29–006 

108TH CONGRESS REPT. 108–472 " ! HOUSE OF REPRESENTATIVES 2d Session Part 2 

JAMESTOWN 400TH ANNIVERSARY COMMEMORATIVE 

COIN ACT OF 2003 

JULY 6, 2004.—Committed to the Committee of the Whole House on the State of 

the Union and ordered to be printed 

Mr. THOMAS, from the Committee on Ways and Means, 

submitted the following 

R E P O R T 

[To accompany H.R. 1914] 

[Including cost estimate of the Congressional Budget Office} 

The Committee on Ways and Means, to whom was referred the 

bill (H.R. 1914) to provide for the issuance of a coin to commemorate the 400th anniversary of the Jamestown settlement, having 

considered the same, report favorably thereon with an amendment 

and recommend that the bill, as amended, do pass. 

CONTENTS 

Page 

I. Summary and Background .............................................................................. 2 

II. Explanation of the Bill ..................................................................................... 2 

III. Votes of the Committee .................................................................................... 3 

IV. Budget Effects of the Bill ................................................................................. 4 

V. Other Matters To Be Discussed Under the Rules of the House ................... 6 

The amendment (stated in terms of the page and line numbers 

of the introduced bill) is as follows: 

Page 8, after line 16 (at the end of section 7), add the following 

new subsection: 

(d) LIMITATION.—Notwithstanding subsection (a), no surcharge 

may be included with respect to the issuance under this Act of any 

coin during a calendar year if, as of the time of such issuance, the 

issuance of such coin would result in the number of commemorative coin programs issued during such year to exceed the annual 

2 commemorative coin program issuance limitation under section 

5112(m)(1) of title 31, United States Codes (as in effect on the date 

of the enactment of this Act). The Secretary of the Treasury may 

issue guidance to carry out this subsection. 

2 

1Pub. L. No. 104–329. 

2 31 U.S.C. 5112. 

I. SUMMARY AND BACKGROUND

A. Purpose and summary 

The bill, H.R. 1914, as amended, contains provisions that direct 

the U.S. Mint to produce coins to commemorate the 400th anniversary of the founding of Virginia at Jamestown and permit a surcharge to be collected on such coins. However, such surcharges may 

be collected only with respect to two commemorative coin programs 

per year. 

B. Background and need for legislation 

The provisions approved by the Committee reflect the need to enforce the limitation established in the Commemorative Coin Reform 

Act of 1996 that commemorative coins from no more than two commemorative coin programs carrying surcharges be issued per year. 

C. Legislative history 

The House Committee on Ways and Means marked up H.R. 1914 

on June 23, 2004, and ordered the bill, as amended, favorably reported by voice vote. 

II. EXPLANATION OF THE BILL

Present law 

The Secretary of the Treasury is authorized to issue commemorative coins under the United States Commemorative Coin Act of 

1996,1 as amended, and specific statutes authorizing the issuance 

of coins under a commemorative coin program. A statute authorizing a commemorative coin program generally includes a provision 

establishing authority for the Secretary to impose a surcharge with 

respect to that program. Proceeds of the surcharge are to be used 

for the purposes authorized by the commemorative coin program 

authorizing legislation. Under present law, effective January 1, 

1999, the Secretary may mint and issue commemorative coins during any calendar year with respect to not more than two commemorative coin programs.2 This limitation applies to coin programs 

without regard to whether a surcharge is imposed. 

Reasons for change 

The Committee understands that, since 1982, 42 different commemorative coins have been produced and they have generated approximately $430 million in surcharges. Changes enacted under the 

Commemorative Coin Reform Act of 1996 provide that the Federal 

Government may retain surcharges if the recipient organization 

does not meet certain requirements, e.g., matching funds. The surcharges raise revenue for the Federal Government that is used to 

fund various programs and organizations as provided in the authorizing legislation. The Commemorative Coin Reform Act of 1996 

also provided that there would be a limit of no more than two commemorative coins issued annually. Because commemorative coins 

are used to raise revenue for the Federal Government, the Committee believes it is appropriate to enforce the limitation of no more 

than two commemorative coin programs per year by providing that 

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no surcharge may be collected on any commemorative coin issued 

as part of more than two commemorative coin programs in any calendar year. 

