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 $475,193,944 in surcharges over the past 28 years 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 June 30, 2010, a total of 212,103 coins had been sold – 147,735 proof and 64,368 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 June 30, 2010, a total of 347,680 coins had been sold – 243,550 proof and 104,130 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). Design development for the three-coin program, in consultation with the foundation, was completed in April, and the candidate designs presented to the Citizens Coinage Advisory Committee (CCAC) and U.S. Commission of Fine Arts (CFA) in May. The candidate designs were also transmitted to the Secretary of the Army for review and comment.
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). Design development for the two-coin program, in consultation with the foundation, was completed in April, and the candidate designs presented to the CCAC and CFA in May.
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.
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 delivery. 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 are expected 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.