Opening Statement - "Coin and Currency Issues Facing Congress: Can We Still Afford Money?"

Opening Statement of
The Honorable Frank D. Lucas
Subcommittee on Domestic and International Monetary Policy, Trade and Technology
Hearing entitled "Coin and Currency Issues Facing Congress: Can We Still Afford Money?"
Wednesday, July 19, 2006

Washington, D.C. - I would like to thank Chairwoman Pryce for hosting this hearing today. It is extremely appropriate that we have this opportunity to discuss these issues of numismatic importance.

I would like to thank our witnesses for coming today. I look forward to a complete and thorough discussion by both panels on the numismatic and currency issues of the past and of today and how these issues affect the numismatic community as a whole.

I have filed this year H.R. 5077, the Numismatic Rarities Certainty Act, an effort on my part to address some of our uncertainties in present law and perhaps an opportunity to enhance the numismatic experience for everyone and clearly provide some guidance to the U.S. Government on how to handle some very important issues.

The bill sets a date, December 31, 1932, before which any coin manufactured by the Mint, but never properly issued, will no longer be declared government property. It will be safe for coin collectors to buy, own, and sell.
Coins that were manufactured after that date would still be considered government property unless the current possessor can demonstrate legal ownership. The Mint will be required to preserve any coins that come into the Mint's possession under the provisions of the bill, not destroy them as they have done in the past. If a sufficient amount of a certain coin has been preserved, the excess will be legally sold at government auction to coin collectors with the proceeds going to the Smithsonian for the preservation and display of the National Coin Collection. Once these pieces have been deemed excess and sold at government auction, they will be able to be legally owned forever after.

With my bill, I intend to provide certainty to coin collectors who currently have coins that may have originally been mysteriously manufactured or released from the U.S. Mint but which have been publicly sold at auction several times since without the Mint ever attempting to confiscate them. Traditionally, the Mint has gone after any 1933 double eagle that has been found, but has ignored other coins such as the 1913 Liberty Head nickels.

The bill also directs the Secretary of the Treasury to conduct an inventory of all coins, medals, or numismatic items that are in the possession of the U.S. Government and report back to Congress the inventory before January 31, 2007, and every 5 years thereafter.

Again, I would like to thank our witnesses for agreeing to appear today. I look forward to hearing from the U.S. Mint what their thoughts are on my legislation. As for the Smithsonian, I would like to thank them for their efforts in the preservation of the National Coin Collection, the largest numismatic collection in the world. I am very curious what the Smithsonian plans for the National Coin Collection if my legislation were to pass and a significant funding stream were created. It is a tragedy that due to limited resources, the collection is not currently on permanent display.

Finally, I look forward to hearing from the numismatic experts assembled for the second panel. It should be a very interesting hearing.

Thank you Madame Chairman.

http://www.house.gov/list/hearing/ok03_lucas/cointestimony.html