,i #aacth ,,congress #ast ,session ,h4 ,r4 #bece ,,in ,,the ,,house ,,of ,,representatives ,june #bg1 #bjac ,mr4 ,barr 7for himself1 ,mr4 ,loebsack1 ,mr4 ,stivers1 ,mr4 ,meadows1 and ,mr4 ,yoho7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to cause increased seigniorage for the ,united ,states ,mint leading to enhanced revenue to the ,treasury and increased offsets to annual budget deficits in perpetuity1 to require the ,secretary of the ,treasury to mint and issue coins commemorating and celebrating ,american ,liberty1 ,the ,union1 and the ,american values and attributes of freedom1 independence1 civil governance1 enlightenment1 peace1 strength1 equality1 democracy1 and justice1 to provide for the continued and concurrent production and distribution of existing presidentially-themed circulating and numismatic coinage designs1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,american ,liberty ,coinage and ,deficit ,reduction ,act of #bjac4 #b4 ,findings ,the ,congress finds as follows3 7#a7 ,the #ej ,state ,quarters ,program showed that a circulating commemorative coinage program that incorporates recurring design change dramatically increases seigniorage--the profit realized by the ,mint from the amount that the face value of coins produced by the ,mint exceeds the costs of production and distribution4 7#b7 ,pursuant to the ,president's #aifg ,commission on ,budget ,concepts1 seigniorage proceeds are used to reduce the amount the government would otherwise borrow from the public to finance the budget deficit4 ,thus1 programs that increase seigniorage provide a means to reduce the budget deficit without increasing taxes or cutting spending4 7#c7 ,during the #aj years of the #ej ,state ,quarters ,program1 the cumulative production of quarter dollars exceeded #cd1jjj1jjj1jjj1 representing a #acf percent increase in quarter dollar production as compared to the cumulative #aj-year period immediately preceding the program4 ,this enhanced production level of quarter dollars resulted in increased seigniorage revenues of approximately #c1jjj1jjj1jjj and1 therefore1 an equal reduction in the budget deficit4 7#d7 ,the ,mint has estimated that #adg1jjj1jjj ,americans became collectors of #ej ,state quarters1 demonstrating that the demand for circulating coins--for purposes beyond the needs of commerce--increases significantly when frequent and systematic design changes are made through a multiyear commemorative design series4 7#e7 ,similar to the collector interest and resulting seigniorage generated by the #ej ,state ,quarters ,program1 the ,westward ,journey ,nickel ,program1 which issued a series of #e-;cent coins between #bjjd and #bjjf bearing new obverse and reverse designs commemorating the #bjjth anniversary of the ,lewis and ,clark ,expedition and honoring ,president ,thomas ,jefferson1 saw average annual nickel production increase by #eic1bjj1jjj units as compared to nickel production during the #b years immediately preceding the program and the #b years immediately following it4 7#f7 ,from the early #agijs through the early to mid #bjth century1 allegorical depictions of ,liberty dominated the designs of circulating ,united ,states coins4 ,coinage from this time period served as a constant reminder to ,americans and the world of a defining and distinctive value of ,american life and culture--,liberty4 ,these coins also provided some of the most inspiring1 uplifting1 and beautiful coin designs ever created4 ,in numismatics1 ,liberty themed coins are among the most sought after collectibles4 7#g7 ,given the potential that a new series of ,liberty coins would be highly collectible1 if produced1 such a program would likely provide the means through which to significantly increase seigniorage thereby reducing budget deficits4 7#h7 ,a new ,liberty themed coinage series would allow the ,nation to continue to honor the past presidents currently depicted on ,united ,states coins by providing for the continued and concurrent production and distribution of such coins annually along with the new ,liberty coins4 7#i7 ,a new ,liberty themed coinage series would revitalize the design of ,united ,states coinage and return circulating coinage to its position as not only a necessary means of exchange in commerce but also as an object of aesthetic beauty and symbol of core ,american values4 7#aj7 ,in order to increase the seigniorage produced by the ,united ,states ,mint thereby reducing deficits to be financed by the ,united ,states it is appropriate to introduce a new series of circulating commemorative ,liberty themed coins that would alternate annually between the dime and quarter dollar