Support of American Eagle Silver Bullion Program Act
PL 107-201 (S.2594), enacted 07/23/2002

116 STAT. 736 
PUBLIC LAW 107-201—JULY 23, 2002 
Public Law 107-201 
107th Congress 
An Act 
July 23, 2002 
To authorize the Secretary of the Treasury to purchase silver on the open market 
[S 2594] 
when the silver stockpile is depleted, to be used to mint coins. 
Be it enacted by the Senate and House of Representatives of 
Support of 
the United States of America in Congress assembled, 
American Eagle 
Silver BulHon 
SECTION 1. SHORT TITLE. 
sTuB^stoi 
This Act may be cited as the "Support of American Eagle 
note. 
Silver Bullion Program Act". 
31 u s e 5116 
SEC. 2. FINDINGS. 
Congress finds that— 
(1) the American Eagle Silver Bullion coin leads the global 
market, and is the largest and most popular silver coin program 
in the United States; 
(2) established in 1986, the American Eagle Silver Bullion 
Program is the most successful silver bullion program in the 
world; 
(3) from fiscal year 1995 through fiscal year 2001, the 
American Eagle Silver Bullion Program generated— 
(A) revenues of $264,100,000; and 
(B) sufficient profits to significantly reduce the national 
debt; 
(4) with the depletion of silver reserves in the Defense 
Logistic Agency's Strategic and Critical Materials Stockpile, 
it is necessary for the Department of the Treasury to acquire 
silver from other sources in order to preserve the American 
Eagle Silver Bullion Program; 
(5) with the ability to obtain silver from other sources, 
the United States Mint can continue the highly successful 
American Eagle Silver Bullion Program, exercising sound busi-
ness judgment and market acquisition practices in its approach 
to the silver market, resulting in continuing profitability of 
the program; 
(6) in 2001, silver was commercially produced in 12 States, 
including, Alaska, Arizona, California, Colorado, Idaho, Mis-
souri, Montana, Nevada, New Mexico, South Dakota, Utah, 
and Washington; 
(7) Nevada is the largest silver producing State in the 
Nation, producing— 
(A) 17,500,000 ounces of silver in 2001; and 
(B) 34 percent of United States silver production in 
2000; 
(8) the mining industry in Idaho is vital to the economy 
of the State, and the Silver Valley in northern Idaho leads 
- PUBLIC LAW 107-201—JULY 23, 2002 
116 STAT. 737 
the world in recorded silver production, with over 1,100,000,000 
ounces of silver produced between 1884 and 2001; 
(9) the largest, active silver producing mine in the Nation 
is the McCoy/Cove Mine in Nevada, which produced more than 
107,000,000 ounces of silver between 1989 and 2001; 
(10) the mining industry in Idaho— 
(A) employs more than 3,000 people; 
(B) contributes more than $900,000,000 to the Idaho 
economy; and 
(C) produces $70,000,000 worth of silver per year; 
(11) the silver mines of the Comstock lode, the premier 
silver producing deposit in Nevada, brought people and wealth 
to the region, paving the way for statehood in 1864, and giving 
Nevada its nickname as "the Silver State"; 
(12) mines in the Silver Valley— 
(A) represent an important part of the mining history 
of Idaho and the United States; and 
(B) have served in the past as key components of 
the United States war effort; and 
(13) silver has been mined in Nevada throughout its his-
tory, with every significant metal mining camp in Nevada pro-
ducing some silver. 
SEC. 3. PURCHASE OF SILVER BY THE SECRETARY OF THE TREASURY. 
(a) PURCHASE OF SILVER.— 
(1) IN GENERAL.—Section 5116(b)(2) of title 31, United 
States Code, is amended by inserting after the second sentence 
the following: "At such time as the silver stockpile is depleted, 
the Secretary shall obtain silver as described in paragraph 
(1) to mint coins authorized under section 5112(e). If it is 
not economically feasible to obtain such silver, the Secretary 
may obtain silver for coins authorized under section 5112(e) 
from other available sources. The Secretary shall not pay more 
than the average world price for silver under any circumstances. 
As used in this paragraph, the term 'average world price' means 
the price determined by a widely recognized commodity 
exchange at the time the silver is obtained by the Secretary.". 
(2) 
RULEMAKING 
AUTHORITY.—The 
Secretary 
of 
the 
3i use 5116 
Treasury shall issue regulations to implement the amendments °ote. 
made by paragraph (1). 
(b) STUDY REQUIRED.— 
3i use 5112 
(1) STUDY.—The Secretary of the Treasury shall conduct note. 
a study of the impact on the United States silver market 
of the American Eagle Silver Bullion Program, established 
under section 5112(e) of title 31, United States Code. 
(2) REPORT.—^Not later than 1 year after the date of enact- Deadline, 
ment of this Act, the Secretary of the Treasury shall submit 
a report of the study conducted under paragraph (1) to the 
chairman and ranking minority member of— 
(A) the Committee on Banking, Housing, and Urban 
Affairs of the Senate; and 
(B) the Committee on Financial Services of the House 
of Representatives. 
(c) ANNUAL REPORT.— 
31 use 5116 
(1) IN GENERAL.—The Director of the United States Mint note, 
shall prepare and submit to Congress an annual report on 
116 STAT. 738 
PUBLIC LAW 107-201-^ULY 23, 2002 
the purchases of silver made pursuant to this Act and the 
amendments made by this Act. 
(2) CONCURRENT SUBMISSION.—The report required by 
paragraph (1) may be incorporated into the annual report of 
the Director of the United States Mint on the operations of 
the mint and assay offices, referred to in section 1329 of title 
44, United States Code. 
Approved July 23, 2002. 
LEGISLATIVE HISTORY—S. 2594: 
CONGRESSIONAL RECORD, Vol. 148 (2002): 
June 21, considered and passed Senate. 
June 27, considered and passed House.