39–006 

109TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 1st Session 109–39 

PRESIDENTIAL $1 COIN ACT OF 2005 

APRIL 13, 2005.—Committed to the Committee of the Whole House on the State of 

the Union and ordered to be printed 

Mr. OXLEY, from the Committee on Financial Services, 

submitted the following 

R E P O R T 

[To accompany H.R. 902] 

[Including cost estimate of the Congressional Budget Office] 

The Committee on Financial Services, to whom was referred the 

bill (H.R. 902) to improve circulation of the $1 coin, create a new 

bullion coin, and for other purposes, having considered the same, 

report favorably thereon with amendments and recommend that 

the bill as amended do pass. 

CONTENTS 

Page 

Purpose and Summary ............................................................................................ 7 

Background and Need for Legislation .................................................................... 8 

Hearings ................................................................................................................... 9 

Committee Consideration ........................................................................................ 9 

Committee Votes ...................................................................................................... 9 

Committee Oversight Findings ............................................................................... 9 

Performance Goals and Objectives ......................................................................... 9 

New Budget Authority, Entitlement Authority, and Tax Expenditures ............. 10 

Committee Cost Estimate ....................................................................................... 10 

Congressional Budget Office Estimate ................................................................... 10 

Federal Mandates Statement ................................................................................. 14 

Advisory Committee Statement .............................................................................. 14 

Constitutional Authority Statement ...................................................................... 14 

Applicability to Legislative Branch ........................................................................ 14 

Section-by-Section Analysis of the Legislation ...................................................... 14 

Changes in Existing Law Made by the Bill, as Reported ..................................... 16 

The amendments are as follows: 

Strike all after the enacting clause and insert the following: 

SECTION 1. SHORT TITLE. 

This Act may be cited as the ‘‘Presidential $1 Coin Act of 2005’’. 

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TITLE I—PRESIDENTIAL $1 COINS 

SEC. 101. FINDINGS. 

The Congress finds as follows: 

(1) There are sectors of the United States economy, including public transportation, parking meters, vending machines and low-dollar value transactions, in 

which the use of a $1 coin is both useful and desirable for keeping costs and 

prices down. 

(2) For a variety of reasons, the new $1 coin introduced in 2000 has not been 

widely sought after by the public, leading to higher costs for merchants and 

thus higher prices for consumers. 

(3) The success of the 50 States Commemorative Coin Program for circulating 

quarter dollars shows that a design on a United States circulating coin that is 

regularly changed in a manner similar to the systematic change in designs in 

such Program radically increases demand for the coin, rapidly pulling it 

through the economy. 

(4) The 50 States Commemorative Coin Program also has been an educational 

tool, teaching both Americans and visitors something about each State for 

which a quarter has been issued. 

(5) A national survey and study by the Government Accountability Office has 

indicated that many Americans who do not seek, or who reject, the new $1 coin 

for use in commerce would actively seek the coin if an attractive, educational 

rotating design were to be struck on the coin. 

(6) The President is the leader of our tripartite government and the President’s spouse has often set the social tone for the White House while spearheading and highlighting important issues for the country. 

(7) Sacagawea, as currently represented on the new $1 coin, is an important 

symbol of American history. 

(8) Many people cannot name all of the Presidents, and fewer can name the 

spouses, nor can many people accurately place each President in the proper 

time period of American history. 

(9) First Spouses have not generally been recognized on American coinage. 

(10) In order to 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 in its own right, it is appropriate to move many of the mottos and emblems, the inscription of the year, 

and the so-called ‘‘mint marks’’ that currently appear on the 2 faces of each circulating coin to the edge of the coin, which would allow larger and more dramatic artwork on the coins reminiscent of the so-called ‘‘Golden Age of Coinage’’ 

in the United States, at the beginning of the Twentieth Century, initiated by 

President Theodore Roosevelt, with the assistance of noted sculptors and 

medallic artists James Earle Fraser and Augustus Saint-Gaudens. 

(11) Placing inscriptions on the edge of coins, known as edge-incusing, is a 

hallmark of modern coinage and is common in large-volume production of coinage elsewhere in the world, such as the 2,700,000,000 2-Euro coins in circulation, but it has not been done on a large scale in United States coinage in recent 

years. 

(12) Although the Congress has authorized the Secretary of the Treasury to 

issue gold coins with a purity of 99.99 percent, the Secretary has not done so. 

(13) Bullion coins are a valuable tool for the investor and, in some cases, an 

important aspect of coin collecting. 

SEC. 102. PRESIDENTIAL $1 COIN PROGRAM. 

Section 5112 of title 31, United States Code, is amended by inserting after subsection (m) the following new subsection: 

‘‘(n) REDESIGN AND ISSUANCE OF CIRCULATING $1 COINS HONORING EACH OF THE

PRESIDENTS OF THE UNITED STATES.— 

‘‘(1) REDESIGN BEGINNING IN 2007.— 

‘‘(A) IN GENERAL.—Notwithstanding subsection (d) and in accordance with 

the provisions of this subsection, $1 coins issued during the period beginning January 1, 2007, and ending upon the termination of the program 

under paragraph (6) shall have designs on the obverse selected in accordance with paragraph (2)(B) which are emblematic of the Presidents of the 

United States and a design on the reverse selected in accordance with paragraph (2)(A). 

‘‘(B) CONTINUITY PROVISION.—Notwithstanding subparagraph (A), the 

Secretary shall continue to mint and issue $1 coins which bear the design 

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on $1 coins being minted and issued before the issuance of coins as required 

under this subsection. 

‘‘(2) DESIGN REQUIREMENTS.—The $1 coins issued in accordance with paragraph (1)(A) shall meet the following design requirements: 

‘‘(A) COIN REVERSE.—The design on the reverse shall bear— 

‘‘(i) a likeness of the Statue of Liberty extending to the rim of the 

coin and large enough to provide a dramatic representation of Liberty 

while not being large enough to create the impression of a ‘2-headed’ 

coin; 

‘‘(ii) the inscription ‘$1’ ; and 

‘‘(iii) the inscription ‘United States of America’. 

‘‘(B) COIN OBVERSE.—The design on the obverse shall contain the name 

and likeness of a President of the United States and basic information 

about the President, including the dates or years of the term of office of 

such President and a number indicating the order of the period of service 

in which the President served. 

‘‘(C) EDGE-INCUSED INSCRIPTIONS.— 

‘‘(i) IN GENERAL.—The inscription of the year of minting or issuance 

of the coin and the inscriptions ‘E Pluribus Unum’ and ‘In God We 

Trust’ 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. 

‘‘(D) INSCRIPTIONS OF ‘LIBERTY’.—Notwithstanding the 2d sentence of subsection (d)(1), because the use of a design bearing the likeness of the Statue 

of Liberty on the reverse of the coins issued under this subsection adequately conveys the concept of Liberty, the inscription of ‘Liberty’ shall not 

appear on the coins. 

