MICHAEL CASTLE, CONGRESSMAN, HOUSE
For Immediate Release Contact: Paul Leonard October 4, 1996 (202) 225-4165Legislation includes new reform standards, and begins process for new 50 State designs on the Quarter
(Washington, DC) In one of its final acts before adjourning for the year, Congress gave final approval to H.R. 1776, combined commemorative coin legislation that includes a proposal by Delaware Congressman Michael Castle to create a series of circulating commemorative quarters honoring the 50 States. The new quarter is subject to a study conducted by the Department of the Treasury and approval by the Secretary. "We have set in motion the process for an exciting program that will lead to the first new designs on a circulating coin since the Bicentennial Quarter in 1976. Through the years, our nation's currency has symbolized the great leaders and historic moments of our nation. And now by passing this legislation we can prepare to pay tribute to the states and people that make our nation what it is today," Castle said.
Castle amended the 50 State Quarter bill to authorize the Department of the Treasury to conduct a study of all the factors needed to make the circulating commemorative program a success. The study will be completed by June 1, 1997, and the Secretary of the Treasury will then have sixty days to make a decision regarding the implementation of the program. Castle said, "While I am confident the public will embrace this program, I think it is prudent to allow the Department to fully prepare for a potential change in our coins."
If supported by the results of the study, the Secretary can authorize the U.S. Mint to issue 5 new designs per year for the quarter over a period of 10 years. Each coin will bear a symbol or motto of that particular state on one side, and the reverse will be the same for all 50 coins. The size and weight of the quarter would not change. The design of each coin will be decided by each state and the Mint, with input from the Fine Arts Commission. Five state quarters will be issued each year, and they will be minted in the order the state entered the union. "It isn't often that we can launch a new initiative and save taxpayer money," Castle said. "These new quarters will honor the 50 states, interest individuals of all ages, and help reduce the national debt." Castle said it costs the Mint approximately four cents to make a quarter. But because they sell them to the Federal Reserve for 25 cents, the federal government makes a 21 cent profit off of each quarter sold. The last circulating commemorative coin was the bicentennial quarter, which was issued in 1976 and 1977. And the current Washington quarter it itself a circulating commemorative, and has been minted since 1932.