Presidential $1 Coin Act of 2005
Latest Action
Became Public Law No: 109-145.
Official Summary
(This measure has not been amended since it was passed by the Senate on November 18, 2005. The summary of that version is repeated here.) Presidential $1 Coin Act of 2005 - Title I: Presidential $1 Coins - (Sec. 102) Amends federal monetary law to set forth requirements for the redesign and issuance of circulating $1 coins emblematic of each President of the United States. Requires such coins to be issued in the order of the period of service of each President, beginning with President George Washington. Restricts such coin series to deceased Presidents. States that following the termination of the issuance of such coins the design of all $1 coins shall revert to the so-called "Sacagawea-design" $1 coins. (Sec. 103) Instructs the Secretary of the Treasury (Secretary) to issue bullion coins emblematic of the spouse of each such President during the same period in which the $1 coins are issued. States that the nominal denomination of such coins shall be $10. (Sec. 104) Prescribes a deadline by which designated governmental agencies and instrumentalities shall: (1) ensure that their business operations involving coins or currency will be fully capable of accepting and dispensing $1 coins; and (2) display signs and notices denoting such capability on the premises where coins or currency are accepted or dispensed, including on each vending machine. (Sec. 105) Expresses the sense of Congress regarding the issuance of such coins, including that: (1) it will serve to increase the use of $1 coins generally, especially the "Sacagawea-design" $1 coins; and (2) continued minting and issuance of the "Sacagawea-design" $1 coins will serve as a lasting tribute to the role of women and Native Americans in the history of the United States. Title II: Buffalo Gold Bullion Coins - (Sec. 201) Instructs the Secretary to strike and issue for sale $50 gold bullion and proof coins initially bearing the original designs by James Earle Fraser, which appear on the 5-cent coin commonly referred to as the "Buffalo nickel" or the "1913 Type 1." Requires such bullion coins to be sold in an inexpensive covering that will: (1) protect the coin from damage due to ordinary handling or storage; and (2) be readily distinguishable from any coin packaging that may be used to protect proof coins. Title III: Abraham Lincoln Bicentennial 1-Cent Coin Redesign - (Sec. 302) Directs the Secretary to issue 1-cent coins during the year 2009, whose obverse design continues to bear the Victor David Brenner likeness of President Abraham Lincoln, and whose reverse design bears four different designs, each representing a different aspect of Lincoln's life. (Sec. 303) Requires the reverse of the 1-cent coins issued after December 31, 2009, to bear an image emblematic of President Lincoln's preservation of the United States of America as a single and united country. (Sec. 304) Directs the Secretary to issue 1-cent coins during 2009 with the exact metallic content as the 1-cent coin contained in 1909. (Sec. 305) Expresses the sense of Congress that the original Victor David Brenner design for the 1-cent coin was a dramatic departure from previous American coinage that should be reproduced, using the original form and relief of the likeness of Abraham Lincoln, on the 1-cent coins issued in 2009.
GovScope Watchdog™
AI Government Intelligence™The Presidential $1 Coin Act of 2005 directs the U.S. Treasury to issue $1 coins featuring each deceased U.S. President in order of their service, starting with George Washington. It also mandates the issuance of $10 bullion coins featuring the spouses of these Presidents during the same period. The bill requires federal agencies to adapt their operations to accept and dispense $1 coins and to display signage indicating this capability. Additionally, it authorizes the production of $50 gold bullion coins with the original Buffalo nickel design and mandates a special 2009 redesign of the 1-cent coin to commemorate Abraham Lincoln's bicentennial, including a return to the original 1909 metallic content and multiple reverse designs reflecting Lincoln's legacy. The law aims to increase the use of $1 coins and honor historical figures and themes in U.S. coinage.
This law establishes a series of commemorative $1 coins honoring deceased U.S. Presidents and their spouses, introduces gold bullion coins with historic designs, and redesigns the penny to mark Abraham Lincoln's bicentennial, while requiring federal agencies to accommodate the new $1 coins.
- Mandates issuance of $1 coins featuring deceased U.S. Presidents in chronological order of service.
- Requires $10 bullion coins emblematic of the spouses of these Presidents to be issued concurrently.
- Directs federal agencies to ensure their operations can accept and dispense $1 coins and to display appropriate signage.
- Authorizes $50 gold bullion coins with the original Buffalo nickel design for sale.
- Directs a 2009 redesign of the 1-cent coin with multiple reverse designs and original 1909 metallic content to honor Abraham Lincoln.
['U.S. Mint and Treasury Department through expanded coin production and sales', 'Collectors and numismatists interested in presidential and commemorative coins', 'Federal agencies required to update coin handling capabilities', 'Vending machine operators and businesses adapting to $1 coin use', 'General public through increased availability and use of $1 coins']
['Costs and logistics for federal agencies and businesses to update coin handling equipment and display signage', 'Potential challenges in public acceptance and circulation of new $1 coins', 'Oversight of coin production quality and distribution to ensure compliance with design and issuance requirements', 'Ensuring bullion coins are sold with appropriate packaging to prevent damage and confusion with proof coins']
The bill was passed by the Senate on November 18, 2005, and signed into law on December 22, 2005, reflecting congressional interest in commemorating U.S. Presidents and historical figures through coinage. It builds on existing coin programs such as the Sacagawea $1 coin and the Buffalo nickel design, aiming to promote coin use and honor American heritage within the Finance and Financial Sector policy area.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Increased public use and circulation of $1 coins could reduce reliance on paper currency for small transactions.', 'Enhanced visibility of historical figures on currency may influence public awareness and education about U.S. Presidents and heritage.', 'Vending machine and business sectors may experience costs and operational changes to accommodate new coin designs and denominations.']
The bill includes clear directives for coin design, issuance order, and operational requirements for federal agencies, which facilitates oversight. However, the absence of detailed cost estimates or implementation timelines in the summary suggests a need for monitoring the practical impacts on agencies and businesses. Transparency regarding the production, distribution, and public acceptance of the new coins will be important for assessing the program's effectiveness.
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