Contents

• Introduction
• Historical Commemorative Coins
• Modern Commemorative Coins
• Commemorative Coins, 1982-1997
• Commemorative Coins, 1998-Present
• Authorizing Commemorative Coins
• Legislative Features
• Findings
• Coin Specification
• Design of Coins
• Issuance of Coins
• Sale of Coins
• Surcharges
• Financial Assurances
• Consideration of Legislation in Congress
• Design of Coins
• Citizens Coinage Advisory Committee
• U.S. Commission of Fine Arts
• U.S. Mint
• Commemorative Coin Timeline
• Disbursement of Surcharges
• Issues for Congress
• Individual Considerations
• Groups and Events Honored
• Disbursement of Surcharges
• Specification of Design Elements
• Institutional Considerations
• Requirements for Legislative Consideration
• Number of Coins Minted Per Year
• Coin Timelines
• Non-Fundraising Anniversary Coins
• Concluding Observations

Summary

Commemorative coins are produced by the U.S. Mint pursuant to an act of Congress and are often proposed by Members of Congress as part of their representational duties. These coins are legal tender that celebrate and honor American people, places, events, and institutions. Congress first authorized a commemorative coin in 1892. Between 1954 and 1981, Congress did not authorize any new commemorative coins, in part because public interest had waned and the Department of the Treasury was concerned that "multiplicity of designs on United States coins would tend to create confusion among the public, and to facilitate counterfeiting." In 1982, Congress reinstituted the commemorative coin program, and since 1998, two coins may be authorized for any given year. To date, Congress has authorized commemorative coins to be issued through 2027.

The issuance of commemorative coins can be broadly divided into two eras: historical coins and modern coins. Historical commemorative coins were those authorized between 1892 and 1954 and generally celebrated anniversaries, public events, or the construction of new memorials. These coins were sold by the government to the sponsor organization, which then resold the coins to the public at a higher price to earn money to support their mission.

In 1939, Congress stopped authorizing new coins because a glut of commemorative coins on the market had caused their value to decline, and the U.S. Treasury became concerned that so many coins might facilitate counterfeiting. These sentiments were echoed by President Dwight D. Eisenhower, who in 1954 vetoed legislation for a half-dollar honoring the tercentennial of New York City and remarked that "large quantities [of coins] have remained unsold and have been returned to the mints for melting." The historical era concluded with the minting of George Washington Carver and Booker T. Washington half-dollars between 1951 and 1954.

The modern commemorative coin era began in 1982, when Congress authorized coins to celebrate the 250^th anniversary of George Washington's birth. Currently, Congress has authorized one commemorative coin for 2025, one for 2026, and one for 2027.

Commemorative coin legislation generally has a specific format. Once a coin is authorized, it follows a specific process for design and minting. This process includes consultation and recommendations by the Citizens Coin Advisory Commission (CCAC) and the U.S. Commission of Fine Arts (CFA), pursuant to any statutory instructions, before the Secretary of the Treasury makes the final decision on a coin's design. Following the conclusion of a coin program, designated recipient organizations may receive surcharge payments, once the U.S. Mint has recouped all costs associated with producing the coin.

Should Congress want to make changes to the commemorative coin process, several individual and institutional options might be available. The individual options include decisions made by Members of Congress as to which people, places, events, or institutions should be celebrated; which groups should receive potential surcharge payments; and any specific design requirements Congress might want to request or require. The institutional options could include House, Senate, or committee rules for the consideration of commemorative coin legislation, and whether the statutory maximum of two coins minted per year is too many or too few.

Introduction

Commemorative coins are coins that are "produced with the primary intention of creating a special souvenir to be sold (at a premium above face value) to observe or memorialize an anniversary, special occasion, or other event."¹ Produced by the U.S. Mint pursuant to an act of Congress, these coins celebrate and honor American people, places, events, and institutions. Although they are considered legal tender, they are not minted for general circulation. Instead, they are designed to be collected and to help designated groups raise money to support group activities.² Commemorative coin legislation is often proposed by Members of Congress as part of their representational duties.

The first commemorative coin was authorized in 1892 for the World's Columbian Exposition in Chicago.³ Issued as a silver half-dollar, the proceeds for the sale of the coin were used "for the purpose of aiding in defraying the cost of completing in a suitable manner the work of preparation for inaugurating the World's Columbian Exposition."⁴

Beginning in 1892 and continuing to the present day—with a hiatus between 1954 and 1981—coins have been a part of the commemoration of people, places, events, and institutions. This report examines the origins, development, and current practices for commemorative coins, including the authorization process; the design of coins; and issues for congressional consideration, including the disbursement of surcharges, the number of coins minted per year, differences between the number of authorized coins and coins sold, and requirements for legislative consideration in the House and Senate.

