SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Theodore Roosevelt Commemorative 
Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) Theodore Roosevelt, one of America's greatest 
        presidents, was born on October 27, 1858, in New York City, New 
        York.
            (2) At the young age of 23, Theodore Roosevelt was elected 
        to the first of 3 terms as a representative in the New York 
        State Assembly (1882-1884).
            (3) From 1895-1897, Theodore Roosevelt served as 
        Commissioner of the New York City Police Department.
            (4) While serving as Assistant Secretary of the Navy under 
        President William McKinley (1897-1898), Theodore Roosevelt 
        organized the First United States Volunteer Cavalry Regiment, 
        popularly known as the ``Rough Riders'', and then served as 
        Colonel of this regiment during the Spanish-American War.
            (5) From 1898-1900, Theodore Roosevelt served as Governor 
        of New York.
            (6) In 1900, with the election of President McKinley, 
        Theodore Roosevelt was elected as the 25th Vice-President of 
        the United States.
            (7) Becoming the 26th President of the United States the 
        following year, Theodore Roosevelt took a very active role in 
        foreign affairs, establishing the United States as a new world 
        power, and instituted broad reforms, at home, particularly with 
        respect to labor, monopolies, and conservation, until the end 
        of his presidency in 1909.
            (8) On January 16, 2001, Theodore Roosevelt was 
        posthumously awarded the Congressional Medal of Honor for 
        leading a charge up the San Juan Heights in Cuba during the 
        Spanish-American War, shortly before the war ended, thereby 
        becoming the first President of the United States to be awarded 
        the Congressional Medal of Honor.
            (9) 2006 will mark the 100th anniversary of Theodore 
        Roosevelt receiving the Nobel Peace Prize, the first citizen of 
        the United States to receive such prize, for drawing up the 
        1905 peace treaty ending the Russo-Japanese War.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denominations.--The Secretary of the Treasury (hereinafter 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 90 percent gold and 10 percent alloy.
            (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 90 percent silver and 10 percent 
                copper.
    (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 5136 of title 31, 
United States Code, all coins minted under this Act shall be considered 
to be numismatic items.
    (d) Use of the United States Mint at West Point, New York.--It is 
the sense of the Congress that the coins minted under this Act should 
be struck at the United States Mint at West Point, New York, to the 
greatest extent possible.

SEC. 4. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall--
                    (A) be emblematic of the life and legacy of 
                President Theodore Roosevelt; and
                    (B) use the designs of James Earle Fraser or 
                Augustus Saint-Gaudens, 2 sculptors most closely 
                associated with the revitalization of the United States 
                coinage, commonly referred to as the ``Golden Age of 
                American Coin Design'', that was initiated by President 
                Theodore Roosevelt.
            (2) Obverse.--The obverse of the coins minted under this 
        Act shall bear the image of Theodore Roosevelt as a Rough Rider 
        that was used on the James Earle Fraser medal of 1920.
            (3) Reverse.--The reverse of the coins minted under this 
        Act shall bear the eagle design, with motto, from the $20 gold 
        ``double eagle'' coin produced between 1907 and 1933 and 
        designed by Augustus Saint-Gaudens.
            (4) 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 ``2006''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''.
    (b) Selection.--The design for the coins minted under this Act 
shall be selected by the Secretary after consultation with the 
Commission of Fine Arts.

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act shall be issued 
in uncirculated and proof qualities.
    (b) Commencement of Issuance.--The Secretary may issue coins minted 
under this Act beginning January 1, 2006, except that the Secretary may 
initiate sales of such coins, without issuance, before such date.
    (c) Termination of Minting Authority.--No coins shall be minted 
under this Act after December 31, 2006.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--Notwithstanding any other provision of law, the 
coins issued under this Act shall be sold by the Secretary at a price 
equal to the face value, plus the cost of designing and issuing such 
coins (including labor, materials, dies, use of machinery, overhead 
expenses, and marketing).
    (b) Bulk Sales.--The Secretary shall make bulk sales of the coins 
issued under this Act at a reasonable discount.
    (c) Prepaid Orders at a Discount.--
            (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) Surcharge Required.--All sales shall include a surcharge of $35 
per coin for the $5 coins and $10 per coin for the $1 coins.
    (b) Distribution.--Subject to section 5134(f) of title 31, United 
States Code, all surcharges which are received by the Secretary from 
the sale of coins issued under this Act shall be promptly paid by the 
Secretary to the Theodore Roosevelt Association to be used exclusively 
for educational programs at Sagamore Hill National Historic Site, 
operated by the National Park Service, including for the construction 
and maintenance of a visitor's center.
    (c) Audits.--The Theodore Roosevelt Association shall be subject to 
the audit requirements of section 5134(f)(2) of title 31, United States 
Code.
Output: Theodore Roosevelt Commemorative Coin Act - Directs the Secretary of the Treasury to mint and issue not more than 50,000 $5 coins and 500,000 $1 coins emblematic of the life and legacy of President Theodore Roosevelt. Requires the coins to be issued in 2006 to mark the 100th anniversary of Roosevelt receiving the Nobel Peace Prize. Requires surcharges from the sale of the coins to be paid to the Theodore Roosevelt Association to be used exclusively for educational programs at Sagamore Hill National Historic Site, including for construction and maintenance of a visitor's center.