I 

112TH CONGRESS 

1ST SESSION H. R. 2778 

To prevent the overproduction of $1 presidential coins by the United States 

Mint in order to efficiently meet collector demand while reducing the 

surplus of already produced $1 coins in Federal Reserve System vaults, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

AUGUST 1, 2011 

Mr. SMITH of Washington introduced the following bill; which was referred to 

the Committee on Financial Services 

A BILL 

To prevent the overproduction of $1 presidential coins by 

the United States Mint in order to efficiently meet collector demand while reducing the surplus of already produced $1 coins in Federal Reserve System vaults, 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 ‘‘The Dollars and Sense 

5 Act of 2011’’. 

6 SEC. 2. FINDINGS. 

7 The Congress finds the following: 


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1 (1) The backlog of more than 1.2 billion coins 

2 in Federal Reserve System vaults is highly con3 cerning. 

4 (2) Overinflated demand for coin collecting pur5 poses and lack of transactional demand by the gen6 eral public has led to backlog of these coins. 

7 (3) Continued production of these coins will 

8 maintain seigniorage and help pay down our na9 tional deficit. 

10 SEC. 3. REMOVAL OF UNMIXED SUPPLIES REQUIREMENT 

11 DURING INTRODUCTORY PERIOD. 

12 Section 5112(p)(3)(D) of title 31, United States 

13 Code, is amended by striking ‘‘ensuring that—’’ and all 

14 that follows through ‘‘(ii) circulating coins’’ and inserting 

15 ‘‘ensuring that circulating coins’’. 

16 SEC. 4. REDUCTION IN THE NUMBER OF PRESIDENTS HON17 ORED IN A YEAR FROM 4 TO 2. 

18 Section 5112(n)(4) of title 31, United States Code, 

19 is amended— 

20 (1) in the heading, by striking ‘‘4’’ and insert21 ing ‘‘2’’; 

22 (2) in subparagraph (A), by striking ‘‘4 Presi23 dents’’ and inserting ‘‘2 Presidents’’; and 

24 (3) in the heading of subparagraph (B), by 

25 striking ‘‘4’’ and inserting ‘‘2’’. 


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1 SEC. 5. POSTPONEMENT OF NATIVE AMERICAN $1 COIN 

2 ISSUANCE. 

3 Section 5112(r) of chapter 51 of title 31, United 

4 States Code, is amended— 

5 (1) in paragraph (1)(A)— 

6 (A) by striking ‘‘beginning January 1, 

7 2008’’ and inserting ‘‘beginning on the termi8 nation of the issuance of coins under subsection 

9 (n)’’; and 

10 (B) by striking ‘‘in addition to the coins to 

11 be issued pursuant to subsection (n),’’; and 

12 (2) by striking paragraph (5). 

13 SEC. 6. LIMITATION ON MINTING OF PRESIDENTIAL $1 

14 COINS. 

15 Section 5112(n)(4)(B) of chapter 51 of title 31, 

16 United States Code, is amended— 

17 (1) by inserting before the period the following: 

18 ‘‘, except that the aggregate number of all coins for 

19 circulation issued under this subsection for any such 

20 year shall not exceed the number of $1 coins sold 

21 only as numismatic items during the previous cal22 endar year’’; and 

23 (2) by adding at the end the following: ‘‘If the 

24 Secretary determines that the demand for a par25 ticular design during a year will exceed the amount 

26 of coins able to be produced under the limitation in 


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1 the previous sentence, the Secretary may waive such 

2 limitation with respect to such design.’’. 

3 SEC. 7. REFORM TO THE DIRECT SHIP PROGRAM. 

4 The Circulating $1 Coin Direct Ship Program of the 

5 United States Mint shall only be available to persons who 

6 are purchasing $1 coins for coin collection purposes. 

7 SEC. 8. TECHNICAL CORRECTIONS. 

8 Section 5112(p)(3) of chapter 51 of title 31, United 

9 States Code, is amended— 

10 (1) in subparagraph (D), by adding ‘‘and’’ at 

11 the end; 

12 (2) in subparagraph (E), by striking ‘‘; and’’ 

13 and inserting a period; and 

14 (3) by striking subparagraph (F). 

15 SEC. 9. SENSE OF CONGRESS. 

16 It is the sense of Congress— 

17 (1) that the Board of Governors of the Federal 

18 Reserve System should do everything in its power to 

19 address the backlog of $1 coins in its vaults by mak20 ing them as accessible as possible to the public for 

21 purposes of circulation; and 

22 (2) the United States Mint should continue the 

23 production of Sacagawea coins for circulation purVerDate Mar 15 2010 22:42 Aug 03, 2011 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H2778.IH H2778

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1 poses upon completion of the Presidential $1 Coin 

2 Program. 

Æ 


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