‘‘(E) PROHIBITION ON SITTING PRESIDENT IN SERIES.—No coin issued under 

this subsection may bear the image of a President who, at the time of 

issuance, is currently serving as President. 

‘‘(3) ISSUANCE OF COINS COMMEMORATING PRESIDENTS.— 

‘‘(A) ORDER OF ISSUANCE.—The coins issued under this subsection commemorating Presidents of the United States shall be issued in the order of 

the period of service of each President, beginning with President George 

Washington. 

‘‘(B) TREATMENT OF PERIOD OF SERVICE.— 

‘‘(i) IN GENERAL.—Subject to clause (ii), only 1 coin design shall be 

issued for a period of service for any President, no matter how many 

consecutive terms of office the President served. 

‘‘(ii) NONCONSECUTIVE TERMS.—If a President has served during 2 or 

more nonconsecutive periods of service, a coin shall be issued under 

this subsection for each such nonconsecutive period of service. 

‘‘(4) ISSUANCE OF COINS COMMEMORATING 4 PRESIDENTS DURING EACH YEAR OF

THE PERIOD.— 

‘‘(A) IN GENERAL.—The designs for the $1 coins issued during each year 

of the period referred to in paragraph (1) shall be emblematic of 4 Presidents until each President has been so honored, subject to paragraph (2)(E). 

‘‘(B) NUMBER OF 4 CIRCULATING 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 (1). 

‘‘(5) 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. 

‘‘(6) TERMINATION OF PROGRAM.—The issuance of coins under this subsection 

shall terminate when each President has been so honored, subject to paragraph 

(2)(E), and may not be resumed except by an Act of Congress. 

‘‘(7) REVERSION TO PRECEDING DESIGN.—Upon the termination of the issuance 

of coins under this subsection, the design of all $1 coins shall revert to the the 

so-called ‘Sacagawea-design’ $1 coins.’’. 

SEC. 103. FIRST SPOUSE BULLION COIN PROGRAM. 

Section 5112 of title 31, United States Code, is amended by inserting after subsection (n) (as added by the preceding section of this title) the following new subsection: 

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‘‘(o) FIRST SPOUSE BULLION COIN PROGRAM.— 

‘‘(1) IN GENERAL.—During the same period in which the $1 coins are issued 

under subsection (n) which are emblematic of the Presidents of the United 

States, the Secretary of the Treasury shall issue bullion coins under this subsection that are emblematic of the spouse of each such President. 

‘‘(2) SPECIFICATIONS.—The coins issued under this subsection shall— 

‘‘(A) have the same diameter as the $1 coins described in subsection (n); 

‘‘(B) weigh 0.5 ounce; and 

‘‘(C) contain 99.99 percent pure gold. 

‘‘(3) DESIGN REQUIREMENTS.— 

‘‘(A) COIN OBVERSE.—The design on the obverse of each coin issued under 

this subsection shall contain— 

‘‘(i) the name and likeness of a person who was a spouse of a President during the President’s period of service; 

‘‘(ii) an inscription of the years during which such person was the 

spouse of a President during the President’s period of service; and 

‘‘(iii) the number indicating the order of the period of service in which 

such President served. 

‘‘(B) COIN REVERSE.—The design on the reverse of each coin issued under 

this subsection shall bear— 

‘‘(i) images emblematic of the life and work of the First Spouse whose 

image is borne on the obverse; and 

‘‘(ii) the inscription ‘United States of America’. 

‘‘(C) DESIGNATED DENOMINATION.—Each coin issued under this subsection 

shall bear, on the reverse, an inscription of the nominal denomination of 

the coin which shall be ‘$10’. 

‘‘(D) DESIGN IN CASE OF NO FIRST SPOUSE.—In the case of any President 

who served without a spouse— 

‘‘(i) the image on the obverse of the bullion coin corresponding to the 

$1 coin relating to such President shall be an image emblematic of the 

concept of ‘Liberty’— 

‘‘(I) as represented on a United States coin issued during the period of service of such President; or 

‘‘(II) as represented, in the case of President Chester Alan Arthur, by a design incorporating the name and likeness of Alice 

Paul, a leading strategist in the suffrage movement, who was instrumental in gaining women the right to vote upon the adoption 

of the 19th amendment and thus participate in the election of future Presidents, and who was born on January 11, 1885, during 

the term of President Arthur; and 

‘‘(ii) the reverse of such bullion coin shall be of a design representative of themes of such President, except that in the case of the bullion 

coin referred to in clause (i)(II) the reverse of such coin shall be representative of the suffrage movement. 

‘‘(E) DESIGN AND COIN FOR EACH SPOUSE.—A separate coin shall be designed and issued under this section for each person who was the spouse 

of a President during any portion of a term of office of such President. 

‘‘(F) INSCRIPTIONS.—Each bullion coin issued under this subsection shall 

bear the inscription of the year of minting or issuance of the coin and such 

other inscriptions as the Secretary may determine to be appropriate. 

‘‘(4) SALE OF BULLION COINS.—Each bullion coin issued under this subsection 

shall be sold for an amount the Secretary of the Treasury determines to be appropriate that is equal to or greater than the sum of— 

‘‘(A) the face value of the coins; and 

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

‘‘(5) ISSUANCE OF COINS COMMEMORATING FIRST SPOUSES.— 

‘‘(A) IN GENERAL.—The bullion coins issued under this subsection with respect to any spouse of a President shall be issued on the same schedule as 

the $1 coin issued under subsection (n) with respect to such President. 

‘‘(B) MAXIMUM NUMBER OF BULLION COINS FOR EACH DESIGN.—The Secretary shall— 

‘‘(i) prescribe, on the basis of such factors as the Secretary determines 

to be appropriate, the maximum number of bullion coins that shall be 

issued with each of the designs selected under this subsection; and 

‘‘(ii) announce, before the issuance of the bullion coins of each such 

design, the maximum number of bullion coins of that design that will 

be issued. 

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‘‘(C) TERMINATION OF PROGRAM.—No bullion coin may be issued under 

this subsection after the termination, in accordance with subsection (n)(6), 

of the $1 coin program established under subsection (n). 

‘‘(6) QUALITY OF COINS.—The bullion coins shall be issued in both proof and 

uncirculated qualities. 

‘‘(7) SOURCE OF GOLD BULLION.—The Secretary shall acquire gold for the coins 

issued under this subsection by purchase of gold mined from natural deposits 

in the United States, or in a territory or possession of the United States, within 

1 year after the month in which the ore from which it is derived was mined. 

The Secretary shall pay not more than the average world price for the gold. 

‘‘(8) BRONZE MEDALS.—The Secretary may strike and sell bronze medals that 

bear the likeness of the bullion coins authorized under this subsection, at a 

price, size, and weight, and with such inscriptions, as the Secretary determines 

to be appropriate.’’. 

SEC. 104. SENSE OF THE CONGRESS. 

