Commemorative Coins: Background, Legislative Process, and Issues for Congress

Commemorative coins are produced by the U.S. Mint pursuant to an act of Congress and are often proposed by Members of Congress as part of their representational duties. These coins are legal tender that celebrate and honor American people, places, events, and institutions. Congress first authorized a commemorative coin in 1892. Between 1954 and 1981, Congress did not authorize any new commemorative coins, in part because public interest had waned and the Department of the Treasury was concerned that “multiplicity of designs on United States coins would tend to create confusion among the public, and to facilitate counterfeiting.” In 1982, Congress reinstituted the commemorative coin program, and since 1998, two coins may be authorized for any given year. To date, Congress has authorized commemorative coins to be issued through 2027. The issuance of commemorative coins can be broadly divided into two eras: historical coins and modern coins. Historical commemorative coins were those authorized between 1892 and 1954 and generally celebrated anniversaries, public events, or the construction of new memorials. These coins were sold by the government to the sponsor organization, which then resold the coins to the public at a higher price to earn money to support their mission. In 1939, Congress stopped authorizing new coins because a glut of commemorative coins on the market had caused their value to decline, and the U.S. Treasury became concerned that so many coins might facilitate counterfeiting. These sentiments were echoed by President Dwight D. Eisenhower, who in 1954 vetoed legislation for a half-dollar honoring the tercentennial of New York City and remarked that “large quantities [of coins] have remained unsold and have been returned to the mints for melting.” The historical era concluded with the minting of George Washington Carver and Booker T. Washington half-dollars between 1951 and 1954. The modern commemorative coin era began in 1982, when Congress authorized coins to celebrate the 250th anniversary of George Washington’s birth. Currently, Congress has authorized one commemorative coin for 2025, one for 2026, and one for 2027. Commemorative coin legislation generally has a specific format. Once a coin is authorized, it follows a specific process for design and minting. This process includes consultation and recommendations by the Citizens Coin Advisory Commission (CCAC) and the U.S. Commission of Fine Arts (CFA), pursuant to any statutory instructions, before the Secretary of the Treasury makes the final decision on a coin’s design. Following the conclusion of a coin program, designated recipient organizations may receive surcharge payments, once the U.S. Mint has recouped all costs associated with producing the coin. Should Congress want to make changes to the commemorative coin process, several individual and institutional options might be available. The individual options include decisions made by Members of Congress as to which people, places, events, or institutions should be celebrated; which groups should receive potential surcharge payments; and any specific design requirements Congress might want to request or require. The institutional options could include House, Senate, or committee rules for the consideration of commemorative coin legislation, and whether the statutory maximum of two coins minted per year is too many or too few.