Erie Canal Bicentennial Commemorative Coin Act

Bill: 118-hr-5131
Sponsor: full_name: Rep. Tenney, Claudia [R-NY-24]
Introduced: 2023-08-01
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-08-01
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-08-01
action_desc: Introduced in House
text: <p><strong>Erie Canal Bicentennial Commemorative Coin Act</strong></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 in recognition of the bicentennial of the Erie Canal.&nbsp;The designs of the coins must be emblematic of the Erie Canal and its impact on the development of the United States and New York.</p><p>All sales of coins issued under this bill must include a surcharge to be paid to the Erie Canalway Heritage Fund, Inc., to support the historic preservation and community development of the Erie Canalway National Heritage Corridor in New York and for educational and commemorative programs. &nbsp;</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 5131 IN THE HOUSE OF REPRESENTATIVES August 1, 2023 Ms. Tenney (for herself, Mr. Lawler , Ms. Stefanik , Mr. Garbarino , Mr. Molinaro , Mr. Higgins of New York , Mr. Langworthy , Mr. Morelle , and Mr. Tonko ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of the Treasury to mint coins in recognition of the bicentennial of the Erie Canal.

1. Short title This Act may be cited as the Erie Canal Bicentennial Commemorative Coin Act . 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. 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. 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) an inscription of the year 2026 ; 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. 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, 2026. 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— (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. 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.