November 22, 2005

Senate Passes Reid's Legislation to Create New Presidential $1 Coin

Measure Expected to Boost Economy, Add Mining Jobs

Washington, D.C. – The U.S. Senate has approved a plan to create a new series of coins carrying the images of all the U.S. Presidents and First Ladies. The Senate voted unanimously to pass the measure, which was originally introduced by Senator Harry Reid (D-NV) and co-sponsored by Senator John Ensign (R-NV).

The bill authorizes the creation of dollar coins imprinted with the pictures of U.S. Presidents, and gold bullion collectors’ coins with images of the First Ladies. The program is modeled after the popular state quarters now being produced.

“These new coins will be good for the American economy and good for our Nevada economy,” said Reid. “The state quarter program has raised about $4 billion for our national treasury, and I expect the new Presidential coins will be just as popular and just as profitable. Plus, a lot of the ore used for the gold bullion coins will be mined in Nevada, and that means more jobs for our state.”

The Presidential $1 Coin Act of 2005 is also designed to place the dollar coin in greater circulation in the U.S. economy. That would save taxpayer money by reducing the cost of keeping cash in circulation. Dollar bills have a lifespan of about 18 months, while coins can last for 30 years.

“The Presidential Coin Act is historic and patriotic legislation,” said Ensign. “It will make a significant contribution to the economy while creating great opportunities for coin collectors and history buffs. Americans will no doubt benefit from the infusion of these dollar coins into the marketplace.

The House of Representatives now needs to pass this version of the bill. More details about the legislation are listed below.

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Details about the Presidential $1 Coin Act of 2005:

• Places the images of four U.S. Presidents on the dollar coin each year, in the order of their service, until all are so honored, starting in 2007

• Features the Statue of Liberty on the reverse side of the coin

• Locates significant information, such as the date and the so-called mintmark, on the edge of the coin

• Provides for the Sacagawea coin to continue to be issued during the Presidential Coin Program

• Requires the federal government to use the dollar coin in all of its retail operations

• Requires that dollar coins be available in convenient forms, including rolls and small bags, enabling businesses to use the coins easily

• Takes steps to address problems created by the co-circulation of the Susan B. Anthony coin with new dollar coins

• Creates a new half-ounce pure-gold bullion coin to honor presidential spouses, generate excitement about the series, and appeal to collectors and investors

• Creates a new one-ounce pure-gold bullion with the image of the so-called “Indian Head” or “Buffalo” nickel – a popular design for investment

• Calls for the issuing of newly designed pennies to celebrate the 200th anniversary of the birth of Abraham Lincoln.

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