American Liberty Coinage and Deficit Reduction Act of 2013

Summary: American Liberty Coinage and Deficit Reduction Act of 2013 - Directs the Secretary of the Treasury to study the estimated effect of coinage under this Act on the federal budget deficit over the 10-year period beginning on January 1, 2015. Directs the Secretary, if the study estimates a deficit reduction of $100 million or more, to mint and issue in calendar 2015 and every second ensuing year dime and numismatic half dollar coins, and in calendar 2016 and every second ensuing year quarter dollar coins, meeting specified criteria that commemorate and celebrate American liberty, &quot;the Union,&quot; and the American values and attributes of freedom, independence, civil governance, enlightenment, peace, strength, equality, democracy, and justice. Authorizes the Secretary to mint and issue such coins with a content of .999 fine silver obtained from available resources, including stockpiles established under the Strategic and Critical Materials Stock Piling Act.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Liberty Coinage and Deficit 
Reduction Act of 2013''.

SEC. 2. FINDINGS.

    The Congress finds as follows:
            (1) The 50 State Quarters Program showed that a circulating 
        commemorative coinage program that incorporates recurring 
        design change dramatically increases seigniorage--the profit 
        realized by the Mint from the amount that the face value of 
        coins produced by the Mint exceeds the costs of production and 
        distribution.
            (2) Pursuant to the President's 1967 Commission on Budget 
        Concepts, seigniorage proceeds are used to reduce the amount 
        the government would otherwise borrow from the public to 
        finance the budget deficit. Thus, programs that increase 
        seigniorage provide a means to reduce the budget deficit 
        without increasing taxes or cutting spending.
            (3) During the 10 years of the 50 State Quarters Program, 
        the cumulative production of quarter dollars exceeded 
        34,000,000,000, representing a 136 percent increase in quarter 
        dollar production as compared to the cumulative 10-year period 
        immediately preceding the program. This enhanced production 
        level of quarter dollars resulted in increased seigniorage 
        revenues of approximately $3,000,000,000 and, therefore, an 
        equal reduction in the budget deficit.
            (4) The Mint has estimated that 147,000,000 Americans 
        became collectors of 50 State quarters, demonstrating that the 
        demand for circulating coins--for purposes beyond the needs of 
        commerce--increases significantly when frequent and systematic 
        design changes are made through a multiyear commemorative 
        design series.
            (5) Similar to the collector interest and resulting 
        seigniorage generated by the 50 State Quarters Program, the 
        Westward Journey Nickel Program, which issued a series of 5-
        cent coins between 2004 and 2006 bearing new obverse and 
        reverse designs commemorating the 200th anniversary of the 
        Lewis and Clark Expedition and honoring President Thomas 
        Jefferson, saw average annual nickel production increase by 
        593,200,000 units as compared to nickel production during the 2 
        years immediately preceding the program and the 2 years 
        immediately following it.
            (6) From the early 1790s through the early to mid 20th 
        century, allegorical depictions of ``Liberty'' dominated the 
        designs of circulating United States coins. Coinage from this 
        time period served as a constant reminder to Americans and the 
        world of a defining and distinctive value of American life and 
        culture--Liberty. These coins also provided some of the most 
        inspiring, uplifting, and beautiful coin designs ever created. 
        In numismatics, ``Liberty'' themed coins are among the most 
        sought after collectibles.
            (7) Given the potential that a new series of ``Liberty'' 
        coins would be highly collectible, if produced, such a program 
        would likely provide the means through which to significantly 
        increase seigniorage thereby reducing budget deficits.
            (8) A new ``Liberty'' themed coinage series would allow the 
        Nation to continue to honor the past presidents currently 
        depicted on United States coins by providing for the continued 
        and concurrent production and distribution of such coins 
        annually along with the new ``Liberty'' coins.
            (9) A new ``Liberty'' themed coinage series would 
        revitalize the design of United States coinage and return 
        circulating coinage to its position as not only a necessary 
        means of exchange in commerce but also as an object of 
        aesthetic beauty and symbol of core American values.
            (10) In order to increase the seigniorage produced by the 
        United States Mint thereby reducing deficits to be financed by 
        the United States it is appropriate to introduce a new series 
        of circulating commemorative ``Liberty'' themed coins that 
        would alternate annually between the dime and quarter dollar as 
        1-year issues. Additionally, introduction of a new ``Liberty'' 
        themed half dollar produced for noncirculating numismatic 
        purposes would further enhance seigniorage.
            (11) Beginning in 2015, the Act provides for the 
        introduction of a 1-year circulating commemorative ``Liberty'' 
        themed dime that would be produced and distributed concurrently 
        with the existing dime depicting the image of President 
        Franklin D. Roosevelt. After 2015, the image of President 
        Roosevelt would continue to be utilized on the standard issue 
        circulating dime. Subsequently, in 2016, the Act provides for 
        the introduction of a 1-year circulating commemorative 
        ``Liberty'' themed quarter dollar that would be produced and 
        distributed concurrently with the existing quarter dollar 
        depicting the image of President George Washington. The 
        Washington design would continue to be used in future years. In 
        2017, the process would begin again with the introduction of a 
        new 1-year ``Liberty'' themed dime, bearing a new ``Liberty'' 
        design that would be co-issued alongside the regular issue 
        Roosevelt Dime. In 2018, a new 1-year ``Liberty'' themed 
        quarter would be co-issued and the process would continue on a 
        perpetual basis into future years.
            (12) Sequencing a new ``Liberty'' design each year is an 
        important aspect of the program designed to continually renew 
        collector interest and, therefore, promote demand for the coins 
        in a manner to maximize seigniorage realized by the United 
        States Mint.
            (13) A ``Liberty'' themed program would also include a new 
        ``Liberty'' half dollar bearing a design to be utilized for a 
        10-year term, to be issued as an ongoing annual noncirculating 
        numismatic collector's series. The ``Liberty'' half dollar 
        would be issued along with the noncirculating Kennedy half 
        dollar. At the end of each 10-year term, a new ``Liberty'' 
        design would be implemented with designs continuing thereafter 
        in a recurring 10-year cycle.
            (14) Providing collectors with a new ``Liberty'' half 
        dollar series will provide an increase in the Mint's numismatic 
        profits and bolster the objectives of the program to annually 
        reduce budget deficits.
            (15) A series of circulating commemorative ``Liberty'' 
        themed coins will provide a new platform for the advancement of 
        American medallic art through a medium where Americans commonly 
        encounter public art--the Nation's pocket change.

