Liberty Coin Act

Liberty Coin Act
Shorttitle	Liberty Coin Act
Longtitle	An Act to authorize the minting of coins to commemorate the bicentennial of the Statue of Liberty.
Enacted by	the 99th United States Congress
Effective date	July 9, 1985
Cite public law	Pub. L. 99–61
Introducedin	House
Introducedby	Frank Horton (R–NY)
Introduceddate	March 7, 1985
Committees	House Banking, Finance and Urban Affairs
Passedbody1	House
Passeddate1	May 7, 1985
Passedvote1	Voice vote
Passedbody2	Senate
Passeddate2	June 27, 1985
Passedvote2	Passed
Signedpresident	Ronald Reagan
Signeddate	July 9, 1985

Liberty Coin Act. The Liberty Coin Act was a United States federal law passed in 1985 authorizing the production of commemorative coins to celebrate the centennial of the Statue of Liberty. Sponsored by Representative Frank Horton of New York, the legislation directed the United States Mint to issue special silver and gold coins. The proceeds from surcharges on these coins were dedicated to the restoration and preservation of the Statue of Liberty National Monument and Ellis Island.

Background and legislative history

The impetus for the legislation stemmed from the upcoming 1986 centennial of the dedication of the Statue of Liberty, a gift from the people of France. The statue and the nearby Ellis Island immigration facility, both under the care of the National Park Service, were in significant need of restoration. A major public-private fundraising campaign, led by the Statue of Liberty–Ellis Island Foundation and chaired by Lee Iacocca, was already underway. Congress saw the issuance of commemorative coins as a viable method to generate additional funds, following the model of earlier successful programs like the 1984 Los Angeles Olympic Games coins. The bill was introduced by Representative Frank Horton and swiftly moved through the House Banking Committee. It received broad bipartisan support, passing the House and Senate with little opposition before being signed into law by President Ronald Reagan on July 9, 1985.

Provisions of the act

The act authorized the Mint to produce and issue not more than 500,000 gold five-dollar coins and 10,000,000 silver one-dollar coins. A key provision mandated that a surcharge be added to the price of each coin: $35 for each gold coin and $7 for each silver coin. These surcharges were to be paid directly to the Statue of Liberty–Ellis Island Foundation to be used exclusively for the restoration and preservation of the Statue of Liberty National Monument and Ellis Island. The act specified that all coinage operations were to be conducted in accordance with existing laws governing the Mint, and it set a final date for the issuance of the coins, after which all unsold coins were to be melted.

Design and specifications

The Mint was directed to create designs emblematic of the Statue of Liberty. The obverse (heads) of both the gold and silver coins features a contemporary representation of the statue, designed by engraver John Mercanti. The reverse (tails) of the silver dollar depicts an immigrant family viewing the statue from Ellis Island, designed by Sherl J. Winter. The reverse of the gold five-dollar coin features a dramatic, close-up view of the statue's torch and flame against a sunburst pattern, also created by Winter. The silver dollar is composed of 90% silver and 10% copper, weighs 26.73 grams, and has a diameter of 38.1 mm. The gold five-dollar coin is composed of 90% gold and 10% alloy, weighs 8.359 grams, and has a diameter of 21.6 mm.

Production and distribution

Coin production began at the West Point Mint facility in New York. The coins were first offered for sale to the public on December 3, 1985. They were marketed through a nationwide network of authorized purchasers, including banks and coin dealers, and were also available via direct mail order from the Mint. The program proved to be immensely popular, with the entire authorized mintage of 500,000 gold coins selling out. Sales of the silver dollars were also robust, though the full 10 million coins were not ultimately struck due to market demand. The successful distribution was a major logistical operation for the Mint and set a new standard for commemorative coin programs.

Public and collector reception

The coins were met with extraordinary public enthusiasm, fueled by patriotic sentiment surrounding the Statue of Liberty centennial and an effective marketing campaign. They became one of the most successful U.S. commemorative coin programs in history up to that time. Within the numismatic community, the coins were praised for their artistic designs and high quality of strike. The program attracted not only seasoned collectors but also many first-time buyers, significantly broadening the base of the hobby. The strong demand led to the coins, particularly the gold issue, trading at a premium in the secondary market almost immediately after their release.

Legacy and subsequent legislation

The financial success of the program was profound, generating over $87 million in surcharges for the restoration projects. This success demonstrated the potential of commemorative coins as a powerful fundraising tool for public causes and revitalized the modern U.S. commemorative coin program, which had been dormant for decades prior to the 1982 George Washington half dollar. The model established—using surcharges to benefit a designated entity—was directly emulated by numerous subsequent acts, including the 1992 Olympic coin program and the 1994 World Cup coin act. The Liberty Coin Act set a precedent for public-private partnership in historic preservation and cemented the role of commemorative coins in American civic culture.

Category:1985 in American law Category:United States federal currency legislation Category:Statue of Liberty