Washington, DC—Yesterday, the House of Representatives passed the American Innovation $1 Coin Act introduced by Congressman Jim Himes (CT-04). The bill requires the Secretary of the Treasury to mint coins in recognition of American innovations from each of the 50 States, the District of Columbia, and U.S. Territories.
The bill will first commission the U.S. Mint to create a year-long introductory coin series bearing the resemblance of George Washington’s signature on the first patent. Subsequently, the Mint will release four $1 coins each year over the next 14 years. State innovations will be chosen with input from state governors, territory executives, and the Commission of Fine Arts and the Citizens Coinage Advisory Committee.
“This bill is both patriotic and pragmatic,” said Himes. “As we honor the innovations that helped make our country into the world leader in science and industry, we also put money back into the economy, both in the form of direct coin sales and the industries they support.”
According to the U.S. Mint, a dollar coin costs less than $0.35 to make. As a product for collectors, the dollar coins sell for more than face value, up to $1.32 each, creating nearly $1 in profit on every coin, which returns directly to the Treasury. This legislation has the support of members of the coin industry and local suppliers and service providers across the United States, representing scores of small businesses and thousands of jobs.
“With the passage of this legislation we have a chance to enshrine our nation’s greatest technological achievements, inspire a new generation of collectors and inventors, and return money to the Treasury. It’s a winning proposition from every angle. I’d like to thank Chairman Hensarling, Ranking Member Waters, Chairman Barr, and Ranking Member Moore for their support and determination to get this important bill scheduled and passed, as well as Senator Chris Murphy for introducing companion legislation in the Senate.”