As the 112th Congress gets ready to open its second session, let’s take a look back at the numismatic-related legislation that were involved in the first session.

The characterization of the 112th Congress as a “do nothing” congress can apply to how they have handled numismatic legislation. Of all the bills submitted in both chambers, none have become law. The only bill that was of a concern to coin dealers was Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (H.R. 4, Public Law No.: 112-9). The new law changes the provisions in the Affordable Healthcare Act (Healthcare Reform) to eliminate the requirement to file Form 1099 after any transaction anyone makes of more than $600.

Since the passage of H.R. 4, members of the House of Representatives introduced 22 numismatic-related bills and members of the Senate dropped 9 bills into the hopper. None has passed to become law. Of the bills introduced, the House has considered only two bills: H.R. 886, United States Marshals Service 225th Anniversary Commemorative Coin Act, and H.R. 2527, National Baseball Hall of Fame Commemorative Coin Act. If passed by the Senate and signed by President Obama, both commemoratives programs will be struck in 2015.

In a related measure, H.R. 3512, a bill to amend the Abraham Lincoln Commemorative Coin Act to adjust how surcharges are distributed, was voted out of the Financial Services Committee and recommended for a vote on the House floor. The proceeds from the 2009 Abraham Lincoln Commemorative Dollars was to be distributed to Abraham Lincoln Bicentennial Foundation. This bill limits the payment to $2 million and divides any collected excess equally between Ford’s Theater, President Lincoln’s Cottage at the Soldiers’ Home, and The Abraham Lincoln Presidential Library and Museum.

Last June, National Public Radio published a story about the $1.1 billion worth of dollar coins being stored by the Federal Reserve. Although the story inaccurately said that taxpayers were paying the storage costs even though the Federal Reserve does not use any taxpayer money in its operations, it caused impulsive reactions by House members looking to curry favor with constituents. Six members evenly divided between the parties introduced bills whose intent was to limit or eliminate production of the dollar coin. These bills are:

• H.R. 2593, Wasteful Presidential Coin Act of 2011
• H.R. 2635, COINS Act of 2011
• H.R. 2760, Presidential Dollar Coin Efficiency Act of 2011
• H.R. 2778, Dollars and Sense Act of 2011
• H.R. 2789, Prevention of Wasteful and Unneeded Coins Act of 2011
• H.R. 2977, Currency Optimization, Innovation, and National Savings Act

H.R. 2977 differs from the other five in that it attempts to phase out the paper-based one dollar Federal Reserve Note to be replaced by coins in three years. It also is the only bill to have more than one or two co-sponsors.

[For related news, also read about the Treasury's suspension of circulating dollars.]

Two other bills were introduced in December in an attempt to reduce the production costs of the lowest denomination coins. Rep. Steve Stivers (R-OH) along with co-sponsors Timothy Ryan (D-OH) and Patrick Tiberi (R-OH) introduced H.R. 3693, Cents and Sensibility Act, and H.R. 3694, Saving Taxpayer Expenditures by Employing Less Imported Nickel Act (STEEL Nickel Act), to change the composition of the cent (H.R. 3693) and nickel coins (H.R. 3694) from their current composition to use U.S. manufactured steel. While an interesting idea, these bills face a number of obstacles including the vending machine and other commerce lobbies.

Rep. Ron Paul (R-TX) introduced H.R. 1098, Free Competition in Currency Act of 2011, a bill that he says will eliminate the monopoly the U.S. has on coining money and allow others currencies to be used in competition in commerce. Followers of Rep. Paul will recognize this as being consistent with his vision for the country’s future economy.

