Erie Canal Bicentennial Commemorative Coin Act
Bill: H.R.5601 | Sponsor: Rep. Tenney, Claudia (R-NY)
Policy area: Finance and Financial Sector

Summary:
Erie Canal Bicentennial Commemorative Coin Act
This bill directs the Department of the Treasury to mint and issue 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins in recognition of the bicentennial of the Erie Canal.
The designs of the coins shall be emblematic of the Erie Canal and its impact on the development of the United States and New York.
Treasury may issue coins minted under this bill only during the one-year period beginning on January 1, 2025.
All sales of coins issued under this bill shall include a surcharge, which shall be paid to the Erie Canalway Heritage Fund, Inc., to support the historic preservation, conservation, recreation, interpretation, tourism, and community development of the Erie Canalway National Heritage Corridor in New York and for educational and commemorative programs of the Erie Canal's history and impact on our nation's history.

To require the Secretary of the Treasury to mint coins in recognition 
                 of the bicentennial of the Erie Canal.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Erie Canal Bicentennial 
Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) Built between 1817 and 1825, the original Erie Canal 
        traversed 363 miles from Albany to Buffalo.
            (2) The Erie Canal was the longest artificial waterway and 
        the greatest public works project in North America.
            (3) The Erie Canal was one of the most important steps in 
        the United States initiating its industrial revolution, rapidly 
        increasing the productivity of agriculture and the spread of 
        machinery and manufactured goods.
            (4) The Erie Canal cut the travel time between Albany and 
        Buffalo in half and reduced freight rates by 90 percent. This 
        allowed midwestern farmers and industry to have new access to 
        distant markets.
            (5) The Erie Canal opened up the American interior for 
        settlement and enabled a new flow of people and ideas. This 
        fueled social reform movements such as abolitionism, women's 
        suffrage, utopian communities, and multiple religious movements 
        along the canal corridor.
            (6) The Erie Canal continues to define the geography of 
        upstate New York with 80 percent of the upstate New York 
        population living withing 25 miles of the corridor.
            (7) After 200 years the Erie Canal is still a resource for 
        its local communities as a close to home recreational 
        destination for boaters, bikers, and walkers.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denominations.--The Secretary of the Treasury (hereafter in 
this Act referred to as the ``Secretary'') shall mint and issue the 
following coin:
            (1) $5 gold coins.--Not more than 50,000 $5 coins, which 
        shall--
                    (A) weigh 8.359 grams;
                    (B) have a diameter of 0.850 inches; and
                    (C) contain not less than 90 percent gold.
            (2) $1 silver coins.--Not more than 400,000 $1 coins, which 
        shall--
                    (A) weigh 26.73 grams;
                    (B) have a diameter of 1.500 inches; and
                    (C) contain not less than 90 percent silver.
            (3) Half-dollar clad coins.--Not more than 750,000 half-
        dollar coins which shall--
                    (A) weigh 11.34 grams;
                    (B) have a diameter of 1.205 inches; and
                    (C) be minted to the specifications for half-dollar 
                coins contained in section 5112(b) of title 31, United 
                States Code.
    (b) Legal Tender.--The coins minted under this Act shall be legal 
tender, as provided in section 5103 of title 31, United States Code.
    (c) Numismatic Items.--For purposes of sections 5134 and 5136 of 
title 31, United States Code, all coins minted under this Act shall be 
considered to be numismatic items.

SEC. 4. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The designs of the coins minted under this 
        Act shall be emblematic of the Erie Canal and its impact on the 
        development of the United States and New York State.
            (2) Designation and inscriptions.--On each coin minted 
        under this Act, there shall be--
                    (A) a designation of the value of the coin;
                    (B) the inscription ``2017-2025''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''.
    (b) Selection.--The design for the coins minted under this Act 
shall be--
            (1) selected by the Secretary after consultation with--
                    (A) the Commission of Fine Arts; and
                    (B) Erie Canalway Heritage Fund, Inc.; and
            (2) reviewed by the Citizens Coinage Advisory Committee.

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act shall be issued 
in uncirculated and proof qualities.
    (b) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the 1-year period beginning on January 1, 
2025.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--The coins issued under this Act shall be sold by 
the Secretary at a price equal to the sum of--
            (1) the face value of the coins;
            (2) the surcharge provided in section 7(a) with respect to 
        such coins; and
            (3) the cost of designing and issuing the coins (including 
        labor, materials, dies, use of machinery, overhead expenses, 
        marketing, and shipping).
    (b) Bulk Sales.--The Secretary shall make bulk sales of the coins 
issued under this Act at a reasonable discount.
    (c) Prepaid Orders.--
            (1) In general.--The Secretary shall accept prepaid orders 
        for the coins minted under this Act before the issuance of such 
        coins.
            (2) Discount.--Sale prices with respect to prepaid orders 
        under paragraph (1) shall be at a reasonable discount.

SEC. 7. SURCHARGES.

    (a) In General.--All sales of coins issued under this Act shall 
include a surcharge of--
            (1) $35 per coin for the $5 coin;
            (2) $10 per coin for the $1 coin; and
            (3) $5 per coin for the half-dollar coin.
    (b) Distribution.--Subject to section 5134(f) of title 31, United 
States Code, all surcharges received by the Secretary from the sale of 
coins issued under this Act shall be promptly paid by the Secretary to 
the Erie Canalway Heritage Fund, Inc., to support the historic 
preservation, conservation, recreation, interpretation, tourism, and 
community development of the Erie Canalway National Heritage Corridor 
and for educational and commemorative programs of the Erie Canal's 
history and impact on our Nation's history.
    (c) Audits.--The recipient of surcharges under this Act shall be 
subject to the audit requirements of section 5134(f)(2) of title 31, 
United States Code, with regard to the amounts received under 
subsection (b).
    (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 Code (as in effect on the date of the enactment of this 
Act). The Secretary may issue guidance to carry out this subsection.

SEC. 8. FINANCIAL ASSURANCES.

    The Secretary shall take such actions as may be necessary to ensure 
that--
            (1) minting and issuing coins under this Act will not 
        result in any net cost to the United States Government; and
            (2) no funds, including applicable surcharges, shall be 
        disbursed to any recipient designated in section 7 until the 
        total cost of designing and issuing all of the coins authorized 
        by this Act (including labor, materials, dies, use of 
        machinery, overhead expenses, marketing, and shipping) is 
        recovered by the United States Treasury, consistent with 
        sections 5112(m) and 5134(f) of title 31, United States Code.
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