Sultana Steamboat Disaster Commemorative Coin Act of 2023

Bill: 118-s-668
Sponsor: full_name: Sen. Boozman, John [R-AR]
Introduced: 2023-03-07
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-03-07
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-03-07
action_desc: Introduced in Senate
text: <p><b>Sultana Steamboat Disaster Commemorative Coin Act of 2023 </b></p> <p>This bill directs the Department of the Treasury to mint and issue not more than 100,000 $5 gold coins, 500,000 $1 silver coins, and 750,000 half-dollar clad coins emblematic of the Sultana steamboat explosion that occured on April 27, 1865, on the Mississippi River. </p> <p>All surcharges received by Treasury from the sale of such coins must be paid to the Sultana Historical Preservation Society for the purpose of establishing, operating, and maintaining a museum. </p>

tv_txt: II 118th CONGRESS 1st Session S. 668 IN THE SENATE OF THE UNITED STATES March 7, 2023 Mr. Boozman (for himself and Mr. Cotton ) 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 to honor and memorialize the tragedy of the Sultana steamboat explosion of 1865.

1. Short title This Act may be cited as the Sultana Steamboat Disaster Commemorative Coin Act of 2023 . 2. Findings Congress finds the following: (1) On April 27, 1865, the Sultana, a Mississippi River paddlewheel steamboat, exploded killing nearly 1,200 of the 2,137 passengers and crew on board. Based on the number of recorded casualties, this event is the worst maritime disaster in United States history. (2) Those aboard the boat were mostly paroled Union soldiers recently released from the Confederate prisoner-of-war camps in Cahaba, Alabama, and Andersonville, Georgia. These men largely hailed from Ohio, Tennessee, Indiana, Michigan, Kentucky, and West Virginia. (3) The Sultana disaster was overshadowed by other major events surrounding the end of the American Civil War, including the assassination of President Abraham Lincoln on April 15, 1865, and subsequently, the killing of President Lincoln’s assassin, John Wilkes Booth, on April 26, 1865, just 1 day before the Sultana disaster. (4) The Sultana Historical Preservation Society now operates the Sultana Disaster Museum in Marion, Arkansas, with artifacts, stories, and exhibits that tell this story. Plans and fundraising are progressing for a much larger facility that can better acquire and preserve the Sultana history. 3. Coin specifications (a) Denominations In recognition and remembrance of the tragedy of the Sultana steamboat explosion of 1865, which is the greatest maritime disaster in United States history, the Secretary of the Treasury (hereinafter in this Act referred to as the Secretary ) shall mint and issue the following coins: (1) $5 gold coins Not more than 100,000 $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 500,000 $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 coin (a) Design requirements The designs of the coins minted under this Act shall be emblematic of the historical significance of the Sultana disaster and the sacrifice of the many people of the United States who died and survived on April 27, 1865. (b) Designation and inscriptions On each coin minted under this Act, there shall be— (1) a designation of the value 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 designs for the coins minted under this Act shall be— (1) selected by the Secretary after consultation with 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) Period of 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 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. (c) Marketing and educational campaign The Secretary shall develop and execute a marketing, promotion, and educational program to promote the collecting of the coins authorized under this Act. 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 Sultana Historical Preservation Society for the purpose of establishing, operating, and maintaining a museum to tell the story of the Sultana, including— (1) constructing the museum facility; (2) creating, maintaining, and updating as necessary museum exhibits; (3) acquiring and preserving artifacts, memorabilia, and historic sites related to the Sultana disaster; and (4) maintaining an operational reserve fund for the purposes described in this subsection. (c) Audits The Sultana Historical Preservation Society shall be subject to the audit requirements of section 5134(f) 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 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, 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.