Understanding HR4382: America’s Olympic and Paralympic Games Commemorative Coins Act

H.R. 4382 is a bill that proposes the minting of commemorative coins to celebrate the 2028 Summer Olympic and Paralympic Games in Los Angeles and the 2034 Winter Games in Salt Lake City. The U.S. Treasury will create four types of coins for each event: $5 gold coins, $1 silver coins, half-dollar clad coins, and proof silver $1 coins. These coins will be legal tender, meaning they can be used as money, but they are mainly designed for collectors and fans of the Olympics. The coins will be made with high-quality materials. For example, the gold coins will contain at least 90% gold, and the silver coins will have at least 90% silver content. The proof silver coins will be extra special, weighing 5 ounces of pure silver. These coins will be sold at prices higher than their face value, with additional charges that will go towards supporting the Olympic events and youth sports programs. The bill ensures that the production of these coins will not cost the federal government anything. All costs must be covered before any profits are used to support the Olympic Games. This means that the coins are a way to fund the events without using taxpayer money. The coins for the 2028 Games will be available starting January 1, 2028, and the 2034 Games coins will be available starting January 1, 2034.

This bill is important because it provides a way to help fund the Olympic Games without using federal tax dollars. By selling these coins, the government can raise money to support the events and related programs. This means that people who are interested in the Olympics or collecting coins can contribute to the success of these events. Collectors and fans of the Olympics will have the opportunity to own a piece of history. These coins are not just money; they are keepsakes that commemorate significant national events. For the Olympic and Paralympic organizations, the funds raised will help cover the costs of hosting the Games and support youth sports initiatives, which can have a positive impact on communities across the country.

- Revenue generation for Olympic hosting: The surcharges on the coins will help fund the Games and youth sports programs without needing federal appropriations. - No federal cost: The bill requires that all costs be covered before any funds are distributed, ensuring there is no burden on taxpayers. - Commemorative tradition: Creating coins for major events is a long-standing tradition, offering collectors and the public a way to own a piece of history. - Marketing and promotion: The bill encourages marketing strategies to boost coin sales and engage the public with the Olympic Games. - Bipartisan support: With sponsors from both political parties, the bill has broad legislative backing.

- Limited appeal: Some critics may argue that the coins will only appeal to a niche market of collectors and Olympic enthusiasts. - Economic concerns: There might be concerns about the economic feasibility if the coins do not sell as expected, potentially impacting the intended funding. - Market saturation: Critics could worry about the potential oversaturation of commemorative coins, which might reduce their value and appeal. - Environmental impact: The production of coins involves resource extraction and energy use, which could raise environmental concerns. - Uncertain demand: There is a risk that demand may not meet expectations, affecting the financial success of the initiative.