It is the sense of the Congress that— 

(1) the enactment of this Act will serve to increase the use of $1 coins generally, which will increase the circulation of the so-called ‘‘Sacagawea-design’’ $1 

coins that have been and will continue to be minted and issued; 

(2) the continued minting and issuance of the so-called ‘‘Sacagawea-design’’ $1 

coins will serve as a lasting tribute to the role of women and Native Americans 

in the history of the United States; 

(3) while the American tradition of not issuing a coin with the image of a living person has served the country well and deserves to be continued as a general practice, in a series of coins commemorating former Presidents, all former 

Presidents should be so honored notwithstanding such tradition; 

(4) the full circulation potential and cost-savings benefit projections for the $1 

coins are not likely to be achieved unless the coins are delivered in ways useful 

to ordinary commerce; 

(5) in order for the circulation of $1 coins to achieve maximum potential— 

(A) the coins should be as attractive as possible; and 

(B) the Director of the United States Mint should take all reasonable 

steps to ensure that all $1 coins minted and issued remain tarnish-free for 

as long as possible without incurring undue expense; 

(6) if the Secretary of the Treasury determines to include on any $1 coin 

minted under section 5112(n) of title 31, United States Code (as added by section 102 of this Act) a mark denoting the United States Mint facility at which 

the coin was struck, such mark should be edge-incused; 

(7) at such time as the Secretary of the Treasury determines to be appropriate, and after consultation with the Board of Governors of the Federal Reserve System and the submission of notice to the Congress, the Secretary should 

declare to be obsolete any circulating $1 coin that bears the design of the $1 

coins being issued immediately before the issuance of coins with the design referred to in section 5112(n)(7) of title 31, United States Code; 

(8) in connection with the introduction of the $1 coins under the Presidential 

$1 Coin Program— 

(A) the coins should not be introduced with an overly expensive taxpayerfunded public relations campaign; and 

(B) the Director of the United States Mint, a bureau in the Department 

of the Treasury, should work with consumer groups, media outlets, and 

schools to ensure an adequate amount of news coverage about the start of 

the coin program so consumers will know of the availability of the coins; 

(9) the Board of Governors of the Federal Reserve System and the Secretary 

of the Treasury should take steps to ensure that an adequate supply of $1 coins 

are available for commerce and collectors at such places and in such quantities 

as are appropriate by— 

(A) meeting, from time to time but no less frequently than quarterly, with 

a coin users group that includes representatives of merchants who would 

benefit from the increased usage of $1 coins, vending machine and other 

coin acceptor manufacturers, vending machine owners and operators, transit officials, municipal parking officials, depository institutions, coin and 

currency handlers, armored-car operators, car wash operators, and coin collectors and dealers to accurately gauge demand for coins and to anticipate 

and eliminate obstacles to the easy and efficient distribution and circulation 

of $1 coins as well as all other circulating coins; 

(B) submitting a semiannual report to the Congress containing an assessment of the remaining obstacles to the efficient and timely circulation of 

coins, and particularly $1 coins, together with such recommendations for 

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legislative action the Board and the Secretary may determine to be appropriate; 

(C) consulting with industry representatives to encourage operators of 

vending machines and other automated coin-accepting devices in the United 

States to accept coins issued under the Presidential $1 Coin Program and 

the so-called ‘‘Sacagawea-design’’ $1 coins, and to include notices on the machines and devices of such acceptability; 

(D) ensuring that during an introductory period, all institutions that 

want unmixed supplies of each newly-issued design of $1 coins are able to 

obtain such unmixed supplies; and 

(E) consulting with representatives of depository institutions and armored-car operators to support the availability of $1 coins in packaging of 

sizes and types appropriate for and useful to ordinary commerce, including 

rolled coins; and 

(10) the Director of the United States Mint should take all steps necessary 

to expand the marketplace for bullion coins, and reduce barriers to the sale of 

bullion coins, by ensuring that— 

(A) the greatest number possible of reputable, reliable, and responsible 

dealers are qualified to offer for sale all bullion coins struck and issued by 

the United States Mint; and 

(B) all such dealers and their customers have equal and timely access to 

all new issues of such bullion coins. 

TITLE II—ABRAHAM LINCOLN BICENTENNIAL 

1-CENT COIN REDESIGN 

SEC. 201. FINDINGS. 

The Congress finds as follows: 

(1) Abraham Lincoln, the 16th President, was one of the Nation’s greatest 

leaders, demonstrating true courage during the Civil War, one of the greatest 

crises in the Nation’s history. 

(2) Born of humble roots in Hardin County (present-day LaRue County), Kentucky, on February 12, 1809, Abraham Lincoln rose to the Presidency through 

a combination of honesty, integrity, intelligence, and commitment to the United 

States. 

(3) With the belief that all men are created equal, Abraham Lincoln led the 

effort to free all slaves in the United States. 

(4) Abraham Lincoln had a generous heart, with malice toward none and with 

charity for all. 

(5) Abraham Lincoln gave the ultimate sacrifice for the country he loved, 

dying from an assassin’s bullet on April 15, 1865. 

(6) All Americans could benefit from studying the life of Abraham Lincoln, for 

Lincoln’s life is a model for accomplishing the ‘‘American dream’’ through honesty, integrity, loyalty, and a lifetime of education. 

(7) The year 2009 will be the bicentennial anniversary of the birth of Abraham Lincoln. 

(8) Abraham Lincoln was born in Kentucky, grew to adulthood in Indiana, 

achieved fame in Illinois, and led the nation in Washington, D.C. 

(9) The so-called ‘‘Lincoln cent’’ was introduced in 1909 on the 100th anniversary of Lincoln’s birth, making the obverse design the most enduring on the nation’s coinage. 

(10) President Theodore Roosevelt was so impressed by the talent of Victor 

David Brenner that the sculptor was chosen to design the likeness of President 

Lincoln for the coin, adapting a design from a plaque Brenner had prepared earlier. 

(11) In the nearly 100 years of production of the ‘‘Lincoln cent’’, there have 

been only 2 designs on the reverse: the original, featuring 2 wheat-heads in memorial style enclosing mottoes, and the current representation of the Lincoln 

Memorial in Washington, D.C. 

(12) On the occasion of the bicentennial of President Lincoln’s birth and the 

100th anniversary of the production of the Lincoln cent, it is entirely fitting to 

issue a series of 1-cent coins with designs on the reverse that are emblematic 

of the 4 major periods of President Lincoln’s life. 

SEC. 202. REDESIGN OF LINCOLN CENT FOR 2009. 

(a) IN GENERAL.—During the year 2009, the Secretary of the Treasury shall issue 

1-cent coins in accordance with the following design specifications: 

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(1) OBVERSE.—The obverse of the 1-cent coin shall continue to bear the Victor 

David Brenner likeness of President Abraham Lincoln. 

(2) REVERSE.—The reverse of the coins shall bear 4 different designs each representing a different aspect of the life of Abraham Lincoln, such as— 

(A) his birth and early childhood in Kentucky; 

(B) his formative years in Indiana; 

(C) his professional life in Illinois; and 

(D) his presidency, in Washington, D.C. 

