PROGRAM-WIDE SUMMARY
Modern commemorative coins authorized by Congress and produced by the United States Mint date from the introduction of the George Washington 250th Anniversary Half-Dollar in 1982. Congress has authorized a total of 57 commemorative coin programs through 2014 to honor people, places, events and institutions of significance in American history and culture. Surcharges from the sales of these coins are authorized to help fund a variety of organizations and projects that benefit the public at large. United States Mint commemorative coin programs have collected $484,986,054 through fiscal 2010 for many worthy recipient organizations.
Commemorative coins are beneficial to both the numismatic community and recipient organizations, but they also highlight our Nation’s history. To ensure that commemorative coin programs reap the benefits of the 1996 reforms, the United States Mint must continue to execute and oversee these coin programs in a conscientious, prudent and business-like manner.
FINANCIAL REPORTING
The matching funds criterion established by the Commemorative Coin Reform Act of 1996 (CCRA), as amended by Title II of Public Law 108-15 (April 23, 2003), requires commemorative coin programs to link public funding of special projects to private support by requiring recipient organizations to show receipts of donations from private sources “in an amount that is equal to or greater than the total amount of the proceeds of such surcharge derived from the sale of such numismatic item.” The CCRA makes commemorative coin program recipient organizations partners in bearing the risks of commemorative coin programs, and it ensures that the United States Mint recovers its costs of operating such coin programs.
The estimated program margin is total net revenue minus net operating cost less surcharges collected. This quarterly interim analysis was prepared using the accrual basis of accounting.
2010 American Veterans Disabled for Life Commemorative Coin Program
Public Law 110-277, July 17, 2008
Sales for the 2010 American Veterans Disabled for Life Silver Dollar began February 25, 2010. The program includes proof and uncirculated coins with a maximum mintage of 350,000 across all product options. A surcharge of $10 per coin is authorized to be paid to the Disabled Veterans’ LIFE Memorial Foundation to support the construction of the American Veterans Disabled for Life Memorial in Washington. As of September 30, 2010, a total of 231,836 coins had been sold – 163,232 proof and 68,604 uncirculated.
2010 Boy Scouts of America Centennial Commemorative Coin Program
Public Law 110-363, October 8, 2008
Sales for the 2010 Boy Scouts of America Centennial Silver dollar began March 23, 2010. The program includes silver proof and uncirculated coins with a maximum mintage of 350,000 across all product options. A surcharge of $10 per coin is authorized to be paid to the National Boy Scouts of America Foundation, which will make funds available to local councils in the form of grants for the extension of scouting in hard-to-serve areas. As of September 30, 2010, a total of 349,528 coins had been sold – 244,760 proof and 104,768 uncirculated.
2011 United States Army Commemorative Coin Program
Public Law 110-450, December 1, 2008
The recipient organization, the Army Historical Foundation, will use surcharges from the sale of the coins to finance the National Museum of the United States Army. The program will include gold, silver and clad proof and uncirculated coins with maximum mintage limits of 100,000 (gold), 500,000 (silver) and 750,000 (clad). The Department of the Treasury approved the recommended coin designs July 19, 2010. A surcharge of $35 per gold coin sold, $10 per silver coin sold and $5 per clad coin sold is authorized to be paid to the Army Historical Foundation to help finance the National Museum of the United States Army. Program sales will begin in early 2011.
2011 Medal of Honor Commemorative Coin Program
Public Law 111-91, November 6, 2009
The recipient organization, the Congressional Medal of Honor Foundation, will use surcharges from the sale of the coins to finance its educational, scholarship and outreach programs. The program will include gold and silver proof and uncirculated coins with maximum mintage limits of 100,000 (gold) and 500,000 (silver). The Department of the Treasury approved the recommended coin designs August 3, 2010. Program sales will begin in early 2011.
2011 September 11 National Medal
Public Law 111-221, August 6, 2010
The recipient organization, the National September 11 Memorial and Museum at the World Trade Center, will use surcharges from the sale of the medals to support its operations and maintenance following its completion. The program includes a proof condition silver medal with a maximum mintage of 2 million units. Initial discussions were held during the fourth quarter of fiscal 2010.
2012 National Infantry Museum and Soldier Center Commemorative Coin Program
Public Law 110-357, October 8, 2008
The recipient organization, the National Infantry Foundation, will use surcharges from the sale of the coins to establish an endowment to support the maintenance of the National Infantry Museum and Soldier Center. The program will include silver proof and uncirculated coins, with a maximum mintage of 350,000 across all product options. Discussions continued during the fourth quarter of fiscal 2010.
2012 Star-Spangled Banner Commemorative Coin Program
Public Law111-232, August 16, 2010
The recipient organization, the Maryland War of 1812 Bicentennial Commission, will use surcharges from the sale of the coins for the purpose of supporting bicentennial activities, educational outreach activities and preservation and improvement activities pertaining to the sites and structures relating to the War of 1812. The program will include gold $5 proof and uncirculated coins with a maximum mintage of 100,000 and silver dollar proof and uncirculated coins with a maximum mintage of 500,000. Initial discussions were held in September.
2013 Girl Scouts USA Centennial Commemorative Coin Program
Public Law 111-86, October 29, 2009
The recipient organization, the Girl Scouts of the United States of America, will use surcharges from the sale of the coins to fund program development and implementation. The program will include silver proof and uncirculated coins, with a maximum mintage of 350,000 across all product options. Initial discussions with the recipient organization were held during the fourth quarter of fiscal 2010.
2014 Civil Rights Act of 1964 Commemorative Coin Program
Public Law 110-451, December 2, 2008
The recipient organization, the United Negro College Fund, will use surcharges from the sale of the coins to provide scholarships and internships for minority students, as well as operating funds and technology enhancement services for its 39 historically black college and university members. The program will include silver proof and uncirculated coins with a maximum mintage of 350,000 across all product options.