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 invest-
ments 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 met-
als, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act shall be known as the ‘‘Original Saint- 
Gaudens Double Eagle Ultra-High Relief Bullion Coin 
Act’’. 
SEC. 2. FINDINGS. 
The Congress finds that— 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
(1) the Augustus Saint-Gaudens $20 gold 
pieces of 1907 with ultra-high relief are considered 
by many in the numismatic community to be the 
most beautiful coins ever produced; 
(2) two separate ‘‘pattern’’ versions of the 
ultra-high relief Double Eagle were produced in 
1907; 
(3) a 34-millimeter version was hand-struck on 
a standard Double Eagle planchet using a medal 
press and, because manufacturing and technical lim-
itations prevented mass production of these pieces, 
this production resulted in low mintage, with fewer 
than two dozen specimens of the 34-millimeter 
version known to be in existence today; 
(4) a second, 27-millimeter, version was struck 
using two stacked $10 Eagle planchets; 
(5) these experimental ‘‘pattern’’ 27-millimeter 
pieces were deemed to be illegal to produce and all 
specimens were destroyed except for 2 that reside in 
the Smithsonian’s National Numismatic Collection; 
(6) the 27-millimeter pattern pieces are ranked 
by numismatists as among the most beautiful coins 
ever produced, but none are in private hands and 
none have ever come up for sale; 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
(7) the ultra-high relief Double Eagles are rep-
resentative of the greatest period of American coin-
age, the so-called ‘‘Golden Age of Coinage’’ in the 
United States, initiated by President Theodore Roo-
sevelt, with the assistance of noted sculptors and 
medallic artists James Earle Fraser and Augustus 
Saint-Gaudens; 
(8) the introduction of this famous piece as a 
numismatic proof coin would not only give collectors 
an opportunity to own a version of a legendary coin 
that has never before been available for private own-
ership, but also inaugurate a neo-renaissance in 
United States coin design and demonstrate the tech-
nological advances that the United States has 
achieved over the last century; 
(9) the modern coin version of the $20 gold 
piece would be updated with the addition of the in-
scription ‘‘In God We Trust’’ and would include the 
date of minting or issuance, to distinguish it from 
the originals and prevent counterfeiting; 
(10) palladium is a rare silver-white metal, and 
is considered a precious metal because of its scar-
city; 
(11) palladium is one of 6 platinum group met-
als that include ruthenium, rhodium, osmium, irid-
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
ium, and platinum; it is the least dense and has the 
lowest melting point of the platinum group metals; 
(12) the major nations mining palladium are in 
order of volume: Russia, South Africa, United States 
of America, and Canada; 
(13) the major mine producing palladium in the 
United States is located in Montana; 
(14) palladium is fabricated into a wide range 
of applications that includes its extensive use as an 
industrial catalyst and a key component in the man-
ufacturing of automotive catalytic converters; 
(15) palladium is also used in dentistry, jew-
elry, and in the production of surgical instruments 
and electrical contacts; 
(16) the demand for precious metals is driven 
not only by their practical use, but also by their role 
as a store of value; 
(17) a variety of investment options are avail-
able to palladium investors that includes coins, bars, 
and exchange-traded funds; 
(18) palladium coins have been issued by sev-
eral countries, mainly as commemorative coins, but 
also as bullion investment coins (bullion is the form 
of palladium traded for investment purposes and is 
a reference to its purity); 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
(19) Tonga commenced issuing palladium coins 
in 1967 and other issuing countries have included 
Canada, the Soviet Union, France, Russia, China, 
Australia, and Slovakia; 
(20) today, only Canada mints palladium bul-
lion coins; 
(21) during the period 2003 through 2007, the 
price of palladium ranged between $148 and $404 
per troy ounce, and the average price in 2007 was 
$355 per troy ounce; 
(22) by contrast, during the same period, the 
price of platinum ranged between a low of $603 and 
a high $1,544, and the average price in 2007 was 
$1,303 per troy ounce; 
(23) thus, platinum bullion coins have become 
too expensive for the average investor; 
(24) The Royal Canadian Mint minted plat-
inum bullion coins for 14 years (between 1988 and 
2001), but ceased production in the face of high 
metal prices and declining sales; 
(25) when the United States Mint’s American 
Eagle Platinum Bullion Coin was launched in 1997, 
the average price for the metal that year was $395 
per troy ounce; and 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
(26) over the past decade, the price has more 
than tripled, which has caused a dramatic decline in 
demand for these coins, from 80,050 ounces sold in 
1997 to 9,050 in 2007. 
