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[House Report 110-748]
[From the U.S. Government Publishing Office]

110th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES
 2d Session                                                     110-748

======================================================================

 
   AMERICA'S BEAUTIFUL NATIONAL PARKS QUARTER DOLLAR COIN ACT OF 2008

                                _______
                                

  July 8, 2008.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                                _______
                                

 Mr. Frank of Massachusetts, from the Committee on Financial Services, 
                        submitted the following

                              R E P O R T

                        [To accompany H.R. 6184]

      [Including cost estimate of the Congressional Budget Office]

    The Committee on Financial Services, to whom was referred 
the bill (H.R. 6184) 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, having considered the same, report favorably thereon 
without amendment and recommend that the bill do pass.

                                CONTENTS

                                                                   Page
Purpose and Summary..............................................     2
Background and Need for Legislation..............................     2
Hearings.........................................................     3
Committee Consideration..........................................     3
Committee Votes..................................................     3
Committee Oversight Findings.....................................     4
Performance Goals and Objectives.................................     4
New Budget Authority, Entitlement Authority, and Tax Expenditures     4
Committee Cost Estimate..........................................     4
Congressional Budget Office Estimate.............................     4
Federal Mandates Statement.......................................     7
Advisory Committee Statement.....................................     8
Constitutional Authority Statement...............................     8
Applicability to Legislative Branch..............................     8
Earmark Identification...........................................     8
Section-by-Section Analysis of the Legislation...................     8
Changes in Existing Law Made by the Bill, as Reported............     9

                          Purpose and Summary

    The ``America's Beautiful National Parks Quarter Dollar 
Coin Act of 2008'' intends to create a beautiful, educational 
and logical successor to the 50-State quarter program that ends 
in 2008, and to its one-year successor program that honors the 
District of Columbia and the five territories on the reverse of 
the quarter in 2009. Beginning in 2009, quarters issued would 
bear designs honoring one national park in each of the 50 
States plus the District of Columbia and the territories, with 
five designs issued a year in the order the sites were 
designated as national sites. In addition, a unique investment-
grade silver bullion coin would be available for sale through 
the normal investor network but also available for bulk 
purchase by a designee of the National Park Service so that the 
investment coins could be sold as mementos at various national 
sites including those chosen to be represented on circulating 
quarter dollars. The investment grade coins would be three 
inches in diameter, contain five ounces of .999 fine silver and 
bear exact replicas of the quarter dollar designs, issued only 
in the year when the comparable circulating quarter was issued.

                  Background and Need for Legislation

    H.R. 6184 was introduced June 4, 2008, by Mr. Castle, for 
himself, Mrs. Maloney and Mr. Gutierrez. The bill seeks to 
build on the success of the widely popular 50-State quarter 
program, which will end this year, followed by a one-year 
program during which the United States Mint will issue quarter-
dollars with reverses honoring the District of Columbia and the 
five territories.
    H.R. 6184 would replace the images representing the various 
States on the reverse of the quarter with images of America's 
national parks. Taking the structure of the State quarter 
program, it calls for five different designs a year, with the 
coins issued in the order in which the national park was 
designated either by the President or by Congress. All 50 
states, plus the District of Columbia and the territories, 
would be honored, and after the first round of 56 quarters the 
Treasury Secretary could opt to do a second 56 coins, honoring 
a second national site in each state or territory.
    To allow the proper ordering of the 56 designs, the 
legislation requires the Treasury Secretary, in consultation 
with the Secretary of the Interior, the chief executive of each 
state or territory, and other appropriate Federal officials, to 
choose the complete list within 270 days of enactment. It 
allows for the selection of a national site other than a 
national park in the event that a national seashore, or a 
national monument or similar site is more significant to a 
particular state and its residents, and to the country, than a 
national park in that state. Coin reverse designs would be 
chosen by the Treasury Secretary in a manner similar to the 
method for choosing the State quarter designs. At the end of 
the program--after either the first 56 or a second 56 coins--
the reverse design would become a depiction of General 
Washington crossing the Delaware River prior to the Battle of 
Trenton.
    Additionally, the bill creates an unusual investment-grade 
silver coin that would be three inches in diameter and be made 
of five ounces of .999 fine silver, and be issued bearing exact 
duplicates of the quarters. The bullion investment-grade coins 
would be issued and for sale only during the year in which the 
equivalent quarter design is issued. The coins are expected to 
have appeal to investors as a hedge against inflation, and be 
available for sale through the normal investment-coin network, 
but the bill also makes special arrangements for the National 
Park Service or its designee to buy the bullion coins in bulk 
and make them available for sale at the national parks or other 
national sites represented on the quarters as mementos.

