United States One Dollar Coin Act of 1991 (Introduced in House)

HR 1245 SC2

102d CONGRESS

2d Session

H. R. 1245

To provide for the minting and circulation of one dollar coins, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

March 5, 1991

Mr. KOLBE (for himself, Mr. UDALL, Mr. MONTGOMERY, Mr. HAYES of Louisiana, Mr. SIKORSKI, Mr. YATRON, Mr. MFUME, Mr. STUMP, Mr. RAHALL, and Mr. BRUCE) introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs

June 25, 1991

Additional sponsors: Mr. MINETA, Mr. DREIER of California, Mr. SLATTERY, Mr. TRAFICANT, Mr. HASTERT, Mr. KYL, Mr. PETRI, Mr. WILSON, Mr. OBERSTAR, Mr. SHAYS, Mr. GILCHREST, Mr. GILLMOR, Mr. YOUNG of Alaska, Mr. IRELAND, Mr. FAWELL, Mr. HANCOCK, Mr. ZELIFF, Mr. QUILLEN, Mr. ZIMMER, Mr. DERRICK, Mr. MILLER of Washington, Mr. SABO, Mr. SCHEUER, Mr. CALLAHAN, Mr. PARKER, Mr. STALLINGS, Mr. BONIOR, Mr. HYDE, Mr. LAFALCE, Mr. NATCHER, Mr. COSTELLO, Mr. BOUCHER, Mr. CARDIN, Mr. DWYER of New Jersey, Mr. VALENTINE, Mr. EMERSON, Mr. OXLEY, Mr. BALLENGER, Mr. SOLOMON, Mr. GALLO, Mr. PORTER, Mr. POSHARD, Mr. SUNDQUIST, Mr. JAMES, Mr. MCHUGH, Mr. ENGEL, Mr. JACOBS, Mr. KOSTMAYER, Mr. JEFFERSON, Mr. MCMILLAN of North Carolina, Mr. JOHNSON of South Dakota, Mr. CRANE, Mr. MARKEY, Mr. OWENS of Utah, Mr. FALEOMAVAEGA, Mr. BUSTAMANTE, Mrs. LOWEY of New York, Mr. DORNAN of California, Mr. RAMSTAD, Mr. BOEHLERT, Mr. SPENCE, Mrs. COLLINS of Michigan, Mr. BILIRAKIS, Mr. ESPY, Mr. TRAXLER, Mr. MOORHEAD, Mr. LANTOS, Mr. CLAY, Mrs. SCHROEDER, Mr. WISE, Mr. MORAN, Mr. BLILEY, Mr. HANSEN, Mr. EVANS, Mr. COX of California, Mr. FEIGHAN, Mr. MURTHA, Mr. PURSELL, Mr. JONES of North Carolina, Mr. GEJDENSON, Mr. HEFNER, Mr. CARR, Mr. ROSE, Mr. PENNY, Mr. HOBSON, Mr. CLEMENT, Mr. BEREUTER, Mr. TAUZIN, Mr. LIPINSKI, Mr. LANCASTER, Mr. TALLON, Mr. PAXON, Mr. RHODES, Mr. FISH, Mr. BORSKI, Mr. DE LUGO, Mr. KILDEE, Mr. WEBER, Mr. GILMAN, Mr. HUNTER, Mr. MCCRERY, Mr. DURBIN, Mr. MCMILLEN of Maryland, Mr. WELDON, Mr. BUNNING, Mr. BREWSTER, Mr. LEWIS of Florida, Mr. TAYLOR of Mississippi, Mr. RITTER, Mr. HOUGHTON, Mr. NEAL of Massachusetts, Mr. BAKER, Mr. UPTON, Mr. HERGER, Mr. SAXTON, Mr. MCGRATH, Mr. SPRATT, Mr. WEISS, Mr. RAVENEL, Mr. SMITH of Iowa, Mrs. VUCANOVICH, Mr. MILLER of Ohio, Mr. PICKETT, Mr. WASHINGTON, Mr. STAGGERS, Mr. ROGERS, Mr. SISISKY, and Mr. PAYNE of Virginia

