Smithsonian Institution Sesquicentennial Commemorative Coin Act of 1995

Summary: Smithsonian Institution Sesquicentennial Commemorative Coin Act of 1995 - 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.  Authorizes the Secretary to issue five-dollar platinum coins in lieu of the gold coins. 
Mandates that:  (1) 85 percent of surcharges received from coin sales be paid by the Secretary to the Smithsonian Institution for such purposes as its Board of Regents determines to be appropriate; and (2) 15 percent 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 of 1995''.

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 in commemoration of the sesquicentennial of the 
founding of the Smithsonian Institution:
        (1) $5 gold coins.--Not more than 100,000 5 dollar 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 650,000 1 dollar 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) Platinum Coins.--The Secretary may mint and issue not more than 
100,000 5 dollar platinum coins instead of the gold coins required 
under subsection (a)(1) in accordance with such specifications as the 
Secretary determines to be appropriate.
    (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 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.
        (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'';
            (C) inscriptions of the words ``Liberty'', ``In God We 
        Trust'', ``United States of America'', and ``E Pluribus Unum''; 
        and
            (D) an inscription of the following phrase from the 
        original bequest of James Smithson: ``for the increase and 
        diffusion of knowledge''.
    (b) Selection.--The design for the coins minted under this Act 
shall be--
        (1) selected by the Secretary after consultation with the Board 
    of Regents of 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 1 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 1-year period beginning on August 1, 
1996.

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.--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 following purposes:
        (1) 85 percent of the amount transferred shall be available for 
    such purposes as the Board of Regents of the Smithsonian 
    Institution determines to be appropriate.
        (2) 15 percent of the amount transferred shall be dedicated to 
    the support of the operation and activities of the National 
    Numismatic Collection at the National Museum of American History.
    (b) 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.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.