Institute, "for purposes of the celebration of the Benjamin Franklin Tercentenary." The Tercentenary Commission was not referenced. This could be interpreted (in conjunction with the bill's new "Finding") that surcharge funds could ultimately be distributed to organizations other than the Tercentenary Commission.

The Senate bill was referred to the Senate Committee on Banking, Housing, and Urban Affairs; the Biden bill did not move forward. As noted above, Castle's House bill was revived via amendment and went on to be signed into Law.


If you missed the story of the Benjamin Franklin Tercentenary Commission, check it out here: Part I / The Commission

If you're ready for a discussion of the Franklin Silver Dollars, see: Part III / The Coins


For other of my posts about commemorative coins and medals, including more about modern US commemorative coins, see: Commems Collection