Smithsonian Institution Sesquicentennial Commemorative Coin Act

Summary: Smithsonian Institution Sesquicentennial Commemorative Coin Act - Directs the Secretary of the Treasury to issue five-dollar gold coins and one-dollar silver coins emblematic of the scientific, educational, and cultural significance of the Smithsonian Institution. 
Mandates that:  (1) all but a certain portion of surcharges received from coin sales be paid by the Secretary to the Smithsonian Institution to support programming related to the 150th anniversary and general activities of the Smithsonian Institution; and (2) a certain portion of such surcharges be dedicated to supporting the operation and activities of the National Numismatic Collection at the National Museum of American History.

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 one 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.