Historical Commemorative Coins

Congress first authorized a commemorative coin in 1892. During the period from 1892 to 1954, most commemorative coins celebrated state anniversaries (e.g., Connecticut's tercentennial in 1935), expositions and event anniversaries (e.g., the Lexington-Concord Sesquicentennial in 1925 or the Louisiana Purchase Exposition in 1903), or helped support memorials (e.g., the Grant Memorial in 1922 or the Stone Mountain Memorial in 1925). These coins "were sold to sponsoring organizations, which resold them to the public at higher prices as a means of fundraising."⁵ The authorization of new commemorative coins was "discontinued by Congress in 1939, with the exception of three coins issued through 1954."⁶ For a list of historical commemorative coins authorized between 1892 and 1954, see Appendix A.

Between 1954 and 1981, Congress did not authorize any new commemorative coins. The moratorium on new commemorative coins was in part because public interest in the coins had waned and the Department of the Treasury was concerned that "multiplicity of designs on United States coins would tend to create confusion among the public, and to facilitate counterfeiting."⁷ In his February 1954 veto statement to Congress on S. 2474 (83^rd Congress), which would have authorized a 50-cent piece for the tercentennial of New York City, President Eisenhower cited a diminishing interest among the public for the collection of commemorative coins. President Eisenhower stated

I am further advised by the Treasury Department that in the past in many instances the public interest in these special coins has been so short-lived that their sales for the purposes intended have lagged with the result that large quantities have remained unsold and have been returned to the mints for melting.⁸

Modern Commemorative Coins

In 1982, Congress resumed the authorization of commemorative coins with the enactment of a bill to issue a commemorative half-dollar for George Washington's 250^th birthday.⁹ With the issuance of new commemorative coins, the "range of subject matter expanded to include subjects such as women, historical events, and even buildings and landscapes."¹⁰ Additionally, the concept of surcharges as a method to direct money to designated groups was introduced. The idea of a surcharge—a statutorily authorized "dollar amount added to the price of each coin"¹¹—was not without controversy. "These related surcharges became controversial with collectors, many of whom resented making involuntary donations when they bought coins. Today, the practice ... is ... the linchpin that has ignited most commemorative programs—as potential recipients of the surcharge launch ... lobbying campaigns in Congress."¹²

Commemorative coins authorized during the modern period can be subdivided into coins minted between 1982 and 1997, and coins minted since 1998. In 1996, the Commemorative Coin Reform Act (CCRA) was enacted to (1) limit the maximum number of different coin programs minted per year;¹³ (2) limit the maximum number of coins minted per commemorative coin program;¹⁴ and (3) clarify the law with respect to the recovery of Mint expenses before surcharges are disbursed and conditions of payment of surcharges to recipient groups.¹⁵ The CCRA restrictions began in 1998.

Commemorative Coins, 1982-1997

Between 1982 and 1997, Congress authorized commemorative coins for nearly every year. In several cases, multiple coins were authorized to recognize specific events, including the 1984 Summer Olympics in Los Angeles and the 1996 Summer Olympics in Atlanta.¹⁶ See Appendix B for a list of commemorative coins authorized by Congress prior to the two-per-year limit imposed by the CCRA.

Commemorative Coins, 1998-Present

As noted above, beginning in 1998, the CCRA limited the U.S. Mint to issuing two coin programs per year.¹⁷ Congress took this action in response to the proliferation of commemorative coins authorized since the program was restarted in 1982. Between 1982 and 1997, as many as six different coin programs were minted in a single year (1994). Ten distinct coins were issued each year (eight Olympic coins per year in addition to two other commemorative coin programs) in 1995 and 1996.¹⁸ The CCRA stated that, starting in 1998, a maximum of two coin programs (i.e., to commemorate a specific subject) could be minted in a given year. Even with this restriction, however, three coins were minted in 1999. Additionally, one coin was authorized for 2003 and 2008, and no coins were authorized for 2023. Table 1 lists authorized and completed commemorative coins since 1998, including their authorizing statutes.

Since 1998, the average coin minted during this period was authorized three years prior to being struck, with the longest period between authorization and minting for the West Point Bicentennial commemorative coin, which was authorized in 1994 to be struck in 2002. The shortest period between authorization and minting was for the San Francisco Old Mint commemorative coin, which was authorized and struck in the same year: 2006.

In addition to completed commemorative coin programs, Congress has authorized coins to be minted in 2025, 2026, and 2027. No coins have yet been authorized for 2028 or beyond. Table 2 lists current and future commemorative coins, including their authorizing statutes.