                                Hearings

    No hearings were held on H.R. 6184 in the 110th Congress.

                        Committee Consideration

    The Committee on Financial Services met in open session on 
June 24, 2008, and ordered reported H.R. 6184, America's 
Beautiful National Parks Quarter Dollar Coin Act of 2008, to 
the House with a favorable recommendation by a record vote of 
58 yeas and 0 nays.

                            Committee Votes

    Clause 3(b) of rule XIII of the Rules of the House of 
Representatives requires the Committee to list the record votes 
on the motion to report legislation and amendments thereto. A 
motion by Mr. Frank to report the bill to the House with a 
favorable recommendation was agreed to by a record vote of 58 
yeas and 0 nays (Record vote no. FC-111). The names of Members 
voting for and against follow:

----------------------------------------------------------------------------------------------------------------
          Representative              Aye      Nay     Present     Representative       Aye      Nay     Present
----------------------------------------------------------------------------------------------------------------
Mr. Frank........................        X   .......  ........  Mr. Bachus.........        X   .......  ........
Mr. Kanjorski....................        X   .......  ........  Ms. Pryce (OH).....        X   .......  ........
Ms. Waters.......................        X   .......  ........  Mr. Castle.........        X   .......  ........
Mrs. Maloney.....................  ........  .......  ........  Mr. King (NY)......        X   .......  ........
Mr. Gutierrez....................        X   .......  ........  Mr. Royce..........  ........  .......  ........
Ms. Velazquez....................  ........  .......  ........  Mr. Lucas..........        X   .......  ........
Mr. Watt.........................        X   .......  ........  Mr. Paul...........  ........  .......  ........
Mr. Ackerman.....................  ........  .......  ........  Mr. LaTourette.....        X   .......  ........
Mr. Sherman......................        X   .......  ........  Mr. Manzullo.......        X   .......  ........
Mr. Meeks........................        X   .......  ........  Mr. Jones..........        X   .......  ........
Mr. Moore (KS)...................        X   .......  ........  Mrs. Biggert.......        X   .......  ........
Mr. Capuano......................  ........  .......  ........  Mr. Shays..........        X   .......  ........
Mr. Hinojosa.....................        X   .......  ........  Mr. Miller (CA)....        X   .......  ........
Mr. Clay.........................  ........  .......  ........  Mrs. Capito........        X   .......  ........
Mrs. McCarthy....................        X   .......  ........  Mr. Feeney.........        X   .......  ........
Mr. Baca.........................        X   .......  ........  Mr. Hensarling.....        X   .......  ........
Mr. Lynch........................        X   .......  ........  Mr. Garrett (NJ)...        X   .......  ........
Mr. Miller (NC)..................        X   .......  ........  Ms. Brown-Waite....        X   .......  ........
Mr. Scott........................        X   .......  ........  Mr. Barrett (SC)...        X   .......  ........
Mr. Green........................        X   .......  ........  Mr. Gerlach........        X   .......  ........
Mr. Cleaver......................        X   .......  ........  Mr. Pearce.........        X   .......  ........
Ms. Bean.........................        X   .......  ........  Mr. Neugebauer.....        X   .......  ........
Ms. Moore (WI)...................  ........  .......  ........  Mr. Price (GA).....        X   .......  ........
Mr. Davis (TN)...................        X   .......  ........  Mr. Davis (KY).....        X   .......  ........
Mr. Hodes........................        X   .......  ........  Mr. McHenry........        X   .......  ........
Mr. Ellison......................        X   .......  ........  Mr. Campbell.......        X   .......  ........
Mr. Klein........................        X   .......  ........  Mr. Putnam.........  ........  .......  ........
Mr. Mahoney (FL).................  ........  .......  ........  Mrs. Bachmann......        X   .......  ........
Mr. Wilson.......................        X   .......  ........  Mr. Roskam.........        X   .......  ........
Mr. Perlmutter...................        X   .......  ........  Mr. Marchant.......        X   .......  ........
Mr. Murphy.......................        X   .......  ........  Mr. McCotter.......  ........  .......  ........
Mr. Donnelly.....................        X   .......  ........  Mr. McCarthy.......        X   .......  ........
Mr. Foster.......................        X   .......  ........  Mr. Heller.........        X   .......  ........
Mr. Carson.......................        X   .......  ........
Ms. Speier.......................  ........  .......  ........
Mr. Cazayoux.....................        X   .......  ........
Mr. Childers.....................        X   .......  ........
----------------------------------------------------------------------------------------------------------------

