Presidential $1 Coin Act of 2005


 * Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

Section 1. Short Title.

 * This Act may be cited as the ``Presidential $1 Coin Act of 2005´´.

Sec. 101. Findings.

 * Congress finds the following:
 * (1) There are sectors of the United States economy, including public transportation, parking meters, vending machines, and low-dollar value transactions, in which the use of a $1 coin is both useful and desirable for keeping costs and prices down.
 * (2) For a variety of reasons, the new $1 coin introduced in 2000 has not been widely sought-after by the public, leading to higher costs for merchants and thus higher prices for consumers.
 * (3) The success of the 50 States Commemorative Coin Program (31 U.S.C. 5112(l)) for circulating quarter dollars shows that a design on a United States circulating coin that is regularly changed in a manner similar to the systematic change in designs in such Program radically increases demand for the coin, rapidly pulling it through the economy.
 * (4) The 50 States Commemorative Coin Program also has been an educational tool, teaching both Americans and visitors something about each State for which a quarter has been issued.
 * (5) A national survey and study by the Government Accountability Office has indicated that many Americans who do not seek, or who reject, the new $1 coin for use in commerce would actively seek the coin if an attractive, educational rotating design were to be struck on the coin.
 * (6) The President is the leader of our tripartite government and the President's spouse has often set the social tone for the White House while spearheading and highlighting important issues for the country.
 * (7) Sacagawea, as currently represented on the new $1 coin, is an important symbol of American history.
 * (8) Many people cannot name all of the Presidents, and fewer can name the spouses, nor can many people accurately place each President in the proper time period of American history.
 * (9) First Spouses have not generally been recognized on American coinage.
 * (10) In order to revitalize the design of United States coinage and return circulating coinage to its position as not only a necessary means of exchange in commerce, but also as an object of aesthetic beauty in its own right, it is appropriate to move many of the mottos and emblems, the inscription of the year, and the so-called 'mint marks' that currently appear on the 2 faces of each circulating coin to the edge of the coin, which would allow larger and more dramatic artwork on the coins reminiscent of the so-called 'Golden Age of Coinage' in the United States, at the beginning of the Twentieth Century, initiated by President Theodore Roosevelt, with the assistance of noted sculptors and medallic artists James Earle Fraser and Augustus Saint-Gaudens.
 * (11) Placing inscriptions on the edge of coins, known as edge-incusing, is a hallmark of modern coinage and is common in large-volume production of coinage elsewhere in the world, such as the 2,700,000,000 2-Euro coins in circulation, but it has not been done on a large scale in United States coinage in recent years.
 * (12) Although the Congress has authorized the Secretary of the Treasury to issue gold coins with a purity of 99.99 percent, the Secretary has not done so.
 * (13) Bullion coins are a valuable tool for the investor and, in some cases, an important aspect of coin collecting.

Sec. 102. Presidential $1 Coin Program.

 * Section 5112 of title 31, United States Code, is amended by adding at the end the following:

Sec. 103. First Spouse Bullion Coin Program.

 * Section 5112 of title 31, United States Code, as amended by section 102, is amended by adding at the end the following:

Sec. 104. Removal Of Barriers To Circulation.

 * Section 5112 of title 31, United States Code, as amended by sections 102 and 103, by adding at the end the following:

Sec. 105. Sense Of The Congress.

 * It is the sense of the Congress that—
 * (1) the enactment of this Act will serve to increase the use of $1 coins generally, which will increase the circulation of the so-called 'Sacagawea-design' $1 coins that have been and will continue to be minted and issued;
 * (2) the continued minting and issuance of the so-called 'Sacagawea-design' $1 coins will serve as a lasting tribute to the role of women and Native Americans in the history of the United States;
 * (3) the full circulation potential and cost-savings benefit projections for the $1 coins are not likely to be achieved unless the coins are delivered in ways useful to ordinary commerce;
 * (4) the coins issued in connection with this title should not be introduced with an overly expensive taxpayer-funded public relations campaign;
 * (5) in order for the circulation of $1 coins to achieve maximum potential—
 * (A) the coins should be as attractive as possible; and
 * (B) the Director of the United States Mint should take all reasonable steps to ensure that all $1 coins minted and issued remain tarnish-free for as long as possible without incurring undue expense; and
 * (6) if the Secretary of the Treasury determines to include on any $1 coin minted under section 102 of this Act a mark denoting the United States Mint facility at which the coin was struck, such mark should be edge-incused.

Sec. 201. Gold Bullion Coins.

 * Section 5112 of title 31, United States Code, is amended—
 * (1) in subsection (a), by adding at the end the following:
 * ``(11) A $50 gold coin that is of an appropriate size and thickness, as determined by the Secretary, weighs 1 ounce, and contains 99.99 percent pure gold.'; and
 * (2) by adding at the end, the following:

Sec. 301. Findings.