In each Congress, Members introduce legislation to authorize new commemorative coins. Table 3 lists proposals identified by CRS for new commemorative coins that were introduced in the 118^th Congress (2023-2024). The bills introduced in the 118^th Congress would have authorized coins for minting between 2023 and 2029. Bills that became law (or their companion measures)—authorizing commemorative coins for the 250^th Anniversary of the Marine Corps (to be minted in 2025), Working Dogs (to be minted in 2027), and FIFA World Cup 2026 (to be minted in 2026)—are not included in Table 3.

Authorizing Commemorative Coins

Legislative Features

Commemorative coin legislation generally has certain features, including

• findings that summarize the commemorative subject's history and importance;
• specifications for denominations, weight, and metallic makeup;
• design requirements, including required dates, words, and images;
• start and end dates for minting coins and any other limitations;
• requirements for selling coins;
• coin surcharge and distribution to designated groups; and
• assurances that costs of the coin program are recouped by the U.S. Mint.

The following provides examples of the features generally found in a commemorative coin bill.

Findings

Commemorative coin legislation typically includes a section of findings. These include historical facts about the people, places, events, and institutions being honored by the coin. For example, the legislation to authorize the Star-Spangled Banner commemorative coin stated

Coin Specification

The coin specification section typically provides details on the type and the maximum number of coins authorized to be minted. Additionally, this section generally includes language that makes the coin legal tender and a numismatic item. In some cases, this section also includes specific language on coin design. For example, the legislation authorizing the National Baseball Hall of Fame commemorative coin includes language on the three types of coins authorized—$5 gold coin, $1 silver coin, and half-dollar clad coin—and a sense of Congress that the reverse side of the coin should be "convex to more closely resemble a baseball, and the obverse concave."²⁰

Design of Coins

Commemorative coin legislation also typically specifies requirements for the design of the coin. These include official language on words or dates that are to appear on the coin and instructions about how the design might be chosen. For example, the legislation to authorize the Civil Rights Act of 1964 commemorative coin stated

Issuance of Coins

The issuance of coins section typically specifies the time period that the coin will be available for sale and provides any instructions to the Secretary of the Treasury as to which mint location should strike the coins and the quality of the coins to be issued. For example, the March of Dimes commemorative coin authorization stated

Sale of Coins

The sale of coins section typically sets the sale price of the coin and provides instructions to the Mint on bulk sales and prepaid coin orders. For example, the statute authorizing the Five-Star Generals commemorative coin stated

Surcharges

The surcharges section of the legislation typically sets the surcharges (amount above the face value that the U.S. Mint charges) per coin and designates the distribution of these surcharges to recipient organizations. For example, the statute to authorize the U.S. Army commemorative coin stated

More information on surcharges and disbursement to designated recipient organizations can be found below under "Disbursement of Surcharges."

Financial Assurances

Some bills have included a section on financial assurances. This section generally states that minting coins will not result in a net cost to the government. The Mint is currently required to recover its expenses before it can disburse potential surcharges to recipient organizations designated in a commemorative coin statute.²⁶ The Mint has stated that all commemorative coin programs have operated at no cost to the taxpayer since 1997.²⁷ For example, the statute to authorize the American Legion 100^th Anniversary commemorative coin stated

Consideration of Legislation in Congress

Once a commemorative coin bill is introduced, it is typically referred to the House Committee on Financial Services or the Senate Committee on Banking, Housing and Urban Affairs.²⁹

Neither House nor Senate rules provide any restrictions specifically concerning consideration of commemorative coin legislation on the House or Senate floor.³⁰ Pursuant to Senate and House rules, the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services have jurisdiction over commemorative coin legislation.³¹

In the Senate, the Banking, Housing and Urban Affairs Committee rules in recent Congresses have placed a minimum on the number of cosponsors a commemorative coin bill must have before committee consideration. Committee Rule 8 has required that "at least 67 Senators must cosponsor any ... commemorative coin bill or resolution before consideration by the Committee."³²

The rules of the House Financial Services Committee adopted for the 119^th Congress do not specifically address committee consideration of commemorative coin legislation,³³ although informal practices may exist.³⁴

Protocols issued by the House majority leader in the 119^th Congress also address commemorative coins.³⁵ The protocols provide that "the Majority Leader shall only consider commemorative coin bills that receive at least 290 cosponsors and are submitted to the Committee on Financial Services to be scheduled for the Floor."³⁶

Design of Coins

After Congress has authorized a commemorative coin, the U.S. Treasury begins the coin design process. This process involves consultation with the Citizens Coinage Advisory Committee (CCAC) and a design recommendation by the U.S. Commission of Fine Arts (CFA). The final decision on a coin's design is made by the Secretary of the Treasury.³⁷

Citizens Coinage Advisory Committee

Established in 2003,³⁸ the CCAC advises the Secretary of the Treasury on theme and design of all U.S. coins and medals. For commemorative coins, the CCAC advises the Secretary with regard to events, persons, or places to be commemorated, the mintage level of coins, and commemorative coin designs.

