[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3405 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3405

 To authorize the production of Saint-Gaudens Double Eagle ultra-high 
 relief bullion coins in palladium to provide affordable opportunities 
      for investments in precious metals, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 30, 2009

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

_______________________________________________________________________

                                 A BILL


 
 To authorize the production of Saint-Gaudens Double Eagle ultra-high 
 relief bullion coins in palladium to provide affordable opportunities 
      for investments in precious metals, 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 ``Original Saint-Gaudens Double Eagle 
Ultra-High Relief Bullion Coin Act of 2009''.

SEC. 2. PALLADIUM COIN.

    Section 5112 of title 31, United States Code, is amended--
            (1) in subsection (a), by adding at the end the following 
        new paragraph:
            ``(12) A $20 coin that--
                    ``(A) is 27 millimeters in diameter;
                    ``(B) weighs 1 ounce;
                    ``(C) is of an appropriate thickness, as determined 
                by the Secretary; and
                    ``(D) bears, on the obverse and reverse, the 
                designs of the famous 27-millimeter version of the 1907 
                Augustus Saint-Gaudens Double Eagle gold piece, as 
                described in subsection (u).''; and
            (2) by adding at the end, the following new subsection:
    ``(u) Original Saint-Gaudens Double Eagle Ultra-high Relief 
Numismatic Coins and Bullion Investment Coins.--
            ``(1) In general.--Beginning in 2009, the Secretary shall 
        commence minting and issuing for sale--
                    ``(A) such number of $20 bullion investment coins 
                as the Secretary may determine to be appropriate, that 
                bear the design described in paragraph (2); and
                    ``(B) not more than 15,000 of the numismatic $20 
                coins that bear the design and meet the requirements of 
                paragraph (3).
            ``(2) Design and requirements for bullion investment 
        coins.--
                    ``(A) In general.--Except as provided under 
                subparagraph (B), the obverse and reverse of the coins 
                minted and issued pursuant to paragraph (1)(A) shall 
                bear a likeness of the original obverse and reverse 
                designs by Augustus Saint-Gaudens which appear on the 
                famous 27-millimeter version of the 1907 Double Eagle 
                ultra-high relief gold piece.
                    ``(B) Variations.--The coins referred to in 
                subparagraph (A) shall--
                            ``(i) have inscriptions of the weight of 
                        the coin and the purity of the alloy in the 
                        coin raised on the edge of the coin;
                            ``(ii) bear the nominal denomination of the 
                        coin;
                            ``(iii) bear the date of issue of the coin 
                        on the obverse, expressed as a Roman numeral as 
                        in the original design; and
                            ``(iv) bear such other inscriptions, 
                        including `In God We Trust', as the Secretary 
                        determines to be appropriate and in keeping 
                        with the original design.
                    ``(C) Mint facility.--Any facility of the United 
                States Mint may be used to strike coins minted pursuant 
                to paragraph (1)(A) other than the United States mint 
                at West Point, New York.
            ``(3) Design and requirements for ultra-high relief 
        numismatic coins.--
                    ``(A) In general.--Subject to subparagraph (B), the 
                obverse and reverse of the coins minted and issued 
                pursuant to paragraph (1)(B) shall bear exact replicas 
                of the original obverse and reverse designs by Augustus 
                Saint-Gaudens which appear on the famous 27-millimeter 
                version of the 1907 Double Eagle ultra-high relief gold 
                piece and the edge of the coin shall have all 
                appropriate raised lettering in the same manner as the 
                original coin.
                    ``(B) Variations.--The coins referred to in 
                subparagraph (A) shall--
                            ``(i) bear a single finish that most 
                        closely approximates the finish of the original 
                        gold 1907 ultra-high relief gold piece as is 
                        practicable;
                            ``(ii) bear the nominal denomination of the 
                        coin;
                            ``(iii) bear the date of issue of the coin 
                        on the obverse, expressed as a Roman numeral as 
                        in the original design; and
                            ``(iv) bear such other inscriptions, 
                        including `In God We Trust', as the Secretary 
                        determines to be appropriate and in keeping 
                        with the original design.
                    ``(C) Mint facility.--Coins minted pursuant to 
                paragraph (1)(B) may only be struck at the United 
                States mint at West Point, New York.
                    ``(D) Fractional coins prohibited.--No coins issued 
                under this subsection shall be made available as so-
                called `fractional' coins.
            ``(4) Distribution in sets and other coordination 
        requirements.--If the Secretary chooses, in accordance with 
        subsection (i), to mint and issue a gold bullion coin that 
        bears the same design as the ultra-high relief numismatic coins 
        described in paragraph (1)(B)--
                    ``(A) each palladium coin issued under paragraph 
                (1)(B) may only be issued in a set containing 1 of each 
                such coins;
                    ``(B) each set of coins described in subparagraph 
                (A) shall be provided in a presentation case of 
                appropriate design;
                    ``(C) the set described in subparagraph (A) may 
                only be issued and sold in 2009;
                    ``(D) gold coins issued in any set described in 
                subparagraph (A) may only be struck at the United 