June 24, 1992

Additional sponsors: Mr. NOWAK, Mr. CUNNINGHAM, Mr. SWETT, Mr. GEREN of Texas, Mr. FOGLIETTA, Mr. HOCHBRUECKNER, Mrs. COLLINS of Illinois, Mr. SANTORUM, Mr. MOAKLEY, Mr. KOLTER, Mr. MAVROULES, Mr. OLIN, Mr. PETERSON of Minnesota, Mr. HALL of Ohio, Mr. GAYDOS, Mr. WHITTEN, Mr. COUGHLIN, Mr. SARPALIUS, Mr. MCCLOSKEY, Mr. COLEMAN of Texas, Mr. JONTZ, Mr. ANDREWS of New Jersey, Mr. CAMPBELL of Colorado, Mr. BEVILL, Mr. HARRIS, Mr. WILLIAMS, Mr. REED, Mr. TOWNS, Mr. OWENS of New York, Ms. WATERS, Mr. HAYES of Illinois, Mr. MRAZEK, Mr. ANDERSON, Mr. JONES of Georgia, Mr. WHEAT, Mr. NAGLE, Mr. SANGMEISTER, Mr. HERTEL, Mr. CONDIT, Ms. LONG, Mr. MARTINEZ, Mr. RICHARDSON, Mr. JENKINS, Mr. PALLONE, Mr. MYERS of Indiana, Mr. TANNER, Mr. MCDADE, Mrs. PATTERSON, Mr. DICKINSON, Ms. HORN, Mr. HOYER, Mr. PERKINS, Mr. HAMMERSCHMIDT, Mr. STUDDS, Mr. PRICE, Mr. COX of Illinois, Mr. FLAKE, Mr. WALSH, Mr. LUKEN, Mr. MARTIN, Mr. BOEHNER, Mrs. LLOYD, Mr. ROTH, Mr. STOKES, Mr. DANNEMEYER, Mr. VENTO, Mr. COYNE, Mr. HOAGLAND, Mr. EWING, Mr. FUSTER, Mr. HORTON, Mr. TORRICELLI, Ms. NORTON, Mr. HENRY, Mr. PASTOR, Mr. BILBRAY, Mr. GRANDY, Ms. MOLINARI, Mr. ORTON, Mr. SAWYER, Mr. RIDGE, Mr. SCHULZE, Mr. LENT, Mr. MCEWEN, Mr. CARPER, Ms. SLAUGHTER, Mr. DOWNEY, Mr. BLACKWELL, Mr. SCHAEFER, Mr. FIELDS, Mr. VOLKMER, Mr. BACCHUS, Mr. PACKARD, Mr. BATEMAN, and Mr. Broomfield

Deleted sponsors: Mr. BLILEY (added May 21, 1991; deleted February 20, 1992), Mr. PAXON (added June 3, 1991; deleted April 1, 1992), and Mr. MAZZOLI (added August 1, 1991; deleted October 29, 1991)

A BILL

To provide for the minting and circulation of one dollar coins, and for other purposes.

• 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 `United States One Dollar Coin Act of 1991'.

SEC. 2. ONE DOLLAR COINS.

• (a) COLOR AND CONTENT- Section 5112(b) of title 31, United States Code, is amended by deleting the second word in the first sentence and by inserting after the fourth sentence, the following: `The dollar coins authorized under subsection (a)(1) shall be gold in color, shall have an unreeded edge, shall have tactile features on the surface that aid the visually handicapped to differentiate the $1 coin from other circulating coins, and be minted and fabricated in the United States. The coin should be clad and have similar metallic, anticounterfeiting properties as existing United States coinage.

• (b) AMERICAN VETERAN DOLLAR COIN- Section 5112(d)(1) of title 31, United States Code, is amended by striking out the sixth sentence and inserting in lieu thereof the following: `The obverse side of the dollar shall have a design recognizing America's Veterans.'.

• (c) EFFECTIVE DATE- Not later than eighteen months after the date of enactment of this Act, the Secretary of the Treasury shall place into circulation 1 dollar coins authorized by section 5112(a)(1) of title 31, United States Code, in accordance with the amendments made by subsections (a) and (b).

SEC. 3. CEASING ISSUANCE OF ONE DOLLAR NOTES.

• (a) Six months after the date that the first coins referred to in section 2(c) are placed in circulation, the Federal Reserve Bank shall be prohibited from ordering new $1 Federal Reserve Notes and placing the same into circulation. Any $1 notes that come into the possession or control of any Federal Reserve Bank thereafter shall be retired.

• (b) Thereafter, the Secretary shall produce only such Federal Reserve notes of the one dollar denomination as are required from time to time to meet the needs of collectors of this series which shall be produced in sheets and thereafter sold by the Secretary, in whole, or in part, as a price exceeding their face value that, at a minimum, reimburses the Secretary for the cost of production.

SEC. 4. OFFSETTING REVERSE SEIGNIORAGE.

• Seigniorage from production of dollar coins referred to in section 2(a) shall be used to offset the reverse seigniorage resulting from the destruction of Susan B. Anthony dollar coins in Government storage. Additional seigniorage from production of dollar coins referred to in section 2(a) shall be used to retire the national debt.

SEC. 5. PRODUCTION OF $2 FEDERAL RESERVE NOTES.

• The Bureau of Engraving and Printing shall produce sufficient $2 Federal Reserve Notes to meet anticipated demand.