                      Committee Oversight Findings

    Pursuant to clause 3(c)(1) of rule XIII of the Rules of the 
House of Representatives, the Committee has held hearings and 
made findings that are reflected in this report.

                    Performance Goals and Objectives

    Pursuant to clause 3(c)(4) of rule XIII of the Rules of the 
House of Representatives, the Committee establishes the 
following performance related goals and objectives for this 
legislation:
    The United States Mint will have succeeded at the rollout 
of this program if it has selected the 56 sites to be depicted 
on the first round of ``National Park'' quarters after having 
worked closely with the Interior Secretary, other Federal 
officials and the chief executives of the states and 
territories, in time to design the first five designs and put 
together a marketing program in time to issue the first of the 
new series of quarter dollars in January, 2010. Additionally, 
success will be evidenced by having developed a source of 
supply for the unique bullion coins, and a marketing program 
for them, so that they may be issued beginning in 2010 as well.

   New Budget Authority, Entitlement Authority, and Tax Expenditures

    In compliance with clause 3(c)(2) of rule XIII of the Rules 
of the House of Representatives, the Committee adopts as its 
own the estimate of new budget authority, entitlement 
authority, or tax expenditures or revenues contained in the 
cost estimate prepared by the Director of the Congressional 
Budget Office pursuant to section 402 of the Congressional 
Budget Act of 1974.

                        Committee Cost Estimate

    The Committee adopts as its own the cost estimate prepared 
by the Director of the Congressional Budget Office pursuant to 
section 402 of the Congressional Budget Act of 1974.

                  Congressional Budget Office Estimate

    Pursuant to clause 3(c)(3) of rule XIII of the Rules of the 
House of Representatives, the following is the cost estimate 
provided by the Congressional Budget Office pursuant to section 
402 of the Congressional Budget Act of 1974:
                                                      July 8, 2008.
Hon. Barney Frank,
Chairman, Committee on Financial Services,
House of Representatives, Washington, DC.
    Dear Mr. Chairman: The Congressional Budget Office has 
prepared the enclosed cost estimate for H.R. 6184, the 
America's Beautiful National Parks Quarter Dollar Coin Act of 
2008.
    If you wish further details on this estimate, we will be 
pleased to provide them. The CBO staff contact is Matthew 
Pickford.
            Sincerely,
                                                   Peter R. Orszag.
    Enclosure.