Explanation of provision 

H.R. 1914, as amended by the Committee, provides for the 

issuance of a coin to commemorate the 400th anniversary of the 

Jamestown settlement. The bill provides that the Secretary shall 

mint and issue a one-dollar coin and a five-dollar coin, each of 

which shall be legal tender and considered to be a numismatic 

item. The bill provides that all sales of the coins shall include a 

surcharge of thirty-five dollars per coin for a five-dollar coin, and 

ten dollars per coin for a one-dollar coin. Under the bill, fifty percent of the surcharges received by the secretary from the sale of 

coins issued under the bill shall be paid to the Jamestown-Yorktown Foundation of the Commonwealth of Virginia to support programs to promote the understanding of the legacies of Jamestown, 

and fifty percent shall be used to sustain the ongoing mission of 

preserving Jamestown; to enhance national and international educational programs relating to Jamestown; to improve infrastructure 

and archaeological research activities relating to Jamestown; and 

to conduct other programs to support the commemoration of the 

400th anniversary of the settlement of Jamestown. 

The bill, as amended, further provides that no surcharge may be 

included with respect to the issuance of coins under H.R. 1914, the 

‘‘Jamestown 400th Anniversary Commemorative Coin Act of 2003,’’ 

during a calendar year if, as of the time of such issuance, the 

issuance of such coin would result in the number of commemorative coin programs issued during such year to exceed the annual 

limitation of two such commemorative coin programs under section 

5112(m)(1) of Title 31 of the United States Code. The bill provides 

that the Secretary of the Treasury may issue guidance to carry out 

the provision. The Secretary may issue coins minted under the bill 

only during the period beginning on January 1, 2007, and ending 

on December 31, 2007. Thus, if in 2007, prior to the issuance of either of the Jamestown coins, commemorative coins have been 

issued under two or more other commemorative coin programs for 

which a surcharge was included, then, under the bill as amended, 

the Jamestown coins issued in 2007 would have to be issued without a surcharge. 

Effective date 

The provision is effective on the date of enactment. 

III. VOTES OF THE COMMITTEE

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

House of Representatives, the following statements are made concerning the votes of the Committee on Ways and Means in its consideration of the bill, H.R. 1914. 

Motion to report the bill 

The bill, H.R. 1914, as amended was ordered favorably reported 

by voice vote (with a quorum being present). 

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IV. BUDGET EFFECTS OF THE BILL

A. Committee estimate of budgetary effects 

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

the House of Representatives, the following statement is made concerning the effects on the budget of the revenue provisions of the 

bill, H.R. 1914 as reported. 

The Committee agrees with the estimate prepared by CBO which 

is included below. 

B. Statement regarding new budget authority and tax expenditures 

budget authority 

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

House of Representatives, the Committee states that the bill involves no new or increased budget authority. 

C. Cost estimate prepared by the congressional budget office 

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

House of Representatives, requiring a cost estimate prepared by 

the CBO, the following statement by CBO is provided. 

U.S. CONGRESS, 

CONGRESSIONAL BUDGET OFFICE, 

Washington, DC, July 1, 2004. 

Hon. WILLIAM ‘‘BILL’’ M. THOMAS, Chairman, Committee on Ways and Means, 

House of Representatives, Washington, DC. 

DEAR MR. CHAIRMAN: The Congressional Budget Office has prepared the enclosed cost estimate for H.R. 1914, the Jamestown 

400th Anniversary Commemorative Coin Act of 2003. 

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

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

Sincerely, 

ELIZABETH M. ROBINSON

(For Douglas Holtz-Eakin, Director). 

Enclosure. 

H.R. 1914—Jamestown 400th Anniversary Commemorative Coin 

Act of 2003 

Summary: H.R. 1914 would direct the U.S. Mint to produce a $5 

gold coin and a $1 silver coin in calendar year 2007 to commemorate the 400th anniversary of the founding of Jamestown, Virginia. 

The bill would specify a surcharge on the sales price of $35 for the 

gold coin and $10 for the silver coin and would designate the 

Jamestown-Yorktown Foundation (an educational institution of the 

Commonwealth of Virginia), the National Park Service, and the Association for the Preservation of Virginia Antiquities (a private 

nonprofit association), as recipients of the income from those surcharges. 

CBO estimates that enacting H.R. 1914 would have no significant net impact on direct spending over the 2004–2009 period. H.R. 

1914 contains no intergovernmental or private-sector mandates as 

defined in the Unfunded Mandates Reform Act (UMRA), and would 

likely benefit the Commonwealth of Virginia. 

5 

Estimated cost to the Federal Government: H.R. 1914 could raise 

as much as $8.5 million in surcharges if the Mint sells the maximum number of authorized coins. Recent commemorative coin 

sales, however, suggest that receipts would be about $3 million. 

