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[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 2384 Introduced in Senate (IS)]

<DOC>

117th CONGRESS
  1st Session
                                S. 2384

To require the Secretary of the Treasury to mint coins in commemoration 
   of the semiquincentennial anniversary of the establishment of the 
                             United States.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             July 20, 2021

  Mr. Toomey (for himself, Mr. Casey, Mrs. Shaheen, Mr. Cotton, Mrs. 
 Capito, and Ms. Lummis) introduced the following bill; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 A BILL

 
To require the Secretary of the Treasury to mint coins in commemoration 
   of the semiquincentennial anniversary of the establishment of the 
                             United States.

    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 ``Semiquincentennial Commemorative 
Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) July 4, 1776, was the date on which the unanimous 
        declaration of the thirteen United States of America was 
        passed, declaring the Nation as independent.
            (2) July 4, 2026, will mark the 250th anniversary of us 
        declaring our independence.
            (3) It is common practice to celebrate moments such as this 
        in the history of our country through the minting of a 
        commemorative coin.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denominations.--The Secretary of the Treasury (hereafter in 
this Act referred to as the ``Secretary'') shall mint and issue the 
following coins in commemoration of the semiquincentennial anniversary 
of the establishment of the United States:
            (1) $25.00 gold coins.--Not more than 100,000 $25.00 coins, 
        which shall--
                    (A) weigh 8.359 grams;
                    (B) have a diameter of 0.850 inches; and
                    (C) contain 90 percent gold and 10 percent alloy.
            (2) $2.50 silver coins.--Not more than 500,000 $2.50 coins, 
        which shall--
                    (A) weigh 26.73 grams;
                    (B) have a diameter of 1.500 inches; and
                    (C) contain not less than 90 percent silver.
            (3) 25 cent clad coins.--Not more than 750,000 quarter 
        dollar coins, which shall--
                    (A) weigh 5.67 grams;
                    (B) have a diameter of 0.955 inches; and
                    (C) be minted to the specifications for quarter 
                dollar coins, contained in section 5112(b) of title 31, 
                United States Code.
            (4) Proof silver $2.50 coins.--The Secretary shall mint and 
        issue not more than 100,000 proof silver $2.50 coins, each of 
        which shall--
                    (A) weigh 5 ounces;
                    (B) have a diameter of 3 inches; and
                    (C) contain .999 fine silver.
    (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 sections 5134 and 5136 of 
title 31, United States Code, all coins minted under this Act shall be 
considered to be numismatic items.
    (d) Mintage Limit Exception.--If the Secretary determines, based on 
independent, market based research conducted by the designated 
recipient organization identified in section 7(b) that the mintage 
levels described under this subsection are not adequate to meet public 
demand, the Secretary may increase the mintage levels as the Secretary 
determines is necessary to meet public demand.

SEC. 4. DESIGNS OF COINS.

    (a) Design Requirements.--
            (1) In general.--The designs of the coins minted under this 
        Act shall be emblematic of the semiquincentennial anniversary 
        of the establishment of the United States of America and 
        celebrate 250 years of our Nation.
            (2) Designation and inscriptions.--On each coin minted 
        under this Act, there shall be--
                    (A) a designation of the value of the coin;
                    (B) an inscription of the years ``1776-2026''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''.
    (b) Selection.--The designs for the coins minted under this Act 
shall be--
            (1) selected by the Secretary, after consultation with the 
        Semiquincentennial Commission, the America 250 Foundation, and 
        the Commission of Fine Arts; and
            (2) reviewed by the Citizens Coinage Advisory Committee.

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act shall be issued 
in uncirculated and proof qualities.
    (b) Mint Facilities.--Only 1 facility of the United States Mint may 
be used to strike any particular quality of the coins minted under this 
Act.
    (c) Period for Issuance.--The Secretary may issue coins under this 
Act only during the period beginning on January 1, 2026, and ending on 
December 31, 2026.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--The coins issued under this Act shall be sold by 
the Secretary at a price equal to the sum of--
            (1) the face value of the coins;
            (2) the surcharge provided in section 7(a) with respect to 
        such coins; and
            (3) the cost of designing and issuing the coins (including 
        labor, materials, dies, use of machinery, overhead expenses, 
        marketing, and shipping).
    (b) Bulk Sales.--The Secretary shall make bulk sales of the coins 
issued under this Act at a reasonable discount.
    (c) Prepaid Orders.--
            (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.

SEC. 7. SURCHARGES.

    (a) In General.--All sales of coins issued under this Act shall 
include a surcharge as follows:
            (1) A surcharge of $35 per coin for the gold coins.
            (2) A surcharge of $10 per coin for the silver coins.
            (3) A surcharge of $5 per coin for the quarter dollar 
        coins.
            (4) A surcharge of $50 per coin for the $2.50 5 ounce proof 
        silver coins.
    (b) Distribution.--Subject to section 5134(f) of title 31, United 
States Code, all surcharges received by the Secretary from the sale of 
coins issued under this Act shall be paid to the America 250 Foundation 
to fund the restoration, rehabilitation, and interpretation of units of 
America's National Park System and its related areas, as a legacy of 
the United States Semiquincentennial commemoration.
    (c) Audits.--The America 250 Foundation shall be subject to the 
audit requirements of section 5134(f)(2) of title 31, United States 
Code, with regard to the amounts received under 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 5112(m)(1) of title 31, 
United States Code. The Secretary of the Treasury may issue guidance to 
carry out this subsection.

SEC. 8. FINANCIAL ASSURANCES.

    The Secretary shall take such actions as may be necessary to ensure 
that--
            (1) minting and issuing coins under this Act will not 
        result in any net cost to the United States Government; and
            (2) no funds, including applicable surcharges, shall be 
        disbursed to any recipient designated in section 7(b) until the 
        total cost of designing and issuing all of the coins authorized 
        by this Act (including labor, materials, dies, use of 
        machinery, overhead expenses, marketing, and shipping) is 
        recovered by the United States Treasury, consistent with 
        sections 5112(m) and 5134(f) of title 31, United States Code.
                                 <all>
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