I 

110TH CONGRESS 

2D SESSION H. R. 5614 

To authorize the production of Saint-Gaudens Double Eagle ultra-high relief 

bullion coins in palladium to provide affordable opportunities for investments in precious metals, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 13, 2008 

Mr. CASTLE (for himself and Mr. GUTIERREZ) introduced the following bill; 

which was referred to the Committee on Financial Services 

A BILL 

To authorize the production of Saint-Gaudens Double Eagle 

ultra-high relief bullion coins in palladium to provide 

affordable opportunities for investments in precious metals, and for other purposes. 

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 shall be known as the ‘‘Original Saint5 Gaudens Double Eagle Ultra-High Relief Bullion Coin 

6 Act’’. 

7 SEC. 2. FINDINGS. 

8 The Congress finds that— 


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1 (1) the Augustus Saint-Gaudens $20 gold 

2 pieces of 1907 with ultra-high relief are considered 

3 by many in the numismatic community to be the 

4 most beautiful coins ever produced; 

5 (2) two separate ‘‘pattern’’ versions of the 

6 ultra-high relief Double Eagle were produced in 

7 1907; 

8 (3) a 34-millimeter version was hand-struck on 

9 a standard Double Eagle planchet using a medal 

10 press and, because manufacturing and technical lim11 itations prevented mass production of these pieces, 

12 this production resulted in low mintage, with fewer 

13 than two dozen specimens of the 34-millimeter 

14 version known to be in existence today; 

15 (4) a second, 27-millimeter, version was struck 

16 using two stacked $10 Eagle planchets; 

17 (5) these experimental ‘‘pattern’’ 27-millimeter 

18 pieces were deemed to be illegal to produce and all 

19 specimens were destroyed except for 2 that reside in 

20 the Smithsonian’s National Numismatic Collection; 

21 (6) the 27-millimeter pattern pieces are ranked 

22 by numismatists as among the most beautiful coins 

23 ever produced, but none are in private hands and 

24 none have ever come up for sale; 


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1 (7) the ultra-high relief Double Eagles are rep2 resentative of the greatest period of American coin3 age, the so-called ‘‘Golden Age of Coinage’’ in the 

4 United States, initiated by President Theodore Roo5 sevelt, with the assistance of noted sculptors and 

6 medallic artists James Earle Fraser and Augustus 

7 Saint-Gaudens; 

8 (8) the introduction of this famous piece as a 

9 numismatic proof coin would not only give collectors 

10 an opportunity to own a version of a legendary coin 

11 that has never before been available for private own12 ership, but also inaugurate a neo-renaissance in 

13 United States coin design and demonstrate the tech14 nological advances that the United States has 

15 achieved over the last century; 

16 (9) the modern coin version of the $20 gold 

17 piece would be updated with the addition of the in18 scription ‘‘In God We Trust’’ and would include the 

19 date of minting or issuance, to distinguish it from 

20 the originals and prevent counterfeiting; 

21 (10) palladium is a rare silver-white metal, and 

22 is considered a precious metal because of its scar23 city; 

24 (11) palladium is one of 6 platinum group met25 als that include ruthenium, rhodium, osmium, iridVerDate Aug 31 2005 22:24 Apr 01, 2008 Jkt 069200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H5614.IH H5614

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1 ium, and platinum; it is the least dense and has the 

2 lowest melting point of the platinum group metals; 

3 (12) the major nations mining palladium are in 

4 order of volume: Russia, South Africa, United States 

5 of America, and Canada; 

6 (13) the major mine producing palladium in the 

7 United States is located in Montana; 

8 (14) palladium is fabricated into a wide range 

9 of applications that includes its extensive use as an 

10 industrial catalyst and a key component in the man11 ufacturing of automotive catalytic converters; 

12 (15) palladium is also used in dentistry, jew13 elry, and in the production of surgical instruments 

14 and electrical contacts; 

15 (16) the demand for precious metals is driven 

16 not only by their practical use, but also by their role 

17 as a store of value; 

18 (17) a variety of investment options are avail19 able to palladium investors that includes coins, bars, 

20 and exchange-traded funds; 

21 (18) palladium coins have been issued by sev22 eral countries, mainly as commemorative coins, but 

23 also as bullion investment coins (bullion is the form 

24 of palladium traded for investment purposes and is 

25 a reference to its purity); 


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1 (19) Tonga commenced issuing palladium coins 

2 in 1967 and other issuing countries have included 

3 Canada, the Soviet Union, France, Russia, China, 

4 Australia, and Slovakia; 

5 (20) today, only Canada mints palladium bul6 lion coins; 

7 (21) during the period 2003 through 2007, the 

8 price of palladium ranged between $148 and $404 

9 per troy ounce, and the average price in 2007 was 

10 $355 per troy ounce; 

