To require the Secretary of the Treasury to mint coins in commemoration of the tragic loss of lives at the Pentagon on September 11, 2001, and to support construction of the Pentagon 9/11 Memorial in Arlington, Virginia.

Summary: Pentagon 9/11 Memorial Commemorative Coin Act of 2004 - Directs the Secretary of the Treasury to mint and issue: (1) $50 gold coins; (2) $1 silver coins; and (3) half dollar clad coins emblematic of the spirit and bravery of the civilians and servicemen and servicewomen that work at the Pentagon and were aboard Flight 77 on September 11, 2001.

Requires: (1) surcharges on the sale of any coins minted under this Act; and (2) all surcharges received from the sale of coins issued under this Act to be promptly paid to the Pentagon Memorial Fund for the purposes of construction of a memorial at the Pentagon, Arlington, Virginia.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pentagon 9/11 Memorial Commemorative 
Coin Act of 2004''.

SEC. 2. FINDINGS.

    The Congress finds as follows:
            (1) Construction of the Pentagon was completed in the midst 
        of World War II on January 15, 1943.
            (2) September 11, 2001, marks a tragic day in the history 
        of the United States and the Pentagon Building located in 
        Arlington, Virginia.
            (3) 184 individuals ages 3 to 71 lost their lives through 
        the horrific event that unfolded at the Pentagon on September 
        11, 2001.
            (4) An appropriate memorial reminding us of the brave men, 
        women, and children who perished has been designed and is to be 
        built on 1.93 acres located on the western side of the Pentagon 
        Building.
            (5) The target completion date for the construction of the 
        Pentagon Memorial park is late fall 2006.
            (6) Almost $30,000,000 will need to be raised from the 
        private sector in order to begin construction of the memorial 
        and to maintain it upon completion.
            (7) The surcharge proceeds from the sale of a commemorative 
        coin, which would have no net cost to the taxpayers, would 
        raise valuable funding for the construction and maintenance of 
        the Pentagon Memorial in remembrance of those who lost their 
        lives at the Pentagon on September 11, 2001.

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) $50 gold coins.--$50 coins, in the number determined 
        under subsection (b), which shall--
                    (A) weigh 1 ounce;
                    (B) have a diameter of 1.287 inches; and
                    (C) contain 91.67 percent gold and 8.33 percent 
                alloy.
            (2) $1 silver coins.--Such number of $1 coins as the 
        Secretary determines appropriate to meet demand, 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.
            (3) Half dollar clad coins.--Such number of half dollar 
        coins as the Secretary determines appropriate to meet demand, 
        which shall--
                    (A) weigh 11.34 grams;
                    (B) have a diameter of 1.205 inches; and
                    (C) be minted to the specifications for half dollar 
                coins contained in section 5112(b) of title 31, United 
                States Code.
    (b) Number of Gold Coins.--
            (1) In general.--The number of gold coins minted and issued 
        under this Act shall equal the sum of 10,000 and the number 
        determined under paragraph (2).
            (2) Determination of number.--The Secretary, in 
        consultation with the Attorney General of the United States, 
        the Secretary of Defense, and the Governor of Virginia shall 
        determine the number of innocent individuals confirmed or 
        presumed to have been killed as a result of the terrorist 
        attack against the Pentagon that occurred on September 11, 
        2001, and shall identify such individuals.
    (c) Legal Tender.--The coins minted under this Act shall be legal 
tender, as provided in section 5103 of title 31, United States Code.
    (d) Numismatic Items.--For purposes of section 5136 of title 31, 
United States Code, all coins minted under this Act shall be considered 
to be numismatic items.
    (e) Sources of Bullion.--For the purpose of minting coins under 
this Act, the Secretary may only use metals that are from natural 
deposits in the United States or any territory or possession of the 
United States.
    (f) Special Treatment Under Exigent Circumstances.--
            (1) Findings.--The Congress finds as follows:
                    (A) The limitations contained in paragraphs (1) and 
                (2)(A) of section 5112(m) of title 31, United States 
                Code, and section 5134(f)(1)(B) of such title have well 
                served, and continue to serve, their purpose of 
                bringing greater stability to the markets for 
                commemorative coins, maximizing demand and 
                participation in such programs, and ensuring that such 
                programs have a broad base of private support and are 
                not used as the primary means of fundraising by 
                organizations that are the recipients of surcharges.
                    (B) The shocking circumstances of September 11, 
                2001, the broad base of public interest in remembering 
                those innocent individuals who lost their lives at the 
                Pentagon on September 11, 2001, and participating in 
                the raising of funds for the Pentagon Memorial Fund, 
                and the importance of implementing this coin program as 
                quickly as possible, notwithstanding the limitations 
                contained in such paragraphs, justify exempting the 
                coins produced under this Act from such limitations.
            (2) Exemption.--Paragraphs (1) and (2) of section 5112(m) 
        of title 31, United States Code, and section 5134(f)(1)(B) of 
        such title shall not apply to coins authorized under this 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 spirit and bravery of the 
        civilians, servicemen and women that work at the Pentagon and 
        were aboard Flight 77 on September 11, 2001.
            (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 ``2001''; 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 
        Secretary of Defense, the Executive Committee of the Pentagon 
        Memorial Fund, and the Commission of Fine Arts; and
            (2) reviewed by the Citizens Coinage Advisory Committee.

