[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2627 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 2627

To require the Secretary of the Treasury to mint coins in commemoration 
of the sesquicentennial of the founding of the Smithsonian Institution.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 14, 1995

 Mr. Livingston (for himself and Mr. Sam Johnson of Texas) introduced 
the following bill; which was referred to the Committee on Banking and 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
To require the Secretary of the Treasury to mint coins in commemoration 
of the sesquicentennial of the founding of the Smithsonian Institution.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Smithsonian Institution 
Sesquicentennial Commemorative Coin Act of 1995''.

SEC. 2. 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 in commemoration of the sesquicentennial of the 
founding of the Smithsonian Institution:
            (1) $5 gold coins.--Not more than 100,000 5 dollar 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 800,000 1 dollar 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.
    (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 5134 of title 31, 
United States Code, all coins minted under this Act shall be considered 
to be numismatic items.

SEC. 3. SOURCES OF BULLION.

    (a) Gold.--The Secretary shall obtain gold for minting coins under 
this Act pursuant to the authority of the Secretary under other 
provisions of law.
    (b) Silver.--The Secretary shall obtain silver for minting coins 
under this Act only from stockpiles established under the Strategic and 
Critical Materials Stock Piling Act.

SEC. 4. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of the scientific, educational, and 
        cultural significance and importance of the Smithsonian 
        Institution.
            (2) 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 ``1996'';
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''; and
                    (D) an inscription of the following phrase from the 
                original bequest of James Smithson: ``for the increase 
                and diffusion of knowledge''.
    (b) Selection.--The design for the coins minted under this Act 
shall be--
            (1) selected by the Secretary after consultation with the 
        Board of Regents of the Smithsonian Institution and the 
        Commission of Fine Arts; and
            (2) reviewed by the Citizens Commemorative Coin 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 Facility.--Only 1 facility of the United States Mint may 
be used to strike any particular combination of denomination and 
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 August 1, 
1996.

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 subsection (d) 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.
    (d) Surcharges.--All sales shall include a surcharge of--
            (1) $35 per coin for the $5 coin; and
            (2) $10 per coin for the $1 coin.

SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

    (a) In General.--Except as provided in subsection (b), no provision 
of law governing procurement or public contracts shall be applicable to 
the procurement of goods and services necessary for carrying out the 
provisions of this Act.
    (b) Equal Employment Opportunity.--Subsection (a) shall not relieve 
any person entering into a contract under the authority of this Act 
from complying with any law relating to equal employment opportunity.

SEC. 8. DISTRIBUTION OF SURCHARGES.

    (a) In General.--All surcharges received by the Secretary from the 
sale of coins issued under this Act shall be promptly paid by the 
Secretary to the Smithsonian Institution for the following purposes:
            (1) 85 percent of the amount transferred shall be available 
        for such purposes as the Board of Regents of the Smithsonian 
        Institution determines to be appropriate.
            (2) 15 percent of the amount transferred shall be dedicated 
        to the support of the operation and activities of the National 
        Numismatic Collection at the National Museum of American 
        History.
    (b) Audits.--The Comptroller General of the United States shall 
have the right to examine such books, records, documents, and other 
data of the Smithsonian Institution as may be related to the 
expenditures of amounts paid under subsection (a).

SEC. 9. FINANCIAL ASSURANCES.

    (a) No Net Cost to the Government.--The Secretary shall take such 
actions as may be necessary to ensure that minting and issuing coins 
under this Act will not result in any net cost to the United States 
Government.
    (b) Payment for Coins.--A coin shall not be issued under this Act 
unless the Secretary has received--
            (1) full payment for the coin;
            (2) security satisfactory to the Secretary to indemnify the 
        United States for full payment; or
            (3) a guarantee of full payment satisfactory to the 
        Secretary from a depository institution whose deposits are 
        insured by the Federal Deposit Insurance Corporation or the 
        National Credit Union Administration Board.
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