The CCAC consists of 11 members appointed by the Secretary of the Treasury, with four persons appointed upon the recommendation of the congressional leadership (one each by the Speaker of the House, the House minority leader, the Senate majority leader, and the Senate minority leader).³⁹ The CCAC meets several times each year to consider design suggestions for coins and medals. For each coin considered, the CCAC provides advice to the Secretary "on thematic, technical, and design issues related to the production of coins."⁴⁰ Recommendations are then published to the committee's website, at http://www.ccac.gov.

When making recommendations to the Secretary, the CCAC considers several design aspects. Figure 1 shows the CCAC's "Design Aspects We Look For," when advising groups on coin design.

Figure 1. Citizens Coinage Advisory Committee Design Elements

Source: Citizens Coinage Advisory Committee, "Design Aspects We Look For," How to Make Friends and Influence the Committee (aka How to Get Picked), May 20, 2014, p. 2, http://ccac.gov/media/aboutUs/specialReports/Medallic-Design-Elements.pdf.

Figure 2 shows examples of U.S. Commemorative coins. These include the first U.S. commemorative coin (1893 World's Columbian Exposition half-dollar), one of the best-selling commemorative coin programs of all time (1986 Statue of Liberty half-dollar),⁴¹ and one of the most recent (2016 National Park Service Centennial).

Figure 2. Examples of Commemorative Coin Designs

Sources: "Columbian Exposition Half Dollar," Early Commemorative Coins, http://earlycommemorativecoins.com/1892-columbian-half-dollar; U.S. Department of the Treasury, U.S. Mint, "1986 Statue of Liberty Half Dollar"; and U.S. Department of the Treasury, U.S. Mint, "2016 National Park Service 100th Anniversary Commemorative Coin Program: Gold Obverse and Reverse."

U.S. Commission of Fine Arts

The U.S. Mint also makes a formal presentation of design options to the U.S. Commission of Fine Arts (CFA). Established in 1910, the CFA advises "upon the location of statues, fountains, and monuments in the public squares, streets, and parks in the District of Columbia, the selection of models for statues, fountains, and monuments erected under the authority of the Federal Government; the selection of artists; and questions of art generally when required to do so by the President or a committee of Congress."⁴² This includes review of commemorative coins when they are presented by the U.S. Mint and the issuance of recommendations for a coin's design.

For example, in March 2016, the U.S. Mint presented several alternative designs for the Boys Town Centennial Commemorative Coin program. In a letter to the U.S. Mint, the CFA provided recommendations on the design for each of the three statutorily required coins. CFA's letter stated⁴³

U.S. Mint

After receiving advice from the CCAC and the CFA, the Secretary of the Treasury, through the U.S. Mint, finalizes the coin's design and schedules it for production at the appropriate time. In some cases, the U.S. Mint holds a competition for coin designs. For example, in February 2016, the U.S. Mint announced a design competition for the 2018 commemorative coin to World War I American Veterans.⁴⁴ Additionally, designers competed for the 2018 Breast Cancer Awareness commemorative coin.⁴⁵

Commemorative Coin Timeline

From authorization to coin launch, the CCAC has estimated that a commemorative coin takes a minimum of between 56 and 60 weeks. This includes the coin design process, engraving, marketing, printing materials, and coin launch. This timeline, however, does not account for coin programs that might be authorized years in advance of the coins' scheduled release. In those circumstances, the process from authorization to coin launch will be considerably longer. The process, as described by the CCAC, is shown in Figure 3.

Figure 3. Commemorative Coin Process

Source: Citizen Commemorative Coin Advisory Committee, 2000 Annual Report. Note: The Citizens Commemorative Coin Advisory Committee (CCCAC) became the Citizens Coinage Advisory Committee pursuant to P.L. 108-15 (§103, 117 Stat. 615 [2003]).