 * Congress finds the following:
 * (1) Abraham Lincoln, the 16th President, was one of the Nation's greatest leaders, demonstrating true courage during the Civil War, one of the greatest crises in the Nation's history.
 * (2) Born of humble roots in Hardin County (present-day LaRue County), Kentucky, on February 12, 1809, Abraham Lincoln rose to the Presidency through a combination of honesty, integrity, intelligence, and commitment to the United States.
 * (3) With the belief that all men are created equal, Abraham Lincoln led the effort to free all slaves in the United States.
 * (4) Abraham Lincoln had a generous heart, with malice toward none, and with charity for all.
 * (5) Abraham Lincoln gave the ultimate sacrifice for the country he loved, dying from an assassin's bullet on April 15, 1865.
 * (6) All Americans could benefit from studying the life of Abraham Lincoln, for Lincoln's life is a model for accomplishing the 'American dream' through honesty, integrity, loyalty, and a lifetime of education.
 * (7) The year 2009 will be the bicentennial anniversary of the birth of Abraham Lincoln.
 * (8) Abraham Lincoln was born in Kentucky, grew to adulthood in Indiana, achieved fame in Illinois, and led the nation in Washington, D.C.
 * (9) The so-called 'Lincoln cent' was introduced in 1909 on the 100th anniversary of Lincoln's birth, making the obverse design the most enduring on the nation's coinage.
 * (10) President Theodore Roosevelt was so impressed by the talent of Victor David Brenner that the sculptor was chosen to design the likeness of President Lincoln for the coin, adapting a design from a plaque Brenner had prepared earlier.
 * (11) In the nearly 100 years of production of the 'Lincoln cent', there have been only 2 designs on the reverse: the original, featuring 2 wheat-heads in memorial style enclosing mottoes, and the current representation of the Lincoln Memorial in Washington, D.C.
 * (12) On the occasion of the bicentennial of President Lincoln's birth and the 100th anniversary of the production of the Lincoln cent, it is entirely fitting to issue a series of 1-cent coins with designs on the reverse that are emblematic of the 4 major periods of President Lincoln's life.

Sec. 302. Redesign Of Lincoln Cent For 2009.

 * (a) In General- During the year 2009, the Secretary of the Treasury shall issue 1-cent coins in accordance with the following design specifications:
 * (1) OBVERSE- The obverse of the 1-cent coin shall continue to bear the Victor David Brenner likeness of President Abraham Lincoln.
 * (2) REVERSE- The reverse of the coins shall bear 4 different designs each representing a different aspect of the life of Abraham Lincoln, such as—
 * (A) his birth and early childhood in Kentucky;
 * (B) his formative years in Indiana;
 * (C) his professional life in Illinois; and
 * (D) his presidency, in Washington, D.C.


 * (b) Issuance of Redesigned Lincoln Cents in 2009-
 * (1) ORDER- The 1-cent coins to which this section applies shall be issued with 1 of the 4 designs referred to in subsection (a)(2) beginning at the start of each calendar quarter of 2009.
 * (2) NUMBER- The Secretary shall prescribe, on the basis of such factors as the Secretary determines to be appropriate, the number of 1-cent coins that shall be issued with each of the designs selected for each calendar quarter of 2009.


 * (c) Design Selection- The designs for the coins specified in this section shall be chosen by the Secretary—
 * (1) after consultation with the Abraham Lincoln Bicentennial Commission and the Commission of Fine Arts; and
 * (2) after review by the Citizens Coinage Advisory Committee.

Sec. 303. Redesign Of Reverse Of 1-Cent Coins After 2009.

 * The design on the reverse of the 1-cent coins issued after December 31, 2009, shall bear an image emblematic of President Lincoln's preservation of the United States of America as a single and united country.

Sec. 304. Numismatic Pennies With The Same Metallic Content As The 1909 Penny.

 * The Secretary of the Treasury shall issue 1-cent coins in 2009 with the exact metallic content as the 1-cent coin contained in 1909 in such number as the Secretary determines to be appropriate for numismatic purposes.

Sec. 305. Sense Of The Congress.

 * It is the sense of the Congress that the original Victor David Brenner design for the 1-cent coin was a dramatic departure from previous American coinage that should be reproduced, using the original form and relief of the likeness of Abraham Lincoln, on the 1-cent coins issued in 2009.

Approved December 22, 2005.

Legislative History

 * HOUSE REPORTS:
 * accompanying H.R. 902 (Comm. on Financial Services)
 * CONGRESSIONAL RECORD, Vol. 151 (2005):
 * Nov. 18, considered and passed Senate.
 * Dec. 13, considered and passed House.
 * Dec. 13, considered and passed House.

