Concerns are being raised over legislation introduced in both chambers of Congress that seeks a three-coin 2026 commemorative coin program recognizing the United States as one of three countries hosting FIFA’s 2026 Men’s World Cup Soccer Tournament.

Mexico and Canada are the other two countries.

FIFA, the acronym for Fédération Internationale de Football Association (International Federation of Association Football), is an international self-regulatory body governing the world’s soccer confederations.

The concerns are being raised in a detailed report released by the Numismatic Industry Coinage Advisory Committee (NICAC), a special committee of the National Coin & Bullion Association, trade name for the Industry Council for Tangible Assets Inc.

NICAC is chaired by Philip N. Diehl, the 35th U.S. Mint director, who currently helms the precious metals investment firm U.S. Money Reserve. Diehl was in office when the U.S. Mint executed commemorative coins recognizing World Cup soccer in 1994.

That coin program turned $9.3 million in net surcharges to benefit the growth of youth soccer programs in the United States.

The recently released NICAC report addresses a number of concerns over the pending legislation proposing a 2026 coin program. FIFA’s leadership came under intense scrutiny in 2015 that resulted in indictments and convictions of top level FIFA representatives in connection with a 24-year pattern of corruption and embezzlement of organization funds. Additional concerns were raised about FIFA in 2022.

Diehl explained July 10 that “Eighteen months ago, NICAC urged Congress to adopt a coin program observing our nation’s role as one of three host nations for the 2026 World Cup. Unfortunately, FIFA has chosen to proceed with its own ideas, and the result is deeply flawed.”

Net profits from the sales of the 2026 program’s coins would be paid to FWC2026 US Inc., a wholly owned subsidiary of FIFA, the Zurich-based organizer of the World Cup.

Diehl explains that FWC2026 US Inc. could receive well in excess of $12 million from the proposed coin program, 10 times that organization’s 2022 revenue from (the latest year reported), which totaled $1.1 million.

NICAC’s report identifies several concerns with the legislation proposing a 2026 commemorative program:
➤ While the bills suggest profits from coin sales would go to programs for “inner-city youth,” in fact the money could be used for any U.S.-based soccer program, including constructing a new headquarters building, creating a national training center for the U.S. Soccer Federation, developing elite national teams, or increasing the pool of referees.
➤ The bills are unclear about whether profits would be shared with Canada Soccer and the Mexican Football Federation. Regardless, the bills do not require reciprocity in profit-sharing from commemorative coin programs of the other two host nations.
➤ FIFA has a longstanding revenue-sharing partnership with an international numismatic business. The bills would enable this European firm to make discounted bulk purchases of coins and sell them to World Cup fans and coin collectors abroad, leaving the U.S. market shortchanged.
➤ According to the bill, mintages set by law could be raised by the Treasury secretary at any time, based on market research FIFA would conduct. Collectors value scarcity and consider changes in mintages set by law a form of bait-and-switch marketing, so this could present a problem.

NICAC urges Congress to work with FIFA and NICAC to address these concerns.

Proposed legislation

Rep. Darin LaHood, R-Illinois, introduced H.R. 7438 on Feb. 23, 2024, after which the bill was referred to the House Committee on Financial Services for consideration. On April 17, 2024, Sen. Todd Young, R-Indiana, introduced S.4141 with identical language. It was subsequently referred to the Senate Committee on Banking Housing and Urban Affairs.

Neither bill has received further action beyond introduction and referral to the appropriate chamber committee.

Both bills seek a coin program for the U.S. Mint to strike and issue up to 100,000 gold $5 coins, combined, in Proof and Uncirculated finishes, 500,000 silver dollars, combined,  in both finishes, and 750,000 copper-nickel clad half dollars, combined,  in both finishes.

Many previous pieces of passed legislation authorizing three-coin commemorative programs have capped output of $5 gold coins at 50,000 and silver dollars at 400,000, with the clad half dollars at 750,000 coins.

H.R. 7438 and S. 4141 both seek to incorporate a $35 surcharge in the retail price of each gold commemorative coin, a $10 surcharge for each silver dollar, and a $3 surcharge for each clad half dollar.

Net surcharges, after the U.S. Mint has recouped all of its production, distribution and related costs would to be paid to FWC2026 US Inc.

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