Under current law, the Mint must ensure that it will not lose 

money on a commemorative coin program before transferring any 

surcharges to a designated recipient organization. CBO expects 

that the Mint would collect most of those surcharges in fiscal year 

2007 and would transfer collections to the designated recipients in 

fiscal year 2008. 

H.R. 1914 could limit the collection of surcharges from more than 

two commemorative coins in any calendar year. According to the 

Mint there are currently no commemorative coins scheduled to be 

issued in 2007, so we expect this provision would not reduce the 

collection or spending of surcharges for the Jamestown 400th Anniversary Commemorative Coins. 

In addition, CBO expects that the Mint would use gold obtained 

from the reserves held at the Treasury to produce the gold coin. 

Because the budget treats the sale of gold as a means of financing 

governmental operations—that is, the Treasury’s receipts from 

such sales do not affect the size of the deficit—CBO has not included such receipts in this estimate. CBO estimates that H.R. 

1914 would provide the federal government with about $3.5 million 

in additional cash (in exchange for gold) for financing the federal 

deficit in fiscal year 2007. 

Intergovernment and private-sector impact: H.R. 1914 contains 

no intergovernmental or private-sector mandates as defined in 

UMRA, and would likely benefit the Commonwealth of Virginia. 

Previous CBO estimates: On June 25, 2004, CBO transmitted a 

cost estimate for S. 976, the Jamestown 400th Anniversary Commemorative Coin Act of 2003, as ordered reported by the Senate 

Committee on Banking, Housing, and Urban Affairs. On March 22, 

2004, CBO transmitted a cost estimate for H.R. 1914, as ordered 

reported by the House Committee on Financial Services on March 

17, 2004. The three pieces of legislation are similar and our cost 

estimates are the same. 

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. 

D. Macroeconomic impact analysis 

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

House of Representatives, the following statement is made by the 

Joint Committee on Taxation with respect to the provisions of the 

bill amending the Internal Revenue Code of 1986: the effects of the 

bill on economic activity are so small as to be incalculable within 

the context of a model of the aggregate economy. 

6 

V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF THE

HOUSE

A. Committee oversight findings and recommendations 

With respect to clause 3(c)(1) of rule XIII of the Rules of the 

House of Representatives (relating to oversight findings), the Committee advises that it was a result of the Committee’s oversight review concerning Federal commemorative coin programs that the 

Committee concluded that it is appropriate and timely to enact the 

revenue provision included in the bill as reported. 

B. Statement of general 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 by 

this legislation to mint two commemorative coins emblematic of the 

settlement of Jamestown and transfer the proceeds from the sale 

of those coins to the Jamestown-Yorktown Foundation of the Commonwealth of Virginia. 

C. Constitutional authority statement 

With respect to clause 3(d)(1) of the rule XIII of the Rules of the 

House of Representatives (relating to Constitutional Authority), the 

Committee states that the Committee’s action in reporting this bill 

is derived from Article I of the Constitution, Section 8 (‘‘The Congress shall have Power To lay and collect Taxes, Duties, Imposts 

and Excises. . .’’). 

D. Information relating to unfunded mandates 

This information is provided in accordance with section 423 of 

the Unfunded Mandates Act of 1995 (P.L. 104–4). 

The Committee has determined that the revenue provisions of 

the bill do not impose a Federal intergovernmental mandate on 

State, local, or tribal governments. 

E. Applicability of House rule XXI 5(b) 

Rule XXI 5(b) of the Rules of the House of Representatives provides, in part, that ‘‘A bill or joint resolution, amendment, or conference report carrying a Federal income tax rate increase may not 

be considered as passed or agreed to unless so determined by a 

vote of not less than three-fifths of the Members voting, a quorum 

being present.’’ The Committee has carefully reviewed the provisions of the bill, and states that the provisions of the bill do not 

involve any Federal income tax rate increases within the meaning 

of the rule. 

F. Tax complexity analysis 

Section 4022(b) of the Internal Revenue Service Reform and Restructuring Act of 1998 (the ‘‘IRS Reform Act’’) requires the Joint 

Committee on Taxation (in consultation with the Internal Revenue 

Service and the Department of the Treasury) to provide a tax complexity analysis. The complexity analysis is required for all legislation reported by the Senate Committee on Finance, the House 

Committee on Ways and Means, or any committee of conference if 

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the legislation includes a provision that directly or indirectly 

amends the Internal Revenue Code (the ‘‘Code’’) and has widespread applicability to individuals or small businesses. 

The staff of the Joint Committee on Taxation has determined 

that a complexity analysis is not required under section 4022(b) of 

the IRS Reform Act because the bill contains no provisions that directly or indirectly amend the Internal Revenue Code. 

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