To authorize the production of palladium bullion coins to provide affordable opportunities for investments in precious metals, and for other purposes.

SECTION 1. SHORT TITLE.
    This Act may be cited as the ``American Eagle Palladium Bullion 
Coin Act of 2010''.
SEC. 2. PALLADIUM COIN.
    Section 5112 of title 31, United States Code, is amended--
        (1) in subsection (a), by adding at the end the following new 
    paragraph;
        ``(12) A $25 coin of an appropriate size and thickness, as 
    determined by the Secretary, that weighs 1 troy ounce and contains 
    .9995 fine palladium.''; and
        (2) by adding at the end the following new subsection:
    ``(v) Palladium Bullion Investment Coins.--
        ``(1) In general.--Subject to the submission to the Secretary 
    and the Congress of a marketing study described in paragraph (8), 
    beginning not more than 1 year after the submission of the study to 
    the Secretary and the Congress, the Secretary shall mint and issue 
    the palladium coins described in paragraph (12) of subsection (a) 
    in such quantities as the Secretary may determine to be appropriate 
    to meet demand.
        ``(2) Source of bullion.--
            ``(A) In general.--The Secretary shall acquire bullion for 
        the palladium coins issued under this subsection by purchase of 
        palladium mined from natural deposits in the United States, or 
        in a territory or possession of the United States, within 1 
        year after the month in which the ore from which it is derived 
        was mined. If no such palladium is available or if it is not 
        economically feasible to obtain such palladium, the Secretary 
        may obtain palladium for the palladium coins described in 
        paragraph (12) of subsection (a) from other available sources.
            ``(B) Price of bullion.--The Secretary shall pay not more 
        than the average world price for the palladium under 
        subparagraph (A).
        ``(3) Sale of coins.--Each coin issued under this subsection 
    shall be sold for an amount the Secretary determines to be 
    appropriate, but not less than the sum of--
            ``(A) the market value of the bullion at the time of sale; 
        and
            ``(B) the cost of designing and issuing the coins, 
        including labor, materials, dies, use of machinery, overhead 
        expenses, marketing, distribution, and shipping.
        ``(4) Treatment.--For purposes of section 5134 and 5136, all 
    coins minted under this subsection shall be considered to be 
    numismatic items.
        ``(5) Quality.--The Secretary may issue the coins described in 
    paragraph (1) in both proof and uncirculated versions, except that, 
    should the Secretary determine that it is appropriate to issue 
    proof or uncirculated versions of such coin, the Secretary shall, 
    to the greatest extent possible, ensure that the surface treatment 
    of each year's proof or uncirculated version differs in some 
    material way from that of the preceding year.
        ``(6) Design.--Coins minted and issued under this subsection 
    shall bear designs on the obverse and reverse that are close 
    likenesses of the work of famed American coin designer and medallic 
    artist Adolph Alexander Weinman--
            ``(A) the obverse shall bear a high-relief likeness of the 
        `Winged Liberty' design used on the obverse of the so-called 
        `Mercury dime';
            ``(B) the reverse shall bear a high-relief version of the 
        reverse design of the 1907 American Institute of Architects 
        medal; and
            ``(C) the coin shall bear such other inscriptions, 
        including `Liberty', `In God We Trust', `United States of 
        America', the denomination and weight of the coin and the 
        fineness of the metal, as the Secretary determines to be 
        appropriate and in keeping with the original design.
        ``(7) Mint facility.--Any United States mint, other than the 
    United States Mint at West Point, New York, may be used to strike 
    coins minted under this subsection other than any proof version of 
    any such coin. If the Secretary determines that it is appropriate 
    to issue any proof version of such coin, coins of such version 
    shall be struck only at the United States Mint at West Point, New 
    York.
        ``(8) Marketing study defined.--The market study described in 
    paragraph (1) means an analysis of the market for palladium bullion 
    investments conducted by a reputable, independent third party that 
    demonstrates that there would be adequate demand for palladium 
    bullion coins produced by the United States Mint to ensure that 
    such coins could be minted and issued at no net cost to 
    taxpayers.''.
SEC. 3. BUDGETARY EFFECT.
    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the House Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

Summary: American Eagle Palladium Bullion Coin Act of 2010 - Authorizes the Secretary of the Treasury to mint and issue a $25 palladium bullion investment coin bearing designs that are close likenesses of the work of American coin designer and medallic artist Adolph Alexander Weinman. Requires the obverse to bear a high-relief likeness of the Winged Liberty design used on the obverse of the Mercury dime, and the reverse a high-relief version of the reverse design of the 1907 American Institute of Architects medal. Requires the coin also to bear other inscriptions, including Liberty, In God We Trust, and United States of America. Allows any US Mint other than the one at West Point, New York, to strike the coins, unless the Secretary of the Treasury decides to issue a proof version, which shall be struck only at West Point. Conditions the minting and issuance of palladium bullion coins upon submission to the Secretary and Congress of a marketing study by a reputable, independent third party: (1) analyzing the market for palladium bullion investments. And (2) demonstrating that there would be adequate demand for such coins to ensure that they could be minted and issued at no net cost to taxpayers.