[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6166 Enrolled Bill (ENR)]
H.R.6166
One Hundred Eleventh Congress
of the
United States of America
AT THE SECOND SESSION
Begun and held at the City of Washington on Tuesday,
the fifth day of January, two thousand and ten
An Act
To authorize the production of palladium bullion coins 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 ``American Eagle Palladium Bullion
Coin Act of 2010''.
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 $25 coin of an appropriate size and thickness, as
determined by the Secretary, that weighs 1 troy ounce and contains
.9995 fine palladium.''; and
(2) by adding at the end the following new subsection:
``(v) Palladium Bullion Investment Coins.--
``(1) In general.--Subject to the submission to the Secretary
and the Congress of a marketing study described in paragraph (8),
beginning not more than 1 year after the submission of the study to
the Secretary and the Congress, the Secretary shall mint and issue
the palladium coins described in paragraph (12) of subsection (a)
in such quantities as the Secretary may determine to be appropriate
to meet demand.
``(2) Source of bullion.--
``(A) 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 1
year after the month in which the ore from which it is derived
was mined. If no such palladium is available or if it is not
economically feasible to obtain such palladium, the Secretary
may obtain palladium for the palladium coins described in
paragraph (12) of subsection (a) from other available sources.
``(B) Price of bullion.--The Secretary shall pay not more
than the average world price for the palladium under
subparagraph (A).
``(3) 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 market value of the bullion at the time of sale;
and
``(B) the cost of designing and issuing the coins,
including labor, materials, dies, use of machinery, overhead
expenses, marketing, distribution, and shipping.
``(4) Treatment.--For purposes of section 5134 and 5136, all
coins minted under this subsection shall be considered to be
numismatic items.
``(5) Quality.--The Secretary may issue the coins described in
paragraph (1) in both proof and uncirculated versions, except that,
should the Secretary determine that it is appropriate to issue
proof or uncirculated versions of such coin, the Secretary shall,
to the greatest extent possible, ensure that the surface treatment
of each year's proof or uncirculated version differs in some
material way from that of the preceding year.
``(6) Design.--Coins minted and issued under this subsection
shall bear designs on the obverse and reverse that are close
likenesses of the work of famed American coin designer and medallic
artist Adolph Alexander Weinman--
``(A) the obverse shall bear a high-relief likeness of the
`Winged Liberty' design used on the obverse of the so-called
`Mercury dime';
``(B) the reverse shall bear a high-relief version of the
reverse design of the 1907 American Institute of Architects
medal; and
``(C) the coin shall bear such other inscriptions,
including `Liberty', `In God We Trust', `United States of
America', the denomination and weight of the coin and the
fineness of the metal, as the Secretary determines to be
appropriate and in keeping with the original design.
``(7) Mint facility.--Any United States mint, other than the
United States Mint at West Point, New York, may be used to strike
coins minted under this subsection other than any proof version of
any such coin. If the Secretary determines that it is appropriate
to issue any proof version of such coin, coins of such version
shall be struck only at the United States Mint at West Point, New
York.
``(8) Marketing study defined.--The market study described in
paragraph (1) means an analysis of the market for palladium bullion
investments conducted by a reputable, independent third party that
demonstrates that there would be adequate demand for palladium
bullion coins produced by the United States Mint to ensure that
such coins could be minted and issued at no net cost to
taxpayers.''.
SEC. 3. BUDGETARY EFFECT.
The budgetary effects of this Act, for the purpose of complying
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by
reference to the latest statement titled ``Budgetary Effects of PAYGO
Legislation'' for this Act, submitted for printing in the Congressional
Record by the Chairman of the House Budget Committee, provided that
such statement has been submitted prior to the vote on passage.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.