Arnold Daniel Palmer Commemorative Coin Act

Subjects: Finance and Financial Sector


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2808 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 2808

To require the Secretary of the Treasury to mint commemorative coins in 
                  recognition of Arnold Daniel Palmer.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 24, 2023

Mr. Reschenthaler introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require the Secretary of the Treasury to mint commemorative coins in 
                  recognition of Arnold Daniel Palmer.

    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 ``Arnold Daniel Palmer Commemorative 
Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) On September 10, 1929, Arnold Palmer was born in 
        Latrobe, Pennsylvania, and graduated from Greater Latrobe High 
        School in 1947.
            (2) In 1948, Arnold Palmer enrolled at Wake Forest College 
        and was the Tournament medalist at the NCAA Golf Championships 
        in 1949 and 1950. Following a tragic death suffered by his 
        close friend and classmate, Buddy Worsham, Arnold Palmer 
        withdrew from Wake Forest College to pursue a three-year stint 
        in the U.S. Coast Guard.
            (3) In 1951, Arnold Palmer attended United States Coast 
        Guard recruit training at Cape May, New Jersey. There, he was 
        assigned the role of physical fitness and self-defense 
        instructor. He would go on to serve three years in the Coast 
        Guard as a yeoman for Rear Admiral Roy L. Raney, Commander of 
        the 9th Coast Guard District Auxiliary in Cleveland, Ohio.
            (4) Arnold Palmer credited his successful golf career to 
        his enlisted service, stating: ``The knowledge that I gained, 
        the maturity that I gained in the Coast Guard was unbelievable 
        . . . It matured me. It made me a better person''.
            (5) On June 23, 2004, Arnold Palmer was the first golfer to 
        be awarded the Presidential Medal of Freedom, and on September 
        12, 2012, Arnold Palmer was presented with the Congressional 
        Gold Medal in the rotunda of the United States Capitol. He is 
        the first professional athlete to be awarded both the 
        Presidential Medal of Freedom and the Congressional Gold Medal.
            (6) In his professional golf career, Arnold Palmer won 92 
        championships in professional competition of national or 
        international stature, 62 of which were on the Professional 
        Golf Association Tour. Arnold Palmer received many honors 
        outside the sporting world, including the Patriot Award of the 
        Congressional Medal of Honor Society, the Golden Plate Award of 
        the American Academy of Achievement, and the United States Navy 
        Memorial Lone Sailor Award. Arnold Palmer served for 20 years 
        as the honorary national chairman of the March of Dimes Birth 
        Defects Foundation.
            (7) On September 30, 2009, Congress authorized the Arnold 
        Palmer Bronze Medal and it was presented to him on September 
        12, 2012.
            (8) Arnold Palmer, the son of a country club employee in 
        Latrobe, Pennsylvania, brought golf to people around the world. 
        Today, driven by the generosity of ``Arnie's Army'', the Arnold 
        & Winnie Palmer Foundation carries on a pioneering tradition of 
        charity, service, and doing right by others.
            (9) The Arnold & Winnie Palmer Foundation continues the 
        Palmers' mission to champion youth health and development. By 
        continuing their efforts to ensure every child gets the 
        opportunity to live a life well played--by supporting nature-
        focused well-being and character development through golf--the 
        Palmer Foundation is committed to keeping the Palmer legacy at 
        the forefront of the global conversation on golf and society at 
        large.

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 recognition and celebration of Arnold Palmer:
            (1) $5 gold coins.--Not more than 50,000 $5 coins, which 
        shall--
                    (A) weigh 8.359 grams;
                    (B) have a diameter of 0.850 inches; and
                    (C) contain not less than 90-percent gold.
            (2) $1 silver coins.--Not more than 400,000 $1 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) Half-dollar clad coins.--Not more than 750,000 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 sections 5134 and 5136 of 
title 31, United States Code, all coins minted under this Act shall be 
considered to be numismatic items.

SEC. 4. DESIGNS OF COINS.

    (a) Design Requirements.--
            (1) In general.--The designs for the coins minted under 
        this Act shall be emblematic of Arnold Palmer and his life and 
        accomplishments. At least one obverse design shall bear the 
        image of Arnold Palmer.
            (2) Designations and inscriptions.--On each coin minted 
        under this Act, there shall be--
                    (A) a designation of the denomination of the coin;
                    (B) an inscription of the year ``2029''; 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 
        Arnold & Winnie Palmer Foundation and Commission of the 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) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the calendar year beginning on January 1, 
2029.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--The coins issued under this Act shall be sold by 
the Secretary at a price based upon 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 minted under this Act shall 
include a surcharge as follows:
            (1) A surcharge of $35 per coin for the $5 coin.
            (2) A surcharge of $10 per coin for the $1 coin.
            (3) A surcharge of $5 per coin for the half-dollar coin.
    (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 Arnold & Winnie Palmer 
Foundation for application to general expenses associated with the 
fulfillment of the mission of the Arnold & Winnie Palmer Foundation, 
including costs associated with--
            (1) children's health;
            (2) character development through the game of golf;
            (3) wellness through nature; and
            (4) the Palmer legacy in golf and American history.
    (c) Audits.--The Arnold & Winnie Palmer 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 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 result in no 
        net cost to the Federal Government; and
            (2) no funds, including applicable surcharges, are 
        disbursed to any recipient designated in section 7(b) until to 
        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.
                                 &lt;all&gt;
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