SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Benjamin Franklin
Commemorative Coin Act’’.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) Benjamin Franklin made historic contribu-
tions to the development of our Nation in a number
of fields: government, business, science, communica-
tions, and the arts.
(2) Benjamin Franklin was the only Founding
Father to sign all of our Nation’s organizational
documents.
(3) Benjamin Franklin spent his career as a
successful printer, which included printing the offi-
cial currency for the colonies of Pennsylvania, Dela-
ware, New Jersey and Maryland.
(4) Franklin’s ‘‘Essay on Paper Currency’’ of
1741 proposed methods to fix the rate of exchange
between the colonies and Great Britain.
(5) Benjamin Franklin, during the American
Revolution, designed the first American coin, the
‘‘Continental’’ penny.
(6) Franklin made ‘‘A Penny Saved is A Penny
Earned’’ a household phrase to describe the Amer-
ican virtues of hard work and economical living.
(7) Franklin played a major role in the design
of the Great Seal of the United States, which ap-
pears on the One Dollar Bill and other major Amer-
ican symbols.
(8) Before 1979, Benjamin Franklin was the
only non-president of the United States whose image
graced circulating coin and paper currency.
(9) The official United States half dollar from
1948–1963 showed Franklin’s portrait, as designed
by John Sinnock.
(10) Franklin’s ‘‘Way to Wealth’’ has come to
symbolize America’s commitment to free enterprise.
(11) The Franklin Institute Science Museum in
Philadelphia houses the first steam printing machine
for coinage, used by the United States Mint, which
was placed in service in 1836, the 130th anniversary
year of Franklin’s birth.
(12) In 1976, Franklin Hall in The Franklin
Institute Science Museum in Philadelphia was
named the Official National Monument to the great
patriot, scientist and inventor.
(13) The Franklin Institute and four other
major Franklin-related Philadelphia cultural institu-
tions joined hands in 2000 to organize international
programs to commemorate the forthcoming 300th
anniversary of Franklin’s birth in 2006.
(14) The Congress passed the Benjamin Frank-
lin Tercentenary Act in 2002, creating a panel of
distinguished Americans, with its Secretariat in
Philadelphia, to work with the private sector in rec-
ommending appropriate Tercentenary programs.
SEC. 3. COIN SPECIFICATIONS.
(a) DENOMINATIONS.—The Secretary of the Treas-
ury (hereinafter in this Act referred to as the ‘‘Secretary’’)
shall mint and issue the following coins:
(1) $1 SILVER COINS WITH YOUNGER FRANKLIN
IMAGE ON OBVERSE.—Not more than 250,000 $1
coins bearing the designs specified in section
4(a)(2), each of which shall—
(A) weigh 26.73 grams;
(B) have a diameter of 1.500 inches; and
(C) contain 90 percent silver and 10 per-
cent copper.
(2) $1 SILVER COINS WITH OLDER FRANKLIN
IMAGE ON OBVERSE.—Not more than 250,000 $1
coins bearing the designs specified in section
4(a)(3), each of which shall—
(A) weigh 26.73 grams;
(B) have a diameter of 1.500 inches; and
(C) contain 90 percent silver and 10 per-
cent copper.
(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
5136 of title 31, United States Code, all coins minted
under this Act shall be considered to be numismatic items.
(d) USE OF THE UNITED STATES MINT AT PHILA-
DELPHIA, PENNSYLVANIA.—It is the sense of the Con-
gress that the coins minted under this Act should be
struck at the United States Mint at Philadelphia, Pennsyl-
vania, to the greatest extent possible.
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 life
and legacy of Benjamin Franklin.
(2) $1 
COINS
WITH
YOUNGER
FRANKLIN
IMAGE.—
(A) OBVERSE.—The obverse of the coins
minted under section 3(a)(1) shall bear the
image of Benjamin Franklin as a young man.
(B) REVERSE.—The reverse of the coins
minted under section 3(a)(1) shall bear an
image related to Benjamin Franklin’s role as a
patriot and a statesman.
(3) $1 COINS WITH OLDER FRANKLIN IMAGE.—
(A) OBVERSE.—The obverse of the coins
minted under section 3(a)(2) shall bear the
image of Benjamin Franklin as an older man.
(B) REVERSE.—The reverse of the coins
minted under section 3(a)(2) shall bear an
image related to Benjamin Franklin’s role in
developing the early coins and currency of the
new country.
(4) 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 ‘‘2010’’; and
(C) inscriptions of the words ‘‘Liberty’’,
‘‘In God We Trust’’, ‘‘United States of Amer-
ica’’, 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 the Commission of Fine Arts; and
(2) reviewed by the Citizens Coinage Advisory
Committee established under section 5135 of title
31, United States Code.
SEC. 5. ISSUANCE OF COINS.
(a) QUALITY OF COINS.—Coins minted under this
Act shall be issued in uncirculated and proof qualities.
(b) COMMENCEMENT OF ISSUANCE.—The Secretary
may issue coins minted under this Act beginning January
1, 2006, except that the Secretary may initiate sales of
such coins, without issuance, before such date.
(c) TERMINATION
OF MINTING AUTHORITY.—No
coins shall be minted under this Act after December 31,
2006.
SEC. 6. SALE OF COINS.
(a) SALE PRICE.—Notwithstanding any other provi-
sion of law, the coins issued under this Act shall be sold
by the Secretary at a price equal to the face value, plus
the cost of designing and issuing such coins (including
labor, materials, dies, use of machinery, overhead ex-
penses, and marketing).
(b) BULK SALES.—The Secretary shall make bulk
sales of the coins issued under this Act at a reasonable
discount.
(c) PREPAID ORDERS AT A DISCOUNT.—
(1) IN GENERAL.—The Secretary shall accept
prepaid orders for the coins minted under this Act
before the issuance of such coins.