SECTION 1. SHORT TITLE.
    This Act may be cited as the ``America's Beautiful National Parks 
Quarter Dollar Coin Act of 2008''.

                 TITLE I--NATIONAL SITE QUARTER DOLLARS

    SEC. 101. FINDINGS.
    The Congress finds as follows:
        (1) Yellowstone National Park was established by an Act signed 
    by President Ulysses S. Grant on March 1, 1872, as the Nation's 
    first national park.
        (2) The summer and autumn of 1890 saw the establishment of a 
    number of national sites:
            (A) August 19: Chickamauga and Chattanooga established as 
        national military parks in Georgia and Tennessee.
            (B) August 30: Antietam established as a national 
        battlefield site in Maryland.
            (C) September 25: Sequoia National Park established in 
        California.
            (D) September 27: Rock Creek Park established in the 
        District of Columbia.
            (E) October 1: General Grant National Park established in 
        California (and subsequently incorporated in Kings Canyon 
        National Park).
            (F) October 1: Yosemite National Park established in 
        California.
        (3) Theodore Roosevelt was this nation's 26th President and is 
    considered by many to be our ``Conservationist President''.
        (4) As a frequent visitor to the West, Theodore Roosevelt 
    witnessed the virtual destruction of some big game species and the 
    overgrazing that destroyed the grasslands and with them the 
    habitats for small mammals and songbirds and conservation 
    increasingly became one of his major concerns.
        (5) When he became President in 1901, Roosevelt pursued this 
    interest in conservation by establishing the first 51 Bird 
    Reserves, 4 Game Preserves, and 150 National Forests.
        (6) He also established the United States Forest Service, 
    signed into law the creation of 5 National Parks, and signed the 
    Act for the Preservation of American Antiquities in 1906 under 
    which he proclaimed 18 national monuments.
        (7) Approximately 230,000,000 acres of area within the United 
    States was placed under public protection by Theodore Roosevelt.
        (8) Theodore Roosevelt said that nothing short of defending 
    this country in wartime ``compares in importance with the great 
    central task of leaving this land even a better land for our 
    descendants than it is for us''.
        (9) The National Park Service was created by an Act signed by 
    President Woodrow Wilson on August 25, 1916.
        (10) The National Park System comprises 391 areas covering more 
    than 84,000,000 acres in every State (except Delaware), the 
    District of Columbia, American Samoa, Guam, Puerto Rico, and the 
    Virgin Islands.
        (11) The sites or areas within the National Park System vary 
    widely in size and type from vast natural wilderness to birthplaces 
    of Presidents to world heritage archaeology sites to an African 
    burial ground memorial in Manhattan and include national parks, 
    monuments, battlefields, military parks, historical parks, historic 
    sites, lakeshores, seashores, recreation areas, scenic rivers and 
    trails, and the White House.
        (12) In addition to the sites within the National Park System, 
    the United States has placed numerous other types of sites under 
    various forms of conservancy, such as the national forests and 
    sites within the National Wildlife Refuge System and on the 
    National Register of Historic Places.
    SEC. 102. ISSUANCE OF REDESIGNED QUARTER DOLLARS EMBLEMATIC OF 
      NATIONAL PARKS OR OTHER NATIONAL SITES IN EACH STATE, THE 
      DISTRICT OF COLUMBIA, AND EACH TERRITORY.
    Section 5112 of title 31, United States Code, is amended by adding 
at the end the following new subsection:
    ``(t) Redesign and Issuance of Quarter Dollars Emblematic of 
National Sites in Each State, the District of Columbia, and Each 
Territory.--
        ``(1) Redesign beginning upon completion of prior program.--
            ``(A) In general.--Notwithstanding the fourth sentence of 
        subsection (d)(1) and subsection (d)(2), quarter dollars issued 
        beginning in 2010 shall have designs on the reverse selected in 
        accordance with this subsection which are emblematic of the 
        national sites in the States, the District of Columbia and the 
        territories of the United States.
            ``(B) Flexibility with regard to placement of 
        inscriptions.--Notwithstanding subsection (d)(1), the Secretary 
        may select a design for quarter dollars referred to in 
        subparagraph (A) in which--
                ``(i) the inscription described in the second sentence 
            of subsection (d)(1) appears on the reverse side of any 
            such quarter dollars; and
                ``(ii) any inscription described in the third sentence 
            of subsection (d)(1) or the designation of the value of the 
            coin appears on the obverse side of any such quarter 
            dollars.
            ``(C) Inclusion of district of columbia, and territories.--
        For purposes of this subsection, the term `State' has the same 
        meaning as in section 3(a)(3) of the Federal Deposit Insurance 
        Act.
        ``(2) Single site in each state.--The design on the reverse 
    side of each quarter dollar issued during the period of issuance 
    under this subsection shall be emblematic of 1 national site in 
    each State.
        ``(3) Selection of site and design.--
            ``(A) Site.--
                ``(i) In general.--The selection of a national park or 
            other national site in each State to be honored with a coin 
            under this subsection shall be made by the Secretary of the 
            Treasury, after consultation with the Secretary of the 
            Interior and the governor or other chief executive of each 
            State with respect to which a coin is to be issued under 
            this subsection, and after giving full and thoughtful 
            consideration to national sites that are not under the 
            jurisdiction of the Secretary of the Interior so that the 
            national site chosen for each State shall be the most 
            appropriate in terms of natural or historic significance.
                ``(ii) Timing.--The selection process under clause (i) 
            shall be completed before the end of the 270-day period 
            beginning on the date of the enactment of the America's 
            Beautiful National Parks Quarter Dollar Coin Act of 2008.
            ``(B) Design.--Each of the designs required under this 
        subsection for quarter dollars shall be--
                ``(i) selected by the Secretary after consultation 
            with--

