[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5476 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 5476

To require the Secretary of the Treasury to mint coins in commemoration 
 of the 100th anniversary of the beginning of Korean immigration into 
                           the United States.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 26, 2002

Mr. Andrews (for himself and Mr. Saxton) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require the Secretary of the Treasury to mint coins in commemoration 
 of the 100th anniversary of the beginning of Korean immigration into 
                           the United States.

    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 ``Korean Immigration Commemorative 
Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds as follows:
            (1) January 13, 2003, will mark the 100th anniversary of 
        the first wave of Korean immigration to the United States.
            (2) At the time of this anniversary, more than 100 Korean 
        American communities throughout this Nation will commemorate 
        this important event.
            (3) According to immigration records, in December 1902, 56 
        men, 21 women, and 25 children left Korea and sailed across the 
        Pacific Ocean aboard the S.S. Gaelic, landing in Honolulu, 
        Hawaii, on January 13, 1903.
            (4) These early Korean immigrants worked at sugar cane and 
        pineapple fields in Hawaii.
            (5) Since that 1st voyage, approximately 1,000,000 Koreans 
        have immigrated to the United States.
            (6) Korean Americans have served with distinction in the 
        U.S. Armed Forces during every war and conflict in which the 
        United States is or was involved from World War I through the 
        war in the Persian Gulf and beyond.
            (7) Korean Americans have taken root and thrived in the 
        United States through strong family ties, robust community 
        support, and countless hours of hard work.
            (8) Korean immigrants have invigorated business, church, 
        and academic communities throughout the United States and 
        Korean Americans have also established themselves as important 
        members in the medical, legal, financial, and governmental 
        professions.
            (9) The strategic partnership between the United States and 
        Korea has helped undergird peace and stability in the Asian 
        Pacific region and has provided economic benefits to not only 
        the peoples of the United States and Korea, but to the entire 
        world.

SEC. 3. COIN SPECIFICATIONS.

    (a) $1 Silver Coins.--The Secretary of the Treasury (hereafter in 
this Act referred to as the ``Secretary'') shall mint and issue not 
more than 500,000 1 dollar coins, which shall--
            (1) weigh 26.73 grams;
            (2) have a diameter of 1.500 inches; and
            (3) 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. 4. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of the immigration of Koreans into the 
        United States and the significant contributions of Korean 
        Americans to this Nation.
            (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 ``2003''; 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, 2003, 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, 2003.

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.
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