110 HR 2730 IH: Numismatic Rarities Certainty Act of U.S. House of Representatives 2007-06-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 2730 IN THE HOUSE OF REPRESENTATIVES June 14, 2007 Mr. Lucas introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend title 31, United States Code, to provide a clear line of demarcation with regard to private ownership of any coin, medal, or numismatic item made or issued by the United States Government before January 1, 1933, and of any piece produced by the United States Mint before such date, that is not in the possession of the United States Government, to establish requirements with respect to the inventory of certain United States coins, medals, numismatic items, and other pieces produced by the United States Mint that are owned by the Department of the Treasury, and for other purposes.

1.

Short title

This Act may be cited as the Numismatic Rarities Certainty Act of 2007.

2.

Disposition of certain United States coins

(a)

In General

Subchapter II of chapter 51, United States Code, is amended by adding at the end the following new section:

5123.

Inventory and disposition of certain United States coins, medals, numismatic items, and other pieces produced by the United States Mint

(a)

Pieces made before 1933

Any coin, medal, numismatic item, or other piece struck or made in a United States Mint facility before January 1, 1933, that, as of the date of the enactment of the Numismatic Rarities Certainty Act of 2007, is not in the possession of the United States Government shall not be considered to be property of the United States, unless the coin, medal, numismatic item, or other piece produced by the United States Mint is reacquired by the United States Government for value given in a sale or exchange. (b)

Inventory

(1)

In general

By January 1, 2008, and every 5 years thereafter, the Secretary of the Treasury shall conduct and compile an inventory of all coins, medals, numismatic items, and other pieces produced by the United States Mint that are owned by the Department of the Treasury. (2)

Information to be included

The inventory shall include a description of each item included in the inventory and its current location and, if on loan, the name and location of the agency, organization, or person that has custody of such item. (3)

Report on inventory

The Secretary of the Treasury shall submit the inventory together with a report containing any findings, recommendations, or conclusions of the Secretary with respect to the inventory to the President and the Congress before January 31, 2008, and every 5 years thereafter. (c)

Preservation, display, disposition or destruction of coins, medals, numismatic items and other pieces produced by the United States Mint that are in the possession of the United States Government

(1)

In general

In the case of any coin, medal, numismatic item, or other piece produced by the United States Mint that is in, or comes into, the possession of the United States Government, the coin, medal, numismatic item, or other piece shall be transferred to the Secretary of the Treasury, if not already in the Secretary’s possession, and the Secretary shall take the appropriate action required with respect to such coin, medal, numismatic item, or other piece under paragraph (2). (2)

Disposition of coins, medals, or numismatic items

(A)

Determination of available items

Upon taking possession, under paragraph (1), of any coin, medal, numismatic item, or other piece produced by the United States Mint, the Secretary of the Treasury shall make a determination of the number and condition of the coins, medals, numismatic items, and pieces of the same denomination, quality, type, and year of production as the coin, medal, numismatic item, or piece referred to in such paragraph, taking into account the most recent inventory conducted in accordance with subsection (b). (B)

Historic preservation and public display

The Secretary shall ensure that an appropriate number of any coin, medal, numismatic item, or other piece produced by the United States Mint of the same denomination, quality, type, and year of production that are in or come into the Secretary’s possession— (i)are retained for historical purposes; and (ii)are made available for public viewing at such times and places as the Secretary, in the sole discretion of the Secretary, determines to be appropriate. (C)

Sale of excess at public auction

(i)

In general

If the Secretary determines that the number of any coins, medals, numismatic items, or other pieces produced by the United States Mint of the same denomination, quality, type, and year of production that are in the Secretary’s possession exceeds the number that are appropriate for historic preservation and public display under subparagraph (B), the Secretary may dispose of such excess, or such portion of the excess as the Secretary determines to be appropriate, at public auction. (ii)

Proceeds

The proceeds from any auction conducted by the Secretary under clause (i) shall be deposited in a fund to be used for the preservation and display of such coins, medals, numismatic items, or other pieces produced by the United States Mint that remain in the possession of the Secretary in a way that the Secretary, in consultation with the Congress, determines to be appropriate. (D)

Standards

In making any determination with regard to any public auction of coins, medals, numismatic items, or other pieces under subparagraph (C)(i), the following standards shall be taken into account by the Secretary: (i)Maximum return to the Government. (ii)Interest of the numismatic community in the sale and in the items to be offered for sale. (iii)Interest of the general public in the items to be offered for sale. (E)

Destruction of unsold excess

Any coins, medals, numismatic items, or other pieces produced by the United States Mint that— (i)were determined by the Secretary, under subparagraph (C)(i) to be in excess of the number of such coins, medals, numismatic items, or pieces that are appropriate for historic preservation and public display under subparagraph (B); and (ii)remain unsold following an auction under such subparagraph, or were withheld from such auction by the Secretary in accordance with subparagraph (C)(i), may be treated as obsolete and disposed of in the manner provided in section 5120.(3)

Report to the congress

In the event of the disposal pursuant to paragraph (2)(E) of any coins, medals, numismatic items, or other pieces produced by the United States Mint, the Secretary shall immediately report such disposal to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (4)

Definitions

For purposes of this section, the following definitions shall apply: (A)

Numismatic item

The term numismatic item includes any item that would be included within the meaning of such term under section 5134(a)(3) if the Secretary of the Treasury had the lawful authority to make the item when it was made. (B)

Coin, medal, numismatic item, or other piece struck or made in a United States Mint facility

The terms coin, medal, numismatic item, or other piece struck or made in a United States Mint facility and any coins, medals, numismatic items, or other pieces produced by the United States Mint do not include any item produced for a foreign country or any person.

. (b)

Clerical Amendment

The table of sections for chapter 51, United States Code, is amended by inserting after the item relating to section 5122 the following new item: Sec. 5123. Inventory and disposition of certain United States coins, medals, numismatic items, and other pieces produced by the United States Mint. .