H. R. 3204
One Hundred Eighth Congress
of the
United States of America
AT THE SECOND SESSION
Begun and held at the City of Washington on Tuesday,
the twentieth day of January, two thousand and four
An Act
To require the Secretary of the Treasury to mint coins in commemoration of the
tercentenary of the birth of Benjamin Franklin, and for other purposes.
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 ‘‘Benjamin Franklin Commemora-
tive Coin Act’’.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) Benjamin Franklin made historic contributions to the
development of our Nation in a number of fields: government,
business, science, communications, 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 official currency for the
colonies of Pennsylvania, Delaware, 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 American 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 appears on the One Dollar
Bill and other major American 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 Philadel-
phia 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.
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(13) The Franklin Institute and four other major Franklin-
related Philadelphia cultural institutions joined hands in 2000
to organize international programs to commemorate the forth-
coming 300th anniversary of Franklin’s birth in 2006.
(14) The Congress passed the Benjamin Franklin Tercente-
nary Act in 2002, creating a panel of distinguished Americans,
with its Secretariat in Philadelphia, to work with the private
sector in recommending appropriate Tercentenary programs.
SEC. 3. COIN SPECIFICATIONS.
(a) DENOMINATIONS.—The Secretary of the Treasury (herein-
after 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 percent 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 percent 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 PHILADELPHIA,
PENNSYLVANIA.—It is the sense of the Congress that the coins
minted under this Act should be struck at the United States Mint
at Philadelphia, Pennsylvania, 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—
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(A) a designation of the value of the coin;
(B) an inscription of the year ‘‘2006’’; and
(C) inscriptions of the words ‘‘Liberty’’, ‘‘In God We
Trust’’, ‘‘United States of America’’, 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 provision 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 expenses, 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.
(2) DISCOUNT.—Sale prices with respect to prepaid orders
under paragraph (1) shall be at a reasonable discount.
(d) SALES OF SINGLE COINS AND SETS OF COINS.—Coins of
each design specified under section 4 may be sold separately or
as a set containing a coin of each such design.
SEC. 7. SURCHARGES.
(a) SURCHARGE REQUIRED.—All sales shall include a surcharge
of $10 per coin.
(b) DISTRIBUTION.—Subject to section 5134(f) of title 31, United
States Code, all surcharges which are received by the Secretary
from the sale of coins issued under this Act shall be promptly
paid by the Secretary to the Franklin Institute for purposes of
the Benjamin Franklin Tercentenary Commission.
(c) AUDITS.—The Franklin Institute shall be subject to the
audit requirements of section 5134(f)(2) of title 31, United States
Code, with regard to the amounts received by the Institute pursuant
to 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 commemora-
tive coin programs issued during such year to exceed the annual
2 commemorative coin program issuance limitation under section
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5112(m)(1) of title 31, United States Code (as in effect on the
date of the enactment of this Act). The Secretary of the Treasury
may issue guidance to carry out this subsection.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.