SEC. 3. ORIGINAL SAINT-GAUDENS DOUBLE EAGLE ULTRA- 
HIGH RELIEF BULLION COIN. 
Section 5112 of title 31, United States Code, is 
amended— 
(1) in subsection (a), by adding at the end the 
following new paragraph: 
‘‘(11) A $20 coin that— 
‘‘(A) is 27 millimeters in diameter; 
‘‘(B) weighs 1 ounce; 
‘‘(C) is of an appropriate thickness, as de-
termined by the Secretary; and 
‘‘(D) bears, on the obverse and reverse, the 
designs of the famous 27-millimeter version of 
the 1907 Augustus Saint-Gaudens Double 
Eagle ultra-high relief gold piece, as described 
in subsection (t).’’; and 
(2) by adding at the end, the following new sub-
section: 
‘‘(t) ORIGINAL SAINT-GAUDENS DOUBLE EAGLE 
ULTRA-HIGH RELIEF COINS.— 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
‘‘(1) IN
GENERAL.—Beginning January 1, 
2009, the Secretary shall commence minting and 
issuing for sale such number of $20 bullion coins as 
the Secretary may determine to be appropriate, that 
bear the design described in paragraph (2). 
‘‘(2) DESIGN.— 
‘‘(A) IN
GENERAL.—Except as provided 
under subparagraph (B), the obverse and re-
verse of the coins minted and issued under this 
subsection shall bear the original obverse and 
reverse designs by Augustus Saint-Gaudens 
which appear on the famous 27-millimeter 
version of the 1907 Double Eagle ultra-high re-
lief gold piece. 
‘‘(B) VARIATIONS.—The coins referred to 
in subparagraph (A) shall— 
‘‘(i) have inscriptions of the weight of 
the coin and the purity of the alloy in the 
coin incused on the edge of the coin; 
‘‘(ii) the nominal denomination of the 
coin; 
‘‘(iii) the date of issue of the coin on 
the obverse, expressed as a Roman nu-
meral as in the original design; and 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
‘‘(iv) bear such other inscriptions, in-
cluding ‘In God We Trust’, as the Sec-
retary determines to be appropriate and in 
keeping with the original design. 
‘‘(C) FRACTIONAL
COINS
PROHIBITED.— 
No coins issued under this subsection, regard-
less of the composition, shall ever be made 
available as so-called ‘fractional’ coins. 
‘‘(3) COMPOSITION.— 
‘‘(A) IN
GENERAL.—The coins minted 
under this subsection shall contain .995 pure 
palladium, except that during the first year of 
minting and issuance only, the Secretary in-
stead may choose to mint and issue the coin in 
.999 pure gold. 
‘‘(B) 1-YEAR
LIMITATION.—If the Sec-
retary chooses to mint and issue the coins de-
scribed in this subsection in gold during the 
first year of issue, no coins shall be minted and 
issued under this subsection in palladium dur-
ing that year, and such gold coins shall be 
issued only in proof versions. 
‘‘(4) SOURCE OF BULLION.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
acquire bullion for the palladium coins issued 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
under this subsection by purchase of palladium 
mined from natural deposits in the United 
States, or in a territory or possession of the 
United States, within 1 year after the month in 
which the ore from which it is derived was 
mined. 
‘‘(B) PRICE OF BULLION.—The Secretary 
shall pay not more than the average world price 
for the palladium under subparagraph (A). 