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--
            (1) In general.--Except as provided under paragraph (2), 
        coins minted under this Act shall be issued in uncirculated 
        quality.
            (2) Gold coins.--$50 coins minted under section 3(a)(1) 
        shall be issued only in proof quality.
    (b) Mint Facility.--
            (1) In general.--Except as provided under paragraph (2), 
        only 1 facility of the United States Mint may be used to strike 
        any particular quality of the coins minted under this Act.
            (2) Clad coins.--Any number of facilities of the United 
        States Mint may be used to strike the half dollar coins minted 
        under section 3(a)(3).
    (c) Period for Issuance.--The Secretary--
            (1) shall commence issuing coins minted under this Act as 
        soon as possible after the date of the enactment of this Act; 
        and
            (2) shall not issue any coins after the end of the 1-year 
        period beginning on the date such coins are first issued.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--The coins issued under section 3(a) (other than 
the $50 gold coins referred to in subsection (d)) shall be sold by the 
Secretary at a price equal to the sum of--
            (1) the face value of the coins;
            (2) the surcharges required by 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), including the cost of the coins 
        presented under subsection (d).
    (b) Bulk Sales.--The Secretary shall make bulk sales of the coins 
issued under section 3(a) at a reasonable discount.
    (c) Prepaid Orders.--
            (1) In general.--The Secretary shall accept prepaid orders 
        received before the issuance of the coins minted under section 
        3(a).
            (2) Reasonable discount.--The sale prices with respect to 
        such prepaid orders shall be at a reasonable discount.
    (d) Gold Coins.--Notwithstanding section 5(c)(2), the Secretary 
shall issue a $50 coin minted under section 3(a)(1) for presentation 
free of charge to the next of kin or personal representative of each 
individual identified under section 3(b)(2). The Speaker of the House 
of Representatives and the President Pro Tempore of the Senate shall 
make appropriate arrangements for the presentation, on behalf of the 
Congress, of such gold coins.

SEC. 7. SURCHARGES ON SALE OF COINS.

    (a) In General.--Any sale by the Secretary of a coin minted under 
this Act shall include a surcharge of--
            (1) $100 per coin for the $50 gold coins;
            (2) $10 per coin for the $1 coin; and
            (3) $5 per coin for the half dollar 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 Pentagon Memorial Fund for the purposes of construction of a 
memorial at the Pentagon, Arlington, Virginia.
    (c) Audit.--The Pentagon Memorial Fund 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 (a).