Paul Laurence Dunbar Commemorative Coin Act

Bill: 117-hr-5940
Sponsor: full_name: Del. Norton, Eleanor Holmes [D-DC-At Large]
Introduced: 2021-11-09
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-11-09
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-11-09
action_desc: Introduced in House
text: <p><b>Paul Laurence Dunbar Commemorative Coin Act</b></p> <p>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 emblematic of Paul Laurence Dunbar, an influential African-American poet. </p> <p>Treasury may issue coins under this bill only during the 1-year period beginning on January 1, 2023.</p> <p>All surcharges received by Treasury from the sale of such coins must be paid to the Dunbar Alumni Federation.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 5940 IN THE HOUSE OF REPRESENTATIVES November 9, 2021 Ms. Norton 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 Paul Laurence Dunbar.

1. Short title This Act may be cited as the Paul Laurence Dunbar Commemorative Coin Act . 2. Findings The Congress finds that— (1) Paul Laurence Dunbar was one of the first influential African-American poets in American literature, writing such classics as Majors and Minors and Lyrics of Lowly Life , and composing the lyrics to In Dahomey , the first all-African-American musical produced on Broadway; (2) Paul Laurence Dunbar was born on June 27, 1872, to freed slaves Joshua and Matilda Murphy Dunbar; (3) Paul Laurence Dunbar first published a series of poems at age 14 in the Dayton Herald; (4) in 1893, Paul Laurence Dunbar published a series of poems in a work entitled Oak and Ivy ; (5) by the late 1890s, Paul Laurence Dunbar had become a prominent author, having had his poems published in such major national newspapers and magazines as The New York Times; (6) over his career, Paul Laurence Dunbar published more collections of poems, short stories, and novels; (7) Paul Laurence Dunbar died on February 9, 1906, at 33 years of age; (8) Paul Laurence Dunbar Senior High School (hereafter referred to as Dunbar High School) was established in the District of Columbia in 1870 as the Preparatory High School for Colored Youth, and was the first public high school for African-American students in the country; (9) the Preparatory High School for Colored Youth was renamed in 1916 in honor of Paul Laurence Dunbar; (10) the Dunbar Alumni Federation (hereafter in this Act referred to as the Federation ) was organized in 2002 to provide scholarships and other financial support to students and graduates of Dunbar High School; (11) the Federation promotes and supports scholarship efforts, along with school and community activities; (12) the Federation leverages the prestige of Dunbar High School and its distinguished alumni to enhance the education of Dunbar High School students; (13) the Federation promotes Dunbar High School alumni from more than 35 years of graduating classes through their scholarship efforts, community activities, and other endeavors to support Dunbar High School; (14) the Federation helps finance such student development activities as the Debate Team, the Band, the Ski Team, the Junior Reserve Officer Training Corps, and athletics; (15) the Federation funds faculty, staff, and parent appreciation and development activities; and (16) the Federation collects and assembles artifacts and memorabilia from alumni for historical and legacy displays to chronicle Dunbar High School’s rich history. 3. Coin specifications (a) Denominations In recognition and celebration of Paul Laurence Dunbar, the Secretary of the Treasury (hereafter in this Act referred to as the Secretary ) shall mint and issue the following coins: (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. 4. Design of coins (a) In general The design for the coins minted under this Act shall be emblematic of Paul Laurence Dunbar. (b) Designations and inscriptions On each coin minted under this Act there shall be— (1) a designation of the denomination of the coin; (2) an inscription of the year 2023 ; and (3) inscriptions of the words Liberty , In God We Trust , United States of America , and E Pluribus Unum . (c) 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) the Federation; and (2) reviewed by the Citizens Commemorative Coin 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 minted under this Act only during the 1-year period beginning on January 1, 2023. 6. Sale of coins (a) Sale price The coins issued under this Act shall be sold by the Secretary at a price based upon 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 minted under this Act shall include a surcharge as follows: (1) A surcharge of $35 per coin for the $5 coin. (2) A surcharge of $10 per coin for the $1 coin. (3) A surcharge of $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 Federation. (c) Exemption to commemorative coin program limitations This Act shall— (1) not be subject to section 5112(m)(1) of title 31, United States Code; and (2) not be a commemorative coin program for purposes of such section. (d) Audit The recipient described under subsection (b) 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). 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, are disbursed to the 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.