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[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1047 Reported in Senate (RS)]

                                                       Calendar No. 190
109th CONGRESS
  1st Session
                                S. 1047

To require the Secretary of the Treasury to mint coins in commemoration 
      of each of the Nation's past Presidents and their spouses, 
 respectively, to improve circulation of the $1 coin, to create a new 
                 bullion coin, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                              May 17, 2005

     Mr. Sununu (for himself, Mr. Reid, Mrs. Dole, Mr. Harkin, Mr. 
Alexander, Mr. Durbin, Mr. Lugar, Mr. Ensign, Mr. Bunning, Mr. Baucus, 
Mr. Inouye, Mr. Bingaman, Mr. Lieberman, Ms. Cantwell, Ms. Collins, Ms. 
   Landrieu, Mr. Grassley, Mr. Cochran, Mr. Stevens, Mr. DeMint, Mr. 
 Chafee, Mr. Coburn, Mr. Dodd, Mr. Martinez, Mrs. Murray, Mr. Isakson, 
   Mr. Bayh, Mr. Carper, Mrs. Feinstein, Mr. Craig, Mr. Cornyn, Mrs. 
 Lincoln, Ms. Stabenow, Mr. Levin, Mr. Burns, Mr. Kohl, Mr. Lott, Mr. 
  Obama, Mr. Rockefeller, Ms. Mikulski, Mr. Bennett, Mr. Warner, Mr. 
Kennedy, Mr. Gregg, Mr. Feingold, Mr. McCain, Mr. Allen, Mr. Hagel, Mr. 
 Wyden, Mr. Byrd, Mr. Pryor, Mr. Burr, Mr. Chambliss, Mr. Conrad, Mr. 
 Corzine, Mr. Graham, Mr. Santorum, Ms. Snowe, Mr. DeWine, Mr. Smith, 
 Mr. Leahy, Mr. Talent, Mr. Coleman, Mr. Vitter, Mr. Reed, Mr. Dayton, 
Mr. Bond, Mr. Nelson of Nebraska, Mr. Salazar, Mr. Schumer, Mr. Crapo, 
and Mr. Biden) introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

                             July 29, 2005

               Reported by Mr. Shelby, without amendment

_______________________________________________________________________

                                 A BILL

 
To require the Secretary of the Treasury to mint coins in commemoration 
      of each of the Nation's past Presidents and their spouses, 
 respectively, to improve circulation of the $1 coin, to create a new 
                 bullion coin, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Presidential $1 Coin Act of 2005''.

                     TITLE I--PRESIDENTIAL $1 COINS

SEC. 101. FINDINGS.

    Congress finds the following:
            (1) There are sectors of the United States economy, 
        including public transportation, parking meters, vending 
        machines, and low-dollar value transactions, in which the use 
        of a $1 coin is both useful and desirable for keeping costs and 
        prices down.
            (2) For a variety of reasons, the new $1 coin introduced in 
        2000 has not been widely sought-after by the public, leading to 
        higher costs for merchants and thus higher prices for 
        consumers.
            (3) The success of the 50 States Commemorative Coin Program 
        (31 U.S.C. 5112(l)) for circulating quarter dollars shows that 
        a design on a United States circulating coin that is regularly 
