[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 654 Introduced in House (IH)]
103d CONGRESS
1st Session
H. R. 654
To require the Secretary of the Treasury to mint coins in commemoration
of the 200th Anniversary of the establishment of the United States Mint
and the commencement of our national coinage.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 27, 1993
Mr. Hayes 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 200th Anniversary of the establishment of the United States Mint
and the commencement of our national coinage.
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 ``United States Mint Bicentennial Coin
Act''.
SEC. 2. COIN SPECIFICATIONS.
(a) Five Dollar Gold Coins.--The Secretary of the Treasury
(hereafter in this Act referred to as the ``Secretary'') shall mint and
issue not more than 350,000 five dollar coins each of which shall weigh
8.359 grams, have a diameter of .0850 inches, and shall contain 90
percent gold and 10 percent alloy.
(b) One Dollar Silver Coins.--The Secretary shall issue not more
than 1,000,000 one dollar coins each of which shall weigh 26.73 grams,
have a diameter of 1.5 inches, and be composed of 90 percent silver and
10 percent copper.
(c) Half Dollar Silver Coins.--The Secretary shall issue not more
than 1,750,000 half dollar coins each of which shall weigh 12.50 grams,
have a diameter of 1.205 inches, and be composed of 90 percent silver
and 10 percent copper.
SEC. 3. SOURCES OF BULLION.
(a) Gold.--The Secretary shall obtain gold for the coins minted
under this Act pursuant to the authority of the Secretary under
existing law.
(b) Silver.--The Secretary shall obtain silver for the coins minted
under this Act from stockpiles established under the Strategic and
Critical Materials Stock Piling Act (50 U.S.C. 98 et seq.).
SEC. 4. DESIGN.
(a) Design of Five Dollar Gold Coins.--The design of the five
dollar coins shall portray Alexander Hamilton on the obverse. The
reverse shall display the scene of the inspection of the first United
States coins. On each coin authorized hereunder there shall be a
designation of the value of the coin, and inscriptions of the words
``United States of America'', ``E Pluribus Unum'', ``In God We Trust''
and ``Liberty''.
(b) Design of One Dollar Silver Coins.--The obverse of the one
dollar coins shall portray Thomas Jefferson, the first Secretary of
State, and shall honor his 250th birthday. The reverse shall display
the first coining press--United States Mint. On each coin authorized
hereunder there shall be a designation of the value of the coin and
inscriptions of the words ``United States of America'', ``E Pluribus
Unum'', ``In God We Trust'' and ``Liberty''.
(c) Design of the Half Dollar Silver Coins.--The design of the half
dollar silver coins shall depict on the obverse David Rittenhouse, the
first Director of the United States Mint. The reverse shall show the
first mint building. On each coin authorized hereunder there shall be a
designation of the value of the coin and inscriptions of the words
``United States of America'', ``E Pluribus Unum'', ``In God We Trust''
and ``Liberty''.
SEC. 5. SALE OF COINS.
(a) Sale Price.--Notwithstanding any other provision of law, the
coins issued under this Act shall be sold by the Secretary at a price
equal to the face value, plus the cost of designing and issuing such
coins (including labor, materials, dies, use of machinery, overhead
expenses, marketing and shipping).
(b) Bulk Sales.--The Secretary shall make bulk sales at a
reasonable discount.
(c) Surcharge Required.--All sales shall include a surcharge of $30
per coin for the five dollar coins, $7 per coin for the one dollar
coins and $2 per coin for the half dollar coins.
(d) Reports to Congress.--
(1) Not later than 15 days after the last day of each
month, the Secretary shall transmit to the Committee on
Banking, Finance and Urban Affairs of the House of
Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate.
(2) Each report submitted pursuant to paragraph (1) shall
include a review of all marketing activities under this section
and a financial statement which details sources of funds,
surcharges generated, and expenses incurred for manufacturing,
materials, overhead, packaging, marketing and shipping.
SEC. 6. ISSUANCE OF THE COINS.
(a) Period of Issuance.--The coins authorized under this Act shall
be minted and available for issue no later than July 15, 1993, but
shall be issued only during 1993.
(b) Proof of Uncirculated Coins.--The coins authorized under this
Act shall be issued in uncirculated and proof qualities.
(c) Bureau of the Mint.--Not more than one facility of the Bureau
of the Mint may be used to strike any particular combination of
denomination and quality.
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 or 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.--All surcharges which are 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 National
Numismatic Collection.
(b) Use of Proceeds.--Amounts received under subsection (a) shall
be used by the Executive Director of the National Numismatic Collection
to establish--
(1) an endowment fund for the purpose of purchasing needed
reference materials and numismatic items for the National
Numismatic Collection; and
(2) an endowment fund to promote numismatic study, finance
symposia and travel and publicize the results of any
advancements; and
(3) establish a fund to renovate the permanent and
temporary exhibit facilities of the National Numismatic
Collection.
SEC. 9. AUDITS.
The Comptroller General of the United States shall have the right
to examine such books, records, documents and other data of the
organizing committee as may be related to the expenditure of amounts
paid under section 208.
SEC. 10. FINANCIAL ASSURANCES.
(a) No Net Cost.--The Secretary shall take such actions as may be
necessary to ensure that the minting and issuance of the coins referred
to in section 202 shall not result in any net cost to the Federal
Government.
(b) Payment Assurances.--No coin shall be issued under this Act
unless the Secretary has received--
(1) full payment for such 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, the deposits are
insured by the 20 Federal Deposit Insurance Corporations or the
National Credit Union Administration.
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