11 (22) by contrast, during the same period, the 

12 price of platinum ranged between a low of $603 and 

13 a high $1,544, and the average price in 2007 was 

14 $1,303 per troy ounce; 

15 (23) thus, platinum bullion coins have become 

16 too expensive for the average investor; 

17 (24) The Royal Canadian Mint minted plat18 inum bullion coins for 14 years (between 1988 and 

19 2001), but ceased production in the face of high 

20 metal prices and declining sales; 

21 (25) when the United States Mint’s American 

22 Eagle Platinum Bullion Coin was launched in 1997, 

23 the average price for the metal that year was $395 

24 per troy ounce; and 


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1 (26) over the past decade, the price has more 

2 than tripled, which has caused a dramatic decline in 

3 demand for these coins, from 80,050 ounces sold in 

4 1997 to 9,050 in 2007. 

5 SEC. 3. ORIGINAL SAINT-GAUDENS DOUBLE EAGLE ULTRA6 HIGH RELIEF BULLION COIN. 

7 Section 5112 of title 31, United States Code, is 

8 amended— 

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

10 following new paragraph: 

11 ‘‘(11) A $20 coin that— 

12 ‘‘(A) is 27 millimeters in diameter; 

13 ‘‘(B) weighs 1 ounce; 

14 ‘‘(C) is of an appropriate thickness, as de15 termined by the Secretary; and 

16 ‘‘(D) bears, on the obverse and reverse, the 

17 designs of the famous 27-millimeter version of 

18 the 1907 Augustus Saint-Gaudens Double 

19 Eagle ultra-high relief gold piece, as described 

20 in subsection (t).’’; and 

21 (2) by adding at the end, the following new sub22 section: 

23 ‘‘(t) ORIGINAL SAINT-GAUDENS DOUBLE EAGLE

24 ULTRA-HIGH RELIEF COINS.— 


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1 ‘‘(1) IN GENERAL.—Beginning January 1, 

2 2009, the Secretary shall commence minting and 

3 issuing for sale such number of $20 bullion coins as 

4 the Secretary may determine to be appropriate, that 

5 bear the design described in paragraph (2). 

6 ‘‘(2) DESIGN.— 

7 ‘‘(A) IN GENERAL.—Except as provided 

8 under subparagraph (B), the obverse and re9 verse of the coins minted and issued under this 

10 subsection shall bear the original obverse and 

11 reverse designs by Augustus Saint-Gaudens 

12 which appear on the famous 27-millimeter 

13 version of the 1907 Double Eagle ultra-high re14 lief gold piece. 

15 ‘‘(B) VARIATIONS.—The coins referred to 

16 in subparagraph (A) shall— 

17 ‘‘(i) have inscriptions of the weight of 

18 the coin and the purity of the alloy in the 

19 coin incused on the edge of the coin; 

20 ‘‘(ii) the nominal denomination of the 

21 coin; 

22 ‘‘(iii) the date of issue of the coin on 

23 the obverse, expressed as a Roman nu24 meral as in the original design; and 


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1 ‘‘(iv) bear such other inscriptions, in2 cluding ‘In God We Trust’, as the Sec3 retary determines to be appropriate and in 

4 keeping with the original design. 

5 ‘‘(C) FRACTIONAL COINS PROHIBITED.— 

6 No coins issued under this subsection, regard7 less of the composition, shall ever be made 

8 available as so-called ‘fractional’ coins. 

9 ‘‘(3) COMPOSITION.— 

10 ‘‘(A) IN GENERAL.—The coins minted 

11 under this subsection shall contain .995 pure 

12 palladium, except that during the first year of 

13 minting and issuance only, the Secretary in14 stead may choose to mint and issue the coin in 

15 .999 pure gold. 

16 ‘‘(B) 1-YEAR LIMITATION.—If the Sec17 retary chooses to mint and issue the coins de18 scribed in this subsection in gold during the 

19 first year of issue, no coins shall be minted and 

20 issued under this subsection in palladium dur21 ing that year, and such gold coins shall be 

22 issued only in proof versions. 

23 ‘‘(4) SOURCE OF BULLION.— 

24 ‘‘(A) IN GENERAL.—The Secretary shall 

25 acquire bullion for the palladium coins issued 


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1 under this subsection by purchase of palladium 

2 mined from natural deposits in the United 

3 States, or in a territory or possession of the 

4 United States, within 1 year after the month in 

5 which the ore from which it is derived was 

6 mined. 

7 ‘‘(B) PRICE OF BULLION.—The Secretary 

8 shall pay not more than the average world price 

9 for the palladium under subparagraph (A). 

