Title: Greatest Generation Memorial Act
Policy area: Finance and Financial Sector

Summary:
Greatest Generation Memorial Act
This bill directs the Department of the Treasury to mint and issue up to 50,000 $5 coins, 400,000 $1 silver coins, and 750,000 half-dollar clad coins in commemoration of the National World War II Memorial in the District of Columbia.
The design of the coins shall be emblematic of the memorial and the service and sacrifice of American soldiers and civilians during World War II.
All surcharges received from the sale of such coins shall be paid to the Friends of the National World War II Memorial to support the National Park Service in maintaining and repairing the memorial, and for educational and commemorative programs.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1596 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 1596

To require the Secretary of the Treasury to mint coins in commemoration 
of the National World War II Memorial in Washington, DC, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 12, 2021

    Mr. Rounds (for himself, Mrs. Shaheen, Mr. Daines, Mr. Scott of 
    Florida, Mr. Thune, Mr. Inhofe, Mrs. Blackburn, Mr. Rubio, Mr. 
Menendez, and Ms. Hassan) introduced the following bill; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 A BILL


 
To require the Secretary of the Treasury to mint coins in commemoration 
of the National World War II Memorial in Washington, DC, and for other 
                               purposes.

    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 ``Greatest Generation Memorial Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) The National World War II Memorial was dedicated in 
        Washington, DC, on May 29, 2004, and is located on the east end 
        of the Reflecting Pool on the National Mall, opposite the 
        Lincoln Memorial and west of the Washington Monument.
            (2) The dedication of the National World War II Memorial 
        was the culmination of a 17-year effort that started on 
        December 10, 1987, when the World War II Memorial Act was first 
        introduced in the House of Representatives, and was authorized 
        by an Act of Congress signed into law on May 25, 1993. 
        Construction began September 4, 2001, after several years of 
        fundraising and public hearings.
            (3) Opening to the public on April 29, 2004, the World War 
        II Memorial is the first national memorial dedicated to all who 
        served during World War II and acknowledges the commitment and 
        achievement of the entire Nation.
            (4) The Memorial honors the more than 16,000,000 who served 
        in the Armed Forces of the United States during World War II, 
        the more than 400,000 who died, and the millions who supported 
        the war effort from home.
            (5) It is a monument to the spirit, sacrifice, and 
        commitment of the American people to the common defense of the 
        Nation and to the broader causes of peace and freedom from 
        tyranny throughout the world.
            (6) Today, the Memorial is a top destination for millions 
        of annual visitors from all over the country and the world. For 
        many young visitors, their visit to the Memorial is a first 
        glimpse to a grateful Nation's remembrance of the sacrifices 
        made by the World War II generation.
            (7) For World War II veterans, the Memorial is a special 
        destination, a rendezvous point, and a gathering place for 
        reunions and commemoration programs.
            (8) The Friends of the National World War II Memorial play 
        a vital role in the preservation and maintenance of the 
        National World War II Memorial as a treasure for the American 
        people, while helping to facilitate key commemorative and 
        educational programs at the Memorial to pay tribute to 
        America's ``Greatest Generation'' and their efforts to preserve 
        liberty for generations to come.
            (9) The National World War II Memorial stands as an 
        important symbol of America's national unity, a timeless 
        reminder of the moral strength and power that flows when free 
        people are at once united and bonded together in a common and 
        just cause for liberty.

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 coin:
            (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. DESIGNS OF COINS.

    (a) Design Requirements.--
            (1) In general.--The designs of the coins minted under this 
        Act shall be emblematic of the National World War II Memorial 
        and the service and sacrifice of American soldiers and 
        civilians during World War II.
            (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 ``2023''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''.
    (b) Selection.--The designs for the coins minted under this Act 
shall be--
            (1) selected by the Secretary after consultation with the 
        Commission of Fine Arts and the Friends of the National World 
        War II Memorial; 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) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the 1-year period beginning on January 1, 
2023.

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) $35 per coin for the $5 coin;
            (2) $10 per coin for the $1 coin; and
            (3) $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 Friends of the National World War II Memorial to support the 
National Park Service in maintaining and repairing the National World 
War II Memorial, and for educational and commemorative programs.
    (c) Audits.--The Friends of the National World War II Memorial 
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 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.
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