To reestablish the annual assay commission.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Annual Assay Commission Act''.

SEC. 2. FINDINGS.

    The Congress finds as follows:
            (1) It is in the national interest for the citizens of the 
        Nation, and those who purchase products of the United States 
        Mint, to know that gold, silver, and platinum coinage produced 
        by the several United States mints are of the proper size, 
        weight, and purity provided for by law.
            (2) From 1792 until 1977, an annual assay commission, as 
        first required by the Act entitled ``An Act establishing a 
        Mint, and regulating the Coins of the United States'' and 
        approved April 2, 1792, performed such functions, until such 
        time as there were no precious metal coins regularly being 
        produced by the United States mints.
            (3) Since 1977, the United States Mint has begun regular 
        production of bullion coinage comprised of .999 fine silver, 
        .9995 fine platinum, and gold of either .900 or .999 fine.
            (4) Since 1982, the United States Mint has produced 
        millions of gold and silver commemorative coins that have sold 
        to collectors and others on the primary market for more than 
        $1,000,000,000.
            (5) It is desirable to involve numismatists, and others, in 
        the process of marketing and merchandising of coins, of which 
        an annual assay is an important component part.
            (6) There is a marketing need for an annual ceremony to 
        attest that the coins produced by the several United States 
        mints are manufactured in conformity with their statutory 
        requirements, to publicize the same, and to involve the general 
        and numismatic public in the annual assay and its report.

SEC. 3. ANNUAL ASSAY REQUIRED.

