To provide for the issuance of a coin to commemorate the 400th anniversary of the Jamestown settlement.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Jamestown 400th Anniversary 
Commemorative Coin Act of 2004''.

SEC. 2. FINDINGS.

    The Congress makes the following findings:
        (1) The founding of the colony at Jamestown, Virginia, in 1607, 
    the first permanent English colony in America, and the capital of 
    Virginia for 92 years, has major significance in the history of the 
    United States.
        (2) The Jamestown Settlement brought people from throughout the 
    Atlantic Basin together to form a society that drew upon the 
    strengths and characteristics of English, European, African, and 
    Native American cultures.
        (3) The economic, political, religious, and social institutions 
    that developed during the first 9 decades of the existence of 
    Jamestown continue to have profound effects on the United States, 
    particularly in English common law and language, cross cultural 
    relationships, manufacturing, and economic structure and status.
        (4) The National Park Service, the Association for the 
    Preservation of Virginia Antiquities, and the Jamestown-Yorktown 
    Foundation of the Commonwealth of Virginia collectively own and 
    operate significant resources related to the early history of 
    Jamestown.
        (5) In 2000, Congress established the Jamestown 400th 
    Commemoration Commission to ensure a suitable national observance 
    of the Jamestown 2007 anniversary and to support and facilitate 
    marketing efforts for a commemorative coin, stamp, and related 
    activities for the Jamestown 2007 observances.
        (6) A commemorative coin will bring national and international 
    attention to the lasting legacy of Jamestown, Virginia.
        (7) The proceeds from a surcharge on the sale of such 
    commemorative coin will assist the financing of a suitable national 
    observance in 2007 of the 400th anniversary of the founding of 
    Jamestown, Virginia.

SEC. 2. 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 dollar 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 dollar 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. 3. SOURCES OF BULLION.

    The Secretary shall obtain gold and silver for minting coins under 
this Act pursuant to the authority of the Secretary under other 
provisions of law.

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 settlement of Jamestown, Virginia, the 
    first permanent English settlement in America.
        (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 ``2007''; 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--
            (A) the Jamestown 2007 Steering Committee, created by the 
        Jamestown-Yorktown Foundation of the Commonwealth of Virginia;
            (B) the National Park Service; and
            (C) the Commission of Fine Arts; and
        (2) reviewed by the citizens advisory committee established 
    under section 5135 of title 31, United States Code.

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 combination of denomination and 
quality of the coins minted under this Act.
    (c) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the periodbeginning on January 1, 2007, and 
ending on December 31, 2007.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--Notwithstanding any other provision of law, the 
coins issued under this Act shall be sold 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 
expenses, and marketing).
    (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) Surcharge Required.--All sales shall include a surcharge of $35 
per coin for the $5 coins and $10 per coin for the $1 coins.
    (b) Distribution.--Subject to section 5134(f) of title 31, United 
States Code, all surcharges which are received by the Secretary from 
the sale of coins issued under this Act shall be promptly paid by the 
Secretary as follows:
        (1) Programs to promote understanding of the legacies of 
    jamestown.--\1/2\ of the surcharges shall be used to support 
    programs to promote the understanding of the legacies of Jamestown 
    and for such purpose shall be paid to the Jamestown-Yorktown 
    Foundation of the Commonwealth of Virginia.
        (2) Other purposes for surcharges.--
            (A) In general.--\1/2\ of the surcharges shall be used for 
        the following purposes:
                (i) To sustain the ongoing mission of preserving 
            Jamestown.
                (ii) To enhance national and international educational 
            programs relating to Jamestown, Virginia.
                (iii) To improve infrastructure and archaeological 
            research activities relating to Jamestown, Virginia.
                (iv) To conduct other programs to support the 
            commemoration of the 400th anniversary of the settlement of 
            Jamestown, Virginia.
            (B) Recipients of surcharges for such other purposes.--The 
        surcharges referred to in subparagraph (A) shall be distributed 
        by the Secretary in equal shares to the following organizations 
        for the purposes described in such subparagraph:
                (i) The Secretary of the Interior.
                (ii) The Association for the Preservation of Virginia 
            Antiquities.
                (iii) The Jamestown-Yorktown Foundation of the 
            Commonwealth of Virginia.
    (c) Audits.--The Jamestown-Yorktown Foundation of the Commonwealth 
of Virginia, the Secretary of the Interior, and the Association for the 
Preservation of Virginia Antiquities shall each 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: Jamestown 400th Anniversary Commemorative Coin Act of 2004 - Directs the Secretary of the Treasury (the Secretary) to mint and issue not more than 100,000 $5 gold coins and 500,000 $1 silver coins, which shall be emblematic of the settlement of Jamestown, Virginia (the first permanent English settlement in America).

Provides for a $35 per coin surcharge for the $5 dollar coins and $10 per coin for the $1 dollar coins. Directs that: (1) half of the surcharges be used to support programs to promote the understanding of the legacies of Jamestown (to be paid to the Jamestown-Yorktown Foundation); and (2) half be used to sustain the ongoing mission of preserving Jamestown, to enhance national and international educational programs relating to Jamestown, to improve infrastructure and archaeological research activities relating to Jamestown, and conduct other programs to support the commemoration of the 400th anniversary of the settlement of Jamestown (to be distributed by the Secretary in equal shares to the Secretary of the Interior, the Association for the Preservation of Virginia Antiquities, and the Jamestown-Yorktown Foundation). Prohibits such surcharge with respect to the issuance of any coin during a calendar year if the issuance would result in the number of commemorative coin programs issued during such year to exceed the annual two commemorative coin program issuance limitation. Authorizes the Secretary to issue guidance to implement this limitation.