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[108th Congress Public Law 464]
[From the U.S. Government Printing Office]

<DOC>
[DOCID: f:publ464.108]

[[Page 3877]]

                BENJAMIN FRANKLIN COMMEMORATIVE COIN ACT

[[Page 118 STAT. 3878]]

Public Law 108-464
108th Congress

                                 An Act

 
To require the Secretary of the Treasury to mint coins in commemoration 
  of the tercentenary of the birth of Benjamin Franklin, and for other 
            purposes. <<NOTE: Dec. 21, 2004 -  [H.R. 3204]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Benjamin 
Franklin Commemorative Coin Act. 31 USC 5112 note.>> 

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Benjamin Franklin Commemorative Coin 
Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) Benjamin Franklin made historic contributions to the 
        development of our Nation in a number of fields: government, 
        business, science, communications, and the arts.
            (2) Benjamin Franklin was the only Founding Father to sign 
        all of our Nation's organizational documents.
            (3) Benjamin Franklin spent his career as a successful 
        printer, which included printing the official currency for the 
        colonies of Pennsylvania, Delaware, New Jersey and Maryland.
            (4) Franklin's ``Essay on Paper Currency'' of 1741 proposed 
        methods to fix the rate of exchange between the colonies and 
        Great Britain.
            (5) Benjamin Franklin, during the American Revolution, 
        designed the first American coin, the ``Continental'' penny.
            (6) Franklin made ``A Penny Saved is A Penny Earned'' a 
        household phrase to describe the American virtues of hard work 
        and economical living.
            (7) Franklin played a major role in the design of the Great 
        Seal of the United States, which appears on the One Dollar Bill 
        and other major American symbols.
            (8) Before 1979, Benjamin Franklin was the only non-
        president of the United States whose image graced circulating 
        coin and paper currency.
            (9) The official United States half dollar from 1948-1963 
        showed Franklin's portrait, as designed by John Sinnock.
            (10) Franklin's ``Way to Wealth'' has come to symbolize 
        America's commitment to free enterprise.
            (11) The Franklin Institute Science Museum in Philadelphia 
        houses the first steam printing machine for coinage, used by the 
        United States Mint, which was placed in service in 1836, the 
        130th anniversary year of Franklin's birth.
            (12) In 1976, Franklin Hall in The Franklin Institute 
        Science Museum in Philadelphia was named the Official National 
        Monument to the great patriot, scientist and inventor.

[[Page 118 STAT. 3879]]

            (13) The Franklin Institute and four other major Franklin-
        related Philadelphia cultural institutions joined hands in 2000 
        to organize international programs to commemorate the 
        forthcoming 300th anniversary of Franklin's birth in 2006.
            (14) The Congress passed the Benjamin Franklin Tercentenary 
        Act in 2002, creating a panel of distinguished Americans, with 
        its Secretariat in Philadelphia, to work with the private sector 
        in recommending appropriate Tercentenary programs.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denominations.--The Secretary of the Treasury (hereinafter in 
this Act referred to as the ``Secretary'') shall mint and issue the 
following coins:
            (1) $1 silver coins with younger franklin image on 
        obverse.--Not more than 250,000 $1 coins bearing the designs 
        specified in section 4(a)(2), each of which shall--
                    (A) weigh 26.73 grams;
                    (B) have a diameter of 1.500 inches; and
                    (C) contain 90 percent silver and 10 percent copper.
            (2) $1 silver coins with older franklin image on obverse.--
        Not more than 250,000 $1 coins bearing the designs specified in 
        section 4(a)(3), each of which shall--
                    (A) weigh 26.73 grams;
                    (B) have a diameter of 1.500 inches; and
                    (C) contain 90 percent silver and 10 percent copper.

