[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6166 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 6166

   To authorize the production of palladium bullion coins to provide 
 affordable opportunities for investments in precious metals, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 22, 2010

 Mr. Rehberg introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   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 6 months 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.''.
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