Coin Redesign Bill (H.R. 505): Hearing Before the Subcommittee on Consumer Affairs and Coinage of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred First Congress, First Session, on H.R. 505 ... July 12, 1989, Volume 4 |
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Page 7
... Kennedy , to show you how I have learned mostly from the people out in the public , a constituent called me and said ... half dollar . So I immediately introduced a bill at that time . Chairman Patt- man immediately took it up in the ...
... Kennedy , to show you how I have learned mostly from the people out in the public , a constituent called me and said ... half dollar . So I immediately introduced a bill at that time . Chairman Patt- man immediately took it up in the ...
Page 10
... Kennedy half dollar , which you authored . Some people suggest that the public is not asking us to redesign the coins and there may be some resist- ance to it out there that we do not know about . How do you think this is going to be ...
... Kennedy half dollar , which you authored . Some people suggest that the public is not asking us to redesign the coins and there may be some resist- ance to it out there that we do not know about . How do you think this is going to be ...
Page 12
... Kennedy by placement on the half dollar after his assassination ; and the introduction of the Roosevelt dime after that revered President's death . Each change achieved a specific purpose . Every citizen is impact- ed by such a change ...
... Kennedy by placement on the half dollar after his assassination ; and the introduction of the Roosevelt dime after that revered President's death . Each change achieved a specific purpose . Every citizen is impact- ed by such a change ...
Page 22
... dollar was designed and completed and struck within in 6 weeks from soup to nuts in 1922. Or that first Kennedy half dollar was put into circulation just a few months after Chairman Gonzalez's bill passed the Congress . The Treasury ...
... dollar was designed and completed and struck within in 6 weeks from soup to nuts in 1922. Or that first Kennedy half dollar was put into circulation just a few months after Chairman Gonzalez's bill passed the Congress . The Treasury ...
Page 23
... Kennedy half dollar is 26 years old . The words , " United States of America " have always been synon- ymous with innovation and excellence . Unfortunately , as the Com- mission thought about the importance of our coins , both in terms ...
... Kennedy half dollar is 26 years old . The words , " United States of America " have always been synon- ymous with innovation and excellence . Unfortunately , as the Com- mission thought about the importance of our coins , both in terms ...
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Common terms and phrases
100th Congress 101st Congress additional seigniorage AFFAIRS AND COINAGE AMERICAN NUMISMATIC ASSOCIATION artists Arts BARNARD Bicentennial bill budget cents Chairman LEHMAN CIRCULATING COIN DESIGNS Clain-Stefanelli coin collectors coin demand COIN DESIGN CHANGES coin production Coin Program Coin World commemorative coins Commission Committee on Banking CONGRE LIBRARY CONGRESS LIBRARY CONGRESS THE LIBRARY Congressman Constitution CONSUMER AFFAIRS COSPONSORED cost denomination Diane Wolf dime Director DONNA POPE eagle enacted Engraver estimate face value FULL BANKING COMMITTEE Gonzalez Government hearing HILER hobby increase interest invited issue July 12 Kennedy half dollar legislation Liberty LIBRARY OF CONGRES LIBRARY OF CONGRESS Lincoln MAZZE medals Members Mint's months nation nickel obverse obverse and reverse percent President quarter redesigned coin representative revenue reverse Secretary seigniorage selection Senate Special Advisory Committee sponsor statement SUBCOMMITTEE ON CONSUMER submit symbols testimony Thank theme tion U.S. coin United UNITED STATES MINT Urban Affairs Washington
Popular passages
Page 13 - smoke and mirrors" accounting. In fact, it represents proper, conservative, and very logical accounting conventions. US coins today are essentially tokens that have little intrinsic value. However, when coins are put into circulation, the public pays the Government the face value. Seigniorage is the difference between the face value of a coin and its cost. In the case of a $1 coin, which costs 8 cents to make and distribute, the profit or seigniorage is 92 cents. This profit is not considered revenue,...
Page 1 - Rayburn House Office Building, Hon. Richard H. Lehman [chairman of the subcommittee] presiding. Present: Chairman Lehman, Representatives Gonzalez, Pelosi, Hubbard, Barnard, Kaptur, Hiler, and Ridge.
Page 65 - Arts passed a resolution at its meeting on April 16, 1987, that reads as follows: In view of the historic frequency with which United States coins have been changed, the Commission of Fine Arts recommends to the United States Congress and the Secretary of the Treasury that they consider in a timely way changing the obverse and reverse designs of the cent, nickel, dime, quarter and half dollar by invited competition.
Page 129 - To indicate your acceptance of this offer, please sign the enclosed copy of this letter and return it to me in the enclosed return envelope.
Page 20 - ... at the request of some railroads because they are faced with the very problem that Commissioner Freas was talking about. They have, perhaps, an adequate supply of cars for the freight they originate but they don't get them back on their lines in order to serve their own shippers. Senator SCHOEPPEL. As a matter of fact, that is one of the things that poses the difficulty that we are confronted with right now. A number of the lines, the originating lines, have over a period of years continued to...
Page 141 - ... government per year, on average, over a 30-year period. The savings come about because a coin lasts longer than paper money; the Federal Reserve has lower processing costs with coins than paper money; and a coin would result in interest savings from the additional seigniorage earned on a coin (ie, the difference between the face value of a coin and its production cost). In the past...
Page 80 - ... interest. This is for the very simple reason that the government of the United States is the nation's largest stamp dealer and yes, it is also the nation's largest coin dealer. Lest anyone doubt my contention, I submit to you some numbers contained in Mint Director Donna Pope's same introductory statement before the House Subcommittee on Consumer Affairs and Coinage. In the very first paragraph of Mrs. Pope's remarks she stated, "Revenues from coin programs exceeded $1.5 billion, prompting some...
Page 64 - In view of the historic frequency with which United States coins have been changed, the Commission of Fine Arts recommends to the United States Congress and the Secretary of the Treasury that they consider a timely way of changing the obverse and reverse of the cent, nickel, dime, quarter and half dollar by invited compensated competition.
Page 143 - modernize" United States coinage, which began over a year ago, has attracted great interest in the numismatic hobby. As I testified in the Senate earlier this year, the Treasury generally finds nothing objectionable...
Page 141 - The latter a result of additional demand for coins caused by the design changes. Embellished revenue estimates as high as $2.3 billion have been cited and some have looked to coin redesign as a panacea for budget deficits. Based on analyses of past demand patterns, we estimate $224 million in additional seigniorage receipts will be generated in the first six years of the new designs and $18 million in additional numismatic profits over the same period. Seigniorage is often called the "profit...