        changed in a manner similar to the systematic change in designs 
        in such Program radically increases demand for the coin, 
        rapidly pulling it through the economy.
            (4) The 50 States Commemorative Coin Program also has been 
        an educational tool, teaching both Americans and visitors 
        something about each State for which a quarter has been issued.
            (5) A national survey and study by the Government 
        Accountability Office has indicated that many Americans who do 
        not seek, or who reject, the new $1 coin for use in commerce 
        would actively seek the coin if an attractive, educational 
        rotating design were to be struck on the coin.
            (6) The President is the leader of our tripartite 
        government and the President's spouse has often set the social 
        tone for the White House while spearheading and highlighting 
        important issues for the country.
            (7) Sacagawea, as currently represented on the new $1 coin, 
        is an important symbol of American history.
            (8) Many people cannot name all of the Presidents, and 
        fewer can name the spouses, nor can many people accurately 
        place each President in the proper time period of American 
        history.
            (9) First Spouses have not generally been recognized on 
        American coinage.
            (10) In order to revitalize the design of United States 
        coinage and return circulating coinage to its position as not 
        only a necessary means of exchange in commerce, but also as an 
        object of aesthetic beauty in its own right, it is appropriate 
        to move many of the mottos and emblems, the inscription of the 
        year, and the so-called ``mint marks'' that currently appear on 
        the 2 faces of each circulating coin to the edge of the coin, 
        which would allow larger and more dramatic artwork on the coins 
        reminiscent of the so-called ``Golden Age of Coinage'' in the 
        United States, at the beginning of the Twentieth Century, 
        initiated by President Theodore Roosevelt, with the assistance 
        of noted sculptors and medallic artists James Earle Fraser and 
        Augustus Saint-Gaudens.
            (11) Placing inscriptions on the edge of coins, known as 
        edge-incusing, is a hallmark of modern coinage and is common in 
        large-volume production of coinage elsewhere in the world, such 
        as the 2,700,000,000 2-Euro coins in circulation, but it has 
        not been done on a large scale in United States coinage in 
        recent years.
            (12) Although the Congress has authorized the Secretary of 
        the Treasury to issue gold coins with a purity of 99.99 
        percent, the Secretary has not done so.
            (13) Bullion coins are a valuable tool for the investor 
        and, in some cases, an important aspect of coin collecting.