H.R. 6184--America's Beautiful National Parks Quarter Dollar Coin Act 
        of 2008

    Summary: H.R. 6184 would authorize the U.S. Mint to make 
changes to the design of the quarter-dollar coin to feature one 
national park or other national site in each state, the 
District of Columbia, and each territory beginning in 2010. In 
addition, the legislation would require production of a new 
silver bullion coin bearing the same design as the quarter 
dollar.
    CBO estimates that enacting this bill would reduce direct 
spending by $26 million over the 2010-2018 period. H.R. 6184 
contains no intergovernmental or private-sector mandates as 
defined in the Unfunded Mandates Reform Act (UMRA) and would 
not affect the budgets of state, local, or tribal governments.
    Estimated cost to the Federal Government: The estimated 
budgetary impact of H.R. 6184 is shown in the following table. 
The budgetary effects of this legislation fall within budget 
function 800 (general government).

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                  By fiscal year, in millions of dollars--
                                                   -----------------------------------------------------------------------------------------------------
                                                     2009    2010    2011    2012    2013    2014    2015    2016    2017    2018   2009-2013  2009-2018
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                               CHANGES IN DIRECT SPENDING

National Park Quarter Program:
    Estimated Budget Authority....................       0      -2      -3      -3      -3      -3      -3      -3      -3      -3       -11        -26
    Estimated Outlays.............................       0      -2      -3      -3      -3      -3      -3      -3      -3      -3       -11        -26
Net Proceeds from Sales of Silver Bullion Coin:
    Estimated Budget Authority....................       0       *       *       *       *       *       *       *       *       *         *          *
    Estimated Outlays.............................       0       *       *       *       *       *       *       *       *       *         *          *
Net Changes in Direct Spending Under H.R. 6184:
    Estimated Budget Authority....................       0      -2      -3      -3      -3      -3      -3      -3      -3      -3       -11        -26
    Estimated Outlays.............................       0      -2      -3      -3      -3      -3      -3      -3      -3      -3       -11       -26
--------------------------------------------------------------------------------------------------------------------------------------------------------
Note: * = savings of less than $500,000.

    In addition to the budgetary effects summarized in the 
table, by increasing the public's holding of coins, H.R. 6184 
also would provide the government with additional resources for 
financing the federal deficit. The seigniorage (or profit) from 
placing the additional coins in circulation--the difference 
between the face value of the coins and the cost of 
production--would reduce the amount the government needs to 
borrow from the public. CBO estimates that seigniorage 
resulting from the bill would amount to about $785 million over 
the 2010-2018 period. Under the principles established by the 
President's 1967 Commission on Budget Concepts, seigniorage 
does not directly affect the budget but is treated as a means 
of financing the deficit.
    Basis of estimate: H.R. 6184 would direct the Secretary of 
the Treasury to design and issue a series of quarters that 
feature one national park or other national site in each state, 
the District of Columbia, and each territory (for a total of 
56) over an 11-year period, beginning in 2010. During this 
period, designs for each national park or other national site 
in each state would replace the eagle design on the reverse 
side of the George Washington quarter that is scheduled to be 
used again in 2010 following the end of the state quarters 
series.
    The Mint would issue five quarters a year in the order that 
the national sites were established. The Secretary of the 
Treasury would select the sites within 270 days of enactment in 
consultation with the Secretary of the Interior, the governor 
or other chief executive of each state, territory, or the 
District of Columbia. The design selection would be made by the 
Secretary of the Treasury after consultation with the Secretary 
of the Interior and the Commission on Fine Arts. The Citizens 
Coinage Advisory Committee would review the designs. After the 
new National Parks Quarter Dollar Program ends, the quarter-
dollar reverse design would contain an image of Washington 
crossing the Delaware prior to the Battle of Trenton.
    The bill also would direct the Mint to produce a silver 
bullion coin bearing the same designs as the circulating 
quarter dollars that would only be available during the 
calendar year the circulating coin is issued. The 0.999 fine 
silver bullion coins would have a diameter of 3 inches and 
weigh 5 ounces. The distribution of the bullion coins would be 
made through authorized dealers or through the National Park 
Service or a designee.