                    ``(I) the Secretary of the Interior; and
                    ``(II) the Commission of Fine Arts; and

                ``(ii) reviewed by the Citizens Coinage Advisory 
            Committee.
            ``(C) Selection and approval process.--Recommendations for 
        site selections and designs for quarter dollars may be 
        submitted in accordance with the site and design selection and 
        approval process developed by the Secretary in the sole 
        discretion of the Secretary.
            ``(D) Participation in design.--The Secretary may include 
        participation by officials of the State, artists from the 
        State, engravers of the United States Mint, and members of the 
        general public.
            ``(E) Standards.--Because it is important that the Nation's 
        coinage and currency bear dignified designs of which the 
        citizens of the United States can be proud, the Secretary shall 
        not select any frivolous or inappropriate design for any 
        quarter dollar minted under this subsection.
            ``(F) Prohibition on certain representations.--No head and 
        shoulders portrait or bust of any person, living or dead, no 
        portrait of a living person, and no outline or map of a State 
        may be included in the design on the reverse of any quarter 
        dollar under this subsection.
        ``(4) Issuance of coins.--
            ``(A) Order of issuance.--The quarter dollar coins issued 
        under this subsection bearing designs of national sites shall 
        be issued in the order in which the sites selected under 
        paragraph (3) were first established as a national site.
            ``(B) Rate of issuance.--The quarter dollar coins bearing 
        designs of national sites under this subsection shall be issued 
        at the rate of 5 new designs during each year of the period of 
        issuance under this subsection.
            ``(C) Number of each of 5 coin designs in each year.--Of 
        the quarter dollar coins issued during each year of the period 
        of issuance, the Secretary of the Treasury shall prescribe, on 
        the basis of such factors as the Secretary determines to be 
        appropriate, the number of quarter dollars which shall be 
        issued with each of the designs selected for such year.
        ``(5) Treatment as numismatic items.--For purposes of sections 
    5134 and 5136, all coins minted under this subsection shall be 
    considered to be numismatic items.
        ``(6) Issuance.--
            ``(A) Quality of coins.--The Secretary may mint and issue 
        such number of quarter dollars of each design selected under 
        paragraph (3) in uncirculated and proof qualities as the 
        Secretary determines to be appropriate.
            ``(B) Silver coins.--Notwithstanding subsection (b), the 
        Secretary may mint and issue such number of quarter dollars of 
        each design selected under paragraph (3) as the Secretary 
        determines to be appropriate, with a content of 90 percent 
        silver and 10 percent copper.
        ``(7) Period of issuance.--
            ``(A) In general.--Subject to paragraph (2), the program 
        established under this subsection shall continue in effect 
        until a national site in each State has been honored.
            ``(B) Second round at discretion of secretary.--
                ``(i) Determination.--The Secretary may make a 
            determination before the end of the 9-year period beginning 
            when the first quarter dollar is issued under this 
            subsection to continue the period of issuance until a 
            second national site in each State, the District of 
            Columbia, and each territory referred to in this subsection 
            has been honored with a design on a quarter dollar.
                ``(ii) Notice and report.--Within 30 days after making 
            a determination under clause (i), the Secretary shall 
            submit a written report on such determination to the 
            Committee on Financial Services of the House of 
            Representatives and the Committee on Banking, Housing, and 
            Urban Affairs of the Senate.
                ``(iii) Applicability of provisions.--If the Secretary 
            makes a determination under clause (i), the provisions of 
            this subsection applicable to site and design selection and 
            approval, the order, timing, and conditions of issuance 
            shall apply in like manner as the initial issuance of 
            quarter dollars under this subsection, except that the 
            issuance of quarter dollars pursuant to such determination 
            bearing the first design shall commence in order 
            immediately following the last issuance of quarter dollars 
            under the first round.
                ``(iv) Continuation until all states are honored.--If 
            the Secretary makes a determination under clause (i), the 
            program under this subsection shall continue until a second 
            site in each State has been so honored.
        ``(8) Designs after end of program.--Upon the completion of the 
    coin program under this subsection, the design on--
            ``(A) the obverse of the quarter dollar shall revert to the 
        same design containing an image of President Washington in 
        effect for the quarter dollar before the institution of the 50-
        State quarter dollar program; and
            ``(B) notwithstanding the fourth sentence of subsection 
        (d)(1), the reverse of the quarter dollar shall contain an 
        image of General Washington crossing the Delaware River prior 
        to the Battle of Trenton.
        ``(9) National site.--For purposes of this subsection, the term 
    `national site' means any site under the supervision, management, 
    or conservancy of the National Park Service, the United States 
    Forest Service, the United States Fish and Wildlife Service, or any 
    similar department or agency of the Federal Government, including 
    any national park, national monument, national battlefield, 
    national military park, national historical park, national historic 
    site, national lakeshore, seashore, recreation area, parkway, 
    scenic river, or trail and any site in the National Wildlife Refuge 
    System.
        ``(10) Application in event of independence.--If any territory 
    becomes independent or otherwise ceases to be a territory or 
    possession of the United States before quarter dollars bearing 
    designs which are emblematic of such territory are minted pursuant 
    to this subsection, this subsection shall cease to apply with 
    respect to such territory.''.

