Women in the Armed Forces Commemorative Coins Act

Summary: Women in the Armed Forces Commemorative Coins Act - Directs the Secretary of the Treasury to:  (1) mint and issue coins to commemorate the women who have served in the armed forces of the United States; and (2) transfer the surcharges received from coin sales to the Women in Military Service for America Memorial Foundation to be used to create, endow, and dedicate the Women in the Armed Forces Memorial.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Women in the Armed Forces 
Commemorative Coins Act''.

SEC. 2. WOMEN IN MILITARY SERVICE COMMEMORATIVE COINS.

    The Secretary of the Treasury (hereafter in this Act referred to as 
the ``Secretary'') shall mint and issue coins in accordance with this 
Act to commemorate the women who have served in the Armed Forces of the 
United States.

SEC. 3. SPECIFICATIONS OF COINS.

    (a) Denominations.--The Secretary shall mint and issue the 
following coins:
            (1) Five dollar gold coins.--Not more than 50,000 five 
        dollar gold coins, each of which shall--
                    (A) weigh 8.359 grams;
                    (B) have a diameter of 0.850 inches; and
                    (C) be composed of 90 percent gold and 10 percent 
                alloy.
            (2) One dollar silver coins.--Not more than 500,000 one 
        dollar silver coins, each of which shall--
                    (A) weigh 26.73 grams;
                    (B) have a diameter of 1.500 inches; and
                    (C) be composed of 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.

SEC. 4. SOURCES OF BULLION.

    (a) Gold.--The Secretary shall obtain gold for minting coins under 
this Act pursuant to the authority of the Secretary under existing law.
    (b) Silver.--The Secretary shall obtain silver for minting coins 
under this Act only from stockpiles established under the Strategic and 
Critical Minerals Stock Piling Act.

SEC. 5. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins authorized under 
        this Act shall, in accordance with subsection (b), be symbolic 
        of women's service in the Armed Forces of the United States.
            (2) Designations and inscriptions.--Each coin authorized 
        under this Act shall bear a designation of the value of the 
        coin, an inscription of the year the coin is issued, and 
        inscriptions of the words ``Liberty'', ``In God We Trust'', 
        ``United States of America'', and ``E Pluribus Unum''.
    (b) Selection of Design.--The design for each coin authorized by 
this Act shall be selected by the Secretary after consultation with the 
Women in Military Service for America Memorial Foundation and the 
Commission of Fine Arts. As required by section 5135 of title 31, 
United States Code, the design shall also be reviewed by the Citizens 
Commemorative Coin Advisory Committee.

SEC. 6. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act may be issued in 
uncirculated and proof qualities.
    (b) Mint Facility.--Only one facility of the United States Mint may 
be used to strike any particular combination of denomination and 
quality for the coins minted under this Act.
    (c) Commencement of Issuance.--The Secretary may issue the coins 
minted under this Act beginning on November 1, 1993.
    (d) Termination of Authority.--Coins may not be minted under this 
Act after the date that is 1 year after the date on which the Secretary 
commences the issuing of coins under this section.
    (e) Promotion Consultation.--
            (1) In general.--In consultation with the Women in Military 
        Service for America Memorial Foundation, the Secretary shall 
        determine the role such Foundation shall have in the promotion, 
        advertising, or marketing of the coins authorized under this 
        Act.
            (2) Contract.--The Secretary shall enter into a contract 
        involving the promotion, advertising, or marketing of such 
        coins with the Foundation if the Secretary decides such a 
        contract would be beneficial in the sale of the coins.

SEC. 7. SALE OF COINS.

    (a) In General.--The Secretary shall sell coins minted under this 
Act at a price equal to the sum of the face value of the coins, the 
surcharge provided in subsection (d) with respect to such coins, and 
the cost of designing and issuing the coins (including labor, 
materials, dies, use of machinery, and overhead expenses).
    (b) Bulk Sales.--The Secretary shall make any bulk sales of the 
coins minted under this Act at a reasonable discount to reflect the 
lower costs of such sales.
    (c) Prepaid Orders.--The Secretary shall accept prepaid orders for 
the coins minted under this Act prior to the issuance of such coins. 
Sale prices with respect to such prepaid orders shall be at a 
reasonable discount.
    (d) Surcharges.--All sales of coins minted under this Act shall 
include a surcharge of $40 per coin for the 5 dollar coins and $11 per 
coin for the one dollar coins.

SEC. 8. FINANCIAL ASSURANCES.

    (a) No Net Cost to 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 Federal 
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 Government.

SEC. 9. USE OF SURCHARGES.

    (a) In General.--Surcharges received from the sale of coins minted 
under this Act shall be transferred by the Secretary to the Women in 
Military Service for America Memorial Foundation, and used to create, 
to endow, and to dedicate the Women in the Armed Forces Memorial.
    (b) Use of Funds if not Used for Memorial.--Of the amounts received 
by the Women in Military Service for America Memorial Foundation, any 
amount in excess of the amount spent by the Foundation for the uses 
described in subsection (a) shall be transferred to the Secretary for 
deposit in the account provided for in section 8(b)(1) of the Act 
entitled ``An Act to provide standards for placement of commemorative 
works on certain Federal lands in the District of Columbia and its 
environs, and for other purposes'' and approved November 14, 1986 (40 
U.S.C. 1008).
    (c) Audits.--The Comptroller General of the United States shall 
conduct an annual audit of any books, records, documents, and other 
data belonging to the Women in Military Service for America Memorial 
Foundation as may be related to the expenditure of amounts paid under 
subsection (a).

SEC. 10. 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 relating to the minting or selling of the coins 
authorized by 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.

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SEC. 11. NUMISMATIC PUBLIC ENTERPRISE FUND.

    The coins issued under this Act are subject to the provisions of 
section 5134 of title 31, United States Code, relating to the 
Numismatic Public Enterprise Fund.