‘‘(5) SALE OF COINS.—Each bullion coin issued 
under this subsection shall be sold for an amount 
the Secretary determines to be appropriate, but not 
less than the sum of— 
‘‘(A) the nominal denomination of the coin; 
‘‘(B) the market value of the bullion at the 
time of sale; and 
‘‘(C) the cost of designing and issuing the 
coins, including labor, materials, dies, use of 
machinery, overhead expenses, marketing, dis-
tribution, and shipping. 
‘‘(6) LEGAL TENDER.—The coins minted under 
this title shall be legal tender, as provided in section 
5103. 
‘‘(7) TREATMENT AS NUMISMATIC ITEMS.—For 
purposes of section 5134 and 5136, all coins minted 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
under this subsection shall be considered to be nu-
mismatic items. 
‘‘(8) QUALITY.—Except as provided in subpara-
graph (3)(B), the Secretary may issue the coins de-
scribed in this subsection in both proof and uncir-
culated versions. 
‘‘(9) SPECIAL
TREATMENT.—If the Secretary 
elects to mint and issue coins in 2009 in gold as de-
scribed in subparagraph (3)(A), no more than 
25,000 shall be available for sale in a special ‘Golden 
Age of American Coinage’ set, including a special 
holder, each in combination only with a proof version 
of the gold coins described in subsection (q). 
‘‘(10) PROTECTIVE AND ANTI-COUNTERFEITING 
COVER.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
give strong consideration to making the coins 
described in this subsection, regardless of me-
tallic content, available only in protective covers 
that preserve the coins in the condition in which 
they are issued, allow clear and easy viewing of 
the obverse and reverse of the coin and protect 
it from movement within the holder, and also 
protect against counterfeiting of such coins or 
of the container. 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
‘‘(B) ACQUISITION.—The Secretary may 
elect to comply with paragraph (A) by pro-
ducing and assembling such protective covers 
within the United States Mint or by contracting 
for the installation of such covers. 
‘‘(11) FURTHER ANTI-COUNTERFEITING MEAS-
URES.— 
‘‘(A) REPORT REQUIRED.—In an attempt 
to forestall the counterfeiting or marketing of 
the coins described in this section, including 
this subsection, and of collectible, numismatic 
and rare coins in general, the Treasury Inspec-
tor General shall, after consulting with the Di-
rector of the United States Secret Service and 
the Federal Trade Commission, and in con-
sultation with hobbyists, numismatists, law en-
forcement agencies, and the Citizens Coinage 
Advisory Committee, shall submit to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate, 
before the end of the 9-month period beginning 
on the date of the enactment of the Original 
Saint-Gaudens Double Eagle Ultra-High Relief 
Bullion Coin Act, a report detailing the extent 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
of counterfeiting of rare, collectible or numis-
matic coins made available for sale in the 
United States, regardless of the country where 
the original of such coin was produced or of the 
country in which the counterfeiting takes place, 
or sales overseas if such counterfeit coins are 
unauthorized copies of coins originally produced 
by the United States Mint. 
‘‘(B) CONTENTS OF REPORT.—The report 
submitted under subparagraph (A) shall de-
scribe the following: 
‘‘(i) The extent of such counterfeiting 
of coins and numismatic items. 
‘‘(ii) The source of such counter-
feiting, if known, including which countries 
may be the origin of such counterfeits if 
they are produced outside the United 
States. 
‘‘(iii) The distribution and marketing 
channels for such counterfeits within and 
without the United States. 
‘‘(iv) The effect of any such counter-
feiting on hobbyists, numismatists and on 
the investment opportunities for bullion or 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS
numismatic coins produced by the United 
States Mint. 
‘‘(v) Whether such counterfeiting ex-
tends to the counterfeiting of coin-grading 
or protective materials in such a way that 
might imply that the counterfeit inside had 
been examined and authenticated by a rep-
utable coin-grading firm. 
‘‘(vi) Such recommendations for legis-
lative or administrative action as the 
Treasury Inspector General may determine 
to be appropriate to curtail or forestall any 
such counterfeiting.’’. 
Æ 
VerDate Aug 31 2005 
22:24 Apr 01, 2008
Jkt 069200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6301
E:\BILLS\H5614.IH
H5614
rwilkins on PROD1PC63 with BILLS