SEC. 3. AMERICAN LIBERTY COIN PROGRAM.

    (a) Program Contingent on Deficit Reduction.--
            (1) Determination.--The Secretary of the Treasury shall 
        carry out a study on the estimated effect of the amendment made 
        by subsection (b) on the Federal budget deficit over the 10-
        year period beginning on January 1, 2015.
            (2) Report.--Not later than the end of the 90-day period 
        beginning on the date of the enactment of this Act, the 
        Secretary shall issue a report to the Congress containing the 
        estimate determined under paragraph (1) and an explanation of 
        how such estimate was calculated.
            (3) Effective date.--The amendment made by subsection (b) 
        shall take effect on the earlier of--
                    (A) the date that the report is issued under 
                paragraph (2), if the Secretary determines in such 
                report that the effect on the Federal budget deficit 
                over the 10-year period beginning on January 1, 2015, 
                will lead to a reduction in the deficit over such 
                period of $100,000,000 or more; and
                    (B) the end of the 91-day period beginning on the 
                date of the enactment of this Act, if the Secretary 
                fails to make the report under paragraph (2) within the 
                required 90-day period.
    (b) Program.--Section 5112 of title 31, United States Code, is 
amended by adding at the end the following:
    ``(w) Issuance of Circulating Dime and Quarter Dollar Coins and 
Numismatic Half Dollar Coins Commemorating and Celebrating American 
Liberty, `the Union', and the American Values and Attributes of 
Freedom, Independence, Civil Governance, Enlightenment, Peace, 
Strength, Equality, Democracy, and Justice.--
            ``(1) Dime coins.--
                    ``(A) In general.--The Secretary shall mint and 
                issue dime coins in calendar year 2015, and every 
                second year thereafter, that--
                            ``(i) have obverse designs that are 
                        emblematic and allegoric of the concept of 
                        `American Liberty'; and
                            ``(ii) have reverse designs that--
                                    ``(I) depict an American bald 
                                eagle;
                                    ``(II) depict a fasces emblematic 
                                of civil governance;
                                    ``(III) depict the torch of 
                                knowledge;
                                    ``(IV) are emblematic and allegoric 
                                of `The Union'; or
                                    ``(V) depict one or more of the 
                                American values and attributes of 
                                freedom, independence, peace, strength, 
                                equality, democracy, and justice.
                    ``(B) Quantity of issuance.--With respect to a 
                calendar year in which dime coins are issued pursuant 
                to subparagraph (A), the Secretary shall ensure that, 
                of the total number of dime coins issued in such 
                calendar year, not less than 40 percent and not more 
                than 50 percent of such coins are made up of dime coins 
                issued pursuant to subparagraph (A).
            ``(2) Quarter dollar coins.--
                    ``(A) In general.--The Secretary shall mint and 
                issue quarter dollar coins in calendar year 2016, and 
                every second year thereafter, that--
                            ``(i) have obverse designs that are 
                        emblematic and allegoric of the concept of 
                        `American Liberty'; and
                            ``(ii) have reverse designs that--
                                    ``(I) depict an American bald 
                                eagle;
                                    ``(II) depict a fasces emblematic 
                                of civil governance;
                                    ``(III) depict the torch of 
                                knowledge;
                                    ``(IV) are emblematic and allegoric 
                                of `The Union'; or
                                    ``(V) depict one or more of the 
                                American values and attributes of 
                                freedom, independence, peace, strength, 
                                equality, democracy, and justice.
                    ``(B) Quantity of issuance.--With respect to a 
                calendar year in which quarter dollar coins are issued 
                pursuant to subparagraph (A), the Secretary shall 
                ensure that, of the total number of quarter dollar 
                coins issued in such calendar year, not less than 40 