Disbursement of Surcharges

As discussed above under "Authorizing Commemorative Coins," each authorizing statute sets a surcharge amount per coin and designates one or more recipient organizations to receive the surcharges. A designated recipient organization is "any organization designated, under any provision of law, as the recipient of any surcharge imposed on the sale of any numismatic item."⁴⁶

Commemorative coin legislation generally includes the name(s) of the organization(s) that will benefit from the sale of the coin and how the surcharges will be divided, if necessary. For example, the legislation authorizing a commemorative coin for the U.S. Marshals Service specified four groups to receive distribution from the program.⁴⁷ They were

• the U.S. Marshals Museum, Inc.,
• the National Center for Missing & Exploited Children,
• the Federal Law Enforcement Officers Association Foundation, and
• the National Law Enforcement Officers Memorial Fund.⁴⁸

Additionally, the law might also specify how much money the designated recipient organization should receive. For the Marshals Service commemorative coin, the first $5 million was specified for the U.S. Marshals Museum. After that, additional surcharges were divided equally among the National Center for Missing & Exploited Children, the Federal Law Enforcement Officers Association Foundation, and the National Law Enforcement Officers Memorial Fund.⁴⁹

Once a commemorative coin has been authorized, the CCRA requires that certain standards be met before surcharge payments can be distributed to designated recipient organizations:⁵⁰

• 1. The recipient organization must raise funds from private sources "in an amount that is equal to or greater than the total amount of the proceeds of such surcharge derived from the sale of such numismatic item."⁵¹
• 2. The qualifying funds raised from private sources must be for the purposes specified by the enabling legislation.
• 3. The U.S. Mint must recover "all numismatic operation and program costs allocable to the program."⁵²
• 4. The recipient organization must submit an audited financial statement and submit the results of annual audits to demonstrate, to the satisfaction of the Secretary of the Treasury, that it has qualified for surcharge proceeds and is properly expending them.⁵³

Guidance provided by the U.S. Mint in Surcharge Recipient Organization's Compliance Procedures for Surcharge Eligibility & Payments includes further details of the requirements placed on designated recipient groups before surcharge payments can be made. These include requirements for documentation on the amount of money raised from private sources and the period of fund raising. To document these requirements, designated recipient groups must fill out a "Schedule of Funds Raised From Private Sources," which is provided in an appendix to the Surcharge Recipient Organization's Compliance Procedures for Surcharge Eligibility & Payments publication.⁵⁴

Following completion of these tasks, and after the Mint has recouped any expenses related to minting the commemorative coin, surcharges are then disbursed to the designated recipient organization.⁵⁵ Since 1982, when the commemorative coin program was restarted, the U.S. Mint has raised more than $506 million in surcharges for various designated recipient groups.⁵⁶ Production costs for each commemorative coin can differ based on design, administrative costs, and metals used. For example, Table 4 shows how the U.S. Mint calculated surcharges for a commemorative coin for the 2007 Benjamin Franklin Commemorative Coin.⁵⁷

Issues for Congress

As Members of Congress contemplate introducing legislation, and the House or the Senate potentially considers commemorative coin measures, there are several issues that could be considered. These can be divided into issues for individual Members of Congress with respect to individual coins, and issues for Congress as an institution. Individual issues include choices Members may make about which people, places, events, or institutions might be honored; which groups might receive surcharge payments; and whether specific design elements might be required for a proposed coin. Institutional issues might include committee or chamber rules on the consideration of commemorative coins and the limit on the number of commemorative coins minted per year.

Individual Considerations

Groups and Events Honored

Some commemorative coin programs are more popular than others. For example, since the commemorative coin program was restarted in 1982, the average commemorative coin program has sold approximately 1 million coins. The 1986 U.S. Statue of Liberty coins (15,491,169 coins) sold the most, while the 1997 Franklin Delano Roosevelt gold $5 coin sold the fewest (41,368).⁵⁸

The introduction of commemorative coin legislation often serves two purposes: to honor people, places, events, or institutions and to provide designated recipient groups with potential surcharge funds. These two purposes often go together. Since two coins may be minted in a given year, Congress may face a ranking of which groups are honored at any given time. In making that decision, consideration might be given to coins that are likely to sell their authorized allotment and provide the designated recipient group with disbursed surcharges over coins that might be less popular and might not sell enough units to provide surcharges to the designated recipient group.

Alternatively, Congress could decide that a person, place, event, or institution merits a commemorative coin regardless of the potential sales of the coin. In this instance, the authorization for a coin might not expect that the allotment would be fully sold, but that the recognition provided by the coin was nevertheless desirable.

Disbursement of Surcharges

An important part of commemorative coin legislation is the designation of groups to receive potential surcharges from the coin sales. Often, when drafting legislation, Members have specific organizations in mind as recipients of potential surcharges. As that legislation is being drafted, however, Members face a choice of whether surcharges should be directed to a single group, or to more than one entity.

For a group to receive surcharge payments, it must go through two stages: (1) raise sufficient matching funds from private sources,⁵⁹ and (2) be subject to annual audits on its use of surcharge payments.⁶⁰ Designated recipient groups are required to raise matching funds from private sources prior to the disbursement of surcharges. A group's ability to raise sufficient funds is a potentially important consideration. Should a group not raise sufficient private funds, the full surcharge payment for which they could be eligible might not be disbursed.

