[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 587 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                 S. 587

To require the Secretary of the Treasury to mint coins in commemoration 
    of the Model T Ford Automobile and the 100th anniversary of the 
Highland Park Plant, Michigan, the birthplace of the assembly line, and 
                          for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 14, 2007

Ms. Stabenow (for herself and Mr. Levin) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To require the Secretary of the Treasury to mint coins in commemoration 
    of the Model T Ford Automobile and the 100th anniversary of the 
Highland Park Plant, Michigan, the birthplace of the assembly line, and 
                          for other purposes.

    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 ``Model T Ford Automobile 
Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) More than 15,000,000 Model T Fords were produced 
        between October 1, 1908, and May 26, 1927.
            (2) By fostering unprecedented personal mobility, the Model 
        T drove the transformation of the landscape, the economy, and 
        the social life of America.
            (3) The assembly line developed for Model T production 
        became the characteristic mode of production in the 20th 
        century and made manufactured goods available in unprecedented 
        abundance.
            (4) The vast numbers of high wage, low skill jobs needed on 
        assembly lines gave millions of Americans access to a middle 
        class life.
            (5) At the height of its popularity, the Model T was 
        manufactured in 20 countries, on every continent except 
        Antarctica.
            (6) In 1999 a panel of automotive experts from across the 
        globe chose the Model T as the ``Car of the Century'' because 
        of its pervasive, enduring influence.
            (7) 2010 will mark the 100th anniversary of the Highland 
        Park Plant, the birthplace of the assembly line.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denomination.--In commemoration of the 100th anniversary of the 
Model T Ford Automobile, the Secretary of the Treasury (hereafter in 
this Act referred to as the ``Secretary'') shall mint and issue not 
more than 500,000 $1 coins, each of 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 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 COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of the Model T Ford and the assembly 
        line.
            (2) Designation and inscriptions.--On each coin minted 
        under this Act there shall be--
                    (A) a designation of the value of the coin; and
                    (B) 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--
            (1) selected by the Secretary after consultation with the 
        Commission of Fine Arts; and
            (2) 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) Commencement of Issuance.--The Secretary may issue coins minted 
under this Act beginning on January 1, 2010.
    (c) Termination of Minting Authority.--No coins may be minted under 
this Act after December 31, 2010.

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 sum of the face value of the coins, the surcharge required 
under section 7(a) for the coins, and 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) In General.--All sales of coins minted under this Act shall 
include a surcharge of $10 per coin.
    (b) Distribution.--Subject to section 5134(f) of title 31, United 
States Code, the first $5,000,000 of the surcharges received by the 
Secretary from the sale of coins issued under this Act shall be paid by 
the Secretary as follows:
            (1) Motor cities national heritage area.--Up to \1/2\ to 
        the Automobile National Heritage Area Partnership Inc. for 
        creating an endowment for--
                    (A) supporting the celebration and preservation of 
                the Model T story; and
                    (B) maintaining and expanding national Model T 
                educational programs.
            (2) The edison institute.--Up to \1/2\ to the Edison 
        Institute, otherwise known as ``The Henry Ford'', in Dearborn, 
        Michigan, a National Historic Landmark, for creating an 
        endowment for maintaining and expanding displays and developing 
        educational programs associated with the Model T Ford 
        Automobile.
    (c) Audits.--Each organization that receives any payment from the 
Secretary under this section shall be subject to the audit requirements 
of section 5134(f)(2) of title 31, United States Code.
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