I 

113TH CONGRESS 

1ST SESSION H. R. 2535 

To cause increased seigniorage for the United States Mint leading to enhanced 

revenue to the Treasury and increased offsets to annual budget deficits 

in perpetuity, to require the Secretary of the Treasury to mint and 

issue 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, to provide for the continued and concurrent production 

and distribution of existing presidentially-themed circulating and numismatic coinage designs, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 27, 2013 

Mr. BARR (for himself, Mr. LOEBSACK, Mr. STIVERS, Mr. MEADOWS, and Mr. 

YOHO) introduced the following bill; which was referred to the Committee 

on Financial Services 

A BILL 

To cause increased seigniorage for the United States Mint 

leading to enhanced revenue to the Treasury and increased offsets to annual budget deficits in perpetuity, 

to require the Secretary of the Treasury to mint and 

issue 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, to provide for the continued and concurrent production and distribution of existing presidentially-themed 


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circulating and numismatic coinage designs, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘American Liberty 

5 Coinage and Deficit Reduction Act of 2013’’. 

6 SEC. 2. FINDINGS. 

7 The Congress finds as follows: 

8 (1) The 50 State Quarters Program showed 

9 that a circulating commemorative coinage program 

10 that incorporates recurring design change dramati11 cally increases seigniorage—the profit realized by 

12 the Mint from the amount that the face value of 

13 coins produced by the Mint exceeds the costs of pro14 duction and distribution. 

15 (2) Pursuant to the President’s 1967 Commis16 sion on Budget Concepts, seigniorage proceeds are 

17 used to reduce the amount the government would 

18 otherwise borrow from the public to finance the 

19 budget deficit. Thus, programs that increase sei20 gniorage provide a means to reduce the budget def21 icit without increasing taxes or cutting spending. 

22 (3) During the 10 years of the 50 State Quar23 ters Program, the cumulative production of quarter 

24 dollars exceeded 34,000,000,000, representing a 136 


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1 percent increase in quarter dollar production as 

2 compared to the cumulative 10-year period imme3 diately preceding the program. This enhanced pro4 duction level of quarter dollars resulted in increased 

5 seigniorage revenues of approximately 

6 $3,000,000,000 and, therefore, an equal reduction in 

7 the budget deficit. 

8 (4) The Mint has estimated that 147,000,000 

9 Americans became collectors of 50 State quarters, 

10 demonstrating that the demand for circulating 

11 coins—for purposes beyond the needs of com12 merce—increases significantly when frequent and 

13 systematic design changes are made through a 

14 multiyear commemorative design series. 

15 (5) Similar to the collector interest and result16 ing seigniorage generated by the 50 State Quarters 

17 Program, the Westward Journey Nickel Program, 

18 which issued a series of 5-cent coins between 2004 

19 and 2006 bearing new obverse and reverse designs 

20 commemorating the 200th anniversary of the Lewis 

21 and Clark Expedition and honoring President Thom22 as Jefferson, saw average annual nickel production 

23 increase by 593,200,000 units as compared to nickel 

24 production during the 2 years immediately preceding 


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1 the program and the 2 years immediately following 

2 it. 

3 (6) From the early 1790s through the early to 

4 mid 20th century, allegorical depictions of ‘‘Liberty’’ 

5 dominated the designs of circulating United States 

6 coins. Coinage from this time period served as a con7 stant reminder to Americans and the world of a de8 fining and distinctive value of American life and cul9 ture—Liberty. These coins also provided some of the 

10 most inspiring, uplifting, and beautiful coin designs 

11 ever created. In numismatics, ‘‘Liberty’’ themed 

12 coins are among the most sought after collectibles. 

13 (7) Given the potential that a new series of 

14 ‘‘Liberty’’ coins would be highly collectible, if pro15 duced, such a program would likely provide the 

16 means through which to significantly increase sei17 gniorage thereby reducing budget deficits. 

18 (8) A new ‘‘Liberty’’ themed coinage series 

19 would allow the Nation to continue to honor the past 

20 presidents currently depicted on United States coins 

21 by providing for the continued and concurrent pro22 duction and distribution of such coins annually along 

23 with the new ‘‘Liberty’’ coins. 