Authorizing legislation generally includes language about how the group might use surcharges. As shown in "Surcharges" above, these purposes are often broad. For example, the legislation that authorized the 1993 Thomas Jefferson Commemorative coin directed surcharges to two organizations: the Jefferson Endowment Fund and the Corporation for Jefferson's Poplar Forest.⁶¹ Funds for the Jefferson Endowment Fund were to be used "to establish and maintain an endowment to be a permanent source of support for Monticello and its historic furnishings; and for the Jefferson Endowment Fund's educational programs, including the International Center for Jefferson Studies."⁶² For the Corporation for Jefferson's Poplar Forest, funds were to be used for the "restoration and maintenance of Poplar Forest."⁶³

Once sufficient funds are raised and surcharges are disbursed, designated recipient groups are subject to an audit of surcharge payments.⁶⁴ Additionally, the surcharge payments must be "accounted for separately from all other revenues and expenditures of the organization."⁶⁵ These audits are conducted "in accordance with generally accepted government auditing standards by an independent public accountant selected by the organization."⁶⁶ Should a group not use payments properly, that information would likely be discovered by the required audit and could potentially result in a sanction, although no specific penalty is mentioned in law.

Specification of Design Elements

In some cases, commemorative coin authorizations have required the Mint to incorporate design elements beyond requirements for specific words (e.g., "Liberty," or "E Pluribus Unum"), the denomination (e.g., "one dollar"), or the year.⁶⁷ In these cases, the authorizing legislation specifically states the design element. For example, it was a sense of Congress that the National Baseball Hall of Fame commemorative coin was to be curved to look more like a baseball.⁶⁸ Similarly, the 2018 Breast Cancer Awareness $5 gold coin is to be minted using "pink gold."⁶⁹

Should a Member wish to have a specific design element incorporated into a future commemorative coin, the authorizing legislation would likely need to contain that language either as a sense of Congress or as part of the coin specification section. Including language that would require a certain design element would likely ensure that the Member's vision for the commemorative coin would be incorporated into the design and minting process. Such specification, however, could serve to limit design choice for the commemorative coin and might alter the cost structure of striking a coin, if the required element diverges from standard coin-minting practices.⁷⁰

Institutional Considerations

Requirements for Legislative Consideration

As discussed above under "Consideration of Legislation in Congress," neither House nor Senate rules provide any restrictions specifically concerning consideration of commemorative coin legislation on the House or Senate floor.⁷¹ The Senate Committee on Banking, Housing, and Urban Affairs, however, has in recent Congresses had a committee rule that requires that at "least 67 Senators must cosponsor any ... commemorative coin bill or resolution before consideration by the Committee."⁷² The House Financial Services Committee has not, in recent years, adopted any specific rules concerning committee consideration of commemorative coin legislation, although it has required a minimum number of cosponsors in past Congresses.⁷³

As demonstrated by the discontinuation of the House Financial Services Committee rule requiring a minimum number of cosponsors for committee commemorative coin legislation, committee rules can be changed from Congress to Congress. Should the House want to place requirements on the consideration of commemorative coin legislation, the Financial Services Committee could readopt its former rule, or something similar. Adopting committee rules to require a minimum number of cosponsors might encourage bill sponsors to build support among Representatives for a commemorative coin bill to honor a specified group or event. Such a minimum requirement, however, could potentially limit the committee in the number or type of commemorative coin bills it considers.

Since only the Senate Committee on Banking, Housing, and Urban Affairs has in recent years had a rule that imposes a formal qualification on the potential consideration of commemorative coin legislation, the possible path forward for a bill can be different within each chamber. Should the House, the Senate, or both want to adopt similar language for the consideration of commemorative coin legislation, such language could be incorporated into future committee rules, into House and Senate Rules, or into law. Taking steps to formally codify the commemorative coin consideration process might provide sponsors with a single process for coin consideration, which could make it easier for coin bills to meet minimum requirements for consideration across both the House and Senate. Such codification could also limit congressional flexibility and might result in fewer proposals or authorizations to comply with new standards.

Number of Coins Minted Per Year

In 1996, Congress limited the U.S. Mint to issuing two coins per year beginning in calendar year 1998.⁷⁴ This action was taken in response to the proliferation of commemorative coins authorized since the program was restarted in 1982.⁷⁵ Should Congress want to increase or decrease the maximum number of commemorative coins minted per year, the law could be amended. Reducing the number of commemorative coins per year would also reduce the number of groups or events that might be commemorated and reduce the number of designated recipient groups that might be aided by the disbursement of coin surcharges. A decrease in the number of commemorative coins per year, however, could increase sales on authorized coins by reducing potential competition among coin programs.

