IIB 
110TH CONGRESS 
2D SESSION 
H. R. 5614 
IN THE SENATE OF THE UNITED STATES 
MAY 19, 2008 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To authorize the production in palladium of Saint-Gaudens 
Double Eagle coins as ultra-high relief numismatic coins 
and bullion investment coins in order to provide afford-
able opportunities for investments in precious metals, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act shall be known as the ‘‘Original Saint- 
Gaudens Double Eagle Ultra-High Relief Palladium Bul-
lion Coin Act’’. 
SEC. 2. FINDINGS. 
The Congress finds that— 
(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; 
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(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; 
(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; 
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(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-
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; 
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(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); 
(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; 
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(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 
(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: 
‘‘(12) 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 gold piece, as described in subsection 
(t).’’; and 
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(2) by adding at the end, the following new sub-
section: 
‘‘(t) ORIGINAL SAINT-GAUDENS DOUBLE EAGLE 
ULTRA-HIGH RELIEF NUMISMATIC COINS AND BULLION 
INVESTMENT COINS.— 
‘‘(1) IN
GENERAL.—Beginning January 1, 
2009, the Secretary shall commence minting and 
issuing for sale— 
‘‘(A) such number of $20 bullion invest-
ment coins as the Secretary may determine to 
be appropriate, that bear the design described 
in paragraph (2); and 
‘‘(B) not more than 15,000 of the numis-
matic $20 coins that bear the design and meet 
the requirements of paragraph (3). 
‘‘(2) DESIGN
AND
REQUIREMENTS
FOR
BUL-
LION INVESTMENT COINS.— 
‘‘(A) IN
GENERAL.—Except as provided 
under subparagraph (B), the obverse and re-
verse of the coins minted and issued pursuant 
to paragraph (1)(A) shall bear a close approxi-
mation of the original obverse and reverse de-
signs by Augustus Saint-Gaudens which appear 
on the famous 27-millimeter version of the 
1907 Double Eagle ultra-high relief gold piece. 
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‘‘(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 raised on the edge of the coin; 
‘‘(ii) bear the nominal denomination 
of the coin; 
‘‘(iii) bear the date of issue of the coin 
on the obverse, expressed as a Roman nu-
meral as in the original design; and 
‘‘(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) MINT FACILITY.—Any facility of the 
United States Mint may be used to strike coins 
minted pursuant to paragraph (1)(A) other 
than the United States mint at West Point, 
New York. 
‘‘(3) DESIGN AND REQUIREMENTS FOR ULTRA- 
HIGH RELIEF NUMISMATIC COINS.— 
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (B), the obverse and reverse of the coins 
minted and issued pursuant to paragraph 
(1)(B) shall bear exact replicas of the original 
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obverse and reverse designs by Augustus Saint- 
Gaudens which appear on the famous 27-milli-
meter version of the 1907 Double Eagle ultra- 
high relief gold piece and the edge of the coin 
shall have all appropriate raised lettering in the 
same manner as the original coin. 
‘‘(B) VARIATIONS.—The coins referred to 
in subparagraph (A) shall— 
‘‘(i) bear a single finish that most 
closely approximate the finish of the origi-
nal gold 1907 ultra-high relief gold piece 
as is practicable; 
‘‘(ii) bear the nominal denomination 
of the coin; 
‘‘(iii) bear the date of issue of the coin 
on the obverse, expressed as a Roman nu-
meral as in the original design; and 
‘‘(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) MINT FACILITY.—Coins minted pur-
suant to paragraph (1)(B) may only be struck 
at the United States mint at West Point, New 
York. 
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‘‘(D) FRACTIONAL
COINS
PROHIBITED.— 
No coins issued pursuant to paragraph (1)(B), 
shall be made available as so-called ‘fractional’ 
coins. 
‘‘(4) DISTRIBUTION IN SETS AND OTHER CO-
ORDINATION
REQUIREMENTS.—If 
the 
Secretary 
chooses, in accordance with subsection (i), to mint 
and issue a gold bullion coin that bears the same de-
sign as the ultra-high relief numismatic coins de-
scribed in paragraph (1)(B)— 
‘‘(A) each palladium coin issued under 
paragraph (1)(B) may only be issued in a set 
containing 1 of each such coins; 
‘‘(B) each set of coins described in sub-
paragraph (A) shall be provided in a presen-
tation case of appropriate design; 
‘‘(C) the set described in subparagraph (A) 
may only be issued and sold in 2009; 
‘‘(D) gold coins issued in any set described 
in subparagraph (A) may only be struck at the 
United States mint at West Point, New York 
and no other gold coin issued by the Secretary 
that bears the same design as the ultra-high re-
lief numismatic coins described in paragraph 
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(1)(B) may be struck at such mint at West 
Point; and 
‘‘(E) no gold coin that bears the same de-
sign as the ultra-high relief numismatic coins 
described in paragraph (1)(B) shall be made 
available as so-called ‘fractional’ coins. 
‘‘(5) COMPOSITION.— 
‘‘(A) IN
GENERAL.—The coins minted 
under this subsection shall contain .995 pure 
palladium. 
‘‘(B) SOURCE OF BULLION.— 
‘‘(i) IN
GENERAL.—The Secretary 
shall acquire bullion for the palladium 
coins issued under this subsection by pur-
chase of palladium mined from natural de-
posits in the United States, or in a terri-
tory or possession of the United States, 
within 1 year after the month in which the 
ore from which it is derived was mined. 
‘‘(ii) PRICE OF BULLION.—The Sec-
retary shall pay not more than the average 
world price for the palladium under sub-
paragraph (A). 
‘‘(6) SALE OF COINS.—Each coin issued under 
this subsection shall be sold for an amount the Sec-
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retary 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. 
‘‘(7) LEGAL TENDER.—The coins minted under 
this title shall be legal tender, as provided in section 
5103. 
‘‘(8) TREATMENT AS NUMISMATIC ITEMS.—For 
purposes of section 5134 and 5136, all coins minted 
under this subsection shall be considered to be nu-
mismatic items. 
‘‘(9) QUALITY.—The Secretary may issue the 
coins described in paragraph (1)(A) in both proof 
and uncirculated versions. 
‘‘(10) PROTECTIVE AND ANTI-COUNTERFEITING 
COVER.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
give strong consideration to making the coins 
described in this subsection available only in 
protective covers that preserve the coins in the 
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condition in which they are issued, allow clear 
and easy viewing of the obverse, reverse, and 
sides of the coin and protect it from movement 
within the holder, and also protect against 
counterfeiting of such coins or of the container. 
‘‘(B) ACQUISITION.—The Secretary may 
elect to comply with subparagraph (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 Comptroller Gen-
eral shall, after consulting with the Director of 
the United States Secret Service and the Fed-
eral Trade Commission, and in consultation 
with hobbyists, numismatists, law enforcement 
agencies, and the Citizens Coinage Advisory 
Committee, shall submit to the Committee on 
Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, 
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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 of counter-
feiting of rare, collectible or numismatic coins 
made available for sale in the United States, re-
gardless 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 unauthor-
ized 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. 
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‘‘(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 
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 
Comptroller General may determine to be 
appropriate to curtail or forestall any such 
counterfeiting.’’. 
Passed the House of Representatives May 15, 2008. 
Attest: 
LORRAINE C. MILLER, 
Clerk. 
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