24 (9) A new ‘‘Liberty’’ themed coinage series 

25 would revitalize the design of United States coinage 


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1 and return circulating coinage to its position as not 

2 only a necessary means of exchange in commerce but 

3 also as an object of aesthetic beauty and symbol of 

4 core American values. 

5 (10) In order to increase the seigniorage pro6 duced by the United States Mint thereby reducing 

7 deficits to be financed by the United States it is ap8 propriate to introduce a new series of circulating 

9 commemorative ‘‘Liberty’’ themed coins that would 

10 alternate annually between the dime and quarter 

11 dollar as 1-year issues. Additionally, introduction of 

12 a new ‘‘Liberty’’ themed half dollar produced for 

13 noncirculating numismatic purposes would further 

14 enhance seigniorage. 

15 (11) Beginning in 2015, the Act provides for 

16 the introduction of a 1-year circulating commemora17 tive ‘‘Liberty’’ themed dime that would be produced 

18 and distributed concurrently with the existing dime 

19 depicting the image of President Franklin D. Roo20 sevelt. After 2015, the image of President Roosevelt 

21 would continue to be utilized on the standard issue 

22 circulating dime. Subsequently, in 2016, the Act 

23 provides for the introduction of a 1-year circulating 

24 commemorative ‘‘Liberty’’ themed quarter dollar 

25 that would be produced and distributed concurrently 


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1 with the existing quarter dollar depicting the image 

2 of President George Washington. The Washington 

3 design would continue to be used in future years. In 

4 2017, the process would begin again with the intro5 duction of a new 1-year ‘‘Liberty’’ themed dime, 

6 bearing a new ‘‘Liberty’’ design that would be co7 issued alongside the regular issue Roosevelt Dime. 

8 In 2018, a new 1-year ‘‘Liberty’’ themed quarter 

9 would be co-issued and the process would continue 

10 on a perpetual basis into future years. 

11 (12) Sequencing a new ‘‘Liberty’’ design each 

12 year is an important aspect of the program designed 

13 to continually renew collector interest and, therefore, 

14 promote demand for the coins in a manner to maxi15 mize seigniorage realized by the United States Mint. 

16 (13) A ‘‘Liberty’’ themed program would also 

17 include a new ‘‘Liberty’’ half dollar bearing a design 

18 to be utilized for a 10-year term, to be issued as an 

19 ongoing annual noncirculating numismatic collector’s 

20 series. The ‘‘Liberty’’ half dollar would be issued 

21 along with the noncirculating Kennedy half dollar. 

22 At the end of each 10-year term, a new ‘‘Liberty’’ 

23 design would be implemented with designs con24 tinuing thereafter in a recurring 10-year cycle. 


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1 (14) Providing collectors with a new ‘‘Liberty’’ 

2 half dollar series will provide an increase in the 

3 Mint’s numismatic profits and bolster the objectives 

4 of the program to annually reduce budget deficits. 

5 (15) A series of circulating commemorative 

6 ‘‘Liberty’’ themed coins will provide a new platform 

7 for the advancement of American medallic art 

8 through a medium where Americans commonly en9 counter public art—the Nation’s pocket change. 

10 SEC. 3. AMERICAN LIBERTY COIN PROGRAM. 

11 (a) PROGRAM CONTINGENT ON DEFICIT REDUC12 TION.— 

13 (1) DETERMINATION.—The Secretary of the 

14 Treasury shall carry out a study on the estimated 

15 effect of the amendment made by subsection (b) on 

16 the Federal budget deficit over the 10-year period 

17 beginning on January 1, 2015. 

18 (2) REPORT.—Not later than the end of the 90- 

19 day period beginning on the date of the enactment 

20 of this Act, the Secretary shall issue a report to the 

21 Congress containing the estimate determined under 

22 paragraph (1) and an explanation of how such esti23 mate was calculated. 