Should Congress desire to increase the number of coins, more people, places, events, or institutions could potentially be honored, and a larger variety of designated recipient groups might receive surcharges from the U.S. Mint. Authorizing additional commemorative coin programs, however, could increase the number of commemorative coins available and reintroduce problems associated with competition among commemorative coin programs and result in a proliferation of coins on the market at any given time. Such a scenario might result in decreased surcharge disbursement opportunities for individual designated recipient groups.

If Congress authorizes more than two commemorative coin programs for a particular year, groups might not be eligible to receive surcharge payments. As discussed above under "Surcharges" and "Disbursement of Surcharges," some commemorative coin statutes contain limitation provisions that would eliminate surcharge payments for all commemorative coins in a given year, if Congress authorizes more than two commemorative coin programs for that year. The limitation provisions typically say the following:

(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 of the Treasury may issue guidance to carry out this subsection.⁷⁶

For example, for authorized coins in 2021 and 2022, three of the four contain similar limitation provisions. Only the Christa McAuliffe commemorative coin does not contain the provision.⁷⁷ As such, should Congress want to add a third coin for 2021 or 2022 and intend to have surcharge payments made to designated recipient groups (assuming the U.S. Mint recoups its costs and the group raises the required funds), those statutes would likely need to be amended to allow such payments.

Coin Timelines

In recent years, the time between enactment of a commemorative coin law and a coin's release has decreased. The compression of the timeline between enactment and sale of the first coin can be a critical variable for whether a commemorative coin program is successful at potentially raising money for its designated recipient group(s). As mentioned above under "Commemorative Coins, 1998-Present," between 1998 and 2011 coins were authorized, on average, three years prior to January 1 of the year the coin was issued, with the longest time period between authorization and the year of issue being the West Point Bicentennial commemorative coin (which was authorized in 1994 to be struck in 2002). The shortest time period between authorization and the issue year was the San Francisco Old Mint commemorative coin, which was authorized and struck in the same year, 2006. For coins authorized for sale between 2012 and 2021, the U.S. Mint reports that the average number of days between enactment and January 1 of the release year was 795 days. The longest time between enactment and January 1 of the issue year was the 2014 Civil Rights Act of 1964 coin (1,856 days, or approximately 5 years),⁷⁸ and the shortest was the 2020 Women's Suffrage Centennial coin (37 days).⁷⁹ The 2020 Women's Suffrage Centennial Commemorative Coin Act was enacted on November 25, 2019.

The creation of a newly authorized commemorative coin takes time. The more time between enactment and issuance, the more opportunity for coin design and marketing to increase the likelihood of developing a product that honors the individual, group, or event and appeals to collectors. Designated recipient groups do not receive surcharge payments until after the U.S. Mint has recouped all of the costs associated with designing, striking, and marketing a coin. For coins with a long lead time (enactment to sales), the U.S. Mint and the group have a greater opportunity to consult on the coin design and marketing strategy to ensure the sale of as many coins as possible. A longer timeline, therefore, might make it more likely a designated recipient group might receive a surcharge payment.

Non-Fundraising Anniversary Coins

In the 116^th Congress (2020-2021), the 1921 Silver Dollar Coin Anniversary Act was enacted.⁸⁰ This law required the U.S. Mint to issue silver dollar coins in 2021 in honor of the 100^th anniversary of the Morgan Dollar and the 100^th anniversary of the Peace Dollar. The U.S. Mint has since issued Morgan and Peace Dollar coins in 2023 and 2024.⁸¹ Figure 4 shows the 2021 Morgan and Peace Dollar coins.

Figure 4. 2021 Morgan and Peace Dollars

Source: United States Mint, "Morgan and Peace Dollar Anniversary Coin Images." News Image Library, at https://www.usmint.gov/news/image-library/morgan-peace-anniversary-coins.

None of the Morgan and Peace Dollar coins are commemorative coins according to the traditional definition of that term. Commemorative coins, as defined in this report, by the U.S. Mint, and by the Commemorative Coin Reform Act (CCRA), are authorized by Congress to "celebrate and honor American people, places, events, and institutions" and "help raise money for important causes."⁸² The 2021 Morgan and Peace dollars were differentiated from commemorative coins because proceeds from their sale were not statutorily designated for a specific recipient group. They were solely minted to mark the 100^th anniversary of the coins, not to raise money.

