SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Marine Corps 230th Anniversary 
Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds that--
        (1) November 10, 2005, marks the 230th anniversary of the 
    United States Marine Corps;
        (2) the United States Marine Corps has, over the course of its 
    illustrious 230-year history, fought gallantly in defense of the 
    United States;
        (3) the United States Marine Corps has, over the course of its 
    storied history, established itself as the Nation's military leader 
    in amphibious warfare, and will continue in that role as the United 
    States faces the challenges of the 21st Century;
        (4) the United States Marine Corps continues to exemplify the 
    warrior ethos that has made it a fighting force of international 
    repute;
        (5) all Americans should commemorate the legacy of the United 
    States Marine Corps so that the values embodied in the ``Corps'' 
    are recognized for the significant contribution they have made in 
    protecting the United States against its enemies;
        (6) in 2001, the Congress authorized the construction of the 
    Marine Corps Heritage Center, the purpose of which is to provide a 
    multipurpose facility to be used for historical displays for the 
    public viewing, curation, and storage of artifacts, research 
    facilities, classrooms, offices, and associated activities, 
    consistent with the mission of the Marine Corps;
        (7) the Marine Corps Heritage Center is scheduled to open on 
    November 10, 2005;
        (8) the United States should pay tribute to the 230th 
    anniversary of the United States Marine Corps by minting and 
    issuing a commemorative silver dollar coin; and
        (9) the surcharge proceeds from the sale of a commemorative 
    coin, which would have no net costs to the taxpayers, would raise 
    valuable funding for the construction of the Marine Corps Heritage 
    Center.

SEC. 3. COIN SPECIFICATIONS.

    (a) $1 Silver Coins.--The Secretary of the Treasury (hereafter in 
this Act referred to as the ``Secretary'') shall mint and issue not 
more than 500,000 $1 coins, each of 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. DESIGN OF COINS.

    (a) Design Requirements.--
        (1) In general.--The design of the coins minted under this Act 
    shall be emblematic of the warrior ethos of the United States 
    Marine Corps.
        (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 ``2005''; 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 
    Marine Corps Historical Division and the Commission of Fine Arts; 
    and
        (2) reviewed by the Citizens Coinage 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 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 January 1, 
2005.

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 (b) 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) Surcharges.--All sales of coins issued under this Act shall 
include a surcharge of $10 per coin.
    (c) Bulk Sales.--The Secretary shall make bulk sales of coins 
issued under this Act at a reasonable discount.
    (d) Prepaid Orders.--
        (1) In general.--The Secretary shall accept prepaid orders for 
    coins minted under this Act before the issuance of such coins.
        (2) Discount.--Sale prices with respect to prepaid orders under 
    paragraph (1) should be at a reasonable discount.
    (e) Limitation.--Notwithstanding subsection (b), no surcharge may 
be included with respect to the issuance under this Act of any coin 
during a calendar year if, as of the time of such issuance, the 
issuance of such coin would result in the number of commemorative coin 
programs issued during such year to exceed the annual 2 commemorative 
coin program issuance limitation under section 5112(m)(1) of title 31, 
United States Code (as in effect on the date of the enactment of this 
Act). The Secretary of the Treasury may issue guidance to carry out 
this subsection.

SEC. 7. DISTRIBUTION OF SURCHARGES.

    (a) 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 Marine Corps Heritage Foundation for the purposes of construction 
of the Marine Corps Heritage Center, as authorized by section 1 of 
Public Law 106-398 (114 Stat. 1654).
    (b) Audit.--The Marine Corps Heritage Foundation 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).

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
Marine Corps 230th Anniversary Commemorative Coin Act - Directs the Secretary of the Treasury to mint and issue not more than 500,000 one dollar coins emblematic of the warrior ethos of the United States Marine Corps.

Requires: (1) all coin sales to include a surcharge of $10 per coin; and (2) all surcharges to be paid to the Marine Corps Heritage Foundation for construction of the Marine Corps Heritage Center.

 Prohibits such surcharge with respect to the issuance of any coin during a calendar year if the issuance would result in the number of commemorative coin programs issued during such year to exceed the annual two commemorative coin program issuance limitation. Authorizes the Secretary of the Treasury to issue guidance to implement this limitation.
To require the Secretary of the Treasury to mint coins in commemoration of the 230th Anniversary of the United States Marine Corps, and to support construction of the Marine Corps Heritage Center.