Congress Considering NASCAR 75th Anniversary $1 Pure Silver Coin
It’s been 75 years since NASCAR, the National Association for Stock Car Auto Racing held its first sanctioned race in Daytona Beach on February 15, 1948. This year’s anniversary celebration began with the 2nd annual Busch Light Clash at the LA Memorial Coliseum and will continue through the season finale on Phoenix Raceway’s mile oval and the crowning of a 2023 champion.
There are currently many activities celebrating the history of the sport, which includes accentuation of the 75 greatest drivers of the first 75 years; 25 years ago, NASCAR celebrated its 50 greatest. There is plenty of merchandise for fans to buy and show their allegiance to the most popular form of professional motorsport in the United States.
And now there’s a bill, H.B. 2838, going to committees and, hopefully then to the dual floors of Congress for passage. The National Coin and Bullion Association (NCBA) has authorized its committee on commemorative coinage, together with the Numismatic Industry Coinage Advisory Committee (NICAC) to recommend that NASCAR be honored with a legal tender, one-ounce pure silver $1 coin as part of the U.S. Mint’s commemorative coin program.
The bill states: “To require the Secretary of the Treasury to mint coins in commemoration of the 75th anniversary of what is recognized as the first sanctioning body created to promote a unified series of competitions, with an organized group of race car drivers.” It continues: “All surcharges received by the Secretary from the sale of coins issued under this Act shall be promptly paid by the Secretary to The NASCAR Foundation for application to general expenses associated with the fulfillment of the mission of The NASCAR Foundation.”
Promotion of this bill is being made with the assistance of Jimmy Hayes, a former Louisiana congressman, along with former U.S. Mint Director Philip Diehl. H.B. 2838 was introduced by Rep. Garret Graves (R-LA) and is co-sponsored by Rep. Jeff Jackson (D-NC). It’s been submitted to the Financial Services Committee and the Committee on the Budget.
Since 1982 there have been 80 commemorative coin programs, raising more than $500 million for a wide range of charitable, patriotic, law enforcement and sports-related causes and organizations designated by Congress.
This specific NASCAR coin will, if approved, be: “$1 Silver Coins – the Secretary o the Treasury (hereafter in this Act referred to as the ‘Secretary’ shall mint and issue $1 coins in recognition of the NASCAR 75th anniversary, which shall – (1) weigh 26.73 grams; (2) have a diameter of 1.500 inches; and (3) contain not less than 90 percent silver. (b) Legal Tender – The coins minted under this Act shall be legal tender, as provided in section 5103 and 5136 of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items.”
According to Diehl, getting this program up and running is going to make it a truly unique situation. “Congress has limited the number of commemorations to no more than two each year. So, not only is it a high honor, it is also a rare one,” he noted. While it’s not unusual for other countries to issue commemorative coins, “Only Congress can make this decision by passing legislation that is then signed by the president.”
NASCAR fans, along with industry representatives and leaders wishing to help this proposed legislation become a reality, are encouraged to contact their U.S. Representatives and Senators to support H.B. 2838, so that it can be forwarded to the president for his signature.
(Design parameters are yet to be revealed)
By Anne Proffit