                 NATIONAL PARKS QUARTER DOLLAR PROGRAM

    Beginning in 2010, H.R. 6184 would authorize the Mint to 
sell uncirculated and proof coins, both made of copper-nickel 
and silver. CBO expects that the Mint would sell a variety of 
proof and silver sets of the redesigned quarter dollar. Since 
those are commercial products, the receipts would constitute 
offsetting collections to the Mint. Based on information from 
the Mint and historical sales and profit information for the 50 
State Quarters Program, CBO estimates that those sales would 
increase offsetting collections to the Mint by about $30 
million annually, for a total of about $263 million over the 
2010-2018 period. Based on the cost of previous Mint sets, CBO 
estimates that the Mint would retain and spend about $27 
million annually of the increased offsetting collections to 
cover the costs of producing the coins, at a total cost of 
about $237 million over the 2010-2018 period. The Mint must 
transfer any excess funds it generates from sales to the 
general fund of the Treasury. CBO estimates that net receipts 
to the Treasury, therefore, would total about $3 million 
annually or $26 million over the 2010-2018 period.

                          SILVER BULLION COIN

    H.R. 6184 would direct the Mint to produce a quarter-dollar 
coin of 0.999 fine silver bullion for investors. The new silver 
bullion coin would be produced in the same sequence as the 
coins in the National Parks Quarter Dollar Program. Based on 
information from the Mint and the numismatic and investment 
community, CBO expects that sales of the silver bullion coins 
would be small. Thus, we estimate that the silver bullion coins 
would generate less than $500,000 a year in excess of 
production costs; that amount would be recorded in the budget 
as offsetting receipts.

                              SEIGNIORAGE

    In addition to the bill's effects on direct spending, by 
increasing the public's holding of quarters, H.R. 6184 also 
would result in the government's acquiring additional resources 
for financing the federal deficit in the form of seigniorage--
the difference between the face value of coins and the cost to 
produce them. The Mint's 50 State Quarters Program has been 
credited with generating renewed interest in holding more coins 
by collectors and the public. The production of quarters 
increased from about 1.5 billion over the 1989-1998 period to 
over 6 billion in fiscal year 2000 when the 50 State Quarters 
Program began. By fiscal year 2007, however, demand for 
quarters had fallen to about 2.7 billion quarters. The Mint 
estimates that the 50 State Quarters Program has generated 
about $3.5 billion of seigniorage since the program began in 
1999.
    CBO expects that enacting the bill would lead to a greater 
production of quarters, although not as many as the 50 State 
Quarters Program. The seigniorage, or profit, from placing the 
additional coins in circulation would reduce the amount of 
government borrowing from the public. Quarter-dollar production 
has averaged about 3.5 billion coins a year over the past nine 
years, and the seigniorage is about 15.2 cents per coin. 
However, over the past five years, quarter-dollar production 
has diminished to about 2.6 billion coins a year. Based on 
information from the Mint and the numisatic community, CBO 
expects that quarter-dollar production under the National Parks 
Quarter Dollar Program would be about 2 billion coins annually, 
or almost 600 million more quarter-dollar coins a year than 
would otherwise be produced. CBO estimates that seigniorage 
earned by the federal government would increase by about $785 
million over the 10-year period.
    Intergovernmental and private-sector impact: H.R. 6184 
contains no intergovernmental or private-sector mandates as 
defined in UMRA and would not affect the budgets of state, 
local, or tribal governments.
    Estimate prepared by: Federal Costs: Matthew Pickford; 
Impact on State, Local, and Tribal Governments: Elizabeth Cove; 
Impact on the Private Sector: Paige Piper/Bach.
    Estimate approved by: Peter H. Fontaine, Assistant Director 
for Budget Analysis.

                       Federal Mandates Statement

    The Committee adopts as its own the estimate of Federal 
mandates prepared by the Director of the Congressional Budget 
Office pursuant to section 423 of the Unfunded Mandates Reform 
Act.

