SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Old Man of the Mountain 
Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress hereby finds as follows:
            (1) Formed by God and glaciers, five different ledges atop 
        a granite cliff created the Old Man of the Mountain whose 
        flinty visage has long represented the Granite State's 
        independence and proud traditions.
            (2) For some 10,000 years, the Old Man of the Mountain, 
        from his lofty perch, did steadfastly defy the forces of 
        gravity and nature that bring all things down.
            (3) The Old Man of the Mountain's rugged profile delighted 
        all who saw it, as it serves as a symbol of New Hampshire's 
        stony and unyielding independence and represents New 
        Hampshire's love of liberty and is deeply revered by all 
        Granite Staters.
            (4) The rocky ledges that formed the Old Man of the 
        Mountain gave way and tumbled down the slopes of Cannon 
        Mountain under a veil of fog and cloud sometime in the first 
        few hours of May 3, 2003, forever changing the landscape that 
        has long served as a New Hampshire state symbol.
            (5) The importance of the ``Great Stone Face'' as a symbol 
        of New Hampshire was eloquently noted by Statesman Daniel 
        Webster.
            (6) A commemorative coin would immortalize the watchful 
        gaze of the Old Man, bringing both national and international 
        attention to the lasting legacy of the Old Man of the Mountain 
        as well as helping to ease the loss felt by all New Hampshire 
        residents.
            (7) The proceeds from a surcharge on the sale of each 
        commemorative coin will assist the financing of a suitable 
        memorial to the oldest and proudest member of the New Hampshire 
        family, the Old Man of the Mountain.

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) $5 gold coins.--Not more than 50,000 $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 350,000 $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 sections 5134 and 5136 of 
title 31, United States Code, all coins minted under this Act shall be 
considered to be numismatic items.

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 Old Man of the Mountain, the 
        granite symbol of New Hampshire's fierce independence.
            (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 ``2008''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', ``E Pluribus 
                Unum'', and ``Live Free or Die''.
            (3) Numismatic design considerations.--At least 1 of the 
        following numismatic design features shall be used on the coins 
        minted under this Act:
                    (A) Reverse proofing of the coin.
                    (B) Raised lettering on the edge of the coin.
                    (C) Such other unique numismatic design feature as 
                the Secretary may determine to be appropriate.
    (b) Selection.--The design for the coins minted under this Act 
shall be--
            (1) selected by the Secretary after consultation with the 
        Commission of Fine Arts and the Old Man of the Mountain 
        Revitalization Fund, Inc.; and
            (2) reviewed by the Citizens 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 quality of the coins minted under this 
Act.
    (c) Commencement of Issuance.--The Secretary may issue coins minted 
under this Act beginning January 1, 2008.
    (d) Termination of Minting Authority.--No coins may be minted under 
this Act after December 31, 2008.

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 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).
    (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.

SEC. 7. SURCHARGES.

    (a) In General.--All sales of coins minted under this Act shall 
include a surcharge as follows:
            (1) $35 per coin for the $5 coin.
            (2) $10 per coin for the $1 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 Old Man of the Mountain Revitalization Fund, Inc., to be used for 
the objects and purposes of such Fund.
    (c) Audits.--The Old Man of the Mountain Revitalization Fund, Inc., 
shall be subject to the audit requirements of section 5134(f)(2) of 
title 31, United States Code, with regard to the amounts received by 
the Fund under subsection (b).
Old Man of the Mountain Commemorative Coin Act - Instructs the Secretary of the Treasury to mint and issue $5 gold coins and $1 silver coins emblematic of the Old Man of the Mountain, the granite symbol of New Hampshire's fierce independence.

States that no coins may be minted under this Act after December 31, 2008.

Requires all surcharges received from such coin sales to be paid by the Secretary to the Old Man of the Mountain Revitalization Fund, Inc., to be used for the objects and purposes of such Fund.
To require the Secretary of the Treasury to mint coins in commemoration of the legacy of the Old Man of the Mountain, the symbol of New Hampshire that passed on to its granite roots in the dawn of May, 2003.