PUBLIC LAW 111–303—DEC. 14, 2010 124 STAT. 3275 

Public Law 111–303 

111th Congress 

An Act 

To authorize the production of palladium bullion coins to provide affordable opportunities for investments in precious metals, 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 ‘‘American Eagle Palladium Bullion Coin Act of 2010’’. 

SEC. 2. PALLADIUM COIN. 

Section 5112 of title 31, United States Code, is amended— 

(1) in subsection (a), by adding at the end the following 

new paragraph; 

‘‘(12) A $25 coin of an appropriate size and thickness, 

as determined by the Secretary, that weighs 1 troy ounce 

and contains .9995 fine palladium.’’; and 

(2) by adding at the end the following new subsection: 

‘‘(v) PALLADIUM BULLION INVESTMENT COINS.— 

‘‘(1) IN GENERAL.—Subject to the submission to the Secretary and the Congress of a marketing study described in 

paragraph (8), beginning not more than 1 year after the submission of the study to the Secretary and the Congress, the Secretary shall mint and issue the palladium coins described in 

paragraph (12) of subsection (a) in such quantities as the Secretary may determine to be appropriate to meet demand. 

‘‘(2) SOURCE OF BULLION.— 

‘‘(A) IN GENERAL.—The Secretary shall acquire bullion 

for the palladium coins issued under this subsection by 

purchase of palladium mined from natural deposits in the 

United States, or in a territory or possession of the United 

States, within 1 year after the month in which the ore 

from which it is derived was mined. If no such palladium 

is available or if it is not economically feasible to obtain 

such palladium, the Secretary may obtain palladium for 

the palladium coins described in paragraph (12) of subsection (a) from other available sources. 

‘‘(B) PRICE OF BULLION.—The Secretary shall pay not 

more than the average world price for the palladium under 

subparagraph (A). 

‘‘(3) SALE OF COINS.—Each coin issued under this subsection 

shall be sold for an amount the Secretary determines to be 

appropriate, but not less than the sum of— 

‘‘(A) the market value of the bullion at the time of 

sale; and 

Deadline. 

Deadline. 

31 USC 5101 

note. 

American Eagle 

Palladium 

Bullion Coin Act 

of 2010. 

Dec. 14, 2010 

[H.R. 6166] 


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124 STAT. 3276 PUBLIC LAW 111–303—DEC. 14, 2010 

‘‘(B) the cost of designing and issuing the coins, 

including labor, materials, dies, use of machinery, overhead 

expenses, marketing, distribution, and shipping. 

‘‘(4) TREATMENT.—For purposes of section 5134 and 5136, 

all coins minted under this subsection shall be considered to 

be numismatic items. 

‘‘(5) QUALITY.—The Secretary may issue the coins described 

in paragraph (1) in both proof and uncirculated versions, except 

that, should the Secretary determine that it is appropriate 

to issue proof or uncirculated versions of such coin, the Secretary shall, to the greatest extent possible, ensure that the 

surface treatment of each year’s proof or uncirculated version 

differs in some material way from that of the preceding year. 

‘‘(6) DESIGN.—Coins minted and issued under this subsection shall bear designs on the obverse and reverse that 

are close likenesses of the work of famed American coin 

designer and medallic artist Adolph Alexander Weinman— 

‘‘(A) the obverse shall bear a high-relief likeness of 

the ‘Winged Liberty’ design used on the obverse of the 

so-called ‘Mercury dime’; 

‘‘(B) the reverse shall bear a high-relief version of 

the reverse design of the 1907 American Institute of 

Architects medal; and 

‘‘(C) the coin shall bear such other inscriptions, 

including ‘Liberty’, ‘In God We Trust’, ‘United States of 

America’, the denomination and weight of the coin and 

the fineness of the metal, as the Secretary determines 

to be appropriate and in keeping with the original design. 

‘‘(7) MINT FACILITY.—Any United States mint, other than 

the United States Mint at West Point, New York, may be 

used to strike coins minted under this subsection other than 

any proof version of any such coin. If the Secretary determines 

that it is appropriate to issue any proof version of such coin, 

coins of such version shall be struck only at the United States 

Mint at West Point, New York. 

‘‘(8) MARKETING STUDY DEFINED.—The market study 

described in paragraph (1) means an analysis of the market 

for palladium bullion investments conducted by a reputable, 

independent third party that demonstrates that there would 

be adequate demand for palladium bullion coins produced by 

the United States Mint to ensure that such coins could be 

minted and issued at no net cost to taxpayers.’’. 

SEC. 3. BUDGETARY EFFECT. 

The budgetary effects of this Act, for the purpose of complying 

with the Statutory Pay-As-You-Go Act of 2010, shall be determined 

by reference to the latest statement titled ‘‘Budgetary Effects of 

PAYGO Legislation’’ for this Act, submitted for printing in the 


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PUBLIC LAW 111–303—DEC. 14, 2010 124 STAT. 3277 

LEGISLATIVE HISTORY—H.R. 6166: 

CONGRESSIONAL RECORD, Vol. 156 (2010): 

Sept. 29, considered and passed House. 

Nov. 30, considered and passed Senate. 

Æ 

Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior 

to the vote on passage. 

Approved December 14, 2010. 


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