American Innovation $1 Coin Act
Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I thank my friend from Wisconsin for his support of this bill and the kind things he said about it. Mr. Speaker, the American Innovation $1 Coin Act addresses the…
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I thank my friend from Wisconsin for his support of this bill and the kind things he said about it.
Mr. Speaker, the American Innovation $1 Coin Act addresses the decreasing numismatic coin sales resulting from the discontinuation of the Presidential $1 coin series.
When enacted, this bill will first commission the U.S. Mint to create a year-long introductory coin series bearing the semblance of George Washington's signature on the first patent.
The bill will then direct the Mint to release four $1 coins each year, as my friend from Wisconsin said, featuring a great American innovation from each State over the next 14 years. Coins will be issued in alphabetical order, starting with Alabama. State innovations will be chosen with input from State Governors, territory executives, the Commission of Fine Arts, and the Citizens Coinage Advisory Committee.
Mr. Speaker, I am particularly excited about the concept of commemorating and honoring innovation. As Mr. Duffy has said, this is one of the core strengths of our country. We have fights across the aisle, as we should, over our economy and where this government intervenes. I think we agree that one of the key strengths of the United States is our entrepreneurial capacity and the remarkable innovations that come out of all 50 States and the territories of the United States.
It is right that, in some small way, we honor those innovations and those innovators who help our economy grow, give us competitive advantage, and make us all proud to be part of the United States of America.
Mr. Speaker, these coins will be sold as a product for collectors and minted to demand with oversight from the Treasury.
Per U.S. Mint reports, to the point made by my friend from Wisconsin, the $1 coin costs less than 35 cents to make. As a product for collectors, the $1 coins sell for more than face value, up to $1.32 each. That is nearly a $1 profit on every coin. Proceeds from this coin will return money to the Treasury. In addition, the infrastructure producing these coins is already in place.
This program will sunset once all States and territories have been honored and cannot be resumed, except by an act of Congress.
This legislation has the support of members of the coin industry and their local suppliers and service providers across the States, including a number of small businesses in my district. These businesses represent scores of small businesses and thousands of jobs around the country.
I believe this bill will engage the public, fill the void of a terminated coin series, help increase the Mint's profitability, and create and sustain coin-related jobs in both public and private sectors, all while honoring and commemorating the remarkable innovative capacity of our country.
I urge my colleagues to support H.R. 770, and I thank Chairman Hensarling, Ranking Member Waters, Chairman Barr, and Ranking Member Moore, as well as my friend from Wisconsin, for their support and determination to get this important bill scheduled and passed.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.