Lincoln Chafee: “I am delighted to introduce legislation with Senator D'Amato, chairman of the Banking Committee, to create a circulating…”

“I am delighted to introduce legislation with Senator D'Amato, chairman of the Banking Committee, to create a circulating commemorative quarter representing each of the 50 states. Last year, legislation was enacted which instructed the Secretary of the Treasury to study the feasibility of a circulating commemorative coin. That study found that there is considerable public interest in the circulating commemorative quarter and that collecting such coins would produce significant earnings. The bill that I am introducing today will implement this program. Identical legislation has been introduced in the House. As we all know, the circulating quarters in use today are Washington/ Eagle quarters, that is they have a bust of George Washington on one side and an eagle on the reverse side. Under this legislation, beginning in 1999, the Mint would strike only statehood quarters until all 50 states were represented. Only the design on the back of quarters would change. There would be no changes whatsoever to the physical size, weight, or other specifications of quarters. This uniformity is necessary to ensure that these new quarters will continue to work in vending machines, telephones, parking meters, and for other similar transactions. This program would operate for 10 years, with the Mint producing five different statehood coins per year. The order in which States will be represented is based on the order in which States ratified the Constitution and joined the Union.”