1.This Act may be cited as the
Korean Immigration Commemorative Coin
Act
.
2.The Congress finds as follows:
(1)January 13, 2003,
marked the 100th anniversary of the first wave of Korean immigration to the
United States.
(2)At the time of
that anniversary, more than 100 Korean American communities throughout this
Nation will commemorate this important event.
(3)According to
immigration records, in December 1902, 56 men, 21 women, and 25 children left
Korea and sailed across the Pacific Ocean aboard the S.S. Gaelic, landing in
Honolulu, Hawaii, on January 13, 1903.
(4)These early Korean
immigrants worked at sugar cane and pineapple fields in Hawaii.
(5)Since that 1st
voyage, approximately 1,000,000 Koreans have immigrated to the United States.
(6)Korean Americans
have served with distinction in the U.S. Armed Forces during every war and
conflict in which the United States is or was involved from World War I through
the war in the Persian Gulf and beyond.
(7)Korean Americans
have taken root and thrived in the United States through strong family ties,
robust community support, and countless hours of hard work.
(8)Korean immigrants
have invigorated business, church, and academic communities throughout the
United States and Korean Americans have also established themselves as
important members in the medical, legal, financial, and governmental
professions.
(9)The strategic
partnership between the United States and Korea has helped undergird peace and
stability in the Asian Pacific region and has provided economic benefits to not
only the peoples of the United States and Korea, but to the entire
world.
3.
(a)The Secretary of the Treasury (hereafter in
this Act referred to as the Secretary) shall mint and issue the
following coins:
(1)Not more than 20,000 $5
coins, which shall—
(A)weigh 8.359 grams;
(B)have diameter of
0.850 inches; and
(C)contain 90 percent
gold and 10 percent alloy.
(2)Not more than 10,000 $1 coins, which shall—
(A)weigh 26.73 grams;
(B)have a diameter of
1.500 inches; and
(C)contain 90 percent
silver and 10 percent copper.
(b)The coins minted under this Act shall be legal tender, as
provided in section 5103 of title 31, United States Code.
(c)For purposes of section 5134 of title 31, United States
Code, all coins minted under this Act shall be considered to be numismatic
items.
4.
(a)
(1)The design of the coins minted under this Act shall be
emblematic of the immigration of Koreans into the United States and the
significant contributions of Korean Americans to this Nation.
(2)Designation and
inscriptionsOn each coin minted under this Act there shall
be—
(A)a designation of
the value of the coin;
(B)an inscription of
the year 2018
; and
(C)inscriptions of
the words Liberty
, In God We Trust
, United
States of America
, and E Pluribus Unum
.
(b)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.
5.
(a)Coins minted under this
Act shall be issued in uncirculated and proof qualities.
(b)The Secretary may
issue coins minted under this Act only during the 1-year period beginning on
January 1, 2018.
6.
(a)The coins issued under
this Act shall be sold by the Secretary at a price equal to the sum of—
(1)the face value of
the coins;
(2)the surcharge
provided in section 7(a) with respect to such coins; and
(3)the cost of
designing and issuing the coins (including labor, materials, dies, use of
machinery, overhead expenses, marketing, and shipping).
(b)The Secretary shall make bulk sales of the coins issued
under this Act at a reasonable discount.
(c)
(1)The Secretary shall accept prepaid orders for the coins
minted under this Act before the issuance of such coins.
(2)Sale
prices with respect to prepaid orders under paragraph (1) shall be at a
reasonable discount.
7.
(a)All sales of coins
minted under this Act shall include a surcharge as follows:
(1)A
surcharge of $35 per coin for the $5 coin.
(2)A
surcharge of $10 per coin for the $1 coin.
(b)Subject to section 5134(f) of title 31,
United States Code, all surcharges received by the Secretary from the sale of
coins issued under this Act shall be promptly paid by the Secretary to the
Council on 100th Year Korean Immigration Commemorative Coin Act to provide
academic scholarships.
(c)The Council on 100th Year Korean
Immigration Commemorative Coin Act shall be subject to the audit requirements
of section 5134(f)(2) of title 31, United States Code, with regard to the
amounts received under subsection (b).
(d)Notwithstanding
subsection (a), no surcharge may be included with respect to the issuance under
this Act of any coin during a calendar year if, as of the time of such
issuance, the issuance of such coin would result in the number of commemorative
coin programs issued during such year to exceed the annual commemorative coin
program issuance limitation under section 5112(m)(1) of title 31, United States
Code. The Secretary of the Treasury may issue guidance to carry out this
subsection.
8.The Secretary shall
take such actions as may be necessary to ensure that—
(1)minting and
issuing coins under this Act will not result in any net cost to the United
States Government; and
(2)no funds,
including applicable surcharges, are disbursed to any recipient designated in
section 7 until the total cost of designing and issuing all of the coins
authorized by this Act (including labor, materials, dies, use of machinery,
winning design compensation, overhead expenses, marketing, and shipping) is
recovered by the United States Treasury, consistent with sections 5112(m) and
5134(f) of title 31, United States Code.