                 TITLE II--BULLION INVESTMENT PRODUCTS

    SEC. 201. SILVER BULLION COIN.
    Section 5112 of title 31, United States Code, is amended by 
inserting after subsection (t) (as added by title I of this Act) the 
following new subsection:
    ``(u) Silver Bullion Investment Product.--
        ``(1) In general.--The Secretary shall strike and make 
    available for sale such number of bullion coins as the Secretary 
    determines to be appropriate that are exact duplicates of the 
    quarter dollars issued under subsection (t), each of which shall--
            ``(A) have a diameter of 3.0 inches and weigh 5.0 ounces;
            ``(B) contain .999 fine silver;
            ``(C) have incused into the edge the fineness and weight of 
        the bullion coin;
            ``(D) bear an inscription of the denomination of such coin, 
        which shall be `quarter dollar'; and
            ``(E) not be minted or issued by the United States Mint as 
        so-called `fractional' bullion coins or in any size other than 
        the size described in paragraph (A).
        ``(2) Availability for sale.--Bullion coins minted under 
    paragraph (1)--
            ``(A) shall become available for sale no sooner than the 
        first day of the calendar year in which the circulating quarter 
        dollar of which such bullion coin is a duplicate is issued; and
            ``(B) may only be available for sale during the year in 
        which such circulating quarter dollar is issued.
        ``(3) Distribution.--
            ``(A) In general.--In addition to the authorized dealers 
        utilized by the Secretary in distributing bullion coins and 
        solely for purposes of distributing bullion coins issued under 
        this subsection, the Director of the National Park Service, or 
        the designee of the Director, may purchase numismatic items 
        issued under this subsection, but only in units of no fewer 
        than 1,000 at a time, and the Director, or the Director's 
        designee, may resell or repackage such numismatic items as the 
        Director determines to be appropriate.
            ``(B) Resale.--The Director of the National Park Service, 
        or the designee of the Director, may resell, at cost and 
        without repackaging, numismatic items acquired by the Director 
        or such designee under subparagraph (A) to any party affiliated 
        with any national site honored by a quarter dollar under 
        subsection (t) for repackaging and resale by such party in the 
        same manner and to the same extent as such party would be 
        authorized to engage in such activities under subparagraph (A) 
        if the party were acting as the designee of the Director under 
        such subparagraph.''.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
America's Beautiful National Parks Quarter Dollar Coin Act of 2008 - Requires quarter dollars, issued beginning in 2010, to have designs on the reverse emblematic of one national site in each state, territory of the United States, and the District of Columbia.

Instructs the Secretary of the Treasury to select in each state a national park or other national site to be honored with a coin. Requires five coin designs in each year of the period of issuance.

Instructs the Secretary to strike and make available for sale silver bullion coins that are exact duplicates of such quarter dollars.

Authorizes the Director of the National Park Service to purchase for resale or distribution numismatic items issued under this Act.
To provide for a program for circulating quarter dollar coins that are emblematic of a national park or other national site in each State, the District of Columbia, and each territory of the United States, and for other purposes.