SEC. 102. PRESIDENTIAL $1 COIN PROGRAM.

    Section 5112 of title 31, United States Code, is amended by adding 
at the end the following:
    ``(n) Redesign and Issuance of Circulating $1 Coins Honoring Each 
of the Presidents of the United States.--
            ``(1) Redesign beginning in 2007.--
                    ``(A) In general.--Notwithstanding subsection (d) 
                and in accordance with the provisions of this 
                subsection, $1 coins issued during the period beginning 
                January 1, 2007, and ending upon the termination of the 
                program under paragraph (8), shall--
                            ``(i) have designs on the obverse selected 
                        in accordance with paragraph (2)(B) which are 
                        emblematic of the Presidents of the United 
                        States; and
                            ``(ii) have a design on the reverse 
                        selected in accordance with paragraph (2)(A).
                    ``(B) Continuity provision.--Notwithstanding 
                subparagraph (A), the Secretary shall continue to mint 
                and issue $1 coins which bear any design in effect 
                before the issuance of coins as required under this 
                subsection (including the so-called `Sacagawea-design' 
                $1 coins).
            ``(2) Design requirements.--The $1 coins issued in 
        accordance with paragraph (1)(A) shall meet the following 
        design requirements:
                    ``(A) Coin reverse.--The design on the reverse 
                shall bear--
                            ``(i) a likeness of the Statue of Liberty 
                        extending to the rim of the coin and large 
                        enough to provide a dramatic representation of 
                        Liberty while not being large enough to create 
                        the impression of a `2-headed' coin;
                            ``(ii) the inscription `$1' ; and
                            ``(iii) the inscription `United States of 
                        America'.
                    ``(B) Coin obverse.--The design on the obverse 
                shall contain--
                            ``(i) the name and likeness of a President 
                        of the United States; and
                            ``(ii) basic information about the 
                        President, including--
                                    ``(I) the dates or years of the 
                                term of office of such President; and
                                    ``(II) a number indicating the 
                                order of the period of service in which 
                                the President served.
                    ``(C) Edge-incused inscriptions.--
                            ``(i) In general.--The inscription of the 
                        year of minting or issuance of the coin and the 
                        inscriptions `E Pluribus Unum' and `In God We 
                        Trust' shall be edge-incused into the coin.
                            ``(ii) Preservation of distinctive edge.--
                        The edge-incusing of the inscriptions under 
                        clause (i) on coins issued under this 
                        subsection shall be done in a manner that 
                        preserves the distinctive edge of the coin so 
                        that the denomination of the coin is readily 
                        discernible, including by individuals who are 
                        blind or visually impaired.
                    ``(D) Inscriptions of `liberty'.--Notwithstanding 
                the second sentence of subsection (d)(1), because the 
                use of a design bearing the likeness of the Statue of 
                Liberty on the reverse of the coins issued under this 
                subsection adequately conveys the concept of Liberty, 
                the inscription of `Liberty' shall not appear on the 
                coins.
                    ``(E) Limitation in series to deceased 
                presidents.--No coin issued under this subsection may 
                bear the image of a living former or current President, 
                or of any deceased former President during the 2-year 
                period following the date of the death of that 
                President.
            ``(3) Issuance of coins commemorating presidents.--
                    ``(A) Order of issuance.--The coins issued under 
                this subsection commemorating Presidents of the United 
                States shall be issued in the order of the period of 
                service of each President, beginning with President 
                George Washington.
                    ``(B) Treatment of period of service.--
                            ``(i) In general.--Subject to clause (ii), 
                        only 1 coin design shall be issued for a period 
                        of service for any President, no matter how 
                        many consecutive terms of office the President 
                        served.
                            ``(ii) Nonconsecutive terms.--If a 
                        President has served during 2 or more 
                        nonconsecutive periods of service, a coin shall 
                        be issued under this subsection for each such 
                        nonconsecutive period of service.
            ``(4) Issuance of coins commemorating 4 presidents during 
        each year of the period.--
                    ``(A) In general.--The designs for the $1 coins 
                issued during each year of the period referred to in 
                paragraph (1) shall be emblematic of 4 Presidents until 
                each President has been so honored, subject to 
                paragraph (2)(E).
                    ``(B) Number of 4 circulating coin designs in each 
                year.--The Secretary shall prescribe, on the basis of 
                such factors as the Secretary determines to be 
                appropriate, the number of $1 coins that shall be 
                issued with each of the designs selected for each year 
                of the period referred to in paragraph (1).
            ``(5) Legal tender.--The coins minted under this title 
        shall be legal tender, as provided in section 5103.
            ``(6) Treatment as numismatic items.--For purposes of 
        section 5134 and 5136, all coins minted under this subsection 
        shall be considered to be numismatic items.
            ``(7) Issuance of numismatic coins.--The Secretary may mint 
        and issue such number of $1 coins of each design selected under 
        this subsection in uncirculated and proof qualities as the 
        Secretary determines to be appropriate.
            ``(8) Termination of program.--The issuance of coins under 
        this subsection shall terminate when each President has been so 
        honored, subject to paragraph (2)(E), and may not be resumed 
        except by an Act of Congress.
            ``(9) Reversion to preceding design.--Upon the termination 
        of the issuance of coins under this subsection, the design of 
        all $1 coins shall revert to the so-called `Sacagawea-design' 
        $1 coins.''.

