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103D CONGRESS

1ST SESSION H. R. 654

To require the Secretary of the Treasury to mint coins in commemoration

of the 200th Anniversary of the establishment of the United States

Mint and the commencement of our national coinage.

IN THE HOUSE OF REPRESENTATIVES

JANUARY 27, 1993

Mr. HAYES introduced the following bill; which was referred to the Committee

on Banking, Finance and Urban Affairs

A BILL

To require the Secretary of the Treasury to mint coins

in commemoration of the 200th Anniversary of the establishment of the United States Mint and the commencement of our national coinage.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘United States Mint

5 Bicentennial Coin Act’’.

6 SEC. 2. COIN SPECIFICATIONS.

7 (a) FIVE DOLLAR GOLD COINS.—The Secretary of

8 the Treasury (hereafter in this Act referred to as the ‘‘Sec-
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1 retary’’) shall mint and issue not more than 350,000 five

2 dollar coins each of which shall weigh 8.359 grams, have

3 a diameter of .0850 inches, and shall contain 90 percent

4 gold and 10 percent alloy.

5 (b) ONE DOLLAR SILVER COINS.—The Secretary

6 shall issue not more than 1,000,000 one dollar coins each

7 of which shall weigh 26.73 grams, have a diameter of 1.5

8 inches, and be composed of 90 percent silver and 10 per9 cent copper.

10 (c) HALF DOLLAR SILVER COINS.—The Secretary

11 shall issue not more than 1,750,000 half dollar coins each

12 of which shall weigh 12.50 grams, have a diameter of

13 1.205 inches, and be composed of 90 percent silver and

14 10 percent copper.

15 SEC. 3. SOURCES OF BULLION.

16 (a) GOLD.—The Secretary shall obtain gold for the

17 coins minted under this Act pursuant to the authority of

18 the Secretary under existing law.

19 (b) SILVER.—The Secretary shall obtain silver for the

20 coins minted under this Act from stockpiles established

21 under the Strategic and Critical Materials Stock Piling

22 Act (50 U.S.C. 98 et seq.).

23 SEC. 4. DESIGN.

24 (a) DESIGN OF FIVE DOLLAR GOLD COINS.—The de25 sign of the five dollar coins shall portray Alexander Hamil-
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1 ton on the obverse. The reverse shall display the scene of

2 the inspection of the first United States coins. On each

3 coin authorized hereunder there shall be a designation of

4 the value of the coin, and inscriptions of the words ‘‘Unit5 ed States of America’’, ‘‘E Pluribus Unum’’, ‘‘In God We

6 Trust’’ and ‘‘Liberty’’.

7 (b) DESIGN OF ONE DOLLAR SILVER COINS.—The

8 obverse of the one dollar coins shall portray Thomas Jef9 ferson, the first Secretary of State, and shall honor his

10 250th birthday. The reverse shall display the first coining

11 press—United States Mint. On each coin authorized here12 under there shall be a designation of the value of the coin

13 and inscriptions of the words ‘‘United States of America’’,

14 ‘‘E Pluribus Unum’’, ‘‘In God We Trust’’ and ‘‘Liberty’’.

15 (c) DESIGN OF THE HALF DOLLAR SILVER COINS.—

16 The design of the half dollar silver coins shall depict on

17 the obverse David Rittenhouse, the first Director of the

18 United States Mint. The reverse shall show the first mint

19 building. On each coin authorized hereunder there shall

20 be a designation of the value of the coin and inscriptions

21 of the words ‘‘United States of America’’, ‘‘E Pluribus

22 Unum’’, ‘‘In God We Trust’’ and ‘‘Liberty’’.

23 SEC. 5. SALE OF COINS.

24 (a) SALE PRICE.—Notwithstanding any other provi25 sion of law, the coins issued under this Act shall be sold
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1 by the Secretary at a price equal to the face value, plus

2 the cost of designing and issuing such coins (including

3 labor, materials, dies, use of machinery, overhead ex4 penses, marketing and shipping).

5 (b) BULK SALES.—The Secretary shall make bulk

6 sales at a reasonable discount.

7 (c) SURCHARGE REQUIRED.—All sales shall include

8 a surcharge of $30 per coin for the five dollar coins, $7

9 per coin for the one dollar coins and $2 per coin for the

10 half dollar coins.

11 (d) REPORTS TO CONGRESS.—

12 (1) Not later than 15 days after the last day

13 of each month, the Secretary shall transmit to the

14 Committee on Banking, Finance and Urban Affairs

15 of the House of Representatives and the Committee

16 on Banking, Housing, and Urban Affairs of the Sen17 ate.

18 (2) Each report submitted pursuant to para19 graph (1) shall include a review of all marketing ac20 tivities under this section and a financial statement

21 which details sources of funds, surcharges generated,

22 and expenses incurred for manufacturing, materials,

23 overhead, packaging, marketing and shipping.
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1 SEC. 6. ISSUANCE OF THE COINS.

2 (a) PERIOD OF ISSUANCE.—The coins authorized

3 under this Act shall be minted and available for issue no

4 later than July 15, 1993, but shall be issued only during

5 1993.

6 (b) PROOF OF UNCIRCULATED COINS.—The coins

7 authorized under this Act shall be issued in uncirculated

8 and proof qualities.

9 (c) BUREAU OF THE MINT.—Not more than one fa10 cility of the Bureau of the Mint may be used to strike

11 any particular combination of denomination and quality.

12 SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULA13 TIONS.

14 (a) IN GENERAL.—Except as provided in subsection

15 (b), no provision of law governing procurement or public

16 contracts shall be applicable to the procurement of goods

17 or services necessary for carrying out the provisions of this

18 Act.

19 (b) EQUAL EMPLOYMENT OPPORTUNITY.—Sub20 section (a) shall not relieve any person entering into a con21 tract under the authority of this Act from complying with

22 any law relating to equal employment opportunity.

23 SEC. 8. DISTRIBUTION OF SURCHARGES.

24 (a) IN GENERAL.—All surcharges which are received

25 by the Secretary from the sale of coins issued under this
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1 Act shall be promptly paid by the Secretary to the Smith2 sonian Institution for the National Numismatic Collection.

3 (b) USE OF PROCEEDS.—Amounts received under

4 subsection (a) shall be used by the Executive Director of

5 the National Numismatic Collection to establish—

6 (1) an endowment fund for the purpose of pur7 chasing needed reference materials and numismatic

8 items for the National Numismatic Collection; and

9 (2) an endowment fund to promote numismatic

10 study, finance symposia and travel and publicize the

11 results of any advancements; and

12 (3) establish a fund to renovate the permanent

13 and temporary exhibit facilities of the National Nu14 mismatic Collection.

15 SEC. 9. AUDITS.

16 The Comptroller General of the United States shall

17 have the right to examine such books, records, documents

18 and other data of the organizing committee as may be re19 lated to the expenditure of amounts paid under section

20 208.

21 SEC. 10. FINANCIAL ASSURANCES.

22 (a) NO NET COST.—The Secretary shall take such

23 actions as may be necessary to ensure that the minting

24 and issuance of the coins referred to in section 202 shall

25 not result in any net cost to the Federal Government.
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1 (b) PAYMENT ASSURANCES.—No coin shall be issued

2 under this Act unless the Secretary has received—

3 (1) full payment for such coin;

4 (2) security satisfactory to the Secretary to in5 demnify the United States for full payment; or

6 (3) a guarantee of full payment satisfactory to

7 the Secretary from a depository institution, the de8 posits are insured by the 20 Federal Deposit Insur9 ance Corporations or the National Credit Union Ad10 ministration.

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