                States mint at West Point, New York and no other gold 
                coin issued by the Secretary that bears the same design 
                as the ultra-high relief numismatic coins described in 
                paragraph (1)(B) may be struck at such mint at West 
                Point; and
                    ``(E) no gold coin that bears the same design as 
                the ultra-high relief numismatic coins described in 
                paragraph (1)(B) shall be made available as so-called 
                `fractional' coins.
            ``(5) Composition.--
                    ``(A) In general.--The coins minted under this 
                subsection shall contain .995 pure palladium.
                    ``(B) Source of bullion.--
                            ``(i) In general.--The Secretary shall 
                        acquire bullion for the palladium coins issued 
                        under this subsection by purchase of palladium 
                        mined from natural deposits in the United 
                        States, or in a territory or possession of the 
                        United States, within the 1-year period before 
                        the coins are minted.
                            ``(ii) Price of bullion.--The Secretary 
                        shall pay not more than the average world price 
                        for the palladium under subparagraph (A).
            ``(6) Sale of coins.--Each coin issued under this 
        subsection shall be sold for an amount the Secretary determines 
        to be appropriate, but not less than the sum of--
                    ``(A) the nominal denomination of the coin;
                    ``(B) the market value of the bullion at the time 
                of sale; and
                    ``(C) the cost of designing and issuing the coins, 
                including labor, materials, dies, use of machinery, 
                overhead expenses, marketing, distribution, and 
                shipping.
            ``(7) Legal tender.--The coins minted under this subsection 
        shall be legal tender, as provided in section 5103.
            ``(8) Treatment as numismatic items.--For purposes of 
        section 5134 and 5136, all coins minted under this subsection 
        shall be considered to be numismatic items.
            ``(9) Quality.--The Secretary may issue the coins described 
        in paragraph (1)(A) in both proof and uncirculated versions.
            ``(10) Protective and anti-counterfeiting cover.--
                    ``(A) In general.--The Secretary shall give strong 
                consideration to making the coins described in this 
                subsection available only in protective covers that 
                preserve the coins in the condition in which they are 
                issued, allow clear and easy viewing of the obverse, 
                reverse, and sides of the coin and protect it from 
                movement within the holder, and also protect against 
                counterfeiting of such coins or of the container.
                    ``(B) Acquisition.--The Secretary may elect to 
                comply with subparagraph (A) by producing and 
                assembling such protective covers within the United 
                States Mint or by contracting for the installation of 
                such covers.
            ``(11) Further anti-counterfeiting measures.--
                    ``(A) Report required.--In an attempt to forestall 
                the counterfeiting or marketing of the coins described 
                in this section, including this subsection, and of 
                collectible, numismatic and rare coins in general, the 
                Comptroller General shall, after consulting with the 
                Director of the United States Secret Service and the 
                Federal Trade Commission, and in consultation with 
                hobbyists, numismatists, law enforcement agencies, and 
                the Citizens Coinage Advisory Committee, shall submit 
                to the Committee on Financial Services of the House of 
                Representatives and the Committee on Banking, Housing, 
                and Urban Affairs of the Senate, before the end of the 
                9-month period beginning on the date of the enactment 
                of the Original Saint-Gaudens Double Eagle Ultra-High 
                Relief Bullion Coin Act, a report detailing the extent 
                of counterfeiting of rare, collectible or numismatic 
                coins made available for sale in the United States, 
                regardless of the country where the original of such 
                coin was produced or of the country in which the 
                counterfeiting takes place, or sales overseas if such 
                counterfeit coins are unauthorized copies of coins 
                originally produced by the United States Mint.
                    ``(B) Contents of report.--The report submitted 
                under subparagraph (A) shall describe--
                            ``(i) the extent of such counterfeiting of 
                        coins and numismatic items;
                            ``(ii) the source of such counterfeiting, 
                        if known, including which countries may be the 
                        origin of such counterfeits if they are 
                        produced outside the United States;
                            ``(iii) the distribution and marketing 
                        channels for such counterfeits within and 
                        without the United States;
                            ``(iv) the effect of any such 
                        counterfeiting on hobbyists, numismatists and 
                        on the investment opportunities for bullion or 
                        numismatic coins produced by the United States 
                        Mint;
                            ``(v) whether such counterfeiting extends 
                        to the counterfeiting of coin-grading or 
                        protective materials in such a way that might 
                        imply that the counterfeit inside had been 
                        examined and authenticated by a reputable coin-
                        grading firm; and
                            ``(vi) such recommendations for legislative 
                        or administrative action as the Comptroller 
                        General may determine to be appropriate to 
                        curtail or forestall any such 
                        counterfeiting.''.
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