(b) ISSUANCE OF REDESIGNED LINCOLN CENTS IN 2009.— 

(1) ORDER.—The 1-cent coins to which this section applies shall be issued 

with 1 of the 4 designs referred to in subsection (a)(2) beginning at the start 

of each calendar quarter of 2009. 

(2) NUMBER.—The Secretary shall prescribe, on the basis of such factors as 

the Secretary determines to be appropriate, the number of 1-cent coins that 

shall be issued with each of the designs selected for each calendar quarter of 

2009. 

(c) DESIGN SELECTION.—The designs for the coins specified in this section shall 

be chosen by the Secretary— 

(1) after consultation with the Abraham Lincoln Bicentennial Commission 

and the Commission of Fine Arts; and 

(2) after review by the Citizens Coinage Advisory Committee. 

SEC. 203. REDESIGN OF REVERSE OF 1-CENT COINS AFTER 2009. 

The design on the reverse of the 1-cent coins issued after December 31, 2009, 

shall bear an image emblematic of President Lincoln’s preservation of the United 

States of America as a single and united country. 

SEC. 204. NUMISMATIC PENNIES WITH THE SAME METALLIC CONTENT AS THE 1909 PENNY. 

The Secretary of the Treasury shall issue 1-cent coins in 2009 with the exact metallic content as the 1-cent coin contained in 1909 in such number as the Secretary 

determines to be appropriate for numismatic purposes 

SEC. 205. SENSE OF THE CONGRESS. 

It is the sense of the Congress that the original Victor David Brenner design for 

the 1-cent coin was a dramatic departure from previous American coinage that 

should be reproduced, using the original form and relief of the likeness of Abraham 

Lincoln, on the 1-cent coins issued in 2009. 

Amend the title so as to read: ‘‘A bill to improve circulation of the $1 coin, create 

a new bullion coin, provide for the redesign of the reverse of the Lincoln 1-cent coin 

in 2009 in commemoration of the 200th anniversary of the birth of President Abraham Lincoln, and for other purposes.’’. 

PURPOSE AND SUMMARY

H.R. 902, the Presidential $1 Coin Act of 2005, seeks to improve 

demand for and thus circulation of the current one-dollar coin, with 

the intent of saving money for business and thus restraining price 

increases for consumers. To do this, the legislation directs the Secretary of the Treasury to redesign the one-dollar coin over an appropriate period, beginning in 2007, issuing four different designs 

a year while continuing to issue the so-called ‘‘Sacagawea-design’’ 

$1 coin. Each Presidential design would depict the image and pertinent information about a President of the United States, in order 

of service. The reverse of the coin would depict an image of the 

Statue of Liberty. Additionally, the legislation directs the Treasury 

Secretary to begin issuing, concurrently with the Presidential dollars, pure-gold bullion coins depicting the First Spouses. The bill 

also proposes a number of methods to increase the circulation of 

the dollar coin. Finally, as amended in Committee, the legislation 

incorporates the text of H.R. 767, calling for the issuance of onecent coins in 2009 with four different reverse designs to commemorate the bicentennial of the birth of President Abraham Lincoln. 

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BACKGROUND AND NEED FOR LEGISLATION

Although it is clear that a widely circulating one-dollar coin 

would be useful in ordinary commerce for low-dollar-value transactions, recent attempts to introduce such a coin have been unsuccessful. The so-called Susan B. Anthony dollar, issued beginning in 

1979, was made of identical material and had identical edge treatment to the quarter-dollar, and despite the size difference between 

the two coins, sighted people as well as those with visual impairments had difficulty discerning the difference between the coins. 

More recently, in the 50 States Commemorative Coin Act (Public 

Law 105–124), Congress sought to address those problems by proscribing that the coin be golden in color—to make a visual difference from the quarter—and have a distinctive edge, with tactile 

features that would aid the visually impaired in identifying the 

coin. However, despite the success of those efforts and a large advertising campaign, after initial enthusiasm about the so-called 

‘‘golden’’ dollar first issued in 2000, demand fell drastically, as did 

availability. Two GAO reports and a hearing by the Domestic and 

International Monetary Policy, Trade and Technology Subcommittee highlighted several reasons, including the continued circulation of the confusing Susan B. Anthony dollar, lack of availability to businesses in packaging of appropriate sizes, lack of acceptance by many vending machines, etc. 

H.R. 902 seeks to address all of these barriers to circulation, as 

well as creating a demand for the coin similar to that for the 50- 

state quarter program, which more than tripled demand for that 

coin because professional and amateur collectors sought the various 

designs. According to one of the GAO studies, one potentially successful way to get the dollar coin into regular use would be to create demand by instituting a regularly-changed design on the obverse, or face, of the coin. The legislation adopts that approach, 

with the images of the Presidents on the obverse combined with 

use of the popular theme of the Statue of Liberty on the reverse. 

Additionally, the legislation calls for a series of pure-gold bullion 

coins featuring images of the First Spouses, to be issued in the 

same order and rate as the Presidential dollars, so that the dollar 

and bullion coins could, for example, be sold in pairs. 

In keeping with the educational theme established by the 50- 

State quarter program, one president (to date) would have two coin 

designs, as he served non-sequential terms. Two Presidents would 

have two spouse coins as they remarried while in office. Several 

would have no spouse coins, as they were not married while in office. For all of those except Chester A. Arthur, the coin would feature on the face the image of Liberty as represented by a circulating coin of the period; in the case of President Arthur, the image 

on the face would be that of Alice Paul, a suffragette strategist 

born during his term. Bronze copies of the bullion coins would be 

made available at a nominal cost for those who wanted to collect 

sets of First Spouses or Presidents and their spouses but did not 

wish to pay for the cost of a half-ounce of pure gold, plus processing 

and marketing costs. 

9 

HEARINGS

No hearings were held in the 109th Congress on this legislation. 

However, during the 108th Congress, the Subcommittee on Domestic and International Monetary Policy, Trade and Technology held 

a hearing on April 28, 2004, entitled ‘‘Money Matters: Coin and 

Currency Design and Counterfeiting issues’’ during which it considered H.R. 3916, which was essentially identical legislation to this 

bill. 

COMMITTEE CONSIDERATION

The Committee on Financial Services met in open session on 

March 16, 2005, and ordered H.R. 902 reported to the House, as 

amended, by a voice vote. 

COMMITTEE VOTES

Clause 3(b) of rule XIII of the Rules of the House of Representatives requires the Committee to list the record votes on the motion 

to report legislation and amendments thereto. No record votes were 

taken with in conjunction with the consideration of this legislation. 

A motion by Mr. Oxley to report the bill to the House with a favorable recommendation was agreed to by a voice vote. 

The Committee considered the following amendment: 

An amendment in the nature of a substitute by Mr. Oxley, 

No. 1, making various substantive and technical changes, was 

agreed to by a voice vote. 