The rest of the numismatic bills introduced in the House are those attempting to honor various individuals and raise money for their respective organizations. These bills are as follows:

• H.R. 497, Ronald Reagan Commemorative Coin Act of 2011
• H.R. 1621, Marine Corps Aviation Centennial Commemorative Coin Act
• H.R. 1736, Mother’s Day Centennial Commemorative Coin Act
• H.R. 2139, Lions Clubs International Century of Service Commemorative Coin Act
• H.R. 2418, National Future Farmers of America Commemorative Coin Act of 2011
• H.R. 2453, Mark Twain Commemorative Coin Act
• H.R. 2968, James Monroe Commemorative Coin Act
• H.R. 3180, U.S.S. Cruiser Olympia Commemorative Coin Act
• H.R. 3187, March of Dimes Commemorative Coin Act of 2011
• H.R. 3252, Rabbi Arthur Schneier Congressional Gold Medal Act

When a coin or currency-related bill is introduced in the House, it is referred to the House Committee on Financial Services. The rules of the Financial Services Committee require coin bills to be assigned to the Domestic Monetary Policy and Technology subcommittee, chaired by Rep. Ron Paul. Aside from Rep. Paul’s current status as a candidate for the Republican nomination for president, he is known for not being a fan of using base metals for coins and “wasting time” on commemorative coin bills. In order for members to have the Marshal Service and Baseball Hall of Fame commemoratives referred out of committee, members of Domestic Monetary Policy and Technology subcommittee petitioned the Financial Services Committee as a whole to act on these bills, bypassing Rep. Paul’s objection.

Constitutionally, all legislation that affect the country’s budget must be introduced and acted upon in the House of Representatives. But Senate rules allow for members to introduce companion bills to their House counterparts. Also, senators submit commemorative bills by saying they are to benefit an organization and not the budget. Commemorative bills introduced in the Senate are as follows:

• S. 431, United States Marshals Service 225th Anniversary Commemorative Coin Act
• S. 889, Mother’s Day Centennial Commemorative Coin Act
• S. 1181, National Future Farmers of America Commemorative Coin Act of 2011
• S. 1299, Lions Clubs International Century of Service Commemorative Coin Act
• S. 1929, Mark Twain Commemorative Coin Act
• S. 1935, March of Dimes Commemorative Coin Act of 2011

In addition to the commemorative coins, Sen. Jim DeMint (R-SC) with Senators Mike Lee (R-UT) and Rand Paul (R-KY) introduced S. 1287, Sound Money Promotion Act. Similar to Ron Paul’s (Rand’s father) H.R. 1098, S. 1287 eliminates all taxes on any gold or silver coin that the federal or state government declares as legal tender.

Finally, not to be outdone by their colleagues in the House, senators introduced bills to eliminate the one-dollar coin S. 1385, A bill to terminate the $1 presidential coin program, and S. 1624, Currency Efficiency Act of 2011. Of note is that Senators Scott Brown (R) and John Kerry, both of Massachusetts introduced S. 1624, most likely on behalf of Crane & Co. of Dalton, Massachusetts, the sole supplier of currency paper to the Bureau of Engraving and Printing.

In addition to coin-related bills, both chambers introduced a combined total of 22 additional bills recommending the award of Congressional and Presidential Gold Medals to various heroes of our past. These bills are written to allow the U.S. Mint to strike copper medals using the same designs for sale to the public. Those being recommended for this honor include the Civil Air Patrol who served during World War II; the late congresswoman Shirley Chisolm, Lena Horne; suffragette Alice Paul; Raoul Wallenberg; Louis Zamperini, U.S. Olympian and World War II prisoner of war; and others.

The only gold medal that passed during the first session of the 112th Congress is the Fallen Heroes of 9/11 Act (H.R. 3421, Public Law No.: 112-76). This bill awards Congressional Gold Medals posthumously to the men and women who perished as a result of the terrorist attacks on the United States on September 11, 2001. It also authorizes the U.S. Mint to strike and sell bronze duplicates of the medals.

Will the U.S. Marshal Service and Baseball Hall of Fame commemoratives become law? Now that Treasury Secretary Tim Geithner has ordered a reduction in production of dollar coins, will that doom any of the bills eliminating dollar coins to be permanently tabled committee? Are there any coin and currency bills that will be introduced by members of congress? Stay tuned; the second session of the 112th Congress convenes January 3, 2012, the same day as the Iowa Republican Caucus.

Scott Barman is a collector and author of the Coin Collector’s Blog. When Scott is not playing with his coins, he works as an information security analyst in the Washington, DC area. In between all of that, he can be found with his wife and two puggles while they check out his pocket change.

