S. 2265: America's Olympic and Paralympic Games Commemorative Coins Act

The bill titled "America's Olympic and Paralympic Games Commemorative Coins Act" mandates the Secretary of the Treasury to mint and issue coins commemorating the upcoming 2028 Olympic and Paralympic Games in Los Angeles, California, and the 2034 Olympic and Paralympic Winter Games in Salt Lake City, Utah. Here’s a breakdown of the key components of the bill:

Purpose of the Coins

The coins are intended to celebrate the Olympic and Paralympic Games, with the goal of increasing public awareness and inclusivity for individuals with disabilities. They will also honor the significant return of these games to the United States after a 26-year hiatus.

Types and Specifications of Coins

The bill outlines the types of coins to be minted:

• $5 Gold Coins: Up to 100,000 coins, each weighing 8.359 grams and containing at least 90% gold.
• $1 Silver Coins: Up to 500,000 coins, each weighing 26.73 grams and containing at least 90% silver.
• Half-Dollar Clad Coins: Up to 300,000 coins, following existing half-dollar specifications.
• Proof Silver $1 Coins: Up to 100,000 coins, each weighing 5 ounces and containing .999 fine silver.

Legal Status and Marketing

All minted coins will serve as legal tender. The Secretary of the Treasury will also have the authority to issue these coins in both uncirculated and proof qualities and can extend the period of issuance if necessary.

A marketing strategy will be developed to promote the coins and ensure that minting them does not incur a net cost to the federal government. No funds from surcharges, which are included in the sale price of the coins, can be distributed until the cost of minting and issuing has been recovered.

Surcharges and Distribution

The sale price of the coins will include specific surcharges:

• $35 for each $5 coin
• $10 for each $1 silver coin
• $5 for each half-dollar coin
• $50 for each proof silver $1 coin

These surcharges will be directed to support the United States Olympic and Paralympic Properties for purposes related to hosting the games and promoting youth sports.

Design Selection

The designs for the coins will symbolize the participation of U.S. athletes in the respective games and will be selected through a collaborative process involving the Secretary, the United States Olympic and Paralympic Properties, and the Commission of Fine Arts.

2034 Winter Games Coin Program

A similar structure applies to the coins minted for the 2034 Games, including the types of coins, surcharges, and oversight for recovery of costs.

Impact on Government Finances

The bill includes provisions to ensure that no costs fall to the federal government as a result of the minting process. The Secretary must manage the program so that it is financially self-sustaining.

Relevant Companies

None found.