IIB 

110TH CONGRESS 

2D SESSION H. R. 5614 

IN THE SENATE OF THE UNITED STATES 

MAY 19, 2008 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

To authorize the production in palladium of Saint-Gaudens 

Double Eagle coins as ultra-high relief numismatic coins 

and bullion investment coins in order 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, 

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1 SECTION 1. SHORT TITLE. 

2 This Act shall be known as the ‘‘Original Saint3 Gaudens Double Eagle Ultra-High Relief Palladium Bul4 lion Coin Act’’. 

5 SEC. 2. FINDINGS. 

6 The Congress finds that— 

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

8 pieces of 1907 with ultra-high relief are considered 

9 by many in the numismatic community to be the 

10 most beautiful coins ever produced; 

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

12 ultra-high relief Double Eagle were produced in 

13 1907; 

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

15 a standard Double Eagle planchet using a medal 

16 press and, because manufacturing and technical lim17 itations prevented mass production of these pieces, 

18 this production resulted in low mintage, with fewer 

19 than two dozen specimens of the 34-millimeter 

20 version known to be in existence today; 

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

22 using two stacked $10 Eagle planchets; 

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

24 pieces were deemed to be illegal to produce and all 

25 specimens were destroyed except for 2 that reside in 

26 the Smithsonian’s National Numismatic Collection; 

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

2 by numismatists as among the most beautiful coins 

3 ever produced, but none are in private hands and 

4 none have ever come up for sale; 

5 (7) the ultra-high relief Double Eagles are rep6 resentative of the greatest period of American coin7 age, the so-called ‘‘Golden Age of Coinage’’ in the 

8 United States, initiated by President Theodore Roo9 sevelt, with the assistance of noted sculptors and 

10 medallic artists James Earle Fraser and Augustus 

11 Saint-Gaudens; 

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

13 numismatic proof coin would not only give collectors 

14 an opportunity to own a version of a legendary coin 

15 that has never before been available for private own16 ership, but also inaugurate a neo-renaissance in 

17 United States coin design and demonstrate the tech18 nological advances that the United States has 

19 achieved over the last century; 

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

21 piece would be updated with the addition of the in22 scription ‘‘In God We Trust’’ and would include the 

23 date of minting or issuance, to distinguish it from 

24 the originals and prevent counterfeiting; 

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

2 is considered a precious metal because of its scar3 city; 

4 (11) palladium is one of 6 platinum group met5 als that include ruthenium, rhodium, osmium, irid6 ium, and platinum; it is the least dense and has the 

7 lowest melting point of the platinum group metals; 

8 (12) the major nations mining palladium are in 

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

10 of America, and Canada; 

11 (13) the major mine producing palladium in the 

12 United States is located in Montana; 

13 (14) palladium is fabricated into a wide range 

14 of applications that includes its extensive use as an 

15 industrial catalyst and a key component in the man16 ufacturing of automotive catalytic converters; 

17 (15) palladium is also used in dentistry, jew18 elry, and in the production of surgical instruments 

19 and electrical contacts; 

20 (16) the demand for precious metals is driven 

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

22 as a store of value; 

23 (17) a variety of investment options are avail24 able to palladium investors that includes coins, bars, 

25 and exchange-traded funds; 

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1 (18) palladium coins have been issued by sev2 eral countries, mainly as commemorative coins, but 

3 also as bullion investment coins (bullion is the form 

4 of palladium traded for investment purposes and is 

5 a reference to its purity); 

6 (19) Tonga commenced issuing palladium coins 

7 in 1967 and other issuing countries have included 

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

9 Australia, and Slovakia; 

10 (20) today, only Canada mints palladium bul11 lion coins; 

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

13 price of palladium ranged between $148 and $404 

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

15 $355 per troy ounce; 

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

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

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

19 $1,303 per troy ounce; 

20 (23) thus, platinum bullion coins have become 

21 too expensive for the average investor; 

22 (24) The Royal Canadian Mint minted plat23 inum bullion coins for 14 years (between 1988 and 

24 2001), but ceased production in the face of high 

25 metal prices and declining sales; 

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

2 Eagle Platinum Bullion Coin was launched in 1997, 

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

4 per troy ounce; and 

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

6 than tripled, which has caused a dramatic decline in 

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

8 1997 to 9,050 in 2007. 

