[111th Congress Public Law 303]
[From the U.S. Government Printing Office]

[[Page 124 STAT. 3275]]

Public Law 111-303
111th Congress

                                 An Act

   To authorize the production of palladium bullion coins to provide 
  affordable opportunities for investments in precious metals, and for 
         other purposes. <<NOTE: Dec. 14, 2010 -  [H.R. 6166]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: American Eagle 
Palladium Bullion Coin Act of 2010.>> 
SECTION 1. <<NOTE: 31 USC 5101 note.>>  SHORT TITLE.

    This Act may be cited as the ``American Eagle Palladium Bullion Coin 
Act of 2010''.

    Section 5112 of title 31, United States Code, is amended--
            (1) in subsection (a), by adding at the end the following 
        new paragraph;
            ``(12) A $25 coin of an appropriate size and thickness, as 
        determined by the Secretary, that weighs 1 troy ounce and 
        contains .9995 fine palladium.''; and
            (2) by adding at the end the following new subsection:

    ``(v) Palladium Bullion Investment Coins.--
            ``(1) In general. <<NOTE: Deadline.>> --Subject to the 
        submission to the Secretary and the Congress of a marketing 
        study described in paragraph (8), beginning not more than 1 year 
        after the submission of the study to the Secretary and the 
        Congress, the Secretary shall mint and issue the palladium coins 
        described in paragraph (12) of subsection (a) in such quantities 
        as the Secretary may determine to be appropriate to meet demand.
            ``(2) Source of bullion.--
                    ``(A) In general. <<NOTE: Deadline.>> --The 
                Secretary shall acquire bullion for the palladium coins 
                issued under this subsection by purchase of palladium 
                mined from natural deposits in the United States, or in 
                a territory or possession of the United States, within 1 
                year after the month in which the ore from which it is 
                derived was mined. If no such palladium is available or 
                if it is not economically feasible to obtain such 
                palladium, the Secretary may obtain palladium for the 
                palladium coins described in paragraph (12) of 
                subsection (a) from other available sources.
                    ``(B) Price of bullion.--The Secretary shall pay not 
                more than the average world price for the palladium 
                under subparagraph (A).
            ``(3) Sale of coins.--Each coin issued under this subsection 
        shall be sold for an amount the Secretary determines to be 
        appropriate, but not less than the sum of--
                    ``(A) the market value of the bullion at the time of 
                sale; and

[[Page 124 STAT. 3276]]

                    ``(B) the cost of designing and issuing the coins, 
                including labor, materials, dies, use of machinery, 
                overhead expenses, marketing, distribution, and 
            ``(4) Treatment.--For purposes of section 5134 and 5136, all 
        coins minted under this subsection shall be considered to be 
        numismatic items.
            ``(5) Quality.--The Secretary may issue the coins described 
        in paragraph (1) in both proof and uncirculated versions, except 
        that, should the Secretary determine that it is appropriate to 
        issue proof or uncirculated versions of such coin, the Secretary 
        shall, to the greatest extent possible, ensure that the surface 
        treatment of each year's proof or uncirculated version differs 
        in some material way from that of the preceding year.
            ``(6) Design.--Coins minted and issued under this subsection 
        shall bear designs on the obverse and reverse that are close 
        likenesses of the work of famed American coin designer and 
        medallic artist Adolph Alexander Weinman--
                    ``(A) the obverse shall bear a high-relief likeness 
                of the `Winged Liberty' design used on the obverse of 
                the so-called `Mercury dime';
                    ``(B) the reverse shall bear a high-relief version 
                of the reverse design of the 1907 American Institute of 
                Architects medal; and
                    ``(C) the coin shall bear such other inscriptions, 
                including `Liberty', `In God We Trust', `United States 
                of America', the denomination and weight of the coin and 
                the fineness of the metal, as the Secretary determines 
                to be appropriate and in keeping with the original 
            ``(7) Mint facility.--Any United States mint, other than the 
        United States Mint at West Point, New York, may be used to 
        strike coins minted under this subsection other than any proof 
        version of any such coin. If the Secretary determines that it is 
        appropriate to issue any proof version of such coin, coins of 
        such version shall be struck only at the United States Mint at 
        West Point, New York.
            ``(8) Marketing study defined.--The market study described 
        in paragraph (1) means an analysis of the market for palladium 
        bullion investments conducted by a reputable, independent third 
        party that demonstrates that there would be adequate demand for 
        palladium bullion coins produced by the United States Mint to 
        ensure that such coins could be minted and issued at no net cost 
        to taxpayers.''.

    The budgetary effects of this Act, for the purpose of complying with 
the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the

[[Page 124 STAT. 3277]]

Congressional Record by the Chairman of the House Budget Committee, 
provided that such statement has been submitted prior to the vote on 

    Approved December 14, 2010.


            Sept. 29, considered and passed House.
            Nov. 30, considered and passed Senate.