    (a) In General.--To secure conformity in the composition and weight 
of the minor coinage of the United States, subsidiary denominations, 
dollar coins, and coins struck in silver, gold, platinum and other 
precious metals, an annual assay shall be held in the manner provided 
in subsection (b)(4) to test and examine, in the presence of the 
Director of the Mint, the fineness and weight of the coins reserved by 
the several mints for this purpose.
    (b) Assay Commission.--
            (1) Membership and appointment.--
                    (A) In general.--The annual assay required under 
                subsection (a) shall be conducted by an assay 
                commission consisting of such number of members as the 
                President may determine to be appropriate, not to 
                exceed 25, who shall be appointed by the President.
                    (B) Representation of numismatists.--At least \1/2\ 
                of the members of the assay commission shall be 
                appointed from among individuals who are, by reason of 
                education, training, or experience, amateur or 
                professional numismatists.
            (2) Terms.--Members of the assay commission shall--
                    (A) be appointed each year by the President to 
                serve for that year only; and
                    (B) not be eligible for re-appointment until a 
                period of not less than 5 years has passed since their 
                most recent appointment expired.
            (3) Service without compensation.--Members of the assay 
        commission shall serve without pay, except that such members 
        shall be entitled to receive, in accordance with section 5703 
        of title 5, United States Code, travel or transportation 
        expenses, or a per diem allowance in lieu of expenses, while 
        away from such member's home or place of business in connection 
        with such member's service on the assay commission.
            (4) Meetings of assay commission.--
                    (A) In general.--The assay commission shall meet on 
                the second Wednesday in February of each year, to carry 
                out the duties of the commission under this section.
                    (B) Location.--The meeting of the assay commission 
                shall be convened at any United States mint, or at the 
                United States Mint in Washington, D.C., as determined 
by the Director of the Mint.
                    (C) Continuation following adjournment.--The 
                meeting of the assay commission may continue following 
                adjournment if necessary.
                    (D) Other meetings.--If a majority of the members 
                of the assay commission fail to attend any meeting 
                scheduled pursuant to subparagraph (A), the Director of 
                the Mint shall call a meeting of the commissioners at 
                such other time as the Director determines to be 
                convenient.
            (5) Expenses of assay commission.--The expenses of the 
        assay commission which the Secretary determines are reasonable 
        and appropriate shall be paid by the Secretary from the United 
        States Mint Public Enterprise Fund under section 5136 of title 
        31, United States Code.
    (c) Selection and Transfer of Coins.--
            (1) In general.--In accordance with regulations prescribed 
        by the Secretary of the Treasury, each superintendent of a 
        United States mint shall select and transfer, without 
        examination and discrimination, specimens of coins in the 
        manner described in paragraphs (2) and (3) for assay at trial 
        to the Office of the Director of the Mint in Washington, D.C.
            (2) Certain circulating coins.--For each issue of 
        circulating coins, other than 1-cent and 5-cent coins, by any 
        United States mint, specimen coins for special assay and 
        testing shall be taken at random as follows:
                    (A) In the case of dollar coins, half dollar coins, 
                and quarter dollar coins, not less than 2 coins for 
                each 200,000 pieces or fraction thereof issued.
                    (B) In the case of dime coins, not less than 2 
                coins for each 400,000 pieces or fraction thereof 
                issued.
            (3) Other coins.--For each issue of coins not described in 
        subparagraph (A) by any United States mint, including bullion 
        coins and special numismatic coins, specimen coins for the 
        examination and testing shall be taken at random in such 
        quantities as the Secretary of the Treasury shall direct, but 
        not less than 10 coins of each quality of coin struck at each 
        facility of the United States Mint producing such coins.
            (4) Manner of selection and transfer.--The selection of 
        specimen coins under this subsection shall be made by a 
        superintendent of a United States mint under this section, or 
        by a representative designated by such superintendent, in the 
        presence of the assayer or person who performs such assay 
        function, or by a representative designated by the assayer or 
        other person, without testing and the coins so selected 
        selection shall be protected from attrition and enclosed in 
        envelopes which shall be sealed and labeled to show the place 
        of coinage, the date, number, and amount of delivery, and the 
        number and denomination of the pieces enclosed.
    (d) Procedure Following Examination and Testing.--
            (1) Standardized fineness and weight.--If it appears to the 
        assay commission, after examination and testing, that the coins 
        presented to the assay commission coins do not differ from the 
        standard fineness and weight by a greater quantity than is 
        permitted by such regulations as the Secretary of the Treasury 
        may from time to time prescribe, the trial by the assay 
        commission shall be considered and reported as satisfactory.
            (2) Deviation.--If, after the examination and testing 
        referred to in paragraph (1), it appears to the assay 
        commission that any coin differs from the standard fineness and 
        weight by a greater quantity than is permitted by the 
        regulations referred to in such paragraph, this fact shall be 
        certified to the Director of the Mint and the Secretary of the 
        Treasury, and the Secretary shall take such action as is 
        appropriate to rectify the cause.
    (e) Laboratory Tests of Additional Specimen Coins.--In addition to 
the specimen coins selected under other provisions of this subsection, 
specimen coins, as either proof or uncirculated pieces, may be 
forwarded promptly to the Director of the Mint for laboratory testing 
as to their conformity in composition and weight with the requirements 
of law.
    (f) Annual Report.--
            (1) Report required.--The Director of the Mint shall 
        prepare and publish an annual report containing the report of 
        the assay commission for such year and the results of 
        laboratory tests conducted pursuant to subsection (e).
            (2) Submission to the congress.--Each report prepared 
        pursuant to paragraph (1) shall be submitted to the Congress.

SEC. 4. PRODUCTION OF ASSAY COMMISSION MEDALS.

    The Director of the Mint may continue the practice of producing 
assay commission medals for the members of the assay commission, if 
bronze copies of such medals are made available for sale to the general 
public.

Summary: Annual Assay Commission Act - Sets forth procedural guidelines under which an assay commission appointed by the President shall conduct an annual assay to test and examine, in the presence of the Director of the Mint, the fineness and weight of coins reserved by the several mints, in order to secure conformity in the composition and weight of US coinage. Authorizes the Director to continue the practice of producing assay commission medals for assay commission members if bronze copies of such medals are made available for sale to the general public.