I
103D CONGRESS
2D SESSION
H. R. 5168
To provide for the minting and circulation of one dollar coins and the
establishment of the circulating coinage reserve fund as a successor
to the coinage profit fund, to provide that excess amounts in the circulat-
ing coinage reserve fund may be made available to the Community
Development Financial Institutions Fund, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
OCTOBER 4, 1994
Mr. LAFALCE introduced the following bill; which was referred to the
Committee on Banking, Finance and Urban Affairs
A BILL
To provide for the minting and circulation of one dollar
coins and the establishment of the circulating coinage
reserve fund as a successor to the coinage profit fund,
to provide that excess amounts in the circulating coinage
reserve fund may be made available to the Community
Development Financial Institutions Fund, and for other
purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘One Dollar Coin and
Community Development Act of 1994’’.
SEC. 2. ONE DOLLAR COINS.
(a) COLOR AND CONTENT.—Section 5112(b) of title
31, United States Code, is amended—
(1) in the 1st sentence, by striking ‘‘dollar,’’;
and
(2) by inserting after the 4th sentence, the fol-
lowing new sentence: ‘‘The dollar coin shall be gold-
en in color, have an unreeded edge, have tactile and
visual features that make the denomination of the
coin readily discernible, be minted and fabricated in
the 
United 
States, 
and 
have 
such 
metallic,
anticounterfeiting properties as United States clad
coinage in circulation on the date of the enactment
of the One Dollar Coin and Community Develop-
ment Act of 1994.’’.
(b) DESIGN OF DOLLAR COIN.—Section 5112(d)(1)
of title 31, United States Code, is amended by striking
the 5th and 6th sentences and inserting the following new
sentence: ‘‘The Secretary of the Treasury shall select an
appropriate design for the obverse side of the dollar.’’.
(c) EFFECTIVE DATE.—Not later than 18 months
after the date of enactment of this Act, the Secretary of
the Treasury shall place into circulation 1 dollar coins au-
thorized under subsection (a)(1) of section 5112 of title
31, United States Code, which comply with the design re-
quirements of subsections (b) and (d)(1) of such section,
as amended by subsections (a) and (b) of this section. The
Secretary may include such coins in any numismatic set
produced by the United States Mint before the date the
coins are placed in circulation.
SEC. 3. CEASING ISSUANCE OF ONE DOLLAR NOTES.
(a) IN GENERAL.—After the date that coins de-
scribed in section 2(c) are first placed in circulation, no
Federal reserve bank may order or place into circulation
any $1 Federal reserve note.
(b) REDEMPTION OF $1 NOTES.—
(1) IN GENERAL.—Section 5119(b)(1) of title
31, United States Code, is amended by adding at
the end the following new subparagraph:
‘‘(F) Federal reserve notes in the denomi-
nation of $1.’’.
(2) EFFECTIVE DATE.—
(A) IN GENERAL.—The amendment made
by paragraph (1) shall take effect on the date
on which coins minted pursuant to the amend-
ments made by section 2 are first placed in cir-
culation.
(B) NOTICE
OF
EFFECTIVE
DATE.—The
Secretary of the Treasury shall publish a notice
in the Federal Register of the date on which
the amendment made by paragraph (1) takes
effect in accordance with subparagraph (A) of
this paragraph.
(c) EXCEPTION.—The Secretary of the Treasury
shall produce only such Federal reserve notes of 1 dollar
denomination as are required from time to time to meet
the needs of collectors of this series. Such notes shall be
produced in sheets and sold by the Secretary, in whole,
or in part, at a price that exceeds the face value of the
currency by an amount that, at a minimum, reimburses
the Secretary for the cost of production.
SEC. 4. RESERVE FUND FOR CIRCULATING COINAGE.
(a) ESTABLISHMENT.—Section 5111(b) of title 31,
United States Code, is amended to read as follows:
‘‘(b) COINAGE FUNDS.—
‘‘(1) COINAGE METAL FUND.—The Secretary of
the Treasury—
‘‘(A) shall maintain a coinage metal fund
in the Department of the Treasury; and
‘‘(B) may use the fund to buy metal to
mint coins.
‘‘(2) CIRCULATING COINAGE RESERVE FUND.—
‘‘(A) ESTABLISHMENT.—The Secretary of
the Treasury shall maintain a circulating coin-
age reserve fund in the Department of the
Treasury.
‘‘(B) CREDITS
AND
DEBITS.—The Sec-
retary shall—
‘‘(i) credit the coinage reserve fund
with the amount by which the nominal
value of the coins minted and placed into
circulation under this subchapter (other
than numismatic items) exceeds the cost of
the metal; and
‘‘(ii) charge the account with—
‘‘(I) the waste incurred in mint-
ing the coins referred to in clause (i);
and
‘‘(II) the cost of distributing the
coins, including the cost of coin bags
and pallets.
‘‘(C) AVAILABILITY OF FUNDS FOR COM-
MUNITY DEVELOPMENT.—
‘‘(i) IN GENERAL.—Effective for any
fiscal year only to the extent and in such
amounts as are provided in advance in ap-
propriation Acts, the Secretary may lend
excess amounts in the circulating coinage
reserve fund to the Community Develop-
ment Institutions Fund for the provision of
financial assistance by such Fund through
deposits, credit union shares, and loans in
accordance with section 108 of the Com-
munity Development Banking and Finan-
cial Institutions Act of 1994.
‘‘(ii) TERMS AND CONDITIONS.—Any
loan by the Secretary to the Community
Development Institutions Fund in accord-
ance with clause (i) shall bear such rate of
interest and be subject to such other terms
and conditions as the Secretary determines
to be appropriate.
‘‘(D) INVESTMENT
OF
BALANCE
IN
AC-
COUNT.—Subject to subparagraph (C), the Sec-
retary of the Treasury shall invest excess
amounts in the circulating coinage reserve fund
in—
‘‘(i) instruments issued by the Sec-
retary under chapter 31; and
‘‘(ii) other instruments to the extent,
and in such amounts, as may be author-
ized by law.
‘‘(E) PAYMENT TO GENERAL FUND.—In-
terest, dividends, and other earnings on invest-
ments of the circulating coinage reserve fund,
including interest on loans to the Community