The House of Representatives recently passed the American Innovation $1 Coin Act introduced by Congressman Jim Himes (D-4th). The bill requires the secretary of the treasury to mint coins in recognition of American innovations from each of the 50 states, the District of Columbia, and U.S. Territories.
The bill will first commission the U.S. Mint to create a year-long introductory coin series bearing the resemblance of George Washington’s signature on the first patent. Subsequently, the Mint will release four $1 coins each year over the next 14 years. State innovations will be chosen with input from state governors, territory executives, and the Commission of Fine Arts and the Citizens Coinage Advisory Committee.
“This bill is both patriotic and pragmatic,” said Himes. “As we honor the innovations that helped make our country into the world leader in science and industry, we also put money back into the economy, both in the form of direct coin sales and the industries they support.”
Connecticut Senator Chris Murphy has introduced a companion bill in the Senate.
According to the U.S. Mint, a dollar coin costs less than 35 cents to make. As a product for collectors, the dollar coins sell for more than face value, up to $1.32 each, creating nearly $1 in profit on every coin, which returns directly to the Treasury.