A bill to require the Secretary of the Treasury to mint coins in commemoration of the opening of the National Constitution Center in Philadelphia, Pennsylvania, scheduled for July 4, 2003.

Summary: National Constitution Center Commemorative Coin Act of 2002 - Directs the Secretary of the Treasury to mint and issue one-dollar silver coins in commemoration of the opening of the National Constitution Center in Philadelphia, Pennsylvania, scheduled for July 4, 2003.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Constitution Center 
Commemorative Coin Act of 2002''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) a Constitutional Convention was convened in the summer 
        of 1787 in Philadelphia, Pennsylvania for the purposes of 
        replacing the failed Articles of Confederation as a framework 
        for governing the 13 American colonies newly independent from 
        Great Britain;
            (2) the United States Constitution produced by the 
        Convention would set the United States of America on a unique 
        course of experiment in self-government that would profoundly 
        impact the United States and the world;
            (3) in its deliberations and promotion through such 
        literary works as The Federalist Papers, the United States 
        Constitution drew upon the successes and failures of nations 
        and peoples dating as far back as the city-state republics of 
        ancient Greece in forming representative governments;
            (4) the first 10 amendments to the Constitution, known as 
        the Bill of Rights, comprise the best written set of legal 
        protections of the rights and dignity of the individual in the 
        history of human civilization and continue to be the benchmark 
        for nations' adherence to human rights standards;
            (5) the principles of the United States Constitution have 
        been enacted into the governing laws of numerous free countries 
        around the globe, and are reflected in the founding documents 
        of the United Nations;
            (6) the United States Constitution created the framework 
        for what is now the oldest representative democracy in the 
        world;
            (7) in its wisdom, the Constitutional Convention created a 
        mechanism through which the United States Constitution can be 
        perfected, as it has been 27 times to date, to better reflect 
        its founding ideals, as well as to accommodate changing 
        circumstances;
            (8) the rights and freedoms secured to Americans by the 
        United States Constitution have and continue to draw millions 
        from around the globe to the shores of this Nation;
            (9) all Americans should gain an understanding of and 
        appreciation for the United States Constitution and the role 
        this remarkable document plays in the freedoms and quality of 
        life they enjoy;
            (10) the National Constitution Center was established by 
        the Constitution Heritage Act of 1988 (16 U.S.C. 407aa et 
        seq.), which was signed into law by President Ronald Reagan on 
        September 16, 1988, to provide for continuing interpretation of 
        the Constitution and to establish a national center for the 
        United States Constitution; and
            (11) the National Constitution Center, located at the site 
        of the birth of the Constitution, only steps away from the 
        Liberty Bell and Independence Hall in the Independence National 
        Historic Park in Philadelphia, Pennsylvania, is the only center 
        in the world solely dedicated to promoting understanding of the 
        Constitution and its values and ideals.

SEC. 3. COIN SPECIFICATIONS.

    (a) $1 Silver Coins.--The Secretary of the Treasury (in this Act 
referred to as the ``Secretary'') shall mint and issue not more than 
500,000 $1 coins, which shall--
            (1) weigh 26.73 grams;
            (2) have a diameter of 1.500 inches; and
            (3) 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.

SEC. 4. SOURCES OF BULLION.

    The Secretary may obtain silver for minting coins under this Act 
from stockpiles established under the Strategic and Critical Materials 
Stock Piling Act, to the extent available, and from other available 
sources, if necessary.

SEC. 5. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of the National Constitution Center in 
        Philadelphia, Pennsylvania.
            (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 ``2003''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''.
    (b) Design Selection.--The design for the coins minted under this 
Act shall be--
            (1) selected by the Secretary, after consultation with the 
        Constitution Center Coin Advisory Committee; and
            (2) reviewed by the Citizens Commemorative Coin Advisory 
        Committee.

SEC. 6. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act shall be issued 
in uncirculated and proof qualities.
    (b) Mint Facility.--Only 1 facility of the United States Mint may 
be used to mint coins under this Act.
    (c) Period for Issuance.--The Secretary may issue coins minted 
under this Act beginning on January 1, 2003, and ending when the 
quantity of coins issued under this Act reaches the limit under section 
3(a).

SEC. 7. SALE OF COINS.

    (a) Sale Price.--The coins minted 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 of coins issued under this Act shall 
include a surcharge established by the Secretary, in an amount equal to 
not more than $10 per coin.

SEC. 8. DISTRIBUTION OF SURCHARGES.

    (a) In General.--Subject to section 5134(f) of title 31, United 
States Code, the proceeds from the surcharges received by the Secretary 
from the sale of coins minted under this Act shall be paid promptly by 
the Secretary to the National Constitution Center.
    (b) Use of Proceeds.--The proceeds received by the National 
Constitution Center under subsection (a) shall be used by the Center to 
promote a greater understanding of the Constitution and its values and 
ideals.
    (c) Audits.--The Comptroller General of the United States shall 
have the right to examine such books, records, documents, and other 
data of the National Constitution Center 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, the deposits of which 
        are insured by the Federal Deposit Insurance Corporation or the 
        National Credit Union Administration.