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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 2302 Introduced in Senate (IS)]

103d CONGRESS
  2d Session
                                S. 2302

To require the Secretary of the Treasury to mint coins in commemoration 
                     of the Old San Francisco Mint.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                July 21 (legislative day, July 20), 1994

Mrs. Feinstein (for herself, Mrs. Boxer, and Mr. DeConcini) 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 Old San Francisco Mint.

    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 ``Old San Francisco Mint Commemorative 
Coin Act''.

SEC. 2. 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:
            (1) $1 silver coins.--Not more than 1,000,000 $1 coins, 
        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) Half dollar clad coins.--Not more than 1,000,000 half 
        dollar coins which shall--
                    (A) weigh 11.34 grams;
                    (B) have a diameter of 1.205 inches; and
                    (C) be minted to the specifications for half dollar 
                coins contained in section 5112(b) of title 31, United 
                States Code.
    (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 5134 of title 31, 
United States Code, all coins minted under this Act shall be considered 
to be numismatic items.

SEC. 3. SOURCES OF BULLION.

    The Secretary shall obtain silver for minting coins under this Act 
only from stockpiles established under the Strategic and Critical 
Materials Stock Piling Act.

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 Old San Francisco Mint, its role 
        in the coinage of gold, and the educational mission of the Old 
        San Francisco Mint Museum.
            (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 year ``1995''; 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 
        Friends of the Mint and the Commission of Fine Arts; and
            (2) reviewed by the Citizens Commemorative Coin Advisory 
        Committee.
    (c) Definition.--For purposes of this Act, the term ``Friends of 
the Mint'' means The Old Mint Corporation, organized under the 
Nonprofit Public Benefit Corporation Law of California and incorporated 
under articles of incorporation endorsed and filed in the office of the 
Secretary of State of California on June 24, 1994 (and any successor 
thereto).

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act shall be issued 
in uncirculated and proof qualities.
    (b) Mint Facility.--All coins minted under this Act shall be struck 
at the United States Mint facility in San Francisco, California and 
shall bear the ``S'' mark of such facility.
    (c) Period for Issuance.--The Secretary may mint coins under this 
Act only during the period beginning on January 1, 1995, and ending on 
December 31, 1995.

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 subsection (d) 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.
    (d) Surcharges.--All sales shall include a surcharge of--
            (1) $10 per coin for the $1 coin; and
            (2) $2 per coin for the half dollar coin.

SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

    (a) In General.--Except as provided in subsection (b), no provision 
of law governing procurement or public contracts shall be applicable to 
the procurement of goods and services necessary for carrying out the 
provisions of this Act.
    (b) Equal Employment Opportunity.--Subsection (a) shall not relieve 
any person entering into a contract under the authority of this Act 
from complying with any law relating to equal employment opportunity.

SEC. 8. DISTRIBUTION OF SURCHARGES.

    (a) In General.--All surcharges received by the Secretary from the 
sale of coins issued under this Act shall be promptly paid by the 
Secretary to Friends of the Mint for the purposes of--
            (1) refurbishing sections of the Old San Francisco Mint 
        building; and
            (2) constructing additions to, operating, and maintaining 
        the Old San Francisco Mint.
    (b) Audits.--The Comptroller General of the United States shall 
have the right to examine such books, records, documents, and other 
data of Friends of the Mint as may be related to the expenditures of 
amounts paid under subsection (a).

SEC. 9. FINANCIAL ASSURANCES.

    (a) No Net Cost to the Government.--The Secretary shall take such 
actions as may be necessary to ensure that minting and issuing coins 
under this Act will not result in any net cost to the United States 
Government.
    (b) Payment for Coins.--A coin shall not be issued under this Act 
unless the Secretary has received--
            (1) full payment for the coin;
            (2) security satisfactory to the Secretary to indemnify the 
        United States for full payment; or
            (3) a guarantee of full payment satisfactory to the 
        Secretary from a depository institution whose deposits are 
        insured by the Federal Deposit Insurance Corporation or the 
        National Credit Union Administration Board.

SEC. 10. REPORT TO CONGRESS.

    The Secretary shall submit to the Congress semiannual reports 
regarding the activities carried out under this Act.
                                 <all>
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