United States Coast Guard Commemorative Coin Act of 2017

Bill: 115-s-1021
Sponsor: full_name: Sen. Murphy, Christopher [D-CT]
Introduced: 2017-05-03
Policy area: Finance and Financial Sector
Subjects: Coast guard

Currency

Department of Homeland Security

Military history

Military personnel and dependents

Museums, exhibitions, cultural centers

Transportation employees
Latest action: action_date: 2017-05-03
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-05-03
action_desc: Introduced in Senate
text: <p><b>United States Coast Guard Commemorative Coin Act</b> <b>of 2017</b></p> <p>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. </p> <p>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. </p> <p>The bill prescribes certain design requirements.</p> <p>The issuance of such coins is restricted to the one-year period beginning on January 1, 2020.</p> <p>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.</p> <p>Treasury shall ensure that minting and issuing coins under this bill will not result in any net cost to the federal government.</p>

tv_txt: II 115th CONGRESS 1st Session S. 1021 IN THE SENATE OF THE UNITED STATES May 3, 2017 Mr. Murphy (for himself, Mr. Blumenthal , and Mr. Boozman ) 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 United States Coast Guard.

1. Short title This Act may be cited as the United States Coast Guard Commemorative Coin Act of 2017 . 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. 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. 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. 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. 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. 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. 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.