What This Bill Does
This bill requires the Treasury Department to mint and sell special coins that honor the 2028 Olympic and Paralympic Games in Los Angeles, California. The coins come in four different types, each with specific weights and materials. Money from selling these coins goes to support the 2028 Games and youth sports programs across the country.
Who It Affects
The Treasury Department will design and produce the coins. The United States Olympic and Paralympic Properties organization will receive money from coin sales. People who want to buy commemorative coins (collectible coins made to mark special events) will be able to purchase them.
Key Provisions
• The Treasury Department must make four types of coins: up to 100,000 gold coins worth $5, up to 500,000 silver coins worth $1, up to 300,000 half-dollar clad coins (coins made of mixed metals), and up to 100,000 proof silver coins worth $1 (Sec. 3)
• Each coin must include the year "2028" and display "Liberty," "In God We Trust," "United States of America," and "E Pluribus Unum" (Sec. 4)
• The Treasury Department can only sell these coins during a one-year period starting January 1, 2028 (Sec. 5)
• Buyers must pay extra fees called surcharges: $35 extra per $5 gold coin, $10 extra per $1 silver coin, $5 extra per half-dollar coin, and $50 extra per proof silver coin (Sec. 7)
• All money from surcharges goes to the United States Olympic and Paralympic Properties to support the 2028 Games and youth sports programs (Sec. 7)
What Changes
If this bill becomes law, the Treasury Department will have authority to create and sell these four types of commemorative coins. Americans will be able to buy these special Olympic coins during 2028. The Olympic and Paralympic Properties organization will receive funding from coin sales to support the Games and youth sports initiatives.
Important Definitions
• Commemorative coins: coins made to mark special events or occasions
• Surcharge: an extra fee added to the price of something
• Proof coins: specially made coins with high-quality finishes created for collectors
• Clad coins: coins made by bonding layers of different metals together
• Numismatic items: objects valued by collectors for their historical or artistic significance rather than their face value
Effective Date
Not specified in bill text
I
118TH CONGRESS
1ST SESSION H. R. 1794
To require the Secretary of the Treasury to mint coins in commemoration
of the 2028 Olympic and Paralympic Games in Los Angeles, California.
IN THE HOUSE OF REPRESENTATIVES
MARCH 24, 2023
Mr. SHERMAN (for himself, Mr. LUCAS, Mrs. NAPOLITANO, Mr. CORREA, Mr.
COSTA, Ms. DEGETTE, Mr. GRIJALVA, Ms. KAMLAGER-DOVE, Mrs. KIM
of California, Mr. LIEU, Ms. CHU, Mr. BACON, Ms. PORTER, Ms.
SA´NCHEZ, Mr. SCHIFF, Mrs. STEEL, Mr. ROBERT GARCIA of California,
Ms. BROWNLEY, and Ms. LEE of California) introduced the following bill;
which was referred to the Committee on Financial Services
A BILL
To require the Secretary of the Treasury to mint coins
in commemoration of the 2028 Olympic and Paralympic
Games in Los Angeles, California.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘LA28 Olympic and
4
Paralympic Games Commemorative Coin Act’’.
5
SEC. 2. FINDINGS.
6
Congress finds the following:
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(1) The 2028 Olympic and Paralympic Games,
1
officially known as the Games of the XXXIV Olym-
2
piad or ‘‘LA28’’, will be held in Los Angeles, Cali-
3
fornia.
4
(2) This will be the first time the Olympic and
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Paralympic Games have been held in the United
6
States in 26 years.
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(3) The United States has hosted the modern
8
Olympic Games 9 times, with the 2028 Games be-
9
coming the third time Los Angeles will host the
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summer Olympic Games.
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(4) The Paralympic Games will celebrate its
12
80th anniversary in 2028, with Los Angeles hosting
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the Paralympic Games for the first time.
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(5) Unlike some other countries, Olympic
15
Games in the United States are privately funded.
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The LA28 Games maintain this model with its rev-
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enue generated by corporate partners, broadcast
18
rights, licensing, hospitality and ticket sales.
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(6) With Los Angeles hosting the Paralympic
20
Games for the first time in 2028, the 2028 Olympic
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and Paralympic Games Commemorative Coin Pro-
22
gram has the opportunity to increase awareness and
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create more inclusivity for people with disabilities
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•HR 1794 IH
with the creation of a single, unifying coin to com-
1
memorate the Games.
2
SEC. 3. COIN SPECIFICATIONS.
3
(a) DENOMINATIONS.—The Secretary of the Treas-
4
ury (in this Act referred to as the ‘‘Secretary’’) shall mint
5
and issue the following coins in commemoration of the
6
2028 Olympic and Paralympic Games in Los Angeles,
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California:
8
(1) $5 GOLD COINS.—Not more than 100,000
9
$5 coins, each of which shall—
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(A) weigh 8.359 grams;
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(B) have a diameter of 0.850 inches; and
12
(C) contain not less than 90 percent gold.
13
(2) $1 SILVER COINS.—Not more than 500,000
14
$1 coins, each of which shall—
15
(A) weigh 26.73 grams;
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(B) have a diameter of 1.500 inches; and
17
(C) contain not less than 90 percent silver.
18
(3) HALF-DOLLAR
CLAD
COINS.—Not more
19
than 300,000 half-dollar coins, each of which shall—
20
(A) weigh 11.34 grams;
21
(B) have a diameter of 1.205 inches; and
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(C) be minted to the specifications for half-
23
dollar coins contained in section 5112(b) of title
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31, United States Code.
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(4) PROOF SILVER $1 COINS.—Not more than
1
100,000 proof silver $1 coins, each of which shall—
2
(A) weigh 5 ounces;
3
(B) have a diameter of 3 inches; and
4
(C) contain .999 fine silver.
