250th Anniversary of the United States Marine Corps Commemorative Coin Act
Bill: S.5112 | Sponsor: Sen. Blumenthal, Richard (D-CT)
Policy area: Finance and Financial Sector

Summary:
250th Anniversary of the United States Marine Corps Commemorative Coin Act
This bill directs the Department of the Treasury to mint and issue not more than 50,000 $5 gold coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins emblematic of the 250th anniversary of the United States Marine Corps.
All surcharges received by Treasury from the sale of such coins must be paid to the Marine Corps Heritage Foundation and shall only be used for the purposes of supporting the mission of the Marine Corps Heritage Center.

To require the Secretary of the Treasury to mint coins in commemoration 
  of the 250th Anniversary of the United States Marine Corps, and to 
         support programs at the Marine Corps Heritage Center.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``250th Anniversary of the United 
States Marine Corps Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) November 10, 2025, marks the 250th anniversary of the 
        United States Marine Corps.
            (2) The United States Marine Corps has, over the course of 
        its illustrious 250-year history, fought gallantly in defense 
        of the United States.
            (3) The United States Marine Corps has established itself 
        as a leading military force, always prepared for tomorrow's 
        challenges and to contend with the future character of war.
            (4) The United States Marine Corps continues to exemplify 
        the warrior ethos that has made it a fighting force of 
        international repute.
            (5) All Americans should commemorate the legacy of the 
        United States Marine Corps and recognize the significant 
        contributions the values embodied in the Corps have made in 
        protecting the United States against its enemies.
            (6) In 2000, Congress authorized the construction of the 
        Marine Corps Heritage Center as a multipurpose facility for 
        historical displays for the public viewing, curation and 
        storage of artifacts, research facilities, classrooms, offices 
        and associated activities consistent with the mission of the 
        Marine Corps.
            (7) On November 10, 2006, the Marine Corps Heritage Center 
        opened to the public, with exhibits that share the history of 
        the Marine Corps from 1775 until 1975, and with planned future 
        exhibits on modern day Marine Corps history from the end of the 
        Vietnam War through the wars in Iraq and Afghanistan.
            (8) The United States should pay tribute to the 250th 
        anniversary of the United States Marine Corps by minting and 
        issuing a commemorative coin.
            (9) The surcharge proceeds from the sale of a commemorative 
        coin, which would have no net costs to the taxpayers, would 
        raise valuable funding for the continuation of educational 
        programs of the Marine Corps Heritage Center.

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 50,000 $5 coins, which 
        shall--
                    (A) weigh 8.359 grams;
                    (B) have a diameter of 0.850 inches; and
                    (C) contain not less than 90 percent gold.
            (2) $1 silver coins.--Not more than 400,000 $1 coins, which 
        shall--
                    (A) weigh 26.73 grams;
                    (B) have a diameter of 1.500 inches; and
                    (C) contain not less than 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 COINS.

    (a) Design Requirements.--The designs of the coins minted under 
this Act shall be emblematic of the 250th anniversary of the United 
States Marine Corps.
    (b) Designation and Inscriptions.--On each coin minted under this 
Act there shall be--
            (1) a designation of the value of the coin;
            (2) an inscription of the year ``2025''; and
            (3) inscriptions of the words ``Liberty'', ``In God We 
        Trust'', ``United States of America'', and ``E Pluribus Unum''.
    (c) Selection.--The design for the coin minted under this Act shall 
be--
            (1) selected by the Secretary after consultation with the 
        Commission of Fine Arts, the Commandant of the Marine Corps, 
        and the Marine Corps Heritage Foundation; 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.--Any 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, 
2025.

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--
            (1) a surcharge of $35 per coin for the $5 coin;
            (2) a surcharge of $10 per coin for the $1 coin; and
            (3) a surcharge of $5 per coin for the half dollar coin.
    (b) Distribution.--Subject to section 5134(f)(1) 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 Marine Corps Heritage Foundation and shall only be 
used for the purposes of supporting the mission of the Marine Corps 
Heritage Center.
    (c) Audits.--The Marine Corps Heritage Foundation, 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 (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. FINANCIAL ASSURANCES.

    The Secretary shall take such actions as may be necessary to ensure 
that--
            (1) minting and issuing coins under this Act result in no 
        net cost to the Federal Government; and
            (2) no funds, including applicable surcharges, are 
        disbursed to the Marine Corps Heritage Foundation 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.
                                 <all>