Presidential $1 Coin of 2005
PRESIDENTIAL $1 COIN ACT OF 2005 -- (House of Representatives - April 26, 2005)
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Mrs. MALONEY. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I rise in support of the bill that the gentleman from Delaware (Mr. Castle) and I have offered that is a win-win for taxpayers and the economy.
The Presidential Dollar Coin Act builds on the remarkable success of the 50 State Quarter Act of the gentleman from Delaware (Mr. Castle), which is well into its 10-year run and has earned praise from educators and coin collectors and benefited the Treasury. My daughters, like many young people across America, enjoy collecting this popular coin.
Like the State quarter bill, the Presidential dollar coin will educate Americans about our Presidents and our first ladies while making money for the taxpayers. In addition, this bill will encourage use of the Sacagawea dollar coin, which will continue to be issued throughout the program and will be the sole U.S. dollar coin after the program ends. Thanks to discussions with the gentleman from North Dakota (Mr. Pomeroy), Indian tribal chiefs and women's groups, the provisions of the bill relating to the Sacagawea dollar coin have been clarified and strengthened to assure that Sacagawea, the only woman on our currency at this present moment, will continue to be honored on the dollar coin.
In a similar vein, the bill also provides for commemorative coins honoring each first lady to be issued during the period that their husbands were President. These will be issued both as gold bullion collectors' items and also in a bronze version, making them more accessible to school children and the public.
I am particularly pleased that the bill provides for a coin to be issued in honor of the noted suffragette Alice Paul at the same time as the coin commemorating President Chester Arthur, who served without a spouse. As a New Yorker, I am particularly pleased that Lady Liberty, the international symbol of the United States, will be on the back of the coin.
The General Accounting Office has estimated that general use of dollar coins could save the government as much as $500 million per year because they last longer than the dollar bill. Boosting usage of the dollar coin in everyday commerce also helps small businesses and provides consumers with faster and better service.
At the halfway point of issuance, the 50-State Quarter program had made the government over $4 billion primarily from collectors taking the coins out of circulation so that the Federal Reserve then buys more from the Mint. We have similar expectations for the effect of individuals collecting the dollar coins.
This bill earns money for the government, benefits small businesses and consumers, educates all users of American currency about their Presidents and first ladies, and encourages wider use of the Sacagawea dollar coin. I would call that a bill that deserves our full support.
I particularly want to thank the gentleman from Delaware (Mr. Castle) for his work, not only on the quarter coin, which has been a huge success for our school children and our Nation and helped our economy, but his leadership and constant work on this bill, along with the gentleman from Ohio (Chairman Oxley) and the ranking member, the gentleman from Massachusetts (Mr. Frank).
I particularly thank Joe Pinder of the committee staff, who is really an expert on coins and has put a great deal of time and effort on this, along with Emily Pfeiffer from the staff of the gentleman from Delaware (Mr. Castle) and Eleni Constantin, my financial services counsel.
Mr. Speaker, I hope that this will pass overwhelmingly and be circulating soon.
Mr. Speaker, I yield such time as he may consume to the gentleman from North Dakota (Mr. Pomeroy).
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Mrs. MALONEY. Mr. Speaker, I yield myself such time as I may consume to thank the gentleman from North Dakota (Mr. Pomeroy) for his constant work on this bill and his support. We are very grateful. I believe the gentleman's input has made it a stronger bill.
Mr. Speaker, I yield back my time.
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