as #a-year issues4 ,additionally1 introduction of a new ,liberty themed half dollar produced for noncirculating numismatic purposes would further enhance seigniorage4 7#aa7 ,beginning in #bjae1 the ,act provides for the introduction of a #a-year circulating commemorative ,liberty themed dime that would be produced and distributed concurrently with the existing dime depicting the image of ,president ,franklin ,d4 ,roosevelt4 ,after #bjae1 the image of ,president ,roosevelt would continue to be utilized on the standard issue circulating dime4 ,subsequently1 in #bjaf1 the ,act provides for the introduction of a #a-year circulating commemorative ,liberty themed quarter dollar that would be produced and distributed concurrently with the existing quarter dollar depicting the image of ,president ,george ,washington4 ,the ,washington design would continue to be used in future years4 ,in #bjag1 the process would begin again with the introduction of a new #a-year ,liberty themed dime1 bearing a new ,liberty design that would be co-issued alongside the regular issue ,roosevelt ,dime4 ,in #bjah1 a new #a-year ,liberty themed quarter would be co-issued and the process would continue on a perpetual basis into future years4 7#ab7 ,sequencing a new ,liberty design each year is an important aspect of the program designed to continually renew collector interest and1 therefore1 promote demand for the coins in a manner to maximize seigniorage realized by the ,united ,states ,mint4 7#ac7 ,a ,liberty themed program would also include a new ,liberty half dollar bearing a design to be utilized for a #aj-year term1 to be issued as an ongoing annual noncirculating numismatic collector's series4 ,the ,liberty half dollar would be issued along with the noncirculating ,kennedy half dollar4 ,at the end of each #aj-year term1 a new ,liberty design would be implemented with designs continuing thereafter in a recurring #aj-year cycle4 7#ad7 ,providing collectors with a new ,liberty half dollar series will provide an increase in the ,mint's numismatic profits and bolster the objectives of the program to annually reduce budget deficits4 7#ae7 ,a series of circulating commemorative ,liberty themed coins will provide a new platform for the advancement of ,american medallic art through a medium where ,americans commonly encounter public art--the ,nation's pocket change4 #c4 ,american ,liberty ,coin ,program 7a7 ,program contingent on deficit reduction 7#a7 ,determination ,the ,secretary of the ,treasury shall carry out a study on the estimated effect of the amendment made by subsection 7b7 on the ,federal budget deficit over the #aj-year period beginning on ,january #a1 #bjae4 7#b7 ,report ,not later than the end of the #ij-;day period beginning on the date of the enactment of this ,act1 the ,secretary shall issue a report to the ,congress containing the estimate determined under paragraph 7#a7 and an explanation of how such estimate was calculated4 7#c7 ,effective date ,the amendment made by subsection 7b7 shall take effect on the earlier of-- 7,a7 the date that the report is issued under paragraph 7#b71 if the ,secretary determines in such report that the effect on the ,federal budget deficit over the #aj-year period beginning on ,january #a1 #bjae1 will lead to a reduction in the deficit over such period of #ajj1jjj1jjj or more2 and 7,b7 the end of the #ia-;day period beginning on the date of the enactment of this ,act1 if the ,secretary fails to make the report under paragraph 7#b7 within the required #ij-;day period4 7b7 ,program ,section #eaab of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 7w7 ,issuance of circulating dime and quarter dollar coins and numismatic half dollar coins commemorating and celebrating ,american liberty1 the ,union1 and the ,american values and attributes of freedom1 independence1 civil governance1 enlightenment1 peace1 strength1 equality1 democracy1 and justice 7#a7 ,dime coins 7,a7 ,in general ,the ,secretary shall mint and issue dime coins in calendar year #bjae1 and every second year thereafter1 that-- 7i7 have obverse designs that are emblematic and allegoric of the concept of ,american ,liberty2 and 7ii7 have reverse designs that-- 7,i7 depict an ,american bald eagle2 7,,ii7 depict a fasces emblematic of civil governance2 7,,iii7 depict the torch of knowledge2 7,,iv7 are emblematic and allegoric of ,the ,union2 or 7,v7 depict one or more of the ,american values and attributes of freedom1 independence1 peace1 strength1 equality1 democracy1 and justice4 7,b7 ,quantity of issuance ,with respect to a calendar year in which dime coins are issued pursuant to subparagraph 7,a71 the ,secretary shall ensure that1 of the total number of dime coins issued in such calendar year1 not less than #dj percent and not more than #ej percent of such coins are made up of dime coins issued pursuant to subparagraph 7,a74 7#b7 ,quarter dollar coins 7,a7 ,in general ,the ,secretary shall mint and issue quarter dollar coins in calendar year #bjaf1 and every second year thereafter1 that-- 7i7 have obverse designs that are emblematic and allegoric of the concept of ,american ,liberty2 and 7ii7 have reverse designs that-- 7,i7 depict an ,american bald eagle2 7,,ii7 depict a fasces emblematic of civil governance2 7,,iii7 depict the torch of knowledge2 7,,iv7 are emblematic and allegoric of ,the ,union2 or 7,v7 depict one or more of the ,american values and attributes of freedom1 independence1 peace1 strength1 equality1 democracy1 and justice4 7,b7 ,quantity of issuance ,with respect to a calendar year in which quarter dollar coins are issued pursuant to subparagraph 7,a71 the ,secretary shall ensure that1 of the total number of quarter dollar coins issued in such calendar year1 not less than #dj percent and not more than #ej percent of such coins are made up of quarter dollar coins issued pursuant to subparagraph 7,a74 7#c7 ,half dollar coins 7,a7 ,in general ,the ,secretary shall mint and issue half dollar coins in calendar year #bjae1 and every year thereafter1 with designs that shall be changed every #aj years1 that-- 7i7 have obverse designs that are emblematic and allegoric of the concept of ,american ,liberty2 and 7ii7 have reverse designs that-- 7,i7 depict an ,american bald eagle2 7,,ii7 depict a fasces emblematic of civil governance2 7,,iii7 depict the torch of knowledge2 7,,iv7 are emblematic and allegoric of ,the ,union2 or 7,v7 depict one or more of the ,american values and attributes of freedom1 independence1 peace1 strength1 equality1 democracy1 and justice4 7,b7 ,consideration of ,liberty mini dollar ,the #aigg ,liberty mini dollar design prepared by former ,united ,states ,chief ,sculptor and ,engraver ,frank ,gasparro shall be considered along with other potential designs for half dollar coins issued under this paragraph4 7,c7 ,quantity of issuance ,with respect to a calendar year1 the ,secretary shall ensure that1 of the total number of half dollar coins issued in such calendar year1 not less than #dj percent and not more than #ej percent of such coins are made up of half dollar coins issued pursuant to subparagraph 7,a74 7#d7 ,design requirements ,the coins issued in accordance with paragraphs 7#a71 7#b71 and 7#c7 shall meet the following design requirements3 7,a7 ,coin obverse ,the design on the obverse shall-- 7i7 be chosen by the ,secretary1 after consultation with the ,commission of ,fine ,arts and review by the ,citizens ,coinage ,advisory ,committee2 7ii7 contain the inscriptions ,liberty and ,in ,god ,we ,trust2 and 7iii7 contain the inscription of the year of minting and issuance of the coin4 7,b7 ,coin reverse ,the design on the reverse shall-- 7i7 be chosen by the ,secretary1 after consultation with the ,commission of ,fine ,arts and review by the ,citizens ,coinage ,advisory ,committee2 7ii7 contain the inscription ,united ,states of ,america and ,e ,pluribus ,unum2 and 7iii7 contain a designation of the value of the coin4 7,c7 ,selection and approval process ,designs for coins issued pursuant to this subsection may be submitted in accordance with the design selection and approval process developed by the ,secretary in the sole discretion of the ,secretary4 7,d7 ,participation ,the ,secretary may include participation by artists from the ,states and engravers of the ,united ,states ,mint4 7#e7 ,issuance of numismatic coins ,the ,secretary may mint and issue such number of coins of each design selected under this subsection in uncirculated and proof qualities as the ,secretary determines to be appropriate4 ,to assure availability of dimes and quarter dollars minted and issued under this subsection in uncirculated qualities for numismatic purposes1 a portion of any such coins shall be offered in rolls and bags at face value plus issuance costs4 7#f7 ,silver coins 7,a7 ,in general ,notwithstanding subsection 7b71 the ,secretary may mint and issue such number of dimes1 quarter dollar coins1 and half dollar coins of each design selected under this subsection as the ,secretary determines to be appropriate1 with a content of 4#iii fine silver4 7,b7 ,sources of bullion ,the ,secretary shall obtain silver for minting coins under this paragraph from available resources1 including stockpiles established under the ,strategic and ,critical ,materials ,stock ,piling ,act4 4