LA28 Olympic and Paralympic Games Commemorative Coin Act
Bill: H.R.8047 | Sponsor: Rep. Sherman, Brad (D-CA)
Policy area: Finance and Financial Sector

Summary:
LA28 Olympic and Paralympic Games Commemorative Coin Act
This bill directs the Department of the Treasury to mint coins in commemoration of the 2028 Olympic and Paralympic Games in Los Angeles, California.
All surcharges received by Treasury from the sale of the coins shall be promptly paid by Treasury to the United States Olympic and Paralympic Properties for the objects and purposes related to the hosting of the 2028 Olympic and Paralympic Games and to aid in the execution of its legacy programs, including the promotion of youth sports in the United States.
Treasury is encouraged to develop and execute a marketing and educational program to promote and sell the coins.

To require the Secretary of the Treasury to mint coins in commemoration 
  of the 2028 Olympic and Paralympic Games in Los Angeles, California.

    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 ``LA28 Olympic and Paralympic Games 
Commemorative Coin Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The 2028 Olympic and Paralympic Games, officially known 
        as the Games of the XXXIV Olympiad or ``LA28'', will be held in 
        Los Angeles, California.
            (2) This will be the first time the Olympic and Paralympic 
        Games have been held in the United States in 26 years.
            (3) The United States has hosted the modern Olympic Games 9 
        times, with the 2028 Games becoming the third time Los Angeles 
        will host the summer Olympic Games.
            (4) The Paralympic Games will celebrate its 80th 
        anniversary in 2028, with Los Angeles hosting the Paralympic 
        Games for the first time.
            (5) Unlike some other countries, Olympic Games in the 
        United States are privately funded. The LA28 Games maintain 
        this model with its revenue generated by corporate partners, 
        broadcast rights, licensing, hospitality and ticket sales.
            (6) With Los Angeles hosting the Paralympic Games for the 
        first time in 2028, the 2028 Olympic and Paralympic Games 
        Commemorative Coin Program has the opportunity to increase 
        awareness and create more inclusivity for people with 
        disabilities with the creation of a single, unifying coin to 
        commemorate the Games.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denominations.--The Secretary of the Treasury (in this Act 
referred to as the ``Secretary'') shall mint and issue the following 
coins in commemoration of the 2028 Olympic and Paralympic Games in Los 
Angeles, California:
            (1) $5 gold coins.--Not more than 100,000 $5 coins, each of 
        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 500,000 $1 coins, each 
        of 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 300,000 half-
        dollar coins, each of 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.
            (4) Proof silver $1 coins.--Not more than 100,000 proof 
        silver $1 coins, each of which shall--
                    (A) weigh 5 ounces;
                    (B) have a diameter of 3 inches; and
                    (C) contain .999 fine silver.
    (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 section 5134 of title 31, 
United States Code, all coins minted under this Act shall be considered 
to be numismatic items.
    (d) Mintage Limit Exception.--If the Secretary determines, based on 
independent, market based research conducted by the U.S. Olympic and 
Paralympic Committee, that the mintage levels described under this 
subsection are not adequate to meet public demand, the Secretary may 
increase the mintage levels as the Secretary determines is necessary to 
meet public demand.

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 participation of United States 
        athletes in the LA28 Games.
            (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 ``2028''; and
                    (C) inscriptions of the words ``Liberty,'' ``In God 
                We Trust,'' ``United States of America,'' and ``E 
                Pluribus Unum''.
            (3) Selection of designs.--The designs for the coins minted 
        under this Act shall be--
                    (A) selected by the Secretary after consultation 
                with--
                            (i) the United States Olympic and 
                        Paralympic Properties; and
                            (ii) the Commission of Fine Arts; and
                    (B) reviewed by the Citizens Coinage Advisory 
                Committee.

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--The Secretary may issue coins minted under 
this Act in uncirculated and proof qualities.
    (b) Period of Issuance.--The Secretary may issue coins minted under 
this Act only during the 1-year period beginning on January 1, 2028.

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 such coins (including 
        labor, materials, dies, use of machinery, overhead expenses, 
        and 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.--Sales 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) $35 per coin for the $5 coin;
            (2) $10 per coin for the $1 coin described under section 
        3(a)(2);
            (3) $5 per coin for the half-dollar coin; and
            (4) $50 per coin for the $1 proof silver 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 United States Olympic and Paralympic Properties for the objects and 
purposes related to the hosting of the 2028 Olympic and Paralympic 
Games and to aid in the execution of its legacy programs, including the 
promotion of youth sports in the United States.
    (c) Audits.--The United States Olympic and Paralympic Properties 
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 programs 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 may issue guidance to carry out this subsection.

SEC. 8. MARKETING AND FINANCIAL ASSURANCES.

    (a) In General.--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, shall be 
        disburses to any recipient designated in section 7(b) 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.
    (b) Marketing and Educational Program.--The Secretary is encouraged 
to develop and execute a marketing and educational program, including 
appropriate cooperative marketing opportunities with the United States 
Olympic and Paralympic Properties and its licensees, to promote and 
sell the coins authorized under this Act.
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