250th Anniversary of the United States Marine Corps Commemorative Coin Act

Bill: 117-s-5112
Sponsor: full_name: Sen. Blumenthal, Richard [D-CT]
Introduced: 2022-11-16
Policy area: Finance and Financial Sector
Subjects: Commemorative events and holidays

Currency

Military history

Military personnel and dependents
Latest action: action_date: 2022-11-16
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2022-11-16
action_desc: Introduced in Senate
text: <p><b>250th Anniversary of the United States Marine Corps Commemorative Coin Act</b></p> <p>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. </p> <p>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.</p>

tv_txt: II 117th CONGRESS 2d Session S. 5112 IN THE SENATE OF THE UNITED STATES November 16, 2022 Mr. Blumenthal (for himself, Mr. Sullivan , Mr. Wicker , Mr. Rounds , and Mr. Young ) 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 250th Anniversary of the United States Marine Corps, and to support programs at the Marine Corps Heritage Center.

1. Short title This Act may be cited as the 250th Anniversary of the United States Marine Corps Commemorative Coin Act . 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. 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. 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. 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. 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 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. 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.