2023 Update to: Commemorative Coins: Background, Legislative Process, and Issues for Congress

DrDarryl

Read and comment...(source link is after the image)

https://sgp.fas.org/crs/misc/R44623.pdf

BStrauss3

Minor quibble...

it says

For a group to receive surcharge payments, it must go through two stages: (1) raise sufficient matching funds from private sources,60 and (2) be subject to annual audits on its use of surcharge payments. Designated recipient groups are required to raise matching funds from private sources prior to the disbursement of surcharges. A group’s ability to raise sufficient funds is a potentially important consideration. Should a group not raise sufficient private funds, the full surcharge payment for which they could be eligible might not be disbursed.

They missed #3, sufficient coins must be sold to cover the government's costs.

Dreamcrusher

I was very involved with the World War I Centennial and I can testify that it is a long and involved process. It took 5 years from the time I came up with the idea until the time President Obama signed the legislation. Believe it or not, the hardest part by far was to find a suitable institution to receive the proceeds from the sale of the coin. I remember visiting with the people who ran the World War I Museum in Kansas City. They treated me like I was a used car salesman and said that they were only interested in accepting the money if I could guarantee the image on the coin would be of the museum. I told them that I could not guarantee that for them since the design for the coin is a whole separate issue and that even if I had that power, I would not guarantee it. Fortunately, the World War I Centennial Commission was formed and they agreed to accept the money (after agreeing to the two stages mentioned). It was fortunate that they did or the coin never would have been minted.

It is also hard to find members of Congress to expend their political capitol in getting the job done. You would be surprised to learn how many people were against making that coin.

I tried again to get a coin minted to commemorate the centennial for the Tomb of the Unknown Soldier but failed. I regret that very much.

Mark

@Dreamcrusher Did the WW1 Centennial Commission actually get any money from the mint? I wonder/think point 3 mentioned by @BStrauss3 precluded them receiving money...

BStrauss3

They could have... from the 2019 report of the director of the mint:

https://www.usmint.gov/wordpress/wp-content/uploads/2020/01/2019-Annual-Report.pdf

Numismatic revenue was also higher than last year. FY 2019 numismatic revenue was $349.6 million, a $56.5 million (19.3 percent) increase from FY 2018. There was a $40.5 million increase in revenue from commemorative coin products due to the issuance of the Apollo 11 coin series in January 2019 which generated $56 million and 413.8 percent more revenue than the 2018 World War I Centennial Silver Dollar, which was the highest revenue commemorative coin product in FY 2018.

From the 2018 report:

https://www.usmint.gov/wordpress/wp-content/uploads/2019/01/2018-Annual-Report-ADA.pdf

The 2018 World War I Centennial Silver Dollar had revenue of $10.2 million with surcharges of $1.4 million through September 30. This program runs through calendar year 2018 and final surcharges will be totaled December 31. The surcharges support United States Foundation for the Commemoration of the World Wars, to assist the World War I Centennial Commission in commemorating the centenary of World War I.

The Mint - like the rest of the USG - is on an October fiscal year, so the calendar year annual reports conveniently don't give us the data we seek.

https://worldwar-1centennial.org/index-php/about/united-states-foundation-for-the-commemoration-of-the-world-wars.html

https://projects.propublica.org/nonprofits/organizations/463321814

Their IRS reports don't seem to break out any specific contributions. Generally they would have had to raise matching funds and are subject to audit.

I send them an email question asking, we'll see if they respond.

The_Dinosaur_Man

Lately I've been wondering if the gold piece should be denominated as $3 instead of the usual $5 or rare $10. Probably not the greatest idea, but how many people would be intrigued to have a three dollar coin as a novelty?

privatecoin

@The_Dinosaur_Man said:
Lately I've been wondering if the gold piece should be denominated as $3 instead of the usual $5 or rare $10. Probably not the greatest idea, but how many people would be intrigued to have a three dollar coin as a novelty?

They should make a novelty set of all America's interesting denominations.

Mark

Thanks @BStrauss3

Dreamcrusher

@Mark said:
@Dreamcrusher Did the WW1 Centennial Commission actually get any money from the mint? I wonder/think point 3 mentioned by @BStrauss3 precluded them receiving money...

Yes, I don't recall the exact amount but it was around 3 1/2 million. It was used for the monument in Pershing Park in D.C..

Mark

@Dreamcrusher That's good to know. I did not especially like the design of the coin but nonetheless purchased a couple from the mint, so I guess I helped support the monument. And, while I did not care for the design, I think your efforts were definitely worthwhile because I think the end of WW I is a significantly more important event to commemorate than a lot of the trivia that has recently been forthcoming.

Dreamcrusher

@Mark said:
@Dreamcrusher That's good to know. I did not especially like the design of the coin but nonetheless purchased a couple from the mint, so I guess I helped support the monument. And, while I did not care for the design, I think your efforts were definitely worthwhile because I think the end of WW I is a significantly more important event to commemorate than a lot of the trivia that has recently been forthcoming.

Yes, you did definitely support the monument so thank you. My inspiration for the coin came from learning about Frank Buckles. He was the last American veteran of the war who died at 110 years of age. He knew that a coin was in the works but he died before the coin was minted. His daughter, Susan, was aware and was very pleased.