SEC. 103. FIRST SPOUSE BULLION COIN PROGRAM.

    Section 5112 of title 31, United States Code, as amended by section 
102, is amended by adding at the end the following:
    ``(o) First Spouse Bullion Coin Program.--
            ``(1) In general.--During the same period described in 
        subsection (n), the Secretary shall issue bullion coins under 
        this subsection that are emblematic of the spouse of each such 
        President.
            ``(2) Specifications.--The coins issued under this 
        subsection shall--
                    ``(A) have the same diameter as the $1 coins 
                described in subsection (n);
                    ``(B) weigh 0.5 ounce; and
                    ``(C) contain 99.99 percent pure gold.
            ``(3) Design requirements.--
                    ``(A) Coin obverse.--The design on the obverse of 
                each coin issued under this subsection shall contain--
                            ``(i) the name and likeness of a person who 
                        was a spouse of a President during the 
                        President's period of service;
                            ``(ii) an inscription of the years during 
                        which such person was the spouse of a President 
                        during the President's period of service; and
                            ``(iii) a number indicating the order of 
                        the period of service in which such President 
                        served.
                    ``(B) Coin reverse.--The design on the reverse of 
                each coin issued under this subsection shall bear--
                            ``(i) images emblematic of the life and 
                        work of the First Spouse whose image is borne 
                        on the obverse; and
                            ``(ii) the inscription `United States of 
                        America'.
                    ``(C) Designated denomination.--Each coin issued 
                under this subsection shall bear, on the reverse, an 
                inscription of the nominal denomination of the coin 
                which shall be `$10'.
                    ``(D) Design in case of no first spouse.--In the 
                case of any President who served without a spouse--
                            ``(i) the image on the obverse of the 
                        bullion coin corresponding to the $1 coin 
                        relating to such President shall be an image 
                        emblematic of the concept of `Liberty'--
                                    ``(I) as represented on a United 
                                States coin issued during the period of 
                                service of such President; or
                                    ``(II) as represented, in the case 
                                of President Chester Alan Arthur, by a 
                                design incorporating the name and 
                                likeness of Alice Paul, a leading 
                                strategist in the suffrage movement, 
                                who was instrumental in gaining women 
                                the right to vote upon the adoption of 
                                the 19th amendment and thus the ability 
                                to participate in the election of 
                                future Presidents, and who was born on 
                                January 11, 1885, during the term of 
                                President Arthur; and
                            ``(ii) the reverse of such bullion coin 
                        shall be of a design representative of themes 
                        of such President, except that in the case of 
                        the bullion coin referred to in clause (i)(II) 
                        the reverse of such coin shall be 
                        representative of the suffrage movement.
                    ``(E) Design and coin for each spouse.--A separate 
                coin shall be designed and issued under this section 
                for each person who was the spouse of a President 
                during any portion of a term of office of such 
                President.
                    ``(F) Inscriptions.--Each bullion coin issued under 
                this subsection shall bear the inscription of the year 
                of minting or issuance of the coin and such other 
                inscriptions as the Secretary may determine to be 
                appropriate.
            ``(4) Sale of bullion coins.--Each bullion coin issued 
        under this subsection shall be sold by the Secretary at a price 
        that is equal to or greater than the sum of--
                    ``(A) the face value of the coins; and
                    ``(B) the cost of designing and issuing the coins 
                (including labor, materials, dies, use of machinery, 
                overhead expenses, marketing, and shipping).
            ``(5) Issuance of coins commemorating first spouses.--
                    ``(A) In general.--The bullion coins issued under 
                this subsection with respect to any spouse of a 
                President shall be issued on the same schedule as the 
                $1 coin issued under subsection (n) with respect to 
                each such President.
                    ``(B) Maximum number of bullion coins for each 
                design.--The Secretary shall--
                            ``(i) prescribe, on the basis of such 
                        factors as the Secretary determines to be 
                        appropriate, the maximum number of bullion 
                        coins that shall be issued with each of the 
                        designs selected under this subsection; and
                            ``(ii) announce, before the issuance of the 
                        bullion coins of each such design, the maximum 
                        number of bullion coins of that design that 
                        will be issued.
                    ``(C) Termination of program.--No bullion coin may 
                be issued under this subsection after the termination, 
                in accordance with subsection (n)(8), of the $1 coin 
                program established under subsection (n).
            ``(6) Quality of coins.--The bullion coins minted under 
        this Act shall be issued in both proof and uncirculated 
        qualities.
            ``(7) Source of gold bullion.--
                    ``(A) In general.--The Secretary shall acquire gold 
                for the coins issued under this subsection by purchase 
                of gold 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.
                    ``(B) Price of gold.--The Secretary shall pay not 
                more than the average world price for the gold mined 
                under subparagraph (A).
            ``(8) Bronze medals.--The Secretary may strike and sell 
        bronze medals that bear the likeness of the bullion coins 
        authorized under this subsection, at a price, size, and weight, 
        and with such inscriptions, as the Secretary determines to be 
        appropriate.
            ``(9) Legal tender.--The coins minted under this title 
        shall be legal tender, as provided in section 5103.
            ``(10) Treatment as numismatic items.--For purposes of 
        section 5134 and 5136, all coins minted under this subsection 
        shall be considered to be numismatic items.''.

SEC. 104. REMOVAL OF BARRIERS TO CIRCULATION.

