2016-09-21 Wed

A new Law named American Innovation $1 Coin Act, H.R. 6025 has been proposed for issuing a series of collector dollars to commemorate American innovation.

As per the proposed law, a 14-year program will issue $1s one for each of the 50 states, the District of Columbia, and the five United States territories of the Commonwealth of Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, and Commonwealth of Northern Mariana Islands.

This latest program will run along with the Native American $1 Coins program by maintaining standard dollar coin compositions and inscriptions.

4 coins could be issued every year starting 2017 and would feature an obverse symbolising Liberty. Reverses would portray a significant innovation, an innovator or a group of innovators or pioneers.

The candidates that would be featured on the coin would be finalised after consultation with the Governor or other chief executives of the state, the District of Columbia, or territory. The Secretary would also choose the final designs after consulting with the heads of the sites, the Commission of Fine Arts and the Citizens Coinage Advisory Committee.

American Innovation $1 coins would be released in alphabetic order of the state, the District or territory represented. Proof and uncirculated collector coins would be released with their mintage limit set by the Secretary.

The bill is now examined by the House Committee on Financial Services.