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. ISSUANCE OF REDESIGNED QUARTER DOLLARS EMBLEMATIC OF NATIONAL 
              PARKS OR OTHER NATIONAL SITES.

    Section 5112 of title 31, United States Code, is amended--
            (1) by redesignating subsection (r) (as added by section 
        622 of the Financial Services and General Government 
        Appropriations Act, 2008 (Public Law 110-161; 121 Stat. 2016)) 
        as subsection (s); and
            (2) by adding at the end the following:
    ``(t) Redesign and Issuance of Quarter Dollars Emblematic of 
National Sites.--
            ``(1) Redesign beginning upon completion of prior 
        program.--
                    ``(A) Definition of state.--For purposes of this 
                subsection, the term `State' means each of the several 
                States of the United States, the District of Columbia, 
                the Commonwealth of Puerto Rico, Guam, American Samoa, 
                the Commonwealth of the Northern Mariana Islands, and 
                the United States Virgin Islands.
                    ``(B) Redesign.--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.
                    ``(C) 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.
            ``(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.--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 
                governor or other chief executive of each State with 
                respect to which a coin is to be issued under this 
                subsection so that the national site chosen for each 
                State shall be the most appropriate in terms of natural 
                or historic significance.
                    ``(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 head of the agency having 
                                jurisdiction over the site selected in 
                                accordance with subparagraph (A); 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) Yellowstone national park.--Since 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, Yellowstone National Park 
                shall be--
                            ``(i) depicted on the first quarter dollar 
                        issued; and
                            ``(ii) designated to the State of Wyoming.
                    ``(B) Order of issuance.--Subject to subparagraph 
                (A), the quarter dollar coins issued under this 
                subsection bearing designs of national sites shall be 
                issued in reverse alphabetical order of each State.
                    ``(C) Rate of issuance.--The quarter dollar coins 
                bearing designs of national sites under this subsection 
                shall be issued at the rate of--
                            ``(i) 5 new designs during each of the 
                        first 10 years of either--
                                    ``(I) the original period of 
                                issuance under this subsection; or
                                    ``(II) the second round period of 
                                issuance described in paragraph (7)(B); 
                                and
                            ``(ii) 6 new designs during the 11th year 
                        of either--
                                    ``(I) the original period of 
                                issuance under this subsection; or
                                    ``(II) the second round period of 
                                issuance described in paragraph (7)(B).
                    ``(D) Number of each of the 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--
                    ``(A) on 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;
                    ``(B) notwithstanding the fourth sentence of 
                subsection (d)(1), on the reverse of the quarter dollar 
                shall contain an image of General Washington crossing 
                the Delaware River prior to the Battle of Trenton; and
                    ``(C) described in paragraph (1)(B) shall apply 
                with regard to the placement of inscriptions.
            ``(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 section 101 of this Act) 
the following:
    ``(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 bear the likeness 
        of the quarter dollars issued under subsection (t), each of 
        which shall--
                    ``(A) have a diameter of 3.0 inches and weigh 8.0 
                ounces;
                    ``(B) contain .999 fine silver;
                    ``(C) bear the inscriptions of 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.''.

                       TITLE III--ADMINISTRATION

SEC. 301. NO NET COST TO THE FEDERAL GOVERNMENT.

    The Secretary of the Treasury shall take such actions as are 
necessary to ensure that minting and issuing coins under this Act and 
the amendments made by this Act will not result in any net cost to the 
Federal Government.
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, the District of Columbia, and specified U.S. territories.

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 Yellowstone National Park, since it was established on March 1, 1872, as the nation's first national park, to be depicted on the first quarter dollar issued and to be designated to the state of Wyoming. Requires: (1) 5 coin designs in each of the first 10 years of either the original period of issuance or the second period of issuance; and (2) 6 coin designs in the 11th year of either the original period of issuance or the second 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.

Requires the Secretary to take such actions as are necessary to ensure that minting and issuing coins under this Act will not result in any net cost to the federal government.
A bill 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 certain territories and insular areas of the United States, and for other purposes.