Historically, the U.S. Mint has had the authority to strike precious metal coins made from gold,⁸³ platinum,⁸⁴ palladium,⁸⁵ and bullion.⁸⁶ In some instances, the Mint chooses to honor particular historic events through the issuance of precious metal coins. For example, in 2020, the U.S. Mint issued gold $10 coins to honor the 400^th anniversary of the Mayflower.⁸⁷ These coins, while commemorating the Mayflower, are not commemorative coins according to traditional definitions of that term since they were not authorized to raise money for a designated recipient group.

Concluding Observations

Commemorative coins have long been a popular way to honor people, places, and events. Historically, commemorative coins were issued to celebrate state anniversaries, expositions, and event anniversaries, or to support the building of memorials. Coins were generally sold to sponsoring organizations, who then resold them to raise funds.⁸⁸ In the modern era, two coins can be minted per year at the same time; according to the U.S. Commission of Fine Arts (CFA), the "range of subject matter [has] expanded to include subjects such as women, historical events, and even buildings and landscapes."⁸⁹ Additionally, instead of selling coins to organizations to raise money, the concept of surcharges as a method to direct money to designated groups has been introduced.

As Congress considers the authorization of new coins to support designated recipient groups, consideration might be given to coins that could maximize sales and provide groups with the ability to earn as much money as possible for surcharges to support group activities. On the other hand, if Congress's intent for a coin is to recognize a person, place, event, or institution, then smaller sales numbers might not factor into legislative decisionmaking. Some commemorations inherently have broader appeal than others and the sale of commemorative coins often reflects the popularity of a particular person, place, event, or institution to coin collectors and the broader general public.

To potentially maximize the appeal and sale of commemorative coins to support designated recipient organizations, Congress might consider whether the people, places, events, or institutions to be commemorated have a broad appeal and whether design elements might be specified that would make the coin more appealing to the general public. For example, the 1986 Statue of Liberty commemorative coin (shown in Figure 2) sold over 15 million units, while other coins have sold as few as approximately 40,000. For a designated recipient organization to earn surcharges, the U.S. Mint's production costs must be recouped before payments can be made. As a result, coins that sell out of statutory allotments are more likely to generate significant surcharges than those that struggle to find a market beyond commemorative coin collectors.

Similarly, on at least four occasions, Congress has provided specific requirements to the U.S. Mint on the design of commemorative coins. These included

• that the 2014 National Baseball Hall of Fame coin be curved to represent a baseball;
• that the 2018 National Breast Cancer Awareness coin be tinted pink, to reflect the color associated with breast cancer awareness efforts;
• that the 2019 Apollo 11 50^th Anniversary coin be convex to resemble an astronaut's helmet; and
• that the 2020 Naismith Basketball Hall of Fame coin be curved to represent a basketball.

Evidence from the coin collecting community suggests that a coin with unique design features may be more attractive for coin collectors and noncollectors alike. For example, a coin-collecting publication reported that the National Baseball Hall of Fame coin was so popular that the U.S. Mint had difficulty meeting demand for orders, especially because it was the "first U.S. coin to utilize this [curved or dish design] production method and with a baseball theme, [it] ended up being a homerun with collectors."⁹⁰

The goal of commemorative coins is twofold: to commemorate a person, place, event, or institution and to provide surcharges to groups. As Congress considers future commemorative coins, the ability to appeal to broad segments of the population to purchase coins in support of designated recipient groups might be a consideration. If Congress considers what people, places, events, or institutions might be honored and the coins' designs, the commemorative coin program could create innovative designs that raise significant monies for designated recipient groups. Since not all people, places, events, or institutions have the same appeal to the general public, consideration of which might be the best subject of commemorative coins would ensure that the U.S. Mint dedicates its resources to coins that are more likely to sell out authorized allotments and provide maximum surcharge payments. Alternatively, Congress could recognize important people, places, events, or institutions with a coin without consideration of the potential surcharges. In this case, historically important people, places, events, or institutions could be recognized by the United States regardless of potential amounts raised for these groups.

Appendix A. Historical Commemorative Coins

Table A-1 provides a list of the commemorative coins authorized by Congress between 1892 and 1954, organized by the year in which they were struck by the mint. The table also includes the type of coin, the subject, and the authorization statute.

Appendix B. Modern Commemorative Coins, 1982-1997

The modern commemorative coin era began in 1982, when Congress authorized a commemorative coin for the 250^th anniversary of George Washington's birthday. Table B-1 provides a list of coins authorized by Congress between 1982 and 1997, organized by the year in which they were struck by the Mint. The table also includes the coin's subject and authorizing statute. Coin denominations are not provided for modern commemorative coins because authorizing legislation generally provides for more than one denomination per commemorative coin series.

Jared C. Nagel, former Senior Research Librarian, provided research support and Amber Wilhelm, Visual Information Specialist, provided graphics for this report.

Footnotes