Korean Immigration Commemorative Coin Act

Summary: Korean Immigration Commemorative Coin Act - Directs the Secretary of the Treasury, during the one-year period beginning January 1, 2018, to mint and issue $5 gold coins and $1 silver coins emblematic of the immigration of Koreans into the United States and their significant contributions to this nation. Requires all surcharges received from coin sales to be promptly paid by the Secretary to the Council on 100th Year Korean Immigration Commemorative Coin Act in order to provide academic scholarships.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Korean Immigration Commemorative 
Coin Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) January 13, 2003, marked the 100th anniversary of the 
        first wave of Korean immigration to the United States.
            (2) At the time of that anniversary, more than 100 Korean 
        American communities throughout this Nation commemorated this 
        important event.
            (3) According to immigration records, in December 1902, 56 
        men, 21 women, and 25 children left Korea and sailed across the 
        Pacific Ocean aboard the S.S. Gaelic, landing in Honolulu, 
        Hawaii, on January 13, 1903.
            (4) These early Korean immigrants worked at sugar cane and 
        pineapple fields in Hawaii.
            (5) Since that first voyage, approximately 1,000,000 
        Koreans have immigrated to the United States.
            (6) Korean Americans have served with distinction in the 
        Armed Forces of the United States with distinction in every war 
        and armed conflict from World War I through Operation Enduring 
        Freedom.
            (7) Korean Americans have taken root and thrived in the 
        United States through strong family ties, robust community 
        support, and countless hours of hard work.
            (8) Korean immigrants have invigorated business, church, 
        and academic communities throughout the United States and 
        Korean Americans have also established themselves as important 
        members in the medical, legal, financial, and governmental 
        professions.
            (9) The strategic partnership between the United States and 
        Korea has helped undergird peace and stability in the Asia 
        Pacific region and has provided economic benefits not only to 
        the people of the United States and Korea, but also to the 
        entire world.

SEC. 3. 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 20,000 $5 coins, which 
        shall--
                    (A) weigh 8.359 grams;
                    (B) have diameter of 0.850 inches; and
                    (C) contain 90 percent gold and 10 percent alloy.
            (2) $1 silver coins.--Not more than 10,000 $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. 4. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of the immigration of Koreans into the 
        United States and the significant contributions of Korean 
        Americans to this Nation.
            (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 ``2018''; 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 
        Commission of Fine Arts; and
            (2) reviewed by the Citizens Coinage 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) Period of Issuance.--The Secretary may issue coins minted under 
this Act only during the 1-year period beginning on January 1, 2018.

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 section 7(a) 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.

SEC. 7. SURCHARGES.

    (a) In General.--All sales of coins minted under this Act shall 
include a surcharge as follows:
            (1) A surcharge of $35 per coin for the $5 coin.
            (2) A surcharge of $10 per coin for the $1 coin.
    (b) Distribution.--Subject to section 5134(f) of title 31, United 
States Code, all surcharges received by the Secretary from the sale of 
coins issued under this Act shall be promptly paid by the Secretary to 
the Council on 100th Year Korean Immigration Commemorative Coin Act to 
provide academic scholarships.
    (c) Audits.--The Council on 100th Year Korean Immigration 
Commemorative Coin Act shall be subject to the audit requirements of 
section 5134(f)(2) of title 31, United States Code, with regard to the 
amounts received under subsection (b).
    (d) Limitation.--Notwithstanding subsection (a), no surcharge may 
be included with respect to the issuance under this Act of any coin 
during a calendar year if, as of the time of such issuance, the 
issuance of such coin would result in the number of commemorative coin 
programs issued during such year to exceed the annual commemorative 
coin program issuance limitation under section 5112(m)(1) of title 31, 
United States Code. The Secretary of the Treasury may issue guidance to 
carry out this subsection.

SEC. 8. FINANCIAL ASSURANCES.

    The Secretary shall take such actions as may be necessary to ensure 
that--
            (1) minting and issuing coins under this Act will not 
        result in any net cost to the United States Government; and
            (2) no funds, including applicable surcharges, are 
        disbursed to any recipient designated in section 7 until the 
        total cost of designing and issuing all of the coins authorized 
        by this Act (including labor, materials, dies, use of 
        machinery, winning design compensation, overhead expenses, 
        marketing, and shipping) is recovered by the United States 
        Treasury, consistent with sections 5112(m) and 5134(f) of title 
        31, United States Code.