9 SEC. 3. ORIGINAL SAINT-GAUDENS DOUBLE EAGLE ULTRA10 HIGH RELIEF BULLION COIN. 

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

12 amended— 

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

14 following new paragraph: 

15 ‘‘(12) A $20 coin that— 

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

17 ‘‘(B) weighs 1 ounce; 

18 ‘‘(C) is of an appropriate thickness, as de19 termined by the Secretary; and 

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

21 designs of the famous 27-millimeter version of 

22 the 1907 Augustus Saint-Gaudens Double 

23 Eagle gold piece, as described in subsection 

24 (t).’’; and 

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1 (2) by adding at the end, the following new sub2 section: 

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

4 ULTRA-HIGH RELIEF NUMISMATIC COINS AND BULLION

5 INVESTMENT COINS.— 

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

7 2009, the Secretary shall commence minting and 

8 issuing for sale— 

9 ‘‘(A) such number of $20 bullion invest10 ment coins as the Secretary may determine to 

11 be appropriate, that bear the design described 

12 in paragraph (2); and 

13 ‘‘(B) not more than 15,000 of the numis14 matic $20 coins that bear the design and meet 

15 the requirements of paragraph (3). 

16 ‘‘(2) DESIGN AND REQUIREMENTS FOR BUL17 LION INVESTMENT COINS.— 

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

19 under subparagraph (B), the obverse and re20 verse of the coins minted and issued pursuant 

21 to paragraph (1)(A) shall bear a close approxi22 mation of the original obverse and reverse de23 signs by Augustus Saint-Gaudens which appear 

24 on the famous 27-millimeter version of the 

25 1907 Double Eagle ultra-high relief gold piece. 

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

2 in subparagraph (A) shall— 

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

4 the coin and the purity of the alloy in the 

5 coin raised on the edge of the coin; 

6 ‘‘(ii) bear the nominal denomination 

7 of the coin; 

8 ‘‘(iii) bear the date of issue of the coin 

9 on the obverse, expressed as a Roman nu10 meral as in the original design; and 

11 ‘‘(iv) bear such other inscriptions, in12 cluding ‘In God We Trust’, as the Sec13 retary determines to be appropriate and in 

14 keeping with the original design. 

15 ‘‘(C) MINT FACILITY.—Any facility of the 

16 United States Mint may be used to strike coins 

17 minted pursuant to paragraph (1)(A) other 

18 than the United States mint at West Point, 

19 New York. 

20 ‘‘(3) DESIGN AND REQUIREMENTS FOR ULTRA21 HIGH RELIEF NUMISMATIC COINS.— 

22 ‘‘(A) IN GENERAL.—Subject to subpara23 graph (B), the obverse and reverse of the coins 

24 minted and issued pursuant to paragraph 

25 (1)(B) shall bear exact replicas of the original 

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1 obverse and reverse designs by Augustus Saint2 Gaudens which appear on the famous 27-milli3 meter version of the 1907 Double Eagle ultra4 high relief gold piece and the edge of the coin 

5 shall have all appropriate raised lettering in the 

6 same manner as the original coin. 

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

8 in subparagraph (A) shall— 

9 ‘‘(i) bear a single finish that most 

10 closely approximate the finish of the origi11 nal gold 1907 ultra-high relief gold piece 

12 as is practicable; 

13 ‘‘(ii) bear the nominal denomination 

14 of the coin; 

15 ‘‘(iii) bear the date of issue of the coin 

16 on the obverse, expressed as a Roman nu17 meral as in the original design; and 

18 ‘‘(iv) bear such other inscriptions, in19 cluding ‘In God We Trust’, as the Sec20 retary determines to be appropriate and in 

21 keeping with the original design. 

22 ‘‘(C) MINT FACILITY.—Coins minted pur23 suant to paragraph (1)(B) may only be struck 

24 at the United States mint at West Point, New 

25 York. 

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1 ‘‘(D) FRACTIONAL COINS PROHIBITED.— 

2 No coins issued pursuant to paragraph (1)(B), 

3 shall be made available as so-called ‘fractional’ 

4 coins. 

5 ‘‘(4) DISTRIBUTION IN SETS AND OTHER CO6 ORDINATION REQUIREMENTS.—If the Secretary 

7 chooses, in accordance with subsection (i), to mint 

8 and issue a gold bullion coin that bears the same de9 sign as the ultra-high relief numismatic coins de10 scribed in paragraph (1)(B)— 

11 ‘‘(A) each palladium coin issued under 

12 paragraph (1)(B) may only be issued in a set 

13 containing 1 of each such coins; 

14 ‘‘(B) each set of coins described in sub15 paragraph (A) shall be provided in a presen16 tation case of appropriate design; 

17 ‘‘(C) the set described in subparagraph (A) 

18 may only be issued and sold in 2009; 

19 ‘‘(D) gold coins issued in any set described 

20 in subparagraph (A) may only be struck at the 

21 United States mint at West Point, New York 

22 and no other gold coin issued by the Secretary 

23 that bears the same design as the ultra-high re24 lief numismatic coins described in paragraph 

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1 (1)(B) may be struck at such mint at West 

2 Point; and 

3 ‘‘(E) no gold coin that bears the same de4 sign as the ultra-high relief numismatic coins 

5 described in paragraph (1)(B) shall be made 

6 available as so-called ‘fractional’ coins. 