COMMITTEE OVERSIGHT FINDINGS

Pursuant to clause 3(c)(1) of rule XIII of the Rules of the House 

of Representatives, the Committee held a hearing in the previous 

Congress, making findings that are reflected in this report. 

PERFORMANCE GOALS AND OBJECTIVES

Pursuant to clause 3(c)(4) of rule XIII of the Rules of the House 

of Representatives, the Committee establishes the following performance related goals and objectives for this legislation: 

The Secretary of the Treasury shall use the authority granted in 

this legislation to design, strike and issue circulating one-dollar 

coins and pure-gold bullion coins featuring, respectively, images of 

the Presidents of the United States and their spouses. The coins 

shall be issued on a schedule representing the order in which the 

Presidents served, and four different Presidential dollars shall be 

issued per year until the next design issued would relate to the 

President then in office. The Secretary and the Federal Reserve 

Board shall consider appropriate steps to reduce barriers to circulation and to improve circulation of the one-dollar coin so that it will 

be readily available for ordinary commerce. Additionally, the Secretary shall use the authority granted in this legislation to design, 

strike and issue circulating one-cent coins, in the year 2009, with 

obverse designs identical to the one currently in use, but with four 

different reverse designs, and strike and sell as many of each in 

all-copper versions as are required to meet numismatic demand. 

10 

NEW BUDGET AUTHORITY, ENTITLEMENT AUTHORITY, AND TAX

EXPENDITURES

In compliance with clause 3(c)(2) of rule XIII of the Rules of the 

House of Representatives, the Committee finds that this legislation 

would result in no new budget authority, entitlement authority, or 

tax expenditures or revenues. 

COMMITTEE COST ESTIMATE

The Committee adopts as its own the cost estimate prepared by 

the Director of the Congressional Budget Office pursuant to section 

402 of the Congressional Budget Act of 1974. 

CONGRESSIONAL BUDGET OFFICE ESTIMATE

Pursuant to clause 3(c)(3) of rule XIII of the Rules of the House 

of Representatives, the following is the cost estimate provided by 

the Congressional Budget Office pursuant to section 402 of the 

Congressional Budget Act of 1974: 

APRIL 12, 2005. 

Hon. MICHAEL G. OXLEY, 

Chairman, Committee on Financial Services, 

House of Representatives, Washington, DC. 

DEAR MR. CHAIRMAN: The Congressional Budget Office has prepared the enclosed cost estimate for H.R. 902, the Presidential $1 

Coin Act of 2005. 

If you wish further details on this estimate, we will be pleased 

to provide them. The CBO staff contact is Matthew Pickford. 

Sincerely, 

DOUGLAS HOLTZ-EAKIN. 

Enclosure. 

H.R. 902—Presidential $1 Coin Act of 2005 

Summary: H.R. 902 would authorize the U.S. Mint to create a 

new $1 coin and an investment-grade gold bullion coin as well as 

redesign the 1 cent coin. CBO estimates that enacting this bill 

would decrease direct spending by $6 million over the 2006–2015 

period. Enacting the bill would not affect revenues. H.R. 902 contains no intergovernmental or private-sector mandates as defined 

in the Unfunded Mandates Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments. 

Major provisions: Beginning in 2007, H.R. 902 would direct the 

Treasury to create a series of $1 coins commemorating all former 

U.S. Presidents. The coins would have an image of a former President and the reverse would feature an image of the Statue of Liberty. Under the bill, the Mint could continue to issue Sacagawea 

dollar coins (Golden Dollar). The Mint would issue four different $1 

coins a year in the order of the period of service of each President 

starting with George Washington. The bill would authorize the 

Mint to sell $1 proof coins and uncirculated versions. H.R. 902 

would not terminate production of the $1 bill and would not affect 

the circulation of any of the current $1 coins. 

In addition, H.R. 902 would direct the U.S. Mint to produce a 

gold bullion coin honoring the spouses of former Presidents. The 

11 

new gold bullion coins would be produced in sequence with the $1 

Presidential coins. In addition, the bill would authorize the Mint to 

sell bronze copies of the gold bullion coin. 

H.R. 902 also would also authorize the U.S. Mint to make 

changes to the design of the 1 cent coin. For calendar year 2009, 

four circulating and one copper penny would be issued to commemorate the bicentennial anniversary of the birth of Abraham 

Lincoln. Beginning in calendar year 2010 the reverse side of the 

penny would bear an emblematic image of Lincoln’s preservation of 

the United States as a single united country. 

Estimated cost to the Federal Government: The estimated budgetary impact of H.R. 902 is shown in the following table. The costs 

of this legislation fall within budget function 800 (general government). 

By fiscal year, in millions of dollars— 

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 

CHANGES IN DIRECT SPENDING 

Production of Presidential $1 Coin: 

Estimated Budget Authority ..................... 2 1 * * * * * * * * 

Estimated Outlays .................................... 2 1 * * * * * * * * 

Net Sales of First-Spouse Gold Bullion Coin: 

Estimated Budget Authority ..................... 0 * ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 

Estimated Outlays .................................... 0 * ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 

Production of Abraham Lincoln Bicentennial 1 

Cent Coin: 

Estimated Budget Authority ..................... 0 * 0 0 0 0 0 0 0 0 

Estimated Outlays .................................... 0 * 0 0 0 0 0 0 0 0 

Net Changes in Direct Spending Under H.R. 

902: 

Estimated Budget Authority ..................... 2 * ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 

Estimated Outlays .................................... 2 * ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 ¥1 

Note.—*=less than $500,000. 

In addition to the budgetary effects summarized in the table, by 

increasing the value of coins held by the public, H.R. 902 also 

would provide the government with additional resources for financing the federal deficit. Seigniorage (or profit)—the difference between the face value of the coins and the cost of production—reduces the amount the government would otherwise need to borrow 

from the public to finance the federal budget deficit. CBO estimates 

that seigniorage resulting from the value of additional coins in circulation under the bill would amount to about $280 million over 

the 2006–2015 period. Under the principles established by the 

President’s 1967 Commission on Budget Concepts, seigniorage does 

not directly affect the budget but is treated as a means of financing 

the deficit. 