24 (3) EFFECTIVE DATE.—The amendment made 

25 by subsection (b) shall take effect on the earlier of— 


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1 (A) the date that the report is issued 

2 under paragraph (2), if the Secretary deter3 mines in such report that the effect on the Fed4 eral budget deficit over the 10-year period be5 ginning on January 1, 2015, will lead to a re6 duction in the deficit over such period of 

7 $100,000,000 or more; and 

8 (B) the end of the 91-day period beginning 

9 on the date of the enactment of this Act, if the 

10 Secretary fails to make the report under para11 graph (2) within the required 90-day period. 

12 (b) PROGRAM.—Section 5112 of title 31, United 

13 States Code, is amended by adding at the end the fol14 lowing: 

15 ‘‘(w) ISSUANCE OF CIRCULATING DIME AND QUAR16 TER DOLLAR COINS AND NUMISMATIC HALF DOLLAR

17 COINS COMMEMORATING AND CELEBRATING AMERICAN

18 LIBERTY, ‘THE UNION’, AND THE AMERICAN VALUES

19 AND ATTRIBUTES OF FREEDOM, INDEPENDENCE, CIVIL

20 GOVERNANCE, ENLIGHTENMENT, PEACE, STRENGTH, 

21 EQUALITY, DEMOCRACY, AND JUSTICE.— 

22 ‘‘(1) DIME COINS.— 

23 ‘‘(A) IN GENERAL.—The Secretary shall 

24 mint and issue dime coins in calendar year 

25 2015, and every second year thereafter, that— 


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1 ‘‘(i) have obverse designs that are em2 blematic and allegoric of the concept of 

3 ‘American Liberty’; and 

4 ‘‘(ii) have reverse designs that— 

5 ‘‘(I) depict an American bald 

6 eagle; 

7 ‘‘(II) depict a fasces emblematic 

8 of civil governance; 

9 ‘‘(III) depict the torch of knowl10 edge; 

11 ‘‘(IV) are emblematic and 

12 allegoric of ‘The Union’; or 

13 ‘‘(V) depict one or more of the 

14 American values and attributes of 

15 freedom, independence, peace, 

16 strength, equality, democracy, and 

17 justice. 

18 ‘‘(B) QUANTITY OF ISSUANCE.—With re19 spect to a calendar year in which dime coins are 

20 issued pursuant to subparagraph (A), the Sec21 retary shall ensure that, of the total number of 

22 dime coins issued in such calendar year, not 

23 less than 40 percent and not more than 50 per24 cent of such coins are made up of dime coins 

25 issued pursuant to subparagraph (A). 


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1 ‘‘(2) QUARTER DOLLAR COINS.— 

2 ‘‘(A) IN GENERAL.—The Secretary shall 

3 mint and issue quarter dollar coins in calendar 

4 year 2016, and every second year thereafter, 

5 that— 

6 ‘‘(i) have obverse designs that are em7 blematic and allegoric of the concept of 

8 ‘American Liberty’; and 

9 ‘‘(ii) have reverse designs that— 

10 ‘‘(I) depict an American bald 

11 eagle; 

12 ‘‘(II) depict a fasces emblematic 

13 of civil governance; 

14 ‘‘(III) depict the torch of knowl15 edge; 

16 ‘‘(IV) are emblematic and 

17 allegoric of ‘The Union’; or 

18 ‘‘(V) depict one or more of the 

19 American values and attributes of 

20 freedom, independence, peace, 

21 strength, equality, democracy, and 

22 justice. 

23 ‘‘(B) QUANTITY OF ISSUANCE.—With re24 spect to a calendar year in which quarter dollar 

25 coins are issued pursuant to subparagraph (A), 


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1 the Secretary shall ensure that, of the total 

2 number of quarter dollar coins issued in such 

3 calendar year, not less than 40 percent and not 

4 more than 50 percent of such coins are made 

5 up of quarter dollar coins issued pursuant to 

6 subparagraph (A). 