                      Advisory Committee Statement

    No advisory committees within the meaning of section 5(b) 
of the Federal Advisory Committee Act were created by this 
legislation.

                   Constitutional Authority Statement

    Pursuant to clause 3(d)(1) of rule XIII of the Rules of the 
House of Representatives, the Committee finds that the 
Constitutional Authority of Congress to enact this legislation 
is provided by Article 1, section 8, clause 1 (relating to the 
general welfare of the United States) and clause 3 (relating to 
the power to regulate interstate commerce).

                  Applicability to Legislative Branch

    The Committee finds that the legislation does not relate to 
the terms and conditions of employment or access to public 
services or accommodations within the meaning of section 
102(b)(3) of the Congressional Accountability Act.

                         Earmark Identification

    H.R. 6184 does not contain any congressional earmarks, 
limited tax benefits, or limited tariff benefits as defined in 
clause 9 of rule XXI.

                Section-by-Section Analysis of H.R. 6184

Section 1. Short title

    This section establishes the short title of the bill, the 
``America's Beautiful National Parks Quarter Dollar Coin Act of 
2008.''

                 TITLE I--NATIONAL SITE QUARTER DOLLARS

Section 101--Findings

    Congress finds that: Yellowstone National Park became the 
nation's first national park in 1872; President Theodore 
Roosevelt is considered by many to be our ``Conservationist 
President''; that the National Park System now includes 391 
areas and about 84 million acres; and numerous other types of 
national sites have been placed 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.

Section 102--Issuance of quarter dollars emblematic of national parks 
        or other national sites, in each state, the District of 
        Columbia and each territory

    Directs that beginning in 2010, quarter dollars shall have 
designs on the reverse depicting one national site in each of 
the States, and in the District of Columbia and the 
territories. Five designs are to be issued each year in the 
order that the sites were recognized as national sites, 
determined after the Treasury Secretary working with the 
Interior Secretary (or other appropriate Federal officials and 
state governors), selects one site per State. National sites 
are defined as including national parks as well as any other 
nationally recognized site such as a national wildlife refuge. 
Allows for the issue of the coins in various numismatic forms, 
including solid silver versions, and allows for a complete 
second round of the quarters recognizing a second national site 
in each State, after proper notice to the committees of 
jurisdiction. Designs would be selected by the Treasury 
Secretary after appropriate consultations. Provides that the 
design on the reverse of the coin after the national parks 
quarter program is concluded will be a representation of 
General George Washington crossing the Delaware River before 
the Battle of Trenton.

                  TITLE II--BULLION INVESTMENT PRODUCT

Section 201--Silver bullion coin

    Provides for the minting and issuing of investment grade 
silver bullion coins that are three inches in diameter and made 
of 5 ounces of .999 fine silver. Such coins shall be exact 
duplicates of the quarter dollars and carry that denomination, 
and would be sold through the Mint's regular authorized dealer 
network for investment products and also made available for 
bulk purchase by the representative of the National Park 
Service Director, so that they may be sold as a memento at 
various national sites including those honored by the actual 
quarter-dollar coin reverse designs. The investment-grade coins 
could not be minted as so-called ``fractional'' coins and would 
only be available for purchase during the year in which the 
corresponding quarter dollar reverse design was available.

         Changes in Existing Law Made by the Bill, as Reported

  In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (new matter is 
printed in italic and existing law in which no change is 
proposed is shown in roman):

TITLE 31, UNITED STATES CODE

           *       *       *       *       *       *       *

Subtitle IV--MONEY

           *       *       *       *       *       *       *

CHAPTER 51--COINS AND CURRENCY

           *       *       *       *       *       *       *

SUBCHAPTER II--GENERAL AUTHORITY

           *       *       *       *       *       *       *

Sec. 5112. Denominations, specifications, and design of coins

  (a) * * *

           *       *       *       *       *       *       *

  (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.
  (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.

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