United States Coast Guard Commemorative Coin Act of 2017

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``United States Coast Guard 
Commemorative Coin Act of 2017''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) the United States Coast Guard was founded on August 4, 
        1790, as the Revenue Cutter Service under the United States 
        Department of the Treasury;
            (2) Congress created the Coast Guard on January 28, 1915, 
        by merging the Revenue Cutter Service and the United States 
        Lifesaving Service, which was moved to the Department of 
        Transportation in 1967, and on February 25, 2003, became part 
        of the Department of Homeland Security;
            (3) although the smallest of the uniformed services, today 
        the United States Coast Guard conducts a wide variety of 
        missions to protect the public, the environment, and the United 
        States economic and security interests in any maritime region, 
        including international waters and coasts, ports, and inland 
        waterways in the United States;
            (4) every day, the United States Coast Guard plays a broad 
        and important role in homeland security, law enforcement, 
        search and rescue, marine environmental pollution response, and 
        the maintenance of river, intracoastal, and offshore aids to 
        navigation;
            (5) the United States Coast Guard is the oldest seagoing 
        military service in the United States, staying true to their 
        motto, ``Semper Paratus'' or ``Always Ready'', for 225 years;
            (6) the United States Coast Guard is supported by over 
        50,000 active duty, reserve, and civilian personnel, who in 
        2015 responded to 16,400 search and rescue cases saving 3,500 
        lives, conducted 20,775 waterborne patrols of critical maritime 
        infrastructure, escorted over 1,955 high-capacity passenger 
        vessels, conducted nearly 8,600 security boardings in and 
        around U.S. ports, removed $4,900,000,000 worth of illegal 
        drugs, interdicted 6,000 undocumented migrants attempting to 
        illegally enter the United States, and maintained 47,000 
        navigation aids that support $3,200,000,000,000 in economic 
        activity on the waterways of the United States;
            (7) section 213 of the Coast Guard and Maritime 
        Transportation Act of 2004 (Public Law 108-293; 118 Stat. 1037) 
        stated that the ``Commandant may establish a National Coast 
        Guard Museum, on lands which will be federally owned and 
        administered by the Coast Guard, and are located in New London, 
        Connecticut, at, or in close proximity to, the Coast Guard 
        Academy'';
            (8) the National Coast Guard Museum Association, a 
        nonprofit association dedicated to improve public understanding 
        of the history, service and missions of the Coast Guard, is 
        working with the United States Coast Guard, the City of New 
        London, the State of Connecticut, and a range of local, 
        regional, and national stakeholders to develop, plan and raise 
        capital for the National Coast Guard Museum, to be located in 
        New London, Connecticut; and
            (9) the United States Coast Guard is the only military 
        service without a national museum through which to share its 
        history and legacy with the American public.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denominations.--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 at least 90 percent silver.
            (3) Half dollar clad coins.--Not more than 750,000 half 
        dollar coins, which shall--
                    (A) weigh 11.34 grams;
                    (B) have a diameter of 1.205 inches; and
                    (C) be minted to the specifications for half dollar 
                coins, contained in section 5112(b) of title 31, United 
                States Code.
    (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 COIN.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of the traditions, history, and 
        heritage of the United States Coast Guard, and the role of the 
        United States Coast Guard in securing the United States since 
        1790.
            (2) Designations 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 ``2020''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', ``E Pluribus 
                Unum'', and ``Semper Paratus''.
    (b) Selection.--The design for the coins minted under this Act 
shall--
            (1) contain motifs that specifically honor the United 
        States Coastguardsman of both today and yesterday, in wartime 
        and in peace, such designs to be consistent with the traditions 
        and heritage of the United States Coast Guard, the mission and 
        goals of the National Coast Guard Museum, and the missions and 
        goals of the National Coast Guard Museum Association;
            (2) be selected by the Secretary, after consultation with 
        the Secretary of Homeland Security, the National Coast Guard 
        Museum Association, and the Commission of Fine Arts; and
            (3) be 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 Facilities.--For each of the 3 coins minted under this 
Act, at least 1 facility of the United States Mint shall be used to 
strike proof quality coins, while at least 1 other such facility shall 
be used to strike the uncirculated quality coins.
    (c) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the 1-year period beginning on January 1, 
2020.

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.
            (3) A surcharge of $5 per coin for the half dollar 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 National Coast Guard Museum Association to help finance the design, 
construction, operations, and maintenance of the National Coast Guard 
Museum.
    (c) Audits.--The National Coast Guard Museum Association shall be 
subject to the audit requirements of section 5134(f)(2) of title 31, 
United States Code, with regard to the amounts received 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. The Secretary may issue guidance to carry out this 
subsection.

SEC. 8. FINANCIAL ASSURANCES.

    The Secretary shall take such actions as may be necessary to ensure 
that--
            (1) minting and issuing coins under this Act will not 
        result in any net cost to the United States Government; and
            (2) no funds, including applicable surcharges, shall be 
        disbursed to any recipient designated in section 7 until the 
        total cost of designing and issuing all of the coins authorized 
        by this Act (including labor, materials, dies, use of 
        machinery, overhead expenses, marketing, and shipping) is 
        recovered by the United States Treasury, consistent with 
        sections 5112(m) and 5134(f) of title 31, United States Code.

Summary: United States Coast Guard Commemorative Coin Act of 2017 This bill directs the Department of the Treasury to mint and issue in commemoration of the U.S. Coast Guard: (1) $5 gold coins, (2) $1 silver coins, and (3) half-dollar clad coins.  The design of such coins shall be emblematic of the traditions, history, and heritage of the Coast Guard and its role in securing the United States since 1790.  The bill prescribes certain design requirements. The issuance of such coins is restricted to the one-year period beginning on January 1, 2020. The bill prescribes the sale price of the coins and coin surcharges. Surcharges shall be paid by Treasury to the National Coast Guard Museum Association to help finance the design, construction, operations, and maintenance of this museum. Treasury shall ensure that minting and issuing coins under this bill will not result in any net cost to the federal government.