[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6166 Referred in Senate (RFS)]
111th CONGRESS
2d Session
H. R. 6166
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 29, 2010
Received; read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
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.
Passed the House of Representatives September 29, 2010.
Attest:
LORRAINE C. MILLER,
Clerk.