    Section 5112 of title 31, United States Code, as amended by 
sections 102 and 103, by adding at the end the following:
    ``(p) Removal of Barriers to Circulation of $1 Coin.--
            ``(1) Acceptance by agencies and instrumentalities.--
        Beginning January 1, 2006, all agencies and instrumentalities 
        of the United States, the United States Postal Service, all 
        nonappropriated fund instrumentalities established under title 
        10, United States Code, all transportation and transit systems 
        and entities that receive operational subsidies or any 
        disbursement of funds from the Federal Government, such as 
        funds from the Federal Highway Trust Fund, including the Mass 
        Transit Account, and all entities that operate any business, 
        including vending machines, on any premises owned by the United 
        States or under the control of any agency or instrumentality of 
        the United States, including the legislative and judicial 
        branches of the Federal Government, shall take such action as 
        may be appropriate to ensure that by the end of the 1-year 
        period beginning on such date--
                    ``(A) any business operations conducted by any such 
                agency, instrumentality, system, or entity that involve 
                coins or currency will be fully capable of accepting 
                and dispensing $1 coins in connection with such 
                operations; and
                    ``(B) prominently displays signs and notices 
                denoting such capability on the premises where coins or 
                currency are accepted or dispensed, including on each 
                vending machine.
            ``(2) Publicity.--The Director of the United States Mint, 
        shall work closely with consumer groups, media outlets, and 
        schools to ensure an adequate amount of news coverage, and 
        other means of increasing public awareness, of the inauguration 
        of the Presidential $1 Coin Program established in subsection 
        (n) to ensure that consumers know of the availability of the 
        coin.
            ``(3) Coordination.--The Board of Governors of the Federal 
        Reserve System and the Secretary shall take steps to ensure 
        that an adequate supply of $1 coins is available for commerce 
        and collectors at such places and in such quantities as are 
        appropriate by--
                    ``(A) consulting, to accurately gauge demand for 
                coins and to anticipate and eliminate obstacles to the 
                easy and efficient distribution and circulation of $1 
                coins as well as all other circulating coins, from time 
                to time but no less frequently than annually, with a 
                coin users group, which may include--
                            ``(i) representatives of merchants who 
                        would benefit from the increased usage of $1 
                        coins;
                            ``(ii) vending machine and other coin 
                        acceptor manufacturers;
                            ``(iii) vending machine owners and 
                        operators;
                            ``(iv) transit officials;
                            ``(v) municipal parking officials;
                            ``(vi) depository institutions;
                            ``(vii) coin and currency handlers;
                            ``(viii) armored-car operators;
                            ``(ix) car wash operators; and
                            ``(x) coin collectors and dealers;
                    ``(B) submitting an annual report to the Congress 
                containing--
                            ``(i) an assessment of the remaining 
                        obstacles to the efficient and timely 
                        circulation of coins, particularly $1 coins;
                            ``(ii) an assessment of the extent to which 
                        the goals of subparagraph (C) are being met; 
                        and
                            ``(iii) such recommendations for 
                        legislative action the Board and the Secretary 
                        may determine to be appropriate;
                    ``(C) consulting with industry representatives to 
                encourage operators of vending machines and other 
                automated coin-accepting devices in the United States 
                to accept coins issued under the Presidential $1 Coin 
                Program established under subsection (n) and any coins 
                bearing any design in effect before the issuance of 
                coins required under subsection (n) (including the so-
                called `Sacagawea-design' $1 coins), and to include 
                notices on the machines and devices of such 
                acceptability;
                    ``(D) ensuring that--
                            ``(i) during an introductory period, all 
                        institutions that want unmixed supplies of each 
                        newly-issued design of $1 coins minted under 
                        subsections (n) and (o) are able to obtain such 
                        unmixed supplies; and
                            ``(ii) circulating coins will be available 
                        for ordinary commerce in packaging of sizes and 
                        types appropriate for and useful to ordinary 
                        commerce, including rolled coins;
                    ``(E) working closely with any agency, 
                instrumentality, system, or entity referred to in 
                paragraph (1) to facilitate compliance with the 
                requirements of such paragraph; and
                    ``(F) identifying, analyzing, and overcoming 
                barriers to the robust circulation of $1 coins minted 
                under subsections (n) and (o), including the use of 
                demand prediction, improved methods of distribution and 
                circulation, and improved public education and 
                awareness campaigns.
            ``(4) Bullion dealers.--The Director of the United States 
        Mint shall take all steps necessary to ensure that a maximum 
        number of reputable, reliable, and responsible dealers are 
        qualified to offer for sale all bullion coins struck and issued 
        by the United States Mint.
            ``(5) Review of co-circulation.--At such time as the 
        Secretary determines to be appropriate, and after consultation 
        with the Board of Governors of the Federal Reserve System, the 
        Secretary shall notify the Congress of its assessment of issues 
        related to the co-circulation of any circulating $1 coin 
        bearing any design, other than the so-called `Sacagawea-design' 
        $1 coin, in effect before the issuance of coins required under 
        subsection (n), including the effect of co-circulation on the 
        acceptance and use of $1 coins, and make recommendations to the 
        Congress for improving the circulation of $1 coins.''.

SEC. 105. SENSE OF THE CONGRESS.

