U.S. lawmakers recently introduced legislation calling for 2020-dated coins in commemoration of Muhammad Ali, the legendary boxer, advocate and philanthropist.
The Muhammad Ali Commemorative Coin Act, numbered H.R.579 in the House and S.166 in the Senate, seeks up to 100,000 $5 gold coins in 90% gold and up to 350,000 silver dollars in at least 90% silver.
Their designs would be emblematic of the life and legacy of Muhammad Ali. The Treasury Secretary would select them from a collection of design candidates after consulting the Muhammad Ali Center and hearing from the Citizens Coinage Advisory Committee. The United States Mint would then produce them in collector qualities of proof and uncirculated to specifications used for modern commemorative coins.
Common practice inside commemorative legislation is to include surcharges. The two bills direct amounts of $35 for every $5 gold coin sold and $10 for each silver dollar sold. Provided the U.S. Mint recovers their costs in making them, the collected surcharges would benefit several institutions working to preserve and promote Ali’s legacy, including the Muhammad Ali Center, the Muhammad Ali Institute for Peace and Justice at the University of Louisville, and the Muhammad Ali Parkinson Center (MAPC) and Movement Disorder Clinic.
Rep. John Yarmuth introduced H.R.579 on Jan. 13, 2017 while Sen. Orrin Hatch introduced S.166 on Jan. 17, 2017. For either bill to become law, one of them must pass in both the House and Senate and get signed by the President.