H.R.505 - To modernize circulating coins of which the reverse of the first coin will contain the theme of the Bicentennial.101st Congress (1989-1990)
|Sponsor:||Rep. Gonzalez, Henry B. [D-TX-20] (Introduced 01/19/1989)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 07/12/1989 Subcommittee Hearings Held. (All Actions)|
This bill has the status Introduced
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Summary: H.R.505 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (01/19/1989)
Amends Federal law to require the reverse side of the first coin redesigned to commemorate the bicentennial of the U.S. Constitution for a two-year period.
Provides that the design on the obverse side of U.S. coins shall contain the likenesses of those displayed on current coins and shall be considered for redesign. Requires any such obverse redesigns to conform to the inscription requirements of current law.
Requires U.S. coins to be redesigned, at the discretion of the Secretary of the Treasury, over the next six years. Requires the Secretary, in selecting new designs, to consider specified constitutional concepts. Requires the designs to be selected by the Secretary upon consultation with the United States Commission of Fine Arts.
Requires that any profits from the sale of uncirculated and proof sets of U.S. coins be deposited in the Treasury and used solely to reduce the national debt.