[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4912 Introduced in House (IH)]
103d CONGRESS
2d Session
H. R. 4912
To require the Secretary of the Treasury to mint coins in commemoration
of the 150th anniversary of the founding of the Smithsonian
Institution.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
August 5, 1994
Mr. Mineta (for himself and Mr. McDade) introduced the following bill;
which was referred to the Committee on Banking, Finance and Urban
Affairs
_______________________________________________________________________
A BILL
To require the Secretary of the Treasury to mint coins in commemoration
of the 150th anniversary of the founding of the Smithsonian
Institution.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Smithsonian Institution
Sesquicentennial Commemorative Coin Act''.
SEC. 2. COIN SPECIFICATIONS.
(a) Denominations.--The Secretary of the Treasury (hereafter in
this Act referred to as the ``Secretary'') shall mint and issue the
following coins:
(1) $5 gold coins.--Not more than 100,000 $5 coins, which
shall--
(A) weigh 8.359 grams;
(B) have a diameter of 0.850 inches; and
(C) contain 90 percent gold and 10 percent alloy.
(2) $1 silver coins.--Not more than 800,000 $1 coins, which
shall--
(A) weigh 26.73 grams;
(B) have a diameter of 1.500 inches; and
(C) contain 90 percent silver and 10 percent
copper.
(b) Legal Tender.--The coins minted under this Act shall be legal
tender, as provided in section 5103 of title 31, United States Code.
(c) Numismatic Items.--For purposes of section 5134 of title 31,
United States Code, all coins minted under this Act shall be considered
to be numismatic items.
SEC. 3. SOURCES OF BULLION.
(a) Gold.--The Secretary shall obtain gold for minting coins under
this Act pursuant to the authority of the Secretary under other
provisions of law.
(b) Silver.--The Secretary shall obtain silver for minting coins
under this Act only from stockpiles established under the Strategic and
Critical Materials Stock Piling Act.
SEC. 4. DESIGN OF COINS.
(a) Design Requirements.--
(1) In general.--The design of the coins minted under this
Act shall be emblematic of the scientific, educational, and
cultural significance and importance of the Smithsonian
Institution and shall include the following words from the
original bequest of James Smithson: ``for the increase and
diffusion of knowledge''.
(2) Designation and inscriptions.--On each coin minted
under this Act there shall be--
(A) a designation of the value of the coin;
(B) an inscription of the year ``1996''; and
(C) inscriptions of the words ``Liberty'', ``In God
We Trust'', ``United States of America'', and ``E
Pluribus Unum''.
(b) Selection.--The design for the coins minted under this Act
shall be--
(1) selected by the Secretary after consultation with the
Smithsonian Institution and the Commission of Fine Arts; and
(2) reviewed by the Citizens Commemorative Coin Advisory
Committee.
SEC. 5. ISSUANCE OF COINS.
(a) Quality of Coins.--Coins minted under this Act shall be issued
in uncirculated and proof qualities.
(b) Mint Facility.--Only 1 facility of the United States Mint may
be used to strike any particular combination of denomination and
quality of the coins minted under this Act.
(c) Period for Issuance.--The Secretary may issue coins minted
under this Act only during the period beginning on August 10, 1996, and
ending on August 9, 1997.
SEC. 6. SALE OF COINS.
(a) Sale Price.--The coins issued under this Act shall be sold by
the Secretary at a price equal to the sum of--
(1) the face value of the coins;
(2) the surcharge provided in subsection (d) with respect
to such coins; and
(3) the cost of designing and issuing the coins (including
labor, materials, dies, use of machinery, overhead expenses,
marketing, and shipping).
(b) Bulk Sales.--The Secretary shall make bulk sales of the coins
issued under this Act at a reasonable discount.
(c) Prepaid Orders.--
(1) In general.--The Secretary shall accept prepaid orders
for the coins minted under this Act before the issuance of such
coins.
(2) Discount.--Sale prices with respect to prepaid orders
under paragraph (1) shall be at a reasonable discount.
(d) Surcharges.--All sales shall include a surcharge of--
(1) $35 per coin for the $5 coin; and
(2) $10 per coin for the $1 coin.
SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULATIONS.
(a) In General.--Except as provided in subsection (b), no provision
of law governing procurement or public contracts shall be applicable to
the procurement of goods and services necessary for carrying out the
provisions of this Act.
(b) Equal Employment Opportunity.--Subsection (a) shall not relieve
any person entering into a contract under the authority of this Act
from complying with any law relating to equal employment opportunity.
SEC. 8. DISTRIBUTION OF SURCHARGES.
(a) In General.--Except as provided in subsection (b), all
surcharges received by the Secretary from the sale of coins issued
under this Act shall be promptly paid by the Secretary to the
Smithsonian Institution for the purpose of supporting programming
related to the 150th anniversary and general activities of the
Smithsonian Institution.
(b) National Numismatic Collection.--Not less than 15 percent of
the total amount paid to the Smithsonian Institution under subsection
(a) shall be dedicated to supporting the operation and activities of
the National Numismatic Collection at the National Museum of American
History.
(c) Audits.--The Comptroller General of the United States shall
have the right to examine such books, records, documents, and other
data of the Smithsonian Institution as may be related to the
expenditures of amounts paid under subsection (a).
SEC. 9. FINANCIAL ASSURANCES.
(a) No Net Cost to the Government.--The Secretary shall take such
actions as may be necessary to ensure that minting and issuing coins
under this Act will not result in any net cost to the United States
Government.
(b) Payment for Coins.--A coin shall not be issued under this Act
unless the Secretary has received--
(1) full payment for the coin;
(2) security satisfactory to the Secretary to indemnify the
United States for full payment; or
(3) a guarantee of full payment satisfactory to the
Secretary from a depository institution whose deposits are
insured by the Federal Deposit Insurance Corporation or the
National Credit Union Administration Board.
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