[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2760 Introduced in House (IH)]
113th CONGRESS
1st Session
H. R. 2760
To require the Secretary of the Treasury to mint coins in commemoration
of the centennial of the Panama-Pacific International Exposition and
the Panama Canal, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 19, 2013
Ms. Pelosi (for herself, Ms. Eshoo, Mr. Huffman, Ms. Lee of California,
Ms. Lofgren, Mr. George Miller of California, Mrs. Napolitano, Ms.
Roybal-Allard, Ms. Speier, Mr. Swalwell of California, and Mr. Thompson
of California) introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To require the Secretary of the Treasury to mint coins in commemoration
of the centennial of the Panama-Pacific International Exposition and
the Panama Canal, 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 ``Panama Canal and Pan-Pacific
Exhibition Centennial Celebration Act''.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) The Panama Canal, which cuts across the Isthmus of
Panama, was built between 1890 and 1914. It was the world's
greatest engineering feat of its time and required a labor
force of almost 40,000.
(2) President Theodore Roosevelt, recognizing the value of
a canal, led the United States in buying the equipment and
concession to build the canal for $40 million, and championed
the effort that overcame malaria and immense logistical
problems. The Canal opened on August 15, 1914--401 years after
Spanish explorer Vasco Nunez de Balboa first crossed Panama.
(3) Stretching 51 miles, the Panama Canal connected the
Atlantic Ocean and the Pacific Ocean, saving sailors a
dangerous 8,000-mile journey around Cape Horn and through the
Straits of Magellan, and cutting in half the time previously
required to sail between the oceans.
(4) The 1915 Panama-Pacific International Exposition was a
world's fair held in San Francisco, California. The Exposition
ran from February 20 until December 4, 1915.
(5) The Exposition commemorated the completion of the
Panama Canal and the 400th anniversary of the discovery of the
Pacific Ocean by Balboa.
(6) Congress authorized the United States Mint to issue
five different coins dated 1915 in connection with the Panama-
Pacific International Exposition. The coins represent a high-
water mark for American commemorative coins. Produced at the
San Francisco Mint, these were the first United States
commemorative coins to bear the motto ``In God We Trust'', and
included the silver Panama-Pacific half dollar and four gold
coins in denominations of one dollar, 2\1/2\ dollars, a 50-
dollar round coin, and a unique 50-dollar octagonal coin.
(7) The octagonal $50 gold piece was the largest coin
authorized by Congress, and the first minted since 1852 in a
shape other than round.
(8) The United States should mark the centennial of this
important event in San Francisco and the monumental achievement
of the opening of the Panama Canal.
(9) The proceeds from the surcharge on the sale of such
commemorative coins will assist in supporting the educational
programs of the San Francisco Museum and Historical Society.
SEC. 3. COIN SPECIFICATIONS.
(a) Denominations.--The Secretary of the Treasury (hereafter in
this Act referred to as the ``Secretary'') shall mint and issue the
following coins, notwithstanding section 5112(a) of title 31, United
States Code:
(1) $5 octagonal gold coins.--Not more than 75,000 $5
coins, which shall--
(A) be octagonal in shape;
(B) weigh 8.359 grams;
(C) have a distance between two opposing vertices
of 0.850 inches; and
(D) contain 90 percent gold and 10 percent alloy.
(2) $5 round gold coins.--Not more than 75,000 $5 coins,
which shall--
(A) be round in shape;
(B) weigh 8.359 grams;
(C) have a diameter of 0.850 inches; and
(D) contain 90 percent gold and 10 percent alloy.
(3) Two and one-half dollar gold coins.--Not more than
50,000 two and one-half dollar coins, which shall--
(A) weigh 4.18 grams;
(B) have a diameter of 0.7087 inches; and
(C) contain 90 percent gold and 10 percent copper.
(4) $1 gold coins.--Not more than 50,000 $1 coins, which
shall--
(A) weigh 1.67 grams;
(B) have a diameter of 0.5906 inches; and
(C) contain 90 percent gold and 10 percent copper.
(5) Half dollar silver coins.--Not more than 250,000 half
dollar coins, which shall--
(A) weigh 12.5 grams;
(B) have a diameter of 1.2047 inches; and
(C) contain .999 fine silver.
(b) Legal Tender.--The coins minted under this Act shall be legal
tender, as provided in section 5103 of title 31, United States Code.
(c) Numismatic Items.--For purposes of section 5134 of title 31,
United States Code, all coins minted under this Act shall be considered
to be numismatic items.
SEC. 4. DESIGN OF COINS.
(a) Design Requirements.--
(1) In general.--The design of the coins minted under this
Act should be close likenesses of the five coins issued by the
San Francisco Mint at the opening of the Pan-Pacific
Exposition.
(2) Specific design requirements.--
(A) $5 gold coins.--The $5 octagonal gold coins
minted under this Act and the $5 round gold coins
minted under this Act shall be a close likeness of the
octagonal Panama-Pacific Exposition $50 gold coin and
the round Panama-Pacific Exposition $50 gold coin,
respectively. Such coins--
(i) shall have an obverse depicting the
head of the goddess Minerva, with a Corinthian-
style helmet, enclosed in a ring of beads;
(ii) with a reverse--
(I) depicting an owl perched on a
pine bough complete with four pine
cones and multiple sprigs of pine
needles surrounded by the same ring of
beads depicted on the obverse; and
(II) depicting, outside this ring,
the inscriptions ``PANAMA-PACIFIC
EXPOSITION'' and ``SAN FRANCISCO'' in a
single line of text circling the entire
rim, with the words separated by dots;
and
(iii) with respect to the octagonal coin,
such coin shall also have an obverse and
reverse that depicts, in the eight angles of
the vertices, eight stylized dolphins that form
an outer circle.
