H.R. 2968 (112th): James Monroe Commemorative Coin Act

112th Congress, 2011–2013. Text as of Sep 20, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 2968

IN THE HOUSE OF REPRESENTATIVES

September 20, 2011

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To require the Secretary of the Treasury to mint coins in commemoration of President James Monroe, and for other purposes.

1.

Short title

This Act may be cited as the James Monroe Commemorative Coin Act.

2.

Findings

The Congress hereby finds as follows:

(1)

James Monroe was the only United States President besides George Washington to have actively served in the regular military during the Revolutionary War.

(2)

James Monroe—

(A)

participated in the Battles of Harlem Heights and White Plains;

(B)

crossed the Delaware River in advance of George Washington;

(C)

was seriously wounded at the Battle of Trenton and cited for conspicuous gallantry;

(D)

wintered with the Continental Army at Valley Forge; and

(E)

subsequently participated in the Battles of Brandywine, Germantown and Monmouth.

(3)

James Monroe served at the State level in the Virginia House of Delegates and served 4 times as the Governor of Virginia.

(4)

James Monroe served at the national level as a member of the Continental Congress, United States Senator, Minister to France (negotiating the Louisiana Purchase), Minister to Spain, Minister to England, Secretary of War, and Secretary of State (he was the only person to ever hold those 2 posts simultaneously, defending the Nation during the War of 1812), and finally as President of the United States from 1817–1825.

(5)

James Monroe's accomplishments as President included the purchase of Florida, limiting the expansion of slavery, the admission of Maine and Missouri as States, and the promulgation of principles that became known as the Monroe Doctrine on December 2, 1823, expanding the concept of hemispheric independence beyond the United States—truly making him one of the most important figures in our Nation's history.

(6)

The bicentennial of the election of James Monroe as President will occur in 2016, an election which ushered in what has been known since as the Era of Good Feelings.

3.

Coin specifications

(a)

Denominations

In commemoration of the bicentennial of the election of James Monroe to the first of 2 terms as President of the United States of America, the Secretary of the Treasury (hereafter in this Act referred to as the “Secretary”) shall mint and issue the following coins:

(1)

$50 gold coins

Not more than 20,000 $50 gold coins which shall—

(A)

weigh 33.931 grams;

(B)

have a diameter of 32.7 millimeters; and

(C)

contain 1 troy ounce of fine gold.

(2)

$1 silver coins

Not more than 275,000 $1 coins which shall—

(A)

weigh 26.73 grams;

(B)

have a diameter of 1.500 inches; and

(C)

contain 90 percent silver and 10 percent copper.

(3)

Half dollar clad coins

Not more than 500,000 half dollar coins, which shall—

(A)

weigh 11.34 grams;

(B)

have a diameter of 1.205 inches; and

(C)

be minted to the specifications for half dollar coins, contained in section 5112(b) of title 31, United States Code.

(b)

Legal tender

The coins minted under this Act shall be legal tender, as provided in section 5103 of title 31, United States Code.

(c)

Numismatic items

For purposes of section 5134 of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items.

4.

Design of coins

(a)

Design requirements

(1)

In general

The design of the coins minted under this Act shall be emblematic of President James Monroe and his immeasurable contributions to the United States.

(2)

Obverse

The obverse of the coins minted under this Act shall bear the side profile image of President James Monroe based upon Rembrandt Peale's 1830 portrait which the James Monroe Memorial Foundation donated to The Commonwealth of Virginia in 1964.

(3)

Reverse

The reverse of the coins minted under this Act shall bear the image of the Monroe birthplace as drawn by the Colonial Williamsburg Foundation based on the 1830 drawing published as an etching.

(4)

Designations and inscriptions

On each coin minted under this Act, there shall be—

(A)

a designation of the value of the coin;

(B)

an inscription of the year 2016; and

(C)

inscriptions of the words Liberty, In God We Trust, United States of America, and E Pluribus Unum.

(b)

Selection

The design for the coins minted under this Act shall—

(1)

be selected by the Secretary, after consultation with the James Monroe Memorial Foundation and the Commission of Fine Arts; and

(2)

be reviewed by the Citizens Coinage Advisory Committee.

5.

Issuance of coins

(a)

Quality of coins

Coins minted under this Act shall be issued in uncirculated and proof qualities.

(b)

Mint facilities

For each of the 3 coins minted under this Act, at least 1 facility of the United States Mint shall be used to strike proof quality coins, while at least 1 other such facility shall be used to strike the uncirculated quality coins.

(c)

Period for issuance

The Secretary may issue coins minted under this Act only during the 1-year period beginning on January 1, 2016.

6.

Sale of coins

(a)

Sale price

The coins issued under this Act shall be sold by the Secretary at a price equal to the sum of—

(1)

the face value of the coins;

(2)

the surcharge provided in section 7(a) with respect to such coins; and

(3)

the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).

(b)

Bulk sales

The Secretary shall make bulk sales of the coins issued under this Act at a reasonable discount.

(c)

Prepaid orders

(1)

In general

The Secretary shall accept prepaid orders for the coins minted under this Act before the issuance of such coins.

(2)

Discount

Sale prices with respect to prepaid orders under paragraph (1) shall be at a reasonable discount.

7.

Surcharges

(a)

In general

All sales of coins minted under this Act shall include a surcharge as follows:

(1)

A surcharge of $35 per coin for the $50 coin.

(2)

A surcharge of $10 per coin for the $1 coin.

(3)

A surcharge of $5 per coin for the half dollar coin.

(b)

Distribution

Subject to section 5134(f) of title 31, United States Code, all surcharges received by the Secretary from the sale of coins issued under this Act shall be promptly paid by the Secretary to the James Monroe Memorial Foundation for use for the following purposes:

(1)

Development of the reconstructed birthplace of the 5th President, associated farm buildings, and a visitor and education center at the James Monroe Birthplace in Westmoreland County, Virginia.

(2)

Continuing support of that facilities described in paragraph (1), including the acquisition of land originally owned by the Monroe Family.

(3)

Supporting education programs about President James Monroe, the Monroe Doctrine, including an online library.

(4)

Collecting and preserving artifacts and historical items related to President Monroe, the Monroe Doctrine, and his era which was known as The Era of Good Feelings.

(c)

Audits

The James Monroe Memorial Foundation shall be subject to the audit requirements of section 5134(f)(2) of title 31, United States Code, with regard to the amounts received by such Foundation under subsection (b).

(d)

Limitation

Notwithstanding subsection (a), no surcharge may be included with respect to the issuance under this Act of any coin during a calendar year if, as of the time of such issuance, the issuance of such coin would result in the number of commemorative coin programs issued during such year to exceed the annual 2 commemorative coin program issuance limitation under section 5112(m)(1) of title 31, United States Code (as in effect on the date of the enactment of this Act). The Secretary of the Treasury may issue guidance to carry out this subsection.