5
(b) LEGAL TENDER.—The coins minted under this
6
Act shall be legal tender, as provided in section 5103 of
7
title 31, United States Code.
8
(c) NUMISMATIC ITEMS.—For purposes of section
9
5134 of title 31, United States Code, all coins minted
10
under this Act shall be considered to be numismatic items.
11
(d) MINTAGE LIMIT EXCEPTION.—If the Secretary
12
determines, based on independent, market based research
13
conducted by the U.S. Olympic and Paralympic Com-
14
mittee, that the mintage levels described under this sub-
15
section are not adequate to meet public demand, the Sec-
16
retary may increase the mintage levels as the Secretary
17
determines is necessary to meet public demand.
18
SEC. 4. DESIGN OF COINS.
19
(a) DESIGN REQUIREMENTS.—
20
(1) IN
GENERAL.—The design of the coins
21
minted under this Act shall be emblematic of the
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participation of United States athletes in the LA28
23
Games.
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•HR 1794 IH
(2) DESIGNATION
AND
INSCRIPTIONS.—On
1
each coin minted under this Act there shall be—
2
(A) a designation of the value of the coin;
3
(B) an inscription of the year ‘‘2028’’; and
4
(C) inscriptions of the words ‘‘Liberty,’’
5
‘‘In God We Trust,’’ ‘‘United States of Amer-
6
ica,’’ and ‘‘E Pluribus Unum’’.
7
(3) SELECTION OF DESIGNS.—The designs for
8
the coins minted under this Act shall be—
9
(A) selected by the Secretary after con-
10
sultation with—
11
(i) the United States Olympic and
12
Paralympic Properties; and
13
(ii) the Commission of Fine Arts; and
14
(B) reviewed by the Citizens Coinage Advi-
15
sory Committee.
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SEC. 5. ISSUANCE OF COINS.
17
(a) QUALITY OF COINS.—The Secretary may issue
18
coins minted under this Act in uncirculated and proof
19
qualities.
20
(b) PERIOD OF ISSUANCE.—The Secretary may issue
21
coins minted under this Act only during the 1-year period
22
beginning on January 1, 2028.
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SEC. 6. SALE OF COINS.
1
(a) SALE PRICE.—The coins issued under this Act
2
shall be sold by the Secretary at a price equal to the sum
3
of—
4
(1) the face value of the coins;
5
(2) the surcharge provided in section 7(a) with
6
respect to such coins; and
7
(3) the cost of designing and issuing such coins
8
(including labor, materials, dies, use of machinery,
9
overhead expenses, and marketing, and shipping).
10
(b) BULK SALES.—The Secretary shall make bulk
11
sales of the coins issued under this Act at a reasonable
12
discount.
13
(c) PREPAID ORDERS.—
14
(1) IN GENERAL.—The Secretary shall accept
15
prepaid orders for the coins minted under this Act
16
before the issuance of such coins.
17
(2) DISCOUNT.—Sales with respect to prepaid
18
orders under paragraph (1) shall be at a reasonable
19
discount.
20
SEC. 7. SURCHARGES.
21
(a) IN GENERAL.—All sales of coins issued under this
22
Act shall include a surcharge of—
23
(1) $35 per coin for the $5 coin;
24
(2) $10 per coin for the $1 coin described
25
under section 3(a)(2);
26
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•HR 1794 IH
(3) $5 per coin for the half-dollar coin; and
1
(4) $50 per coin for the $1 proof silver coin.
2
(b) DISTRIBUTION.—Subject to section 5134(f) of
3
title 31, United States Code, all surcharges received by
4
the Secretary from the sale of coins issued under this Act
5
shall be promptly paid by the Secretary to the United
6
States Olympic and Paralympic Properties for the objects
7
and purposes related to the hosting of the 2028 Olympic
8
and Paralympic Games and to aid in the execution of its
9
legacy programs, including the promotion of youth sports
10
in the United States.
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(c) AUDITS.—The United States Olympic and
12
Paralympic Properties shall be subject to the audit re-
13
quirements of section 5134(f)(2) of title 31, United States
14
Code, with regard to the amounts received under sub-
15
section (b).
16
(d) LIMITATION.—Notwithstanding subsection (a),
17
no surcharge may be included with respect to the issuance
18
under this Act of any coin during a calendar year if, as
19
of the time of such issuance, the issuance of such coin
20
would result in the number of commemorative coin pro-
21
grams issued during such year to exceed the annual 2
22
commemorative coin programs issuance limitation under
23
section 5112(m)(1) of title 31, United States Code (as in
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•HR 1794 IH
effect on the date of the enactment of this Act). The Sec-
1
retary may issue guidance to carry out this subsection.
2
SEC. 8. MARKETING AND FINANCIAL ASSURANCES.
3
(a) IN GENERAL.—The Secretary shall take such ac-
4
tions as may be necessary to ensure that—
5
(1) minting and issuing coins under this Act re-
6
sult in no net cost to the Federal Government; and
7
(2) no funds, including applicable surcharges,
8
shall be disburses to any recipient designated in sec-
9
tion 7(b) until the total cost of designing and issuing
10
all of the coins authorized by this Act, including
11
labor, materials, dies, use of machinery, overhead ex-
12
penses, marketing and shipping, is recovered by the
13
United States Treasury, consistent with sections
14
5112(m) and 5134(f) of title 31, United States
15
Code.
16
(b) MARKETING AND EDUCATIONAL PROGRAM.—The
17
Secretary is encouraged to develop and execute a mar-
18
keting and educational program, including appropriate co-
19
operative marketing opportunities with the United States
20
Olympic and Paralympic Properties and its licensees, to
21
promote and sell the coins authorized under this Act.
22
Æ
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