New Rules for Coinage Laws

Log in or Sign up to hide this ad.

thank heavens. i couldnt keep up at this pace. ND86 do you think they will slow down.

 

It won't load the page for me? Probably just my computer. Gotta get a new one. But I like the sounds of this. Thanks for sharing it GD.

Phoenix

 

Doug,all I got was the subscription to 'Numismatic News' page,not the actual article itself.

Aidan.

 

Thanks for the link. Very interesting how short a window there is after you die to have a coin to commemorate your life accomplishments. I think a longer period would have been better, but I'm glad they are trying to gain control over the process.

 

The link won't load. Can you paste the text in here? Thanks.

 

Special Procedures
(f)(l)(A) COMMEMORATIVE MEDALS AND COINS.--It shall not be in order for the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology to hold a hearing on any commemorative medal or commemorative coin legislation unless the legislation is cosponsored by at least two-thirds of the members of the House.
(B) It shall not be in order for the subcommittee to approve a bill or measure authorizing commemorative coins for consideration by the full Committee which does not conform with the mintage restrictions established by section 5112 of title 31, United States Code.
(C) In considering legislation authorizing Congressional gold medals, the subcommittee shall apply the following standards--
(i) the recipient shall be a natural person;
(ii) the recipient shall have performed an achievement that has an impact on American history and culture that is likely to be recognized as a major achievement in the recipient's field long after the achievement;
(iii) the recipient shall not have received a medal previously for the same or substantially the same achievement;
(iv) the recipient shall be living or, if deceased, shall have been deceased for not less than 5 years and not more than 25 years;
(v) the achievements were performed in the recipient's field of endeavor, and represent either a lifetime of continuous superior achievements or a single achievement so significant that the recipient is recognized and acclaimed by others in the same field, as evidenced by the recipient having received the highest honors in the field.

http://www.govtrack.us/congress/record.xpd?id=110-h20070227-44&person=400140

 

New rules to govern coin legislation
By David L. Ganz
The U.S. Senate and House of Representatives have published new rules to govern coin and medal matters in the 100th Congress that convened in early January. The House acted Feb. 27 and the Senate on March 7 when the applicable committees published their new rules in the Congressional Record.

Financial Services Committee Chairman Rep. Barney Frank, D-Mass., said the rules represent no new ground. A special procedure has been set up to cover coins and medals legislation, which members can continue to individually introduce at any time.

However, at least two-thirds of the members of the House must co-sponsor the legislation in order for the Subcommittee on Domestic and International Monetary Policy, Trade and Technology to hold a hearing on any commemorative medal or commemorative coin.

The proposed legislation must also conform with the mintage restrictions in effect since 1999. That is the minting limitations of 750,000 clad half dollars, 500,000 silver dollars and up to 100,000 $5 gold pieces.

In considering legislation authorizing congressional gold medals, the rules direct that the recipient shall have performed an achievement that has an impact on American history and culture that is likely to be recognized as a major achievement in the recipient’s field “long after the achievement.”

Additional requirements state that the recipient shall not have received a medal previously for the same achievement and the recipient shall be living or, if deceased, shall have been deceased for not less than five years and not more than 25 years. The recipient must also be recognized and acclaimed by others in the same field by having received the highest honors in the field.

This represents a tightening of requirements, particularly for deceased individuals.

Senate rules are simpler. At least 67 senators, which is two-thirds of the body, must co-sponsor any gold medal or commemorative coin bill or resolution before consideration by the committee.

When has this ever happened? The mintage numbers for clad halves are always in the 2.5 to about 3.5 million range. What am I misreading here.

 

Cliff Notes???

 

This will create some quite scarce coins...

 

My guess is they are referring to mintage numbers for medals, not coins, and just didn't clarify in that statement.

 

Well I hope they slow down and give more thought and design to the whole coinage issue itself for I hate to see coins go the way of stamps where everything and everyone was printed worldwide not just domestic till it got to a point where the stamps lost all appeal as being special.

 

It seems that things will slow down.

Thanks for posting the text... I couldn't get into the link either.

 

Thanks for the article. :thumb: That is awesome. Would be neat if the halves did have that type of mintage, that would be awesome. But of course, if every hears of this, might turn out like the 1950 D nickel. But you never know.

Phoenix

 

What does this mean will happen to the penny? I know that there was talk about changing it in 2009 to commemorate the 200th anniversary of Lincolns birthday?

 

What you are misreading is that they are talking about COMMEMORATIVE half dollars , and none of the modern commemorative half dollars have had an authorization over 750,000 coins since 1991. So I don't see that as a problem.

The real slow down is going to be the 2/3 of the House as co-sponsers.

It means absolutely nothing considering that legislation was passed and signed into law 16 months ago.

 

co-sponsor before it reaches the subcomittee.

Really, we will be stuck with the current Jefferson Nickel for a long time now and we will never get rid of those useless president dollars.

Ruben

 

It takes the two thirds of the house as co-sponsers before you can bring a bill on COMMEMORATIVE coins or medals before the subcommittee. I don't know if that would be necessary for a bill on the regular coinage.

 

It's about time it was slowed down.