To require the Secretary of the Treasury to mint coins in commemoration of the Old Mint at San Francisco, otherwise known as the "Granite Lady", and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``San Francisco Old Mint Commemorative 
Coin Act''.

SEC. 2. FINDINGS.

    The Congress hereby finds as follows:
        (1) The Granite Lady played an important role in the history of 
    the Nation.
        (2) The San Francisco Mint was established pursuant to an Act 
    of Congress of July 3, 1852, to convert miners' gold from the 
    California gold rush into coins.
        (3) The San Francisco Old Mint Building was designed by 
    architect A.B. Mullett, who also designed the United States 
    Treasury Building and the Old Executive Office Building.
        (4) The solid construction of the Granite Lady enabled it to 
    survive the 1906 San Francisco earthquake and fire, making it the 
    only financial institution that was able to operate immediately 
    after the earthquake as the treasury for disaster relief funds for 
    the city of San Francisco.
        (5) Coins struck at the San Francisco Old Mint are 
    distinguished by the ``S'' mint mark.
        (6) The San Francisco Old Mint is famous for having struck many 
    rare, legendary issues, such as the 1870-S $3 coin, which is valued 
    today at well over $1,000,000, and the 1894-S dime which is 
    comparatively rare.
        (7) The San Francisco Old Mint Commemorative Coin will be the 
    first commemorative coin to honor a United States mint.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denominations.--Notwithstanding any other provision of law, and 
in commemoration of the San Francisco Old Mint, the Secretary of the 
Treasury (hereafter in this Act referred to as the ``Secretary'') shall 
mint and issue the following coins:
        (1) $5 gold coins.--Not more than 100,000 $5 coins, which 
    shall--
            (A) weigh 8.359 grams;
            (B) have a diameter of 0.850 inches; and
            (C) contain 90 percent gold and 10 percent alloy.
        (2) $1 silver coins.--Not more than 500,000 $1 coins, 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 sections 5134 and 5136 of 
title 31, United States Code, all coins minted under this Act shall be 
considered to be numismatic items.

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 San Francisco Old Mint Building, its 
    importance to California and the history of the United States, and 
    its role in rebuilding San Francisco after the 1906 earthquake and 
    fire.
        (2) 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 ``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 the Board of the San Francisco Museum 
    and Historical Society; and
        (2) reviewed by the Citizens Coinage Advisory Committee.

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act shall be issued 
in uncirculated and proof qualities.
    (b) Mint Facility.--The coins authorized under this Act shall be 
struck at the San Francisco Mint to the greatest extent possible.
    (c) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the 1-year period beginning on January 1, 
2006.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--The coins issued under this Act shall be sold by 
the Secretary at a price equal to the sum of--
        (1) the face value of the coins;
        (2) the surcharge provided in section 7(a) with respect to such 
    coins; and
        (3) the cost of designing and issuing the coins (including 
    labor, materials, dies, use of machinery, overhead expenses, 
    marketing, and shipping).
    (b) Bulk Sales.--The Secretary shall make bulk sales of the coins 
issued under this Act at a reasonable discount.
    (c) Prepaid Orders.--
        (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.

SEC. 7. SURCHARGES.

    (a) In General.--All sales of coins minted under this Act shall 
include a surcharge as follows:
        (1) A surcharge of $35 per coin for the $5 coin.
        (2) A surcharge of $10 per coin for the $1 coin.
    (b) Distribution.--Subject to section 5134(f) of title 31, United 
States Code, all surcharges received by the Secretary from the sale of 
coins issued under this Act shall be promptly paid by the Secretary to 
the San Francisco Museum and Historical Society for use for the 
purposes of rehabilitating the Historic Old Mint in San Francisco as a 
city museum and an American Coin and Gold Rush Museum.
    (c) Audits.--The San Francisco Museum and Historical Society 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 Fund 
under 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 commemorative coin 
programs issued during such year to exceed the annual 2 commemorative 
coin program issuance limitation under section 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.

SEC. 8. TECHNICAL CORRECTION.

    Notwithstanding the fifth sentence of section 5112(d)(1) of title 
31, United States Code, the Secretary of the Treasury may continue to 
issue, after December 31, 2005, numismatic items that contain 5-cent 
coins minted in the years 2004 and 2005.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

Summary: San Francisco Old Mint Commemorative Coin Act - Directs the Secretary of the Treasury to mint and issue not more than 100,000 $5 gold coins and 500,000 $1 silver coins emblematic of the San Francisco Old Mint Building, its importance to California and U.S. history, and its role in rebuilding San Francisco after the 1906 earthquake and fire.

 Sets forth: (1) coin specifications; (2) design requirements; and (3) guidelines for coin sales.

 Requires a surcharge of $35 for the $5 coin and of $10 for the $1 coin. Requires that all surcharges received by the Secretary from such coin sales be promptly paid to the San Francisco Museum and Historical Society to rehabilitate the Historic Old Mint in San Francisco as a city museum and an American Coin and Gold Rush Museum. Prohibits a surcharge with respect to the issuance of any coin under this Act during a calendar year if such issuance would result in the number of commemorative coin programs issued during such year to exceed the annual two commemorative coin program issuance limitation under specified law. Permits the Secretary of the Treasury to continue to issue, after December 31, 2005, numismatic items that contain 5-cent coins minted in the years 2004 and 2005.