Arnold Daniel Palmer Commemorative Coin Act

Bill: 118-hr-2808
Sponsor: full_name: Rep. Reschenthaler, Guy [R-PA-14]
Introduced: 2023-04-24
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-04-24
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-04-24
action_desc: Introduced in House
text: <p><b>Arnold Daniel Palmer Commemorative Coin Act </b></p> <p>This bill directs the Department of the Treasury to mint and issue not more than 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins in recognition and celebration of Arnold Palmer. </p> <p>All surcharges received by Treasury from the sale of such coins must be paid to the Arnold &amp; Winnie Palmer Foundation. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 2808 IN THE HOUSE OF REPRESENTATIVES April 24, 2023 Mr. Reschenthaler 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 Arnold Daniel Palmer.

1. Short title This Act may be cited as the Arnold Daniel Palmer Commemorative Coin Act . 2. Findings The Congress finds the following: (1) On September 10, 1929, Arnold Palmer was born in Latrobe, Pennsylvania, and graduated from Greater Latrobe High School in 1947. (2) In 1948, Arnold Palmer enrolled at Wake Forest College and was the Tournament medalist at the NCAA Golf Championships in 1949 and 1950. Following a tragic death suffered by his close friend and classmate, Buddy Worsham, Arnold Palmer withdrew from Wake Forest College to pursue a three-year stint in the U.S. Coast Guard. (3) In 1951, Arnold Palmer attended United States Coast Guard recruit training at Cape May, New Jersey. There, he was assigned the role of physical fitness and self-defense instructor. He would go on to serve three years in the Coast Guard as a yeoman for Rear Admiral Roy L. Raney, Commander of the 9th Coast Guard District Auxiliary in Cleveland, Ohio. (4) Arnold Palmer credited his successful golf career to his enlisted service, stating: The knowledge that I gained, the maturity that I gained in the Coast Guard was unbelievable … It matured me. It made me a better person . (5) On June 23, 2004, Arnold Palmer was the first golfer to be awarded the Presidential Medal of Freedom, and on September 12, 2012, Arnold Palmer was presented with the Congressional Gold Medal in the rotunda of the United States Capitol. He is the first professional athlete to be awarded both the Presidential Medal of Freedom and the Congressional Gold Medal. (6) In his professional golf career, Arnold Palmer won 92 championships in professional competition of national or international stature, 62 of which were on the Professional Golf Association Tour. Arnold Palmer received many honors outside the sporting world, including the Patriot Award of the Congressional Medal of Honor Society, the Golden Plate Award of the American Academy of Achievement, and the United States Navy Memorial Lone Sailor Award. Arnold Palmer served for 20 years as the honorary national chairman of the March of Dimes Birth Defects Foundation. (7) On September 30, 2009, Congress authorized the Arnold Palmer Bronze Medal and it was presented to him on September 12, 2012. (8) Arnold Palmer, the son of a country club employee in Latrobe, Pennsylvania, brought golf to people around the world. Today, driven by the generosity of Arnie’s Army , the Arnold & Winnie Palmer Foundation carries on a pioneering tradition of charity, service, and doing right by others. (9) The Arnold & Winnie Palmer Foundation continues the Palmers’ mission to champion youth health and development. By continuing their efforts to ensure every child gets the opportunity to live a life well played—by supporting nature-focused well-being and character development through golf—the Palmer Foundation is committed to keeping the Palmer legacy at the forefront of the global conversation on golf and society at large. 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 coins in recognition and celebration of Arnold Palmer: (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. Designs of coins (a) Design requirements (1) In general The designs for the coins minted under this Act shall be emblematic of Arnold Palmer and his life and accomplishments. At least one obverse design shall bear the image of Arnold Palmer. (2) Designations and inscriptions On each coin minted under this Act, there shall be— (A) a designation of the denomination of the coin; (B) an inscription of the year 2029 ; and (C) inscriptions of the words Liberty , In God We Trust , United States of America , and E Pluribus Unum . (b) Selection The designs for the coins minted under this Act shall be— (1) selected by the Secretary, after consultation with the Arnold & Winnie Palmer Foundation and Commission of the 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) Period for issuance The Secretary may issue coins minted under this Act only during the calendar year beginning on January 1, 2029. 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 paid to the Arnold & Winnie Palmer Foundation for application to general expenses associated with the fulfillment of the mission of the Arnold & Winnie Palmer Foundation, including costs associated with— (1) children’s health; (2) character development through the game of golf; (3) wellness through nature; and (4) the Palmer legacy in golf and American history. (c) Audits The Arnold & Winnie Palmer Foundation 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 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 result in no net cost to the Federal Government; and (2) no funds, including applicable surcharges, are disbursed to any recipient designated in section 7(b) until to 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.