    It is the sense of the Congress that--
            (1) the enactment of this Act will serve to increase the 
        use of $1 coins generally, which will increase the circulation 
        of the so-called ``Sacagawea-design'' $1 coins that have been 
        and will continue to be minted and issued;
            (2) the continued minting and issuance of the so-called 
        ``Sacagawea-design'' $1 coins will serve as a lasting tribute 
        to the role of women and Native Americans in the history of the 
        United States;
            (3) the full circulation potential and cost-savings benefit 
        projections for the $1 coins are not likely to be achieved 
        unless the coins are delivered in ways useful to ordinary 
        commerce;
            (4) the coins issued in connection with this title should 
        not be introduced with an overly expensive taxpayer-funded 
        public relations campaign;
            (5) in order for the circulation of $1 coins to achieve 
        maximum potential--
                    (A) the coins should be as attractive as possible; 
                and
                    (B) the Director of the United States Mint should 
                take all reasonable steps to ensure that all $1 coins 
                minted and issued remain tarnish-free for as long as 
                possible without incurring undue expense; and
            (6) if the Secretary of the Treasury determines to include 
        on any $1 coin minted under section 102 of this Act a mark 
        denoting the United States Mint facility at which the coin was 
        struck, such mark should be edge-incused.

                  TITLE II--BUFFALO GOLD BULLION COINS

SEC. 201. GOLD BULLION COINS.

    Section 5112 of title 31, United States Code, is amended--
            (1) in subsection (a), by adding at the end the following:
            ``(11) A $20 gold coin that is of an appropriate size and 
        thickness, as determined by the Secretary, weighs 1 ounce, and 
        contains 99.99 percent pure gold.''; and
            (2) by adding at the end, the following:
    ``(q) Gold Bullion Coins.--
            ``(1) In general.--Not later than 6 months after the date 
        of enactment of the Presidential $1 Coin Act of 2005, the 
        Secretary shall commence striking and issuing for sale such 
        number of $20 gold bullion coins as the Secretary may determine 
        to be appropriate, not to exceed 500,000 in any year.
            ``(2) Initial design.--
                    ``(A) In general.--Except as provided under 
                subparagraph (B), the obverse and reverse of the gold 
                bullion coins struck under this subsection during the 
                first year of issuance shall bear the original designs 
                by James Earle Fraser, which appear on the 5-cent coin 
                commonly referred to as the `Buffalo nickel' or the 
                `1913 Type 1'.
                    ``(B) Variations.--The coins referred to in 
                subparagraph (A) shall--
                            ``(i) have inscriptions of the weight of 
                        the coin and the nominal denomination of the 
                        coin incused in that portion of the design on 
                        the reverse of the coin commonly known as the 
                        `grassy mound'; and
                            ``(ii) bear such other inscriptions as the 
                        Secretary determines to be appropriate.
            ``(3) Subsequent designs.--After the 1-year period 
        described to in paragraph (2), the Secretary may--
                    ``(A) after consulting with the Commission of Fine 
                Arts, and subject to the review of the Citizens Coinage 
                Advisory Committee, change the design on the obverse or 
                reverse of gold bullion coins struck under this 
                subsection; and
                    ``(B) change the maximum number of coins issued in 
                any year.
            ``(4) Source of gold bullion.--
                    ``(A) In general.--The Secretary shall acquire gold 
                for the coins issued under this subsection by purchase 
                of gold 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.
                    ``(B) Price of gold.--The Secretary shall pay not 
                more than the average world price for the gold mined 
                under subparagraph (A).
            ``(5) Sale of coins.--Each gold bullion 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 face value of the coins; and
                    ``(B) the cost of designing and issuing the coins, 
                including labor, materials, dies, use of machinery, 
                overhead expenses, marketing, and shipping.
            ``(6) Legal tender.--The coins minted under this title 
        shall be legal tender, as provided in section 5103.
            ``(7) Treatment as numismatic items.--For purposes of 
        section 5134 and 5136, all coins minted under this subsection 
        shall be considered to be numismatic items.''.

      TITLE III--ABRAHAM LINCOLN BICENTENNIAL 1-CENT COIN REDESIGN

SEC. 301. FINDINGS.