Basis of estimate 

Direct spending 

Presidential $1 Coin Program. H.R. 902 would create a series of 

$1 coins commemorating all former U.S. Presidents. The Presidential coin would have distinctive tactile and visual features on 

the edge of the coin. The bill would allow the Mint to continue to 

issue the Golden Dollar. According to the Mint, it would need at 

least 18 months to design, test, and produce a new $1 Presidential 

coin for circulation. Thus, assuming this bill is enacted by the end 

12 

of fiscal year 2005, CBO expects that the first two new coins would 

begin circulating by the middle of fiscal year 2007. CBO estimates 

start-up costs for producing a new $1 coin would increase direct 

spending by about $3 million over the 2006–2007 period, based on 

the experience of prior new issues by the Mint. With the development of a $1 Presidential coin, there would be three $1 coins in circulation, including the Susan B. Anthony and 

the Golden Dollar. Based on information from the Mint, CBO 

would not expect the Treasury would remove any of these existing 

coins from circulation, and such a change by the Mint would not 

be done without explicit Congressional authorization. H.R. 902 would authorize the Mint to include the new $1 coin in 

collector coin sets sold to the public. Adding four new $1 coins to 

the Mint’s current sets could increase offsetting collections to the 

U.S. Mint Public Enterprise Fund if the new coins increase collectors’ interest in the sets. However, CBO estimates that any increase in offsetting collections from the sale of commercial products 

would be small and primarily of a one-time nature over the first 

two years of the program. In addition, CBO estimates that the 

Mint would retain and spend any additional collections, resulting 

in a negligible net budgetary effect over the next 10 years. 

First-Spouse Bullion Coin. H.R. 902 would direct the Mint to 

produce a gold bullion coin for investors, honoring the spouses of 

former Presidents. The new gold bullion coin would be produced in 

the same sequence as the $1 Presidential coins. The bullion coin 

would feature an image of the spouse of the former President and 

the reverse would feature an image of her life and work. CBO expects that the first gold bullion coins would be ready at the same 

time as the $1 Presidential coin. 

Public Law 104–52, which established the U.S. Mint Public Enterprise Fund, requires the Mint to transfer any excess funds to 

the general fund of the Treasury at least annually. Based on information from the Mint and the numismatic community, CBO expects that the First Spouse gold bullion coin would generate sales 

similar to recent commemorative coins. In addition, the Mint could 

sell bronze duplicates to the public; however, based on the sales of 

previous duplicates, we do not expect that those sales would be 

large. CBO estimates that the Mint would produce about 10,000 

gold bullion coins annually generating about $1 million a year in 

excess funds that would be recorded in the budget as offsetting receipts. 

Abraham Lincoln Bicentennial 1 Cent Coins. H.R. 902 would authorize the U.S. Mint to change the design of the current 1 cent 

coin beginning in calendar year 2009 to celebrate the 200th anniversary of the birth of Abraham Lincoln. Four pennies would be 

issued to reflect the four major periods in Lincoln’s life. The legislation also would require the Mint to produce a new copper penny 

in 2009 with the same metallic content as the 1909 penny (Lincoln 

cent) in amounts appropriate for the numismatic community. 

According to the Mint, it would take approximately six months 

to design, test, and produce the 1 cent coins for circulation in 2009. 

CBO estimates that designing and preparing dies for a new 1 cent 

coin would cost less than $100,000 in 2008. In addition, production 

of the copper penny would be based on market research and requests. Adding a new 1 cent coin to the Mint’s current sets could 

13 

increase offsetting collections to the U.S. Mint Public Enterprise 

Fund if the new coin increases collectors’ interest in the sets. However, any increase in offsetting collections from the sale of commercial products would be available to the Mint to retain and spend 

and would have a negligible net budgetary impact over time. 

Seigniorage 

In addition to the bill’s effects on direct spending, by increasing 

the public’s holding of dollar coins, H.R. 902 also would result in 

additional federal resources for financing the deficit. 

The seigniorage, or profit, from placing the new coins in circulation would reduce the amount the government would otherwise 

borrow from the public to finance the deficit. By circulating a new 

$1 Presidential coin with the current Golden Dollar and Susan B. 

Anthony coins, the legislation would increase the seigniorage 

earned if the new $1 coin is more widely circulated. CBO estimates 

that there would be no significant effect on seigniorage from the 

new 1 cent coins. 

A Government Accountability Office report (GAO–02–896, September 2003) noted that, after a multimillion dollar marketing and 

advertising campaign, the Golden Dollar, like the Susan B. Anthony $1 coin, has not achieved widespread use. It has increased 

the public’s interest in collecting the $1 coin but is not widely circulating. Barriers to the public’s acceptance include the continued circulation of the $1 bill and the commingling of the Susan B. Anthony and Sacagwea dollars in rolls for distribution, which would 

not be eliminated by H.R. 902. 

The Mint’s 50 State Quarters program, involving a set of recurring designs commemorating each state, has been credited with 

generating renewed interest in holding more coins by collectors and 

the public. The production of quarters increased from 1.7 billion 

coins in fiscal year 1998 to over 6 billion in fiscal year 2000 when 

the 50 State Quarters program began. By fiscal year 2004, demand 

for quarters had fallen to about 2.2 billion quarters. The Mint estimates that the 50 State Quarters program has generated about 

$4.6 billion in seigniorage since the program began in 1999. 

Taking into account the experience of the 50 State Quarters program, information from the numismatic community, and the 

public’s continued resistence to the use of dollar coins, CBO expects 

that the new $1 Presidential coin would increase the public’s interest in collecting coins, but it would continue to face barriers to 

widespread circulating use. CBO expects that most of the demand 

for the $1 Presidential coin would be from collectors. According to 

the Mint, the federal government is currently putting into circulation about 55 million Golden Dollar coins annually, with seigniorage of 80 cents per coin. CBO expects that demand for the new $1 

Presidential coin would double the current demand for the dollar 

coin to about 100 million annually in 2008. After that, we expect 

that production would decline, following the experience of the 50 

State Quarters program. Hence, CBO estimates that replacing the 

Golden Dollar with the $1 Presidential coin would increase seigniorage by about $280 million over the 2006–2015 period. 

Intergovernmental and private-sector impact: H.R. 902 contains 

no intergovernmental or private-sector as defined in UMRA and 

would not affect the budgets of state, local, or tribal governments. 

14 

Estimate prepared by: Federal Costs: Matthew Pickford; Impact 

on State, Local, and Tribal Governments: Sarah Puro; Impact on 

the Private Sector: Paige Piper/Bach. 

Estimate approved by: Peter H. Fontaine, Deputy Assistant Director for Budget Analysis. 

FEDERAL MANDATES STATEMENT

The Committee adopts as its own the estimate of Federal mandates prepared by the Director of the Congressional Budget Office 

pursuant to section 423 of the Unfunded Mandates Reform Act. 

ADVISORY COMMITTEE STATEMENT

No advisory committees within the meaning of section 5(b) of the 

Federal Advisory Committee Act were created by this legislation. 

CONSTITUTIONAL AUTHORITY STATEMENT

Pursuant to clause 3(d)(1) of rule XIII of the Rules of the House 

of Representatives, the Committee finds that the Constitutional 

Authority of Congress to enact this legislation is provided by Article 1, section 8, clause 1 (relating to the general welfare of the 

United States), clause 3 (relating to the power to regulate interstate commerce), and clause 5 (relating to the power to coin 

Money). 

APPLICABILITY TO LEGISLATIVE BRANCH

The Committee finds that the legislation does not relate to the 

terms and conditions of employment or access to public services or 

accommodations within the meaning of section 102(b)(3) of the Congressional Accountability Act. 

SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION

Section 1. Short title 

This section establishes the short title of the bill, the ‘‘Presidential $1 Coin Act of 2005.’’ 

TITLE 1—PRESIDENTIAL $1 COINS 

Section 101. Findings 

This section finds that there is a need for a widely circulating 

one-dollar coin in ordinary commerce, discusses reasons why previous one-dollar coins have not circulated well, and lays out the 

reasoning why a regularly changing design, as in the 50-State 

quarter program, would create demand for the coin that would lead 

to better circulation and better availability. 

Section 102. Presidential $1 Coin Program 

This section directs the Treasury Secretary, beginning in 2007, 

to issue one-dollar coins with regularly changed designs representing the images of the Presidents of the United States, in the 

order in which they served. It also specifies that the design on the 

reverse of the coin is to be an image of the Statue of Liberty, and 

specifies that the date of issue and the mottoes ‘‘E Pluribus Unum’’ 

and ‘‘In God We Trust’’ should be struck into the edge of the coin 

15 

rather than one of the faces. The section continues the striking of 

the so-called ‘‘Sacagawea’’ design $1 coin, and specifies that the 

Presidential $1 coin program ends and cannot be restarted except 

by Act of Congress when the next coin to be issued would represent 

on the obverse the image of the President still in office at the time 

it would be issued. Finally, the section specifies that four different 

designs would be issued per year, and allows for the striking and 

issuing of numismatic versions of the coins. 

Section 103. First Spouse Bullion Coin Program 

Section 103 directs the Secretary of the Treasury to strike and 

make available for sale 99.99 percent pure gold bullion coins bearing the images of First Spouses, on the same schedule as the Presidential Dollars, with images of the spouses on the obverse and of 

works associated with them on the reverse. It also specifies that in 

the instances where President remarried in office, more than one 

bullion coin could be issued during the period of issue of that President’s dollar, and specifies that in the case of Presidents who were 

not married in office, the bullion coin bear the image of Liberty as 

represented on a circulating coin of the period, except that in the 

case of President Chester A. Arthur the bullion coin would bear the 

image of Liberty as represented by suffragette strategist Alice 

Paul, born during his term. The section also specifies that the 

Treasury Secretary shall announce maximum mintages of each bullion coin prior to issue and allows the striking of affordable bronze 

copies of the coin. 

Section 104. Sense of Congress 

Section 104 notes that a successful Presidential Dollar coin program would also improve the circulation of the so-called 

‘‘Sacagawea’’ design $1 coin. It also discusses a number of ways to 

improve circulation of the dollar coin, ranging from removing the 

remaining Susan B. Anthony dollars from circulation to improving 

its appearance by increasing tarnish-resistance, to setting up regular meetings between the Federal Reserve and Treasury, and 

users and distributors of the dollar coin, to discuss ways to improve 

circulation, and suggests regular reports to Congress on any legislative efforts that might be necessary. 

TITLE II—ABRAHAM LINCOLN BICENTENNIAL 1-CENT COIN 

REDESIGN 

Section 201. Findings 

This section finds that the nations’ 16th President was one of its 

greatest leaders, demonstrating true courage during the Civil War. 

It also finds that he rose from humble origins to the Presidency 

through a combination of honesty, integrity, intelligence and commitment to the United States. The section also finds that all Americans could benefit from studying President Lincoln’s life, and that 

redesigns of the reverse of the one-cent coin, first issued on the 

centennial of President Lincoln’s birth, would be helpful in illustrating different phases of his life. 

16 

Section 202. Redesign of Lincoln Cent for 2009 

The section specifies that during calendar 2009, the Secretary of 

the Treasury shall issue one-cent coins with the obverse design 

being the Victor David Brenner design first struck on the cent coin 

in 1909, and a different reverse design every three months. Those 

reverses would represent President Lincoln’s birth and early years 

in Kentucky, his formative years in Indiana, his professional life in 

Illinois, and his Presidency in Washington, D.C. 

Section 203. Redesign of reverse of 1-cent coins after 2009 

Section 203 specifies that the reverse of one-cent coins issued 

after the Lincoln bicentennial year shall bear an image emblematic 

of President Lincoln’s preservation of the Union during the Civil 

War. 

Section 204. Numismatic pennies with the same metallic content as 

the 1909 penny 

This section allows the Treasury Secretary to strike and issue 

one-cent coins during 2009 with the same metallic content as the 

original ‘‘Lincoln’’ cents issued in 1909. 

Section 205. Sense of Congress 

The section states that the original design for the Lincoln cent 

was a dramatic work and that it is the sense of Congress that if 

at all possible the Lincoln likeness on the 2009 cent coins should 

be reproduced in the original form and with the original relief. 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (new matter is printed in italic, 

existing law in which no change is proposed is shown in roman): 

SECTION 5112 OF TITLE 31, UNITED STATES CODE 

§ 5112. Denominations, specifications, and design of coins 

(a) * * * 

* * * * * * * 

(n) REDESIGN AND ISSUANCE OF CIRCULATING $1 COINS HONORING EACH OF THE PRESIDENTS OF THE UNITED STATES.— 

(1) REDESIGN BEGINNING IN 2007.— 

(A) IN GENERAL.—Notwithstanding subsection (d) and in 

accordance with the provisions of this subsection, $1 coins 

issued during the period beginning January 1, 2007, and 

ending upon the termination of the program under paragraph (6) shall have designs on the obverse selected in accordance with paragraph (2)(B) which are emblematic of 

the Presidents of the United States and a design on the reverse selected in accordance with paragraph (2)(A). 

(B) CONTINUITY PROVISION.—Notwithstanding subparagraph (A), the Secretary shall continue to mint and issue 

$1 coins which bear the design on $1 coins being minted 

and issued before the issuance of coins as required under 

this subsection. 

17 

(2) DESIGN REQUIREMENTS.—The $1 coins issued in accordance with paragraph (1)(A) shall meet the following design requirements: 

(A) COIN REVERSE.—The design on the reverse shall 

bear— 

(i) a likeness of the Statue of Liberty extending to the 

rim of the coin and large enough to provide a dramatic 

representation of Liberty while not being large enough 

to create the impression of a ‘‘2-headed’’ coin; (ii) the inscription ‘‘$1’’; and 

(iii) the inscription ‘‘United States of America’’. 

(B) COIN OBVERSE.—The design on the obverse shall contain the name and likeness of a President of the United 

States and basic information about the President, including the dates or years of the term of office of such President 

and a number indicating the order of the period of service 

in which the President served. 

(C) EDGE-INCUSED INSCRIPTIONS.— (i) IN GENERAL.—The inscription of the year of minting or issuance of the coin and the inscriptions ‘‘E 

Pluribus Unum’’ and ‘‘In God We Trust’’ shall be edgeincused into the coin. 

(ii) PRESERVATION OF DISTINCTIVE EDGE.—The edgeincusing 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. 

