SECTION 1. SHORT TITLE.

    This Act may be cited as the ``United States Coast Guard 
Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (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, 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 America's coasts, ports, and 
        inland waterways.
            (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, intra-coastal and offshore aids to 
        navigation (ATON).
            (5) The United States Coast Guard is our Nation's oldest 
        seafaring military service, staying true to their motto, Semper 
        Paratus or ``Always Ready,'' for 223 years.
            (6) The United States Coast Guard has an estimated 42,300 
        men and women on active duty, who in 2012 responded to nearly 
        20,000 search and rescue incidents saving over 3,500 lives and 
        protecting $77 million in property, removed 107 metric tons of 
        cocaine and 56 metric tons of marijuana headed to the United 
        States, and interdicted nearly 3,000 undocumented migrants on 
        the high seas attempting to illegally enter the United States.
            (7) Section 213 of Public Law 108-293 states 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.
            (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.

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 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 90 percent silver and 10 percent 
                copper.
            (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. 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 its role in 
        securing our Nation 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 ``2017''; 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--
            (1) contain motifs that specifically honor the American 
        Coast Guardsman 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 Foundation;
            (2) be selected by the Secretary, after consultation with 
        the Secretary of Homeland Security, the National Coast Guard 
        Museum Foundation, and the Commission of Fine Arts; and
            (3) be 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) 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, 
2017.

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 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 Foundation to help finance the design, 
construction, operations, and maintenance of the National Coast Guard 
Museum.
    (c) Audits.--The National Coast Guard Museum 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).
Output: United States Coast Guard Commemorative Coin Act - Directs the Secretary of the Treasury to mint and issue in commemoration of the United States Coast Guard: (1) $5 gold coins, (2) $1 silver coins, and (3) half-dollar clad coins.  Requires the design of such coins to be emblematic of the traditions, history, and heritage of the Coast Guard, and its role in securing our nation since 1790.  Prescribes design requirements.  Restricts the issuance of such coins to the one-year period beginning on January 1, 2017.  Prescribes the sale price of the coins and coin surcharges. Requires such surcharges to be paid by the Secretary to the National Coast Guard Museum Foundation to help finance the design and construction of the National Coast Guard Museum.