2028 Games in Los Angeles could get coinage program
- Published: Apr 29, 2023, 9 AM
Legislation seeking a four-coin program to celebrate the 2028 Summer Olympic Games and Paralympic Games in Los Angeles was introduced March 24 by Rep. Brad Sherman, D-Calif.
H.R. 1794 seeks the production and release by the U.S. Mint, in Proof and Uncirculated finishes combined, of up to 100,000 gold $5 coins, 500,000 silver dollars and 300,000 copper-nickel clad half dollars.
The gold $5 coins would contain not less than 90% gold while the silver dollars will contain not less than 90% silver. For the past several commemorative coin programs offering a silver dollar, the composition was switched from the traditional 90% silver and 10% copper alloy to .999 fine silver.
The .999 fine silver composition is recommended in H.R. 1794 for the output of up to 100,000 Proof 3-inch diameter silver dollars.
Should the Treasury secretary determine based on independent market-based research that the mintage limits are insufficient to meet public demand, the Treasury secretary would be empowered to raise those limits to levels deemed necessary to meet the public demand.
Each gold $5 coin would carry a $35 surcharge in the purchase price. The standard silver dollar would have a $10 surcharge, and a $50 surcharge would be applied to the 3-inch silver Proof dollar. Each copper-nickel clad half dollar would carry a $5 surcharge.
Net surcharges after the U.S. Mint recoups all of its production and associated costs would be paid to the Olympic bodies to further athletic participation.
Sherman introduced the same commemorative coin package June 13, 2022, as H.R. 8047, in the previous congressional session.
H.R. 1794 would allow the Treasury secretary to accept pre-orders as well as make bulk sales of the coins available at a “reasonable” discount.
The Treasury secretary is encouraged, under terms of the proposed bill, to develop and execute a marketing and educational program, including collaborative marketing opportunities between the United States Olympic and Paralympic Properties and licensees to promote and sell the commemorative coins.
MORE RELATED ARTICLES
World Coins Sep 22, 2023, 7 PM
US Coins Sep 22, 2023, 4 PM
US Coins Sep 22, 2023, 1 PM
US Coins Sep 21, 2023, 6 PM