                percent and not more than 50 percent of such coins are 
                made up of quarter dollar coins issued pursuant to 
                subparagraph (A).
            ``(3) Half dollar coins.--
                    ``(A) In general.--The Secretary shall mint and 
                issue half dollar coins in calendar year 2015, and 
                every year thereafter, with designs that shall be 
                changed every 10 years, that--
                            ``(i) have obverse designs that are 
                        emblematic and allegoric of the concept of 
                        `American Liberty'; and
                            ``(ii) have reverse designs that--
                                    ``(I) depict an American bald 
                                eagle;
                                    ``(II) depict a fasces emblematic 
                                of civil governance;
                                    ``(III) depict the torch of 
                                knowledge;
                                    ``(IV) are emblematic and allegoric 
                                of `The Union'; or
                                    ``(V) depict one or more of the 
                                American values and attributes of 
                                freedom, independence, peace, strength, 
                                equality, democracy, and justice.
                    ``(B) Consideration of liberty mini dollar.--The 
                1977 Liberty mini dollar design prepared by former 
                United States Chief Sculptor and Engraver Frank 
                Gasparro shall be considered along with other potential 
                designs for half dollar coins issued under this 
                paragraph.
                    ``(C) Quantity of issuance.--With respect to a 
                calendar year, the Secretary shall ensure that, of the 
                total number of half dollar coins issued in such 
                calendar year, not less than 40 percent and not more 
                than 50 percent of such coins are made up of half 
                dollar coins issued pursuant to subparagraph (A).
            ``(4) Design requirements.--The coins issued in accordance 
        with paragraphs (1), (2), and (3) shall meet the following 
        design requirements:
                    ``(A) Coin obverse.--The design on the obverse 
                shall--
                            ``(i) be chosen by the Secretary, after 
                        consultation with the Commission of Fine Arts 
                        and review by the Citizens Coinage Advisory 
                        Committee;
                            ``(ii) contain the inscriptions `Liberty' 
                        and `In God We Trust'; and
                            ``(iii) contain the inscription of the year 
                        of minting and issuance of the coin.
                    ``(B) Coin reverse.--The design on the reverse 
                shall--
                            ``(i) be chosen by the Secretary, after 
                        consultation with the Commission of Fine Arts 
                        and review by the Citizens Coinage Advisory 
                        Committee;
                            ``(ii) contain the inscription `United 
                        States of America' and `E Pluribus Unum'; and
                            ``(iii) contain a designation of the value 
                        of the coin.
                    ``(C) Selection and approval process.--Designs for 
                coins issued pursuant to 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) Participation.--The Secretary may include 
                participation by artists from the States and engravers 
                of the United States Mint.
            ``(5) Issuance of numismatic coins.--The Secretary may mint 
        and issue such number of coins of each design selected under 
        this subsection in uncirculated and proof qualities as the 
        Secretary determines to be appropriate. To assure availability 
        of dimes and quarter dollars minted and issued under this 
        subsection in uncirculated qualities for numismatic purposes, a 
        portion of any such coins shall be offered in rolls and bags at 
        face value plus issuance costs.
            ``(6) Silver coins.--
                    ``(A) In general.--Notwithstanding subsection (b), 
                the Secretary may mint and issue such number of dimes, 
                quarter dollar coins, and half dollar coins of each 
                design selected under this subsection as the Secretary 
                determines to be appropriate, with a content of .999 
                fine silver.
                    ``(B) Sources of bullion.--The Secretary shall 
                obtain silver for minting coins under this paragraph 
                from available resources, including stockpiles 
                established under the Strategic and Critical Materials 
                Stock Piling Act.''.