This article was originally printed in Numismatic News. >> Subscribe today!

On Feb. 3 the Senate voted 81-17 to repeal the 1099 reporting requirement mandated by last year’s health care law, said Nicholas Pyle of the Numismatists United for Political Action.

The measure was adopted as an amendment to Federal Aviation Administration Reauthorization Bill.

Unless repealed, in 2012, firms, including numismatic and precious metals concerns, must file a 1099 tax form for almost any company they buy goods from as well as business-to-person transactions they make aggregating $600 or more in a year.

Action is required by both the Senate and the House, where a House Ways and Means Committee spokesman said Chairman Dave Camp, R-Mich., intended to mark up legislation before the House recesses for Presidents Day weekend.

A bipartisan bill in the Senate that would repeal the unpopular 1099 provision in the healthcare law garnered 60 co-sponsors on Jan. 27, giving the legislation its best chance at passage so far.

Since Sens. Joe Manchin, D-W.Va., and Mike Johanns, R-Neb., introduced the bill, lawmakers have quickly signed onto the measure, which would eliminate the requirement that businesses file the forms to the IRS for every vendor with which they have at least $600 in transactions.

The measure has the support of 45 Republicans and 15 Democrats.

Johanns failed twice last year to push through a bill, even though Democrats, Republicans and the White House agreed that the provisions would place an “onerous burden” on businesses.

He credited President Obama’s backing of the repeal, combined with lawmakers learning about the issue, for his bill’s fast popularity in the 112th Congress.

“We can start right now by correcting a flaw in the legislation that has placed an unnecessary bookkeeping burden on small businesses,” Obama said in his State of the Union address on Jan. 25.

http://www.goldsilverdvd.com Gold and silver are being suppressed by a cabal of banks in order to uphold the charade of a strong US dollar. This manipulation is unsustainable and is coming to an end. Prepare for a scramble to own physical gold & silver as the wheels come off this gross deception. The free market always wins. Please take the time to research this information for yourself. Huge thanks to GATA for their outstanding efforts in making this information public http://www.gata.org. THIS MOVIE WILL BE RELEASED IMMINENTLY. SIGN UP AT http://www.goldsilverdvd.com TO RECEIVE UPDATES ON THE RELEASE DATE. PREPARE FOR A WEAPON OF MASS AWAKENING.

Related articles by Zemanta

• ETF Securities Passes $1.5 Billion in US ETF Assets Under Management (eon.businesswire.com)

spot + $59.99/oz Increments: 20 ounces (These Buffaloes come in factory-sealed sheets of 20)

PROMO: *Purchase 50 ozs or more of gold from Guardian Commodities and receive 10 free US Mint Silver American Eagles! A $200+ value

http://guardiancommodities.com/gold-silver-eagle-coins…

Related articles by Zemanta

• Gold Coin Sales Surge (econotwist.wordpress.com)
• Investment Rarities: Demand for American Silver Eagle Coins Hits Record Levels (prweb.com)
• Buy Silver and Gold Now – The End Is Near! Or Is It? (lockergnome.com)
• Bullion sales soar at Royal Canadian Mint (financialpost.com)

In September 2007 the DMCC minted the first ever UAE commemorative gold coin featuring the Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum (see above). The proposed design for the new currency has the President of the UAE, His Highness Sheikh Khalifa bin Zayed on one side and the world’s tallest building, the Burj Khalifa on the obverse.

New gold currency

The new coins would join the ranks of other gold coins that are legal tender such as the Australian Nugget, British Sovereign and South African Krugerand that are already popular with investors in gold in the UAE.

DMCC executive chairman Ahmad bin Sulayem said: ‘We are confident that this design represents the face of the modern UAE. This is a great time to launch a reliable, easily transacted legal tender gold coin, since the level of interest in gold investment is the highest it has ever been globally.’

Among gold bugs there is bound to be immediate speculation as to whether this would mark a step towards a gold-backed currency in the UAE. But that is clearly a very presumptive and premature conclusion as the UAE does not presently even have any official gold reserves.