    (b) Legal Tender.--The coins minted under this Act shall be legal 
tender, as provided in section 5103 of title 31, United States Code.
    (c) Numismatic Items.--For purposes of section 5136 of title 31, 
United States Code, all coins minted under this Act shall be considered 
to be numismatic items.
    (d) Use of the United States Mint at Philadelphia, Pennsylvania.--It 
is the sense of the Congress that the coins minted under this Act should 
be struck at the United States Mint at Philadelphia, Pennsylvania, to 
the greatest extent possible.

SEC. 4. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of the life and legacy of Benjamin 
        Franklin.
            (2) $1 coins with younger franklin image.--
                    (A) Obverse.--The obverse of the coins minted under 
                section 3(a)(1) shall bear the image of Benjamin 
                Franklin as a young man.
                    (B) Reverse.--The reverse of the coins minted under 
                section 3(a)(1) shall bear an image related to Benjamin 
                Franklin's role as a patriot and a statesman.
            (3) $1 coins with older franklin image.--
                    (A) Obverse.--The obverse of the coins minted under 
                section 3(a)(2) shall bear the image of Benjamin 
                Franklin as an older man.
                    (B) Reverse.--The reverse of the coins minted under 
                section 3(a)(2) shall bear an image related to Benjamin 
                Franklin's role in developing the early coins and 
                currency of the new country.
            (4) Designation and inscriptions.--On each coin minted under 
        this Act there shall be--

[[Page 118 STAT. 3880]]

                    (A) a designation of the value of the coin;
                    (B) an inscription of the year ``2006''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''.

    (b) Selection.--The design for the coins minted under this Act shall 
be--
            (1) selected by the Secretary after consultation with the 
        Commission of Fine Arts; and
            (2) reviewed by the Citizens Coinage Advisory Committee 
        established under section 5135 of title 31, United States Code.

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act shall be issued 
in uncirculated and proof qualities.
    (b) Commencement of Issuance.--The Secretary may issue coins minted 
under this Act beginning January 1, 2006, except that the Secretary may 
initiate sales of such coins, without issuance, before such date.
    (c) Termination of Minting Authority.--No coins shall be minted 
under this Act after December 31, 2006.

SEC. 6. 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, and marketing).
    (b) Bulk Sales.--The Secretary shall make bulk sales of the coins 
issued under this Act at a reasonable discount.
    (c) Prepaid Orders at a Discount.--
            (1) In general.--The Secretary shall accept prepaid orders 
        for the coins minted under this Act before the issuance of such 
        coins.
            (2) Discount.--Sale prices with respect to prepaid orders 
        under paragraph (1) shall be at a reasonable discount.

    (d) Sales of Single Coins and Sets of Coins.--Coins of each design 
specified under section 4 may be sold separately or as a set containing 
a coin of each such design.

SEC. 7. SURCHARGES.

    (a) Surcharge Required.--All sales shall include a surcharge of $10 
per coin.
    (b) Distribution.--Subject to section 5134(f) of title 31, United 
States Code, 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 Franklin Institute for purposes of the Benjamin 
Franklin Tercentenary Commission.
    (c) Audits.--The Franklin Institute shall be subject to the audit 
requirements of section 5134(f)(2) of title 31, United States Code, with 
regard to the amounts received by the Institute pursuant to subsection 
(b).
    (d) Limitation.--Notwithstanding subsection (a), no surcharge may be 
included with respect to the issuance under this Act of any coin during 
a calendar year if, as of the time of such issuance, the issuance of 
such coin would result in the number of commemorative coin programs 
issued during such year to exceed the annual 2 commemorative coin 
program issuance limitation under section

[[Page 118 STAT. 3881]]

5112(m)(1) of title 31, United States Code (as in effect on the date of 
the enactment of this Act). The Secretary of the Treasury may issue 
guidance to carry out this subsection.

    Approved December 21, 2004.

LEGISLATIVE HISTORY--H.R. 3204:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD, Vol. 150 (2004):
            Nov. 17, considered and passed House.
            Dec. 7, considered and passed Senate.

                                  <all>
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