    Congress finds the following:
            (1) Abraham Lincoln, the 16th President, was one of the 
        Nation's greatest leaders, demonstrating true courage during 
        the Civil War, one of the greatest crises in the Nation's 
        history.
            (2) Born of humble roots in Hardin County (present-day 
        LaRue County), Kentucky, on February 12, 1809, Abraham Lincoln 
        rose to the Presidency through a combination of honesty, 
        integrity, intelligence, and commitment to the United States.
            (3) With the belief that all men are created equal, Abraham 
        Lincoln led the effort to free all slaves in the United States.
            (4) Abraham Lincoln had a generous heart, with malice 
        toward none, and with charity for all.
            (5) Abraham Lincoln gave the ultimate sacrifice for the 
        country he loved, dying from an assassin's bullet on April 15, 
        1865.
            (6) All Americans could benefit from studying the life of 
        Abraham Lincoln, for Lincoln's life is a model for 
        accomplishing the ``American dream'' through honesty, 
        integrity, loyalty, and a lifetime of education.
            (7) The year 2009 will be the bicentennial anniversary of 
        the birth of Abraham Lincoln.
            (8) Abraham Lincoln was born in Kentucky, grew to adulthood 
        in Indiana, achieved fame in Illinois, and led the nation in 
        Washington, D.C.
            (9) The so-called ``Lincoln cent'' was introduced in 1909 
        on the 100th anniversary of Lincoln's birth, making the obverse 
        design the most enduring on the nation's coinage.
            (10) President Theodore Roosevelt was so impressed by the 
        talent of Victor David Brenner that the sculptor was chosen to 
        design the likeness of President Lincoln for the coin, adapting 
        a design from a plaque Brenner had prepared earlier.
            (11) In the nearly 100 years of production of the ``Lincoln 
        cent'', there have been only 2 designs on the reverse: the 
        original, featuring 2 wheat-heads in memorial style enclosing 
        mottoes, and the current representation of the Lincoln Memorial 
        in Washington, D.C.
            (12) On the occasion of the bicentennial of President 
        Lincoln's birth and the 100th anniversary of the production of 
        the Lincoln cent, it is entirely fitting to issue a series of 
        1-cent coins with designs on the reverse that are emblematic of 
        the 4 major periods of President Lincoln's life.

SEC. 302. REDESIGN OF LINCOLN CENT FOR 2009.

    (a) In General.--During the year 2009, the Secretary of the 
Treasury shall issue 1-cent coins in accordance with the following 
design specifications:
            (1) Obverse.--The obverse of the 1-cent coin shall continue 
        to bear the Victor David Brenner likeness of President Abraham 
        Lincoln.
            (2) Reverse.--The reverse of the coins shall bear 4 
        different designs each representing a different aspect of the 
        life of Abraham Lincoln, such as--
                    (A) his birth and early childhood in Kentucky;
                    (B) his formative years in Indiana;
                    (C) his professional life in Illinois; and
                    (D) his presidency, in Washington, D.C.
    (b) Issuance of Redesigned Lincoln Cents in 2009.--
            (1) Order.--The 1-cent coins to which this section applies 
        shall be issued with 1 of the 4 designs referred to in 
        subsection (a)(2) beginning at the start of each calendar 
        quarter of 2009.
            (2) Number.--The Secretary shall prescribe, on the basis of 
        such factors as the Secretary determines to be appropriate, the 
        number of 1-cent coins that shall be issued with each of the 
        designs selected for each calendar quarter of 2009.
    (c) Design Selection.--The designs for the coins specified in this 
section shall be chosen by the Secretary--
            (1) after consultation with the Abraham Lincoln 
        Bicentennial Commission and the Commission of Fine Arts; and
            (2) after review by the Citizens Coinage Advisory 
        Committee.

SEC. 303. REDESIGN OF REVERSE OF 1-CENT COINS AFTER 2009.

    The design on the reverse of the 1-cent coins issued after December 
31, 2009, shall bear an image emblematic of President Lincoln's 
preservation of the United States of America as a single and united 
country.

SEC. 304. NUMISMATIC PENNIES WITH THE SAME METALLIC CONTENT AS THE 1909 
              PENNY.

    The Secretary of the Treasury shall issue 1-cent coins in 2009 with 
the exact metallic content as the 1-cent coin contained in 1909 in such 
number as the Secretary determines to be appropriate for numismatic 
purposes

SEC. 305. SENSE OF THE CONGRESS.

    It is the sense of the Congress that the original Victor David 
Brenner design for the 1-cent coin was a dramatic departure from 
previous American coinage that should be reproduced, using the original 
form and relief of the likeness of Abraham Lincoln, on the 1-cent coins 
issued in 2009.
                                                       Calendar No. 190

109th CONGRESS

  1st Session

                                S. 1047

_______________________________________________________________________

                                 A BILL

To require the Secretary of the Treasury to mint coins in commemoration 
      of each of the Nation's past Presidents and their spouses, 
 respectively, to improve circulation of the $1 coin, to create a new 
                 bullion coin, and for other purposes.

_______________________________________________________________________

                             July 29, 2005

                       Reported without amendment
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