A bill seeking to adjust how Lincoln commemorative coin surcharges are distributed was introduced in the U.S. House of Representatives, considered in the Financial Services Committee and has been marked up for a voice vote before the full body.
H.R. 3512, introduced Tuesday by Rep. Jerrold Nadler [D-NY8], seeks to amend the Abraham Lincoln Commemorative Coin Act (Public Law 109-285) by splitting surcharge funds to four entities.
That Abraham Lincoln Commemorative Coin Act resulted in the highly successful United States Mint commemorative coin program in 2009 which resulted in the sellout of 500,000 Lincoln silver dollars — 125,000 uncirculated, 325,000 individual proofs and another 50,000 proofs that were contained within Lincoln Coin and Chronicles Sets.
When the United States Mint sold the coins to the public, it collected some $5,000,000 in surcharges as it was mandated to include a $10 fee for each sale. Those surcharges were to be distributed entirely to the Abraham Lincoln Bicentennial Commission to further its work. The commission’s work has since concluded, with its original focus transitioned and expanded to the Abraham Lincoln Bicentennial Foundation (ALBF).
H.R. 3512 will have no direct impact on collectors or the coins. Its language would only strike the provision to pay the Abraham Lincoln Bicentennial Commission, replacing it with new entities and the amount of funds paid. Under H.R. 3512, $2,000,000 would move to the Abraham Lincoln Bicentennial Foundation with the rest equally divided between:
- Ford’s Theater, to maintain and preserve the building and its contents
- President Lincoln’s Cottage at the Soldiers’ Home, to maintain and preserve the building and its contents
- The Abraham Lincoln Presidential Library and Museum, for maintenance of the library and museum and their contents
For H.R. 3512 to become law, it must pass in the House and Senate and get signed by the President.
To review details of the Lincoln coins and other United States Mint modern commemoratives, visit this site’s section on commemorative coins.