7 ‘‘(3) HALF DOLLAR COINS.— 

8 ‘‘(A) IN GENERAL.—The Secretary shall 

9 mint and issue half dollar coins in calendar 

10 year 2015, and every year thereafter, with de11 signs that shall be changed every 10 years, 

12 that— 

13 ‘‘(i) have obverse designs that are em14 blematic and allegoric of the concept of 

15 ‘American Liberty’; and 

16 ‘‘(ii) have reverse designs that— 

17 ‘‘(I) depict an American bald 

18 eagle; 

19 ‘‘(II) depict a fasces emblematic 

20 of civil governance; 

21 ‘‘(III) depict the torch of knowl22 edge; 

23 ‘‘(IV) are emblematic and 

24 allegoric of ‘The Union’; or 


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1 ‘‘(V) depict one or more of the 

2 American values and attributes of 

3 freedom, independence, peace, 

4 strength, equality, democracy, and 

5 justice. 

6 ‘‘(B) CONSIDERATION OF LIBERTY MINI

7 DOLLAR.—The 1977 Liberty mini dollar design 

8 prepared by former United States Chief Sculp9 tor and Engraver Frank Gasparro shall be con10 sidered along with other potential designs for 

11 half dollar coins issued under this paragraph. 

12 ‘‘(C) QUANTITY OF ISSUANCE.—With re13 spect to a calendar year, the Secretary shall en14 sure that, of the total number of half dollar 

15 coins issued in such calendar year, not less than 

16 40 percent and not more than 50 percent of 

17 such coins are made up of half dollar coins 

18 issued pursuant to subparagraph (A). 

19 ‘‘(4) DESIGN REQUIREMENTS.—The coins 

20 issued in accordance with paragraphs (1), (2), and 

21 (3) shall meet the following design requirements: 

22 ‘‘(A) COIN OBVERSE.—The design on the 

23 obverse shall— 

24 ‘‘(i) be chosen by the Secretary, after 

25 consultation with the Commission of Fine 


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1 Arts and review by the Citizens Coinage 

2 Advisory Committee; 

3 ‘‘(ii) contain the inscriptions ‘Liberty’ 

4 and ‘In God We Trust’; and 

5 ‘‘(iii) contain the inscription of the 

6 year of minting and issuance of the coin. 

7 ‘‘(B) COIN REVERSE.—The design on the 

8 reverse shall— 

9 ‘‘(i) be chosen by the Secretary, after 

10 consultation with the Commission of Fine 

11 Arts and review by the Citizens Coinage 

12 Advisory Committee; 

13 ‘‘(ii) contain the inscription ‘United 

14 States of America’ and ‘E Pluribus 

15 Unum’; and 

16 ‘‘(iii) contain a designation of the 

17 value of the coin. 

18 ‘‘(C) SELECTION AND APPROVAL PROC19 ESS.—Designs for coins issued pursuant to this 

20 subsection may be submitted in accordance with 

21 the design selection and approval process devel22 oped by the Secretary in the sole discretion of 

23 the Secretary. 


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1 ‘‘(D) PARTICIPATION.—The Secretary may 

2 include participation by artists from the States 

3 and engravers of the United States Mint. 

4 ‘‘(5) ISSUANCE OF NUMISMATIC COINS.—The 

5 Secretary may mint and issue such number of coins 

6 of each design selected under this subsection in un7 circulated and proof qualities as the Secretary deter8 mines to be appropriate. To assure availability of 

9 dimes and quarter dollars minted and issued under 

10 this subsection in uncirculated qualities for numis11 matic purposes, a portion of any such coins shall be 

12 offered in rolls and bags at face value plus issuance 

13 costs. 

14 ‘‘(6) SILVER COINS.— 

15 ‘‘(A) IN GENERAL.—Notwithstanding sub16 section (b), the Secretary may mint and issue 

17 such number of dimes, quarter dollar coins, and 

18 half dollar coins of each design selected under 

19 this subsection as the Secretary determines to 

20 be appropriate, with a content of .999 fine sil21 ver. 

22 ‘‘(B) SOURCES OF BULLION.—The Sec23 retary shall obtain silver for minting coins 

24 under this paragraph from available resources, 


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1 including stockpiles established under the Stra2 tegic and Critical Materials Stock Piling Act.’’. 

Æ 


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