President John F. Kennedy Commemorative Coin Act

Bill: 115-s-1568
Sponsor: full_name: Sen. Markey, Edward J. [D-MA]
Introduced: 2017-07-17
Policy area: Finance and Financial Sector
Subjects: Currency

Libraries and archives

Massachusetts

Museums, exhibitions, cultural centers

Presidents and presidential powers, Vice Presidents

Social work, volunteer service, charitable organizations
Latest action: action_date: 2017-07-17
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-07-17
action_desc: Introduced in Senate
text: <p><b>President John F. Kennedy Commemorative Coin Act</b></p> <p>This bill directs the Department of the Treasury to mint and issue not more than 500,000 $1 silver coins in commemoration of President John F. Kennedy. </p> <p>The bill requires all sales of such coins to include a surcharge of $10 per coin, which shall be paid by Treasury to the John F. Kennedy Library Foundation to support the John F. Kennedy Presidential Library and Museum. </p>

tv_txt: II 115th CONGRESS 1st Session S. 1568 IN THE SENATE OF THE UNITED STATES July 17, 2017 Mr. Markey (for himself and Mr. McCain ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require the Secretary of the Treasury to mint coins in commemoration of President John F. Kennedy.

1. Short title This Act may be cited as the President John F. Kennedy Commemorative Coin Act . 2. Findings The Congress finds that— (1) John Fitzgerald Kennedy served in the United States Navy, earning the Navy and Marine Corps Medal and a Purple Heart for his actions following the sinking of PT–109 during World War II; (2) John Fitzgerald Kennedy served honorably in the United States House of Representatives from 1947 to 1953; (3) John Fitzgerald Kennedy served honorably in the United States Senate from 1953 to 1960; (4) in 1960, at 43 years of age, John Fitzgerald Kennedy became the youngest person ever elected President of the United States; (5) in his inaugural address, President Kennedy challenged all people of the United States to ask not what your country can do for you—ask what you can do for your country ; (6) President Kennedy’s call to service laid the foundation for the development of the Peace Corps; (7) President Kennedy again challenged the United States to put a man on the moon by the end of the 1960s and his moonshot is credited for spurring an interest in science and innovation; (8) 2017 marks the 100th anniversary of the birth of President Kennedy, the 35th President of the United States; and (9) a commemorative coin honoring President Kennedy’s legacy of courage, service, innovation, and inclusion will be a reminder to future generations of the importance of service to one’s country. 3. Coin specifications (a) $1 silver coins The Secretary of the Treasury (hereafter in this Act referred to as the Secretary ) shall mint and issue not more than 500,000 $1 coins in commemoration of President John F. Kennedy, which shall— (1) weigh 26.73 grams; (2) have a diameter of 1.500 inches; and (3) contain not less than 90 percent silver. (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. 4. Design of coins (a) Design requirements (1) In general The design of the coins minted under this Act shall be emblematic of the life and legacy of President John F. Kennedy. (2) Design and inscriptions On each coin minted under this Act there shall be— (A) a designation of the value of the coin; (B) an inscription of the year 2020; 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 the John F. Kennedy Library Foundation and the Commission of Fine Arts; and (2) reviewed by the Citizens Coinage Advisory Committee. 5. Issuance of coins (a) Quality of coins Coins minted under this Act shall be issued in uncirculated and proof qualities. (b) Mint facility Only 1 facility of the United States Mint may be used to strike any particular quality of the coins minted under this Act. (c) Period for issuance The Secretary may issue coins minted under this Act only during the 1-year period beginning on January 1, 2020. 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. 7. Surcharges (a) In general All sales of coins issued under this Act shall include a surcharge of $10 per coin. (b) Distribution Subject to section 5134(f)(1) 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 John F. Kennedy Library Foundation, to support the John F. Kennedy Presidential Library and Museum. (c) Limitations 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 of the Treasury may issue guidance to carry out this subsection.