Gold increasingly popular

This is therefore better seen as a confirmation of the growing appreciation of gold as an investment class in the emirates, a country that often leads trends in the Arabian peninsula much in the way that what is new in California tends to spread across America.

However, it would also be wrong to see this as the start of a big rush to invest in the yellow metal. Take up for the DMCC’s other recent initiative, the Dubai Gold ETF has been very disappointing, and the new gold coinage is actually a third attempt to win retail investors over to the yellow metal.

Sales of the original Sheikh Mohammed gold coins were poor as the premium paid over the price of gold put buyers off. Perhaps a legal gold currency will better capture the public imagination.

The disclosure, GATA says, contradicts denials provided by the Fed to GATA in 2001 and suggests that the Fed is indeed very much involved in the surreptitious international central bank manipulation of the gold price particularly and the currency markets generally.

The Fed’s disclosure came this week in a letter to GATA’s Washington-area lawyer, William J. Olson of Vienna, Virginia (http://www.lawandfreedom.com/), denying GATA’s administrative appeal of a freedom-of-information request to the Fed for information about gold swaps, transactions in which monetary gold is temporarily exchanged between central banks or between central banks and bullion banks. (See the International Monetary Fund’s treatise on gold swaps here: http://www.imf.org/external/bopage/pdf/99-10.pdf.)

The letter, dated September 17 and written by Federal Reserve Board member Kevin M. Warsh (see http://www.federalreserve.gov/aboutthefed/bios/board/warsh.htm), formerly a member of the President’s Working Group on Financial Markets, detailed the Fed’s position that the gold swap records sought by GATA are exempt from disclosure under the U.S. Freedom of Information Act.

Warsh wrote in part: “In connection with your appeal, I have confirmed that the information withheld under Exemption 4 consists of confidential commercial or financial information relating to the operations of the Federal Reserve Banks that was obtained within the meaning of Exemption 4. This includes information relating to swap arrangements with foreign banks on behalf of the Federal Reserve System and is not the type of information that is customarily disclosed to the public. This information was properly withheld from you.”

When, in 2001, GATA discovered a reference to gold swaps in the minutes of the January 31-February 1, 1995, meeting of the Federal Reserve’s Federal Open Market Committee and pressed the Fed, through two U.S. senators, for an explanation, Fed Chairman Alan Greenspan denied that the Fed was involved in gold swaps in any way. Greenspan also produced a memorandum written by the Fed official who had been quoted about gold swaps in the FOMC minutes, FOMC General Counsel J. Virgil Mattingly, in which Mattingly denied making any such comments. (See http://www.gata.org/node/1181.)

The Fed’s September 17 letter to GATA confirming that the Fed has gold swap arrangements can be found here:

http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf

While the letter, GATA says, is far from the first official admission of central bank scheming to suppress the price of gold (for documentation of some of these admissions, see http://www.gata.org/node/6242 and http://www.gata.org/node/7096), it comes at a sensitive time in the currency and gold markets. The U.S. dollar is showing unprecedented weakness, the gold price is showing unprecedented strength, Western European central banks appear to be withdrawing from gold sales and leasing, and the International Monetary Fund is being pressed to take the lead in the gold price suppression scheme by selling gold from its own supposed reserves in the guise of providing financial support for poor nations.

GATA will seek to bring a lawsuit in federal court to appeal the Fed’s denial of our freedom-of-information request. While this will require many thousands of dollars, the Fed’s admission that it aims to conceal documentation of its gold swap arrangements establishes that such a lawsuit would have a distinct target and not be just a fishing expedition.

In pursuit of such a lawsuit and its general objective of liberating the precious metals markets and making them fair and transparent, GATA again asks for financial support from the public and from all gold and silver mining companies that are not at the mercy of market-manipulating governments and banks. GATA is recognized by the U.S. Internal Revenue Service as a non-profit educational and civil rights organization and contributions to it are federally tax-exempt in the United States. For information on donating to GATA, please visit here:

http://www.gata.org/node/16

People also can help GATA by bringing this information to the attention of financial news organizations and urging them to investigate the Fed’s involvement in gold swaps particularly and the gold (and silver) price suppression generally.