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103D CONGRESS
1ST SESSION
H. R. 654
To require the Secretary of the Treasury to mint coins in commemoration
of the 200th Anniversary of the establishment of the United States
Mint and the commencement of our national coinage.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 27, 1993
Mr. HAYES introduced the following bill; which was referred to the Committee
on Banking, Finance and Urban Affairs
A BILL
To require the Secretary of the Treasury to mint coins
in commemoration of the 200th Anniversary of the estab-
lishment of the United States Mint and the commence-
ment of our national coinage.
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 may be cited as the ‘‘United States Mint
Bicentennial Coin Act’’.
SEC. 2. COIN SPECIFICATIONS.
(a) FIVE DOLLAR GOLD COINS.—The Secretary of
the Treasury (hereafter in this Act referred to as the ‘‘Sec-
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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, marketing and shipping).
(b) BULK SALES.—The Secretary shall make bulk
sales at a reasonable discount.
(c) SURCHARGE REQUIRED.—All sales shall include
a surcharge of $30 per coin for the five dollar coins, $7
per coin for the one dollar coins and $2 per coin for the
half dollar coins.
(d) REPORTS TO CONGRESS.—
(1) Not later than 15 days after the last day
of each month, the Secretary shall transmit to the
Committee on Banking, Finance and Urban Affairs
of the House of Representatives and the Committee
on Banking, Housing, and Urban Affairs of the Sen-
ate.
(2) Each report submitted pursuant to para-
graph (1) shall include a review of all marketing ac-
tivities under this section and a financial statement
which details sources of funds, surcharges generated,
and expenses incurred for manufacturing, materials,
overhead, packaging, marketing and shipping.
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SEC. 6. ISSUANCE OF THE COINS.
(a) PERIOD
OF ISSUANCE.—The coins authorized
under this Act shall be minted and available for issue no
later than July 15, 1993, but shall be issued only during
1993.
(b) PROOF OF UNCIRCULATED COINS.—The coins
authorized under this Act shall be issued in uncirculated
and proof qualities.
(c) BUREAU OF THE MINT.—Not more than one fa-
cility of the Bureau of the Mint may be used to strike
any particular combination of denomination and quality.
SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULA-
TIONS.
(a) IN GENERAL.—Except as provided in subsection
(b), no provision of law governing procurement or public
contracts shall be applicable to the procurement of goods
or services necessary for carrying out the provisions of this
Act.
(b) EQUAL
EMPLOYMENT
OPPORTUNITY.—Sub-
section (a) shall not relieve any person entering into a con-
tract under the authority of this Act from complying with
any law relating to equal employment opportunity.
SEC. 8. DISTRIBUTION OF SURCHARGES.
(a) IN GENERAL.—All surcharges which are received
by the Secretary from the sale of coins issued under this
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Act shall be promptly paid by the Secretary to the Smith-
sonian Institution for the National Numismatic Collection.
(b) USE OF PROCEEDS.—Amounts received under
subsection (a) shall be used by the Executive Director of
the National Numismatic Collection to establish—
(1) an endowment fund for the purpose of pur-
chasing needed reference materials and numismatic
items for the National Numismatic Collection; and
(2) an endowment fund to promote numismatic
study, finance symposia and travel and publicize the
results of any advancements; and
(3) establish a fund to renovate the permanent
and temporary exhibit facilities of the National Nu-
mismatic Collection.
SEC. 9. AUDITS.
The Comptroller General of the United States shall
have the right to examine such books, records, documents
and other data of the organizing committee as may be re-
lated to the expenditure of amounts paid under section
208.
SEC. 10. FINANCIAL ASSURANCES.
(a) NO NET COST.—The Secretary shall take such
actions as may be necessary to ensure that the minting
and issuance of the coins referred to in section 202 shall
not result in any net cost to the Federal Government.
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(b) PAYMENT ASSURANCES.—No coin shall be issued
under this Act unless the Secretary has received—
(1) full payment for such coin;
(2) security satisfactory to the Secretary to in-
demnify the United States for full payment; or
(3) a guarantee of full payment satisfactory to
the Secretary from a depository institution, the de-
posits are insured by the 20 Federal Deposit Insur-
ance Corporations or the National Credit Union Ad-
ministration.
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