United States Mint Bicentennial Coin Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``United States Mint Bicentennial Coin 
Act''.

SEC. 2. COIN SPECIFICATIONS.

    (a) Five Dollar Gold Coins.--The Secretary of the Treasury 
(hereafter in this Act referred to as the ``Secretary'') shall mint and 
issue not more than 350,000 five dollar coins each of which shall weigh 
8.359 grams, have a diameter of .0850 inches, and shall contain 90 
percent gold and 10 percent alloy.
    (b) One Dollar Silver Coins.--The Secretary shall issue not more 
than 1,000,000 one dollar coins each of which shall weigh 26.73 grams, 
have a diameter of 1.5 inches, and be composed of 90 percent silver and 
10 percent copper.
    (c) Half Dollar Silver Coins.--The Secretary shall issue not more 
than 1,750,000 half dollar coins each of which shall weigh 12.50 grams, 
have a diameter of 1.205 inches, and be composed of 90 percent silver 
and 10 percent copper.

SEC. 3. SOURCES OF BULLION.

    (a) Gold.--The Secretary shall obtain gold for the coins minted 
under this Act pursuant to the authority of the Secretary under 
existing law.
    (b) Silver.--The Secretary shall obtain silver for the coins minted 
under this Act from stockpiles established under the Strategic and 
Critical Materials Stock Piling Act (50 U.S.C. 98 et seq.).

SEC. 4. DESIGN.

    (a) Design of Five Dollar Gold Coins.--The design of the five 
dollar coins shall portray Alexander Hamilton on the obverse. The 
reverse shall display the scene of the inspection of the first United 
States coins. On each coin authorized hereunder there shall be a 
designation of the value of the coin, and inscriptions of the words 
``United States of America'', ``E Pluribus Unum'', ``In God We Trust'' 
and ``Liberty''.
    (b) Design of One Dollar Silver Coins.--The obverse of the one 
dollar coins shall portray Thomas Jefferson, the first Secretary of 
State, and shall honor his 250th birthday. The reverse shall display 
the first coining press--United States Mint. On each coin authorized 
hereunder there shall be a designation of the value of the coin and 
inscriptions of the words ``United States of America'', ``E Pluribus 
Unum'', ``In God We Trust'' and ``Liberty''.
    (c) Design of the Half Dollar Silver Coins.--The design of the half 
dollar silver coins shall depict on the obverse David Rittenhouse, the 
first Director of the United States Mint. The reverse shall show the 
first mint building. On each coin authorized hereunder there shall be a 
designation of the value of the coin and inscriptions of the words 
``United States of America'', ``E Pluribus Unum'', ``In God We Trust'' 
and ``Liberty''.

SEC. 5. SALE OF COINS.

    (a) Sale Price.--Notwithstanding any other provision of law, the 
coins issued under this Act shall be sold by the Secretary at a price 
equal to the face value, plus the cost of designing and issuing such 
coins (including labor, materials, dies, use of machinery, overhead 
expenses, marketing and shipping).
    (b) Bulk Sales.--The Secretary shall make bulk sales at a 
reasonable discount.
    (c) Surcharge Required.--All sales shall include a surcharge of $30 
per coin for the five dollar coins, $7 per coin for the one dollar 
coins and $2 per coin for the half dollar coins.
    (d) Reports to Congress.--
            (1) Not later than 15 days after the last day of each 
        month, the Secretary shall transmit to the Committee on 
        Banking, Finance and Urban Affairs of the House of 
        Representatives and the Committee on Banking, Housing, and 
        Urban Affairs of the Senate.
            (2) Each report submitted pursuant to paragraph (1) shall 
        include a review of all marketing activities under this section 
        and a financial statement which details sources of funds, 
        surcharges generated, and expenses incurred for manufacturing, 
        materials, overhead, packaging, marketing and shipping.

SEC. 6. ISSUANCE OF THE COINS.

    (a) Period of Issuance.--The coins authorized under this Act shall 
be minted and available for issue no later than July 15, 1993, but 
shall be issued only during 1993.
    (b) Proof of Uncirculated Coins.--The coins authorized under this 
Act shall be issued in uncirculated and proof qualities.
    (c) Bureau of the Mint.--Not more than one facility of the Bureau 
of the Mint may be used to strike any particular combination of 
denomination and quality.

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 or 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 which are 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 National 
Numismatic Collection.
    (b) Use of Proceeds.--Amounts received under subsection (a) shall 
be used by the Executive Director of the National Numismatic Collection 
to establish--
            (1) an endowment fund for the purpose of purchasing needed 
        reference materials and numismatic items for the National 
        Numismatic Collection; and
            (2) an endowment fund to promote numismatic study, finance 
        symposia and travel and publicize the results of any 
        advancements; and
            (3) establish a fund to renovate the permanent and 
        temporary exhibit facilities of the National Numismatic 
        Collection.

SEC. 9. AUDITS.

    The Comptroller General of the United States shall have the right 
to examine such books, records, documents and other data of the 
organizing committee as may be related to the expenditure of amounts 
paid under section 208.

SEC. 10. FINANCIAL ASSURANCES.

    (a) No Net Cost.--The Secretary shall take such actions as may be 
necessary to ensure that the minting and issuance of the coins referred 
to in section 202 shall not result in any net cost to the Federal 
Government.
    (b) Payment Assurances.--No coin shall be issued under this Act 
unless the Secretary has received--
            (1) full payment for such 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, the deposits are 
        insured by the 20 Federal Deposit Insurance Corporations or the 
        National Credit Union Administration.

Summary: United States Mint Bicentennial Coin Act - Directs the Secretary of the Treasury to mint coins in commemoration of the 200th anniversary of the establishment of the United States Mint. Prescribes the designs for the ensuing five-dollar gold coins, one-dollar silver coins, and half-dollar silver coins. Restricts issuance of such coins to 1993. Mandates that all surcharges received from the sale of such coins be paid to the Smithsonian Institution for the National Numismatic Collection. Requires the Executive Director of the National Numismatic Collection to establish specified funds with the surcharge proceeds. Prescribes financial assurances.