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Week Ending May 26, 2006

 

H.R.1953 To require the Secretary of the Treasury to mint coins in commemoration of the Old Mint at San Francisco, otherwise known as the "Granite Lady", and for other purposes.

                                                                                         

BRIEF

   The bill would authorize minting a coin to commemorate the San Francisco Mint. 100,000 $5 gold coins and 500,000 $1 silver coins would be issued to mark the significance of the building in rebuilding San Francisco after the 1906 earthquake and the use of the building to convert gold miner’s bullion into coins.

 

Federal law requires that commemorative coins pay for themselves without taxpayer dollars therefore a surcharge is added to each coin. The gold coin would carry a $35  surcharge and the silver coin a $10 surcharge.

 

 

Sponsor: Representative Nancy Pelosi (D-CA-8th)

Vote: Passed House by voice vote November 10, 2005. Passed Senate by Unanimous Consent May 25, 2006

Cost to the taxpayers: No discernible cost.

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MORE INFORMATION

SEC. 2. FINDINGS.

The Congress hereby finds as follows:

(1) The Granite Lady played an important role in the history of the Nation.

(2) The San Francisco Mint was established pursuant to an Act of Congress of July 3, 1852, to convert miners' gold from the California gold rush into coins.

(3) The San Francisco Old Mint Building was designed by architect A.B. Mullett, who also designed the United States Treasury Building and the Old Executive Office Building.

(4) The solid construction of the Granite Lady enabled it to survive the 1906 San Francisco earthquake and fire, making it the only financial institution that was able to operate immediately after the earthquake as the treasury for disaster relief funds for the city of San Francisco.

(5) Coins struck at the San Francisco Old Mint are distinguished by the `S' mint mark.

(6) The San Francisco Old Mint is famous for having struck many rare, legendary issues, such as the 1870-S $3 coin, which is valued today at well over $1,000,000, and the 1894-S dime which is comparatively rare.

(7) The San Francisco Old Mint Commemorative Coin will be the first commemorative coin to honor a United States mint.

 

 

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