100th anniversary of the Lincoln Memorial Commemorative Coin Act

Bill: 117-hr-6681
Sponsor: full_name: Rep. LaHood, Darin [R-IL-18]
Introduced: 2022-02-09
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-02-09
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2022-02-09
action_desc: Introduced in House
text: <p><strong>100th anniversary of the Lincoln Memorial Commemorative Coin Act </strong></p> <p>This bill directs the Department of the Treasury to mint and issue not more than 500,000 $1 coins in commemoration of the 100th anniversary of the Lincoln Memorial. All sales of coins issued under this bill shall include a surcharge which shall be paid to the Trust of the National Mall for the purpose of restoring and preserving the Lincoln Memorial. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 6681 IN THE HOUSE OF REPRESENTATIVES February 9, 2022 Mr. LaHood (for himself and Mr. Krishnamoorthi ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of the Treasury to mint commemorative coins in recognition of the 100th anniversary of the Lincoln Memorial.

1. Short title This Act may be cited as the 100th anniversary of the Lincoln Memorial Commemorative Coin Act . 2. Findings The Congress finds the following: (1) The year 2022 marks the 100th anniversary of the Lincoln Memorial on the National Mall, dedicated on May 30, 1922. (2) The iconic Lincoln Memorial is a U.S. national memorial built in the style of a neoclassical temple in honor of the 16th President of the United States. Designed by Henry Bacon and sited on the western end of the National Mall across from the Washington Monument, the memorial contains a grand seated sculpture of Abraham Lincoln and includes inscriptions of passages from the Gettysburg Address and Lincoln’s second inaugural address. (3) The most visited monument on the National Mall, the Lincoln Memorial provides visitors with a grand view of the Mall and meaningful and inspiring way to experience President Lincoln and his legacy. It has been the site of many important historical events, including Martin Luther King Jr.’s I Have a Dream speech, delivered on August 28, 1963, during the March on Washington for Jobs and Freedom. (4) Congress has invested significant funding to repair and restore the Lincoln Memorial over the years. The purpose of this Act is to build a long-term maintenance fund for future repairs and maintenance to augment the National Park Service budget and further protect and build upon Congress’s initial investment in the memorial. (5) Since 2007, the Trust for the National Mall has been the leading nonprofit nonpartisan philanthropic partner of the National Mall and Memorial Parks division of the National Park Service dedicated to bringing private and public resources and public awareness to support the preservation, restoration, and enrichment of the National Mall. The Trust will provide management of the maintenance fund in collaboration with the National Park Service. (6) The Trust for the National Mall wants to honor the contributions of Abraham Lincoln to our great Nation. The Trust will promote and encourage support for this commemorative coin as a way to increase public awareness and appreciation for Lincoln’s legacy and to inspire Americans to share in this important effort to preserve the memorial for generations to come. 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 the 100th anniversary of the Lincoln Memorial, each of which shall— (1) weigh 26.73 grams; (2) have a diameter of 1.500 inches; and (3) contain at least 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 100th anniversary of the Lincoln Memorial. (2) Designation 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 2023 ; 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 Trust of the National Mall; 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) Period for issuance The Secretary may issue coins under this Act only during the calendar year beginning on January 1, 2023. 6. Sale of coins (a) Sale price The coins 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) 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) of title 31, United States Code, all surcharges received by the Secretary from the sale of coins issued under this Act shall be paid to the Trust of the National Mall and for the purpose of restoring and preserving the Lincoln Memorial. (c) Audits The Lincoln Memorial 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. The Secretary of the Treasury may issue guidance to carry out this subsection.