New Commemorative Coins Proposed as NPS Centennial Fundraiser

Submitted by Jim Burnett on March 25, 2010 - 1:34am

The commemorative silver dollar issued in 2007 for the 400th anniversary of Jamestown. Image from U.S. Mint.

Coin collectors were enthused by the America the Beautiful series of quarters that features a number of NPS sites, and Secretary of the Interior Ken Salazar has just proposed a new commemorative coin project. It would serve as a fundraiser to commemorate the upcoming NPS centennial in 2016.

The new project envisions three new pieces from the U.S. Mint: a $5 gold coin, a $1 silver coin, and a half-dollar clad coin, but the project requires congressional approval. Secretary Salazar has forwarded a draft bill authorizing the coins to the Speaker of the House.

In his letter accompanying the draft bill, Secretary Salazar noted, “Commemorative coins would bring national and international visibility to the history and the mission of the Service as a whole as well as its many parks and programs during the bureau’s centennial year.”

The legislation would authorize the issuance of 100,000 $5 gold coins, 500,000 $1 silver coins, and 750,000 half-dollar clad coins. Offering three denominations would allow a range of prices for the commemorative coins; the half-dollar coins would likely be available for less than $20 a piece.

As collectors’ items, the coins typically sell for far more than their face value. For example, gold $5 coins that were minted for Jamestown’s 400th anniversary in 2007 sold for over $200 each, while silver $1 coins sold for about $37 a piece.

According to information from the Secretary's office,

Under the proposed legislation, sales of the coins would raise funds for the National Park Foundation, a congressionally chartered organization that works to strengthen the connection between the American people and national parks by raising private funds, making strategic grants, creating innovative partnerships and increasing public awareness.

The legislation would require the Foundation to match the surcharge proceeds with funds raised from private sources. The Foundation would be required to use the funds for a range of purposes that benefit the Service.

The proposed legislation would authorize a surcharge above the cost of producing the coin. The Foundation, as the designated recipient of surcharges, would receive $35 for each gold coin,$10 for each silver coin, and $5 for each half-dollar coin sold.

The use of such commemorative coins as a fund-raiser isn't a new idea. According to information from the U.S. Mint,

Congress authorizes commemorative coins that celebrate and honor American people, places, events, and institutions. Although these coins are legal tender, they are not minted for general circulation. Each commemorative coin is produced by the United States Mint in limited quantity and is only available for a limited time.

As well as commemorating important aspects of American history and culture, these coins help raise money for important causes. Part of the price of these coins is a surcharge that goes to organizations and projects that benefit the community. For example, surcharges on the Capitol Visitor Center commemorative coins will help build a new visitor center under the U.S. Capitol's East Plaza.

Since the modern commemorative coin program began in 1982, the United States Mint has raised over $418,000,000 in surcharges to help build new museums, maintain national monuments like the Vietnam War Memorial, preserve historical sites like George Washington's home, support various Olympic programs, and much more."

Comments

Submitted by Liz (not verified) on June 4, 2010 - 2:27pm.

For anyone who missed the quarter release event at Yellowstone National Park, the United States Mint has a great site with plenty of info about the new coin. Check it out at: http://bit.ly/b2Oxmd

Post new comment

All viewpoints, as long as they're constructive, are allowed on the site. But ... the Traveler is not a catchall for viewpoints and discussions that fall outside of the parks or the post at hand. In monitoring comments, we try to restrict those to the topic at hand. Refer to our Code of Conduct for more information.