To require the Secretary of the Treasury to mint coins in commemoration of the bicentennial of the birth of Abraham Lincoln.

SECTION 1. SHORT TITLE.
    This Act may be cited as the ``Abraham Lincoln Commemorative Coin 
Act''.
SEC. 2. FINDINGS.
    The Congress finds as follows:
        (1) Abraham Lincoln, the 16th President, was one of the 
    Nation's greatest leaders, demonstrating true courage during the 
    Civil War, one of the greatest crises in the Nation's history.
        (2) Born of humble roots in present-day LaRue County, Kentucky, 
    on February 12, 1809, Abraham Lincoln rose to the Presidency 
    through a combination of honesty, integrity, intelligence, and 
    commitment to the United States.
        (3) With the belief that all men were created equal, Abraham 
    Lincoln led the effort to free all slaves in the United States.
        (4) Abraham Lincoln had a generous heart, with malice toward 
    none and with charity for all.
        (5) Abraham Lincoln gave the ultimate sacrifice for his 
    country, dying from an assassin's bullet on April 15, 1865.
        (6) The year 2009 will be the bicentennial anniversary of the 
    birth of Abraham Lincoln.
        (7) The Abraham Lincoln Bicentennial Commission has been 
    charged by Congress with planning the celebration of Lincoln's 
    bicentennial.
        (8) The proceeds from a commemorative coin will help fund the 
    celebration and the continued study of the life of Lincoln.
SEC. 3. COIN SPECIFICATIONS.
    (a) $1 Silver Coins.--The Secretary of the Treasury (hereafter in 
this Act referred to as the ``Secretary'') shall mint and issue not 
more than 500,000 $1 coins, which shall--
        (1) weigh 26.73 grams;
        (2) have a diameter of 1.500 inches; and
        (3) 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.--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 life and legacy of President Abraham 
    Lincoln.
        (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 ``2009''; 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 Abraham Lincoln Bicentennial 
    Commission; 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.--Only 1 facility of the United States Mint may 
be used to strike any particular quality of the coins minted under this 
Act.
    (c) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the 1-year period beginning on January 1, 
2009.
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 issued under this Act shall 
include a surcharge of $10 per coin.
    (b) Distribution.--Subject to section 5134(f)(1), 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 Abraham Lincoln Bicentennial Commission to further the work of the 
Commission.
    (c) Audits.--The Abraham Lincoln Bicentennial Commission shall be 
subject to the audit requirements of section 5134(f)(2) of title 31, 
United States Code.
    (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.

                               Speaker of the House of Representatives.

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

Summary: Abraham Lincoln Commemorative Coin Act - Instructs the Secretary of the Treasury to mint and issue not more than 500,000 $1 coins emblematic of the life and legacy of President Abraham Lincoln.

States that only one facility of the U.S. Mint may be used to strike any particular quality of the coins.

Authorizes the Secretary to issue the coins only during the one-year period beginning on January 1, 2009.

Prescribes guidelines for coin sales, including a surcharge of $10 per coin, to be paid by the Secretary to the Abraham Lincoln Bicentennial Commission to further its work.

Subjects the Commission to federal audit requirements.