10 ‘‘(5) SALE OF COINS.—Each bullion coin issued 

11 under this subsection shall be sold for an amount 

12 the Secretary determines to be appropriate, but not 

13 less than the sum of— 

14 ‘‘(A) the nominal denomination of the coin; 

15 ‘‘(B) the market value of the bullion at the 

16 time of sale; and 

17 ‘‘(C) the cost of designing and issuing the 

18 coins, including labor, materials, dies, use of 

19 machinery, overhead expenses, marketing, dis20 tribution, and shipping. 

21 ‘‘(6) LEGAL TENDER.—The coins minted under 

22 this title shall be legal tender, as provided in section 

23 5103. 

24 ‘‘(7) TREATMENT AS NUMISMATIC ITEMS.—For 

25 purposes of section 5134 and 5136, all coins minted 


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1 under this subsection shall be considered to be nu2 mismatic items. 

3 ‘‘(8) QUALITY.—Except as provided in subpara4 graph (3)(B), the Secretary may issue the coins de5 scribed in this subsection in both proof and uncir6 culated versions. 

7 ‘‘(9) SPECIAL TREATMENT.—If the Secretary 

8 elects to mint and issue coins in 2009 in gold as de9 scribed in subparagraph (3)(A), no more than 

10 25,000 shall be available for sale in a special ‘Golden 

11 Age of American Coinage’ set, including a special 

12 holder, each in combination only with a proof version 

13 of the gold coins described in subsection (q). 

14 ‘‘(10) PROTECTIVE AND ANTI-COUNTERFEITING

15 COVER.— 

16 ‘‘(A) IN GENERAL.—The Secretary shall 

17 give strong consideration to making the coins 

18 described in this subsection, regardless of me19 tallic content, available only in protective covers 

20 that preserve the coins in the condition in which 

21 they are issued, allow clear and easy viewing of 

22 the obverse and reverse of the coin and protect 

23 it from movement within the holder, and also 

24 protect against counterfeiting of such coins or 

25 of the container. 


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1 ‘‘(B) ACQUISITION.—The Secretary may 

2 elect to comply with paragraph (A) by pro3 ducing and assembling such protective covers 

4 within the United States Mint or by contracting 

5 for the installation of such covers. 

6 ‘‘(11) FURTHER ANTI-COUNTERFEITING MEAS7 URES.— 

8 ‘‘(A) REPORT REQUIRED.—In an attempt 

9 to forestall the counterfeiting or marketing of 

10 the coins described in this section, including 

11 this subsection, and of collectible, numismatic 

12 and rare coins in general, the Treasury Inspec13 tor General shall, after consulting with the Di14 rector of the United States Secret Service and 

15 the Federal Trade Commission, and in con16 sultation with hobbyists, numismatists, law en17 forcement agencies, and the Citizens Coinage 

18 Advisory Committee, shall submit to the Com19 mittee on Financial Services of the House of 

20 Representatives and the Committee on Bank21 ing, Housing, and Urban Affairs of the Senate, 

22 before the end of the 9-month period beginning 

23 on the date of the enactment of the Original 

24 Saint-Gaudens Double Eagle Ultra-High Relief 

25 Bullion Coin Act, a report detailing the extent 


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1 of counterfeiting of rare, collectible or numis2 matic coins made available for sale in the 

3 United States, regardless of the country where 

4 the original of such coin was produced or of the 

5 country in which the counterfeiting takes place, 

6 or sales overseas if such counterfeit coins are 

7 unauthorized copies of coins originally produced 

8 by the United States Mint. 

9 ‘‘(B) CONTENTS OF REPORT.—The report 

10 submitted under subparagraph (A) shall de11 scribe the following: 

12 ‘‘(i) The extent of such counterfeiting 

13 of coins and numismatic items. 

14 ‘‘(ii) The source of such counter15 feiting, if known, including which countries 

16 may be the origin of such counterfeits if 

17 they are produced outside the United 

18 States. 

19 ‘‘(iii) The distribution and marketing 

20 channels for such counterfeits within and 

21 without the United States. 

22 ‘‘(iv) The effect of any such counter23 feiting on hobbyists, numismatists and on 

24 the investment opportunities for bullion or 


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1 numismatic coins produced by the United 

2 States Mint. 

3 ‘‘(v) Whether such counterfeiting ex4 tends to the counterfeiting of coin-grading 

5 or protective materials in such a way that 

6 might imply that the counterfeit inside had 

7 been examined and authenticated by a rep8 utable coin-grading firm. 

9 ‘‘(vi) Such recommendations for legis10 lative or administrative action as the 

11 Treasury Inspector General may determine 

12 to be appropriate to curtail or forestall any 

13 such counterfeiting.’’. 

Æ 


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