7 ‘‘(5) COMPOSITION.— 

8 ‘‘(A) IN GENERAL.—The coins minted 

9 under this subsection shall contain .995 pure 

10 palladium. 

11 ‘‘(B) SOURCE OF BULLION.— 

12 ‘‘(i) IN GENERAL.—The Secretary 

13 shall acquire bullion for the palladium 

14 coins issued under this subsection by pur15 chase of palladium mined from natural de16 posits in the United States, or in a terri17 tory or possession of the United States, 

18 within 1 year after the month in which the 

19 ore from which it is derived was mined. 

20 ‘‘(ii) PRICE OF BULLION.—The Sec21 retary shall pay not more than the average 

22 world price for the palladium under sub23 paragraph (A). 

24 ‘‘(6) SALE OF COINS.—Each coin issued under 

25 this subsection shall be sold for an amount the Secmstockstill on PROD1PC66 with BILLS

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1 retary determines to be appropriate, but not less 

2 than the sum of— 

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

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

5 time of sale; and 

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

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

8 machinery, overhead expenses, marketing, dis9 tribution, and shipping. 

10 ‘‘(7) LEGAL TENDER.—The coins minted under 

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

12 5103. 

13 ‘‘(8) TREATMENT AS NUMISMATIC ITEMS.—For 

14 purposes of section 5134 and 5136, all coins minted 

15 under this subsection shall be considered to be nu16 mismatic items. 

17 ‘‘(9) QUALITY.—The Secretary may issue the 

18 coins described in paragraph (1)(A) in both proof 

19 and uncirculated versions. 

20 ‘‘(10) PROTECTIVE AND ANTI-COUNTERFEITING

21 COVER.— 

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

23 give strong consideration to making the coins 

24 described in this subsection available only in 

25 protective covers that preserve the coins in the 

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1 condition in which they are issued, allow clear 

2 and easy viewing of the obverse, reverse, and 

3 sides of the coin and protect it from movement 

4 within the holder, and also protect against 

5 counterfeiting of such coins or of the container. 

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

7 elect to comply with subparagraph (A) by pro8 ducing and assembling such protective covers 

9 within the United States Mint or by contracting 

10 for the installation of such covers. 

11 ‘‘(11) FURTHER ANTI-COUNTERFEITING MEAS12 URES.— 

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

14 to forestall the counterfeiting or marketing of 

15 the coins described in this section, including 

16 this subsection, and of collectible, numismatic 

17 and rare coins in general, the Comptroller Gen18 eral shall, after consulting with the Director of 

19 the United States Secret Service and the Fed20 eral Trade Commission, and in consultation 

21 with hobbyists, numismatists, law enforcement 

22 agencies, and the Citizens Coinage Advisory 

23 Committee, shall submit to the Committee on 

24 Financial Services of the House of Representa25 tives and the Committee on Banking, Housing, 

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1 and Urban Affairs of the Senate, before the end 

2 of the 9-month period beginning on the date of 

3 the enactment of the Original Saint-Gaudens 

4 Double Eagle Ultra-High Relief Bullion Coin 

5 Act, a report detailing the extent of counter6 feiting of rare, collectible or numismatic coins 

7 made available for sale in the United States, re8 gardless of the country where the original of 

9 such coin was produced or of the country in 

10 which the counterfeiting takes place, or sales 

11 overseas if such counterfeit coins are unauthor12 ized copies of coins originally produced by the 

13 United States Mint. 

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

15 submitted under subparagraph (A) shall de16 scribe the following: 

17 ‘‘(i) The extent of such counterfeiting 

18 of coins and numismatic items. 

19 ‘‘(ii) The source of such counter20 feiting, if known, including which countries 

21 may be the origin of such counterfeits if 

22 they are produced outside the United 

23 States. 

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1 ‘‘(iii) The distribution and marketing 

2 channels for such counterfeits within and 

3 without the United States. 

4 ‘‘(iv) The effect of any such counter5 feiting on hobbyists, numismatists and on 

6 the investment opportunities for bullion or 

7 numismatic coins produced by the United 

8 States Mint. 

9 ‘‘(v) Whether such counterfeiting ex10 tends to the counterfeiting of coin-grading 

11 or protective materials in such a way that 

12 might imply that the counterfeit inside had 

13 been examined and authenticated by a rep14 utable coin-grading firm. 

15 ‘‘(vi) Such recommendations for legis16 lative or administrative action as the 

17 Comptroller General may determine to be 

18 appropriate to curtail or forestall any such 

19 counterfeiting.’’. 

Passed the House of Representatives May 15, 2008. 

Attest: LORRAINE C. MILLER, 

Clerk. 

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