(D) INSCRIPTIONS OF ‘‘LIBERTY’’.—Notwithstanding the 2d 

sentence of subsection (d)(1), because the use of a design 

bearing the likeness of the Statue of Liberty on the reverse 

of the coins issued under this subsection adequately conveys 

the concept of Liberty, the inscription of ‘Liberty’ shall not 

appear on the coins. 

(E) PROHIBITION ON SITTING PRESIDENT IN SERIES.—No 

coin issued under this subsection may bear the image of a 

President who, at the time of issuance, is currently serving 

as President. 

(3) ISSUANCE OF COINS COMMEMORATING PRESIDENTS.— 

(A) ORDER OF ISSUANCE.—The coins issued under this 

subsection commemorating Presidents of the United States 

shall be issued in the order of the period of service of each 

President, beginning with President George Washington. 

(B) TREATMENT OF PERIOD OF SERVICE.— 

(i) IN GENERAL.—Subject to clause (ii), only 1 coin 

design shall be issued for a period of service for any 

President, no matter how many consecutive terms of office the President served. 

(ii) NONCONSECUTIVE TERMS.—If a President has 

served during 2 or more nonconsecutive periods of service, a coin shall be issued under this subsection for 

each such nonconsecutive period of service. 

(4) ISSUANCE OF COINS COMMEMORATING 4 PRESIDENTS DURING EACH YEAR OF THE PERIOD.— 

18 

(A) IN GENERAL.—The designs for the $1 coins issued 

during each year of the period referred to in paragraph (1) 

shall be emblematic of 4 Presidents until each President 

has been so honored, subject to paragraph (2)(E). 

(B) NUMBER OF EACH OF 4 CIRCULATING 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 (1). 

(5) 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. 

(6) TERMINATION OF PROGRAM.—The issuance of coins under 

this subsection shall terminate when each President has been so 

honored, subject to paragraph (2)(E), and may not be resumed 

except by an Act of Congress. 

(7) REVERSION TO PRECEDING DESIGN.—Upon the termination 

of the issuance of coins under this subsection, the design of all 

$1 coins shall revert to the so-called ‘‘Sacagawea-design’’ $1 

coins. 

(o) FIRST SPOUSE BULLION COIN PROGRAM.— 

(1) IN GENERAL.—During the same period in which the $1 

coins are issued under subsection (n) which are emblematic of 

the Presidents of the United States, the Secretary of the Treasury shall issue bullion coins under this subsection that are emblematic of the spouse of each such President. 

(2) SPECIFICATIONS.—The coins issued under this subsection 

shall— 

(A) have the same diameter as the $1 coins described in 

subsection (n); 

(B) weigh 0.5 ounce; and 

(C) contain 99.99 percent pure gold. 

(3) DESIGN REQUIREMENTS.— 

(A) COIN OBVERSE.—The design on the obverse of each 

coin issued under this subsection shall contain— 

(i) the name and likeness of a person who was a 

spouse of a President during the President’s period of 

service; 

(ii) an inscription of the years during which such 

person was the spouse of a President during the President’s period of service; and 

(iii) the number indicating the order of the period of 

service in which such President served. 

(B) COIN REVERSE.—The design on the reverse of each 

coin issued under this subsection shall bear— 

(i) images emblematic of the life and work of the 

First Spouse whose image is borne on the obverse; and 

(ii) the inscription ‘‘United States of America’’. 

(C) DESIGNATED DENOMINATION.—Each coin issued 

under this subsection shall bear, on the reverse, an inscription of the nominal denomination of the coin which shall 

be ‘‘$10’’. 

19 

(D) DESIGN IN CASE OF NO FIRST SPOUSE.—In the case of 

any President who served without a spouse— 

(i) the image on the obverse of the bullion coin corresponding to the $1 coin relating to such President 

shall be an image emblematic of the concept of ‘‘Liberty’’— 

(I) as represented on a United States coin issued 

during the period of service of such President; or 

(II) as represented, in the case of President Chester Alan Arthur, by a design incorporating the 

name and likeness of Alice Paul, a leading strategist in the suffrage movement, who was instrumental in gaining women the right to vote upon 

the adoption of the 19th amendment and thus participate in the election of future Presidents, and 

who was born on January 11, 1885, during the 

term of President Arthur; and 

(ii) the reverse of such bullion coin shall be of a design representative of themes of such President, except 

that in the case of the bullion coin referred to in clause 

(i)(II) the reverse of such coin shall be representative of 

the suffrage movement. 

(E) DESIGN AND COIN FOR EACH SPOUSE.—A separate 

coin shall be designed and issued under this section for 

each person who was the spouse of a President during any 

portion of a term of office of such President. 

(F) INSCRIPTIONS.—Each bullion coin issued under this 

subsection shall bear the inscription of the year of minting 

or issuance of the coin and such other inscriptions as the 

Secretary may determine to be appropriate. 

(4) SALE OF BULLION COINS.—Each bullion coin issued under 

this subsection shall be sold for an amount the Secretary of the 

Treasury determines to be appropriate that is equal to or greater than the sum of— 

(A) the face value of the coins; and 

(B) the cost of designing and issuing the coins (including 

labor, materials, dies, use of machinery, overhead expenses, 

marketing, and shipping). 

(5) ISSUANCE OF COINS COMMEMORATING FIRST SPOUSES.— 

(A) IN GENERAL.—The bullion coins issued under this 

subsection with respect to any spouse of a President shall 

be issued on the same schedule as the $1 coin issued under 

subsection (n) with respect to such President. 

(B) MAXIMUM NUMBER OF BULLION COINS FOR EACH DESIGN.—The Secretary shall— 

(i) prescribe, on the basis of such factors as the Secretary determines to be appropriate, the maximum 

number of bullion coins that shall be issued with each 

of the designs selected under this subsection; and 

(ii) announce, before the issuance of the bullion coins 

of each such design, the maximum number of bullion 

coins of that design that will be issued. 

(C) TERMINATION OF PROGRAM.—No bullion coin may be 

issued under this subsection after the termination, in acVerDate Aug 04 2004 23:54 Apr 14, 2005 Jkt 039006 PO 00000 Frm 00019 Fmt 6659 Sfmt 6603 E:\HR\OC\HR039.XXX HR039
20 

cordance with subsection (n)(6), of the $1 coin program established under subsection (n). 

(6) QUALITY OF COINS.—The bullion coins shall be issued in 

both proof and uncirculated qualities. 

(7) SOURCE OF GOLD BULLION.—The Secretary shall acquire 

gold for the coins issued under this subsection by purchase of 

gold mined from natural deposits in the United States, or in a 

territory or possession of the United States, within 1 year after 

the month in which the ore from which it is derived was mined. 

The Secretary shall pay not more than the average world price 

for the gold. 

(8) BRONZE MEDALS.—The Secretary may strike and sell 

bronze medals that bear the likeness of the bullion coins authorized under this subsection, at a price, size, and weight, and 

with such inscriptions, as the Secretary determines to be appropriate. 

Æ