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Obama signs bill to mint Mark Twain coins

December 5, 2012 in Coins, Collecting, Commemorative, Gold, Gold Coins, Silver, Silver Coins, USA Coins

By: Staff Report (http://www.stargazette.com) Dec, 4th, 2012.

President Barack Obama on Tuesday signed the Mark Twain Commemorative Coin Act to issue $5 gold coins and $1 silver coins, according to the White House website.

There will be 100,000 gold coins and 350,000 silver coins produced by the U.S. Mint for one year beginning in 2016, according to the legislation. The minting and issuing of these coins will not result in any net cost to the U.S. government, the legislation said.

The coins will be legal tender but are expected to be popular among collectors. There will be a $35 surcharge per coin for the $5 coin and a $10 surcharge per coin for the $1 coin, according to the legislation.

Proceeds from the surcharges will go toward four sites tied to Twain, including Elmira College’s Center for Mark Twain Studies for research and education, which will receive a quarter of the proceeds, the legislation says.

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