(B) Two and one-half dollar gold coins.--The two
and one-half dollar gold coins minted under this Act
shall be a close likeness of the Panama-Pacific
Exposition two and one-half dollar gold coin, and--
(i) the obverse shall bear the Greek
goddess Columbia riding sidesaddle on the back
of a Greek mythological hippocampus seahorse,
with a caduceus in her left hand; and
(ii) the reverse shall bear an eagle
perched on a plaque that is inscribed ``E
Pluribus Unum'' and ``United States of
America''.
(C) $1 gold coins.--The $1 gold coin minted under
this Act shall be a close likeness of the Panama-
Pacific Exposition $1 gold coin, and--
(i) the obverse shall bear the profile of a
man wearing a cap which is intended to depict a
laborer who worked on the construction of the
Panama Canal; and
(ii) the reverse shall bear the image of
two dolphins symbolizing the meeting of the two
oceans, with the inscriptions ``PANAMA PACIFIC
EXPOSITION'' and ``SAN FRANCISCO''.
(D) Half dollar silver coins.--The half dollar
silver coins minted under this Act shall be designed--
(i) to be a close likeness of the 1915
Panama Pacific Exposition half dollar coin;
(ii) with an obverse depicting Columbia
scattering flowers from a cornucopia held by a
small child towards a sunset on the Golden Gate
(prior to the construction of the now famous
bridge), which was designed by the Mint's then-
Chief Engraver, Charles Barber; and
(iii) with a reverse depicting an eagle
resting on the union shield with an oak branch
to its left, for stability and strength, and an
olive branch to its right, for peace, credited
to Barber's assistant George T. Morgan,
designer of the Morgan dollar.
(3) Designation and inscriptions.--On each coin minted
under this Act there shall be--
(A) a designation of the value of the coin;
(B) an inscription of the year--
(i) depicted in Roman numerals
(``MMXVII''), in the case of the $5 and half
dollar coins; and
(ii) ``2017'', in the case of the $1 coins
and the two and one-half dollar gold coins; and
(C) inscriptions of the words ``Liberty'', ``In God
We Trust'', ``United States of America'', and ``E
Pluribus Unum''.
(b) Selection.--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.
SEC. 5. CIRCULATING COIN.
(a) In General.--The Secretary may issue circulating clad half
dollar coins, as described under section 5112 of title 31, United
States Code, in the same design as described for the half dollar silver
coins under section 4(a)(2)(D).
(b) Limitation.--If the Secretary issues such circulating half
dollar coins, the Secretary--
(1) may issue them in no more than 5 consecutive calendar
years, beginning in calendar year 2017; and
(2) shall ensure that, of the total number of half dollar
coins issued in any such calendar year, not more than half of
such coins are made up of the half dollar coins issued pursuant
to this section.
SEC. 6. ISSUANCE OF COINS.
(a) Quality of Coins.--Coins minted under this Act shall be issued
in uncirculated and proof qualities.
(b) Mint Facility.--Only 1 facility of the United States Mint may
be used to strike any particular quality of the coins minted under this
Act.
(c) Period for Issuance.--The Secretary may issue coins minted
under this Act, other than coins described under section 5, only during
the 1-year period beginning on January 1, 2017.
SEC. 7. SALE OF COINS.
(a) Sale Price.--The coins issued under this Act, other than coins
described under section 5, 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 8(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) Bulk Sales.--The Secretary shall make bulk sales of the coins
issued under this Act, other than coins described under section 5, at a
reasonable discount.
(c) Prepaid Orders.--
(1) In general.--The Secretary shall accept prepaid orders
for the coins minted under this Act, other than coins described
under section 5, before the issuance of such coins.
(2) Discount.--Sale prices with respect to prepaid orders
under paragraph (1) shall be at a reasonable discount.
SEC. 8. SURCHARGES.
(a) In General.--All sales of coins issued under this Act, other
than coins described under section 5, shall include a surcharge of--
(1) $35 per coin for the $5 coins;
(2) $20 per coin for the two and one-half dollar coin;
(3) $15 per coin for the $1 coin; and
(4) $10 per coin for the half dollar coin.
(b) Distribution.--Subject to section 5134(f)(1) of title 31,
United States Code, all surcharges received by the Secretary from the
sale of coins issued under this Act, other than coins described under
section 5, shall be promptly paid by the Secretary to the San Francisco
Museum and Historical Society for the design and construction of
appropriate exhibitions in the San Francisco Museum and Historical
Society, including the necessary adaptive reuse of the Old Mint,
commemorating the Panama-Pacific International Exposition, as well as
the development of appropriate exhibitions at the Palace of Fine Arts
on the grounds of the former Panama-Pacific International Exposition.
(c) Audits.--The Comptroller General of the United States shall
have the right to examine such books, records, documents, and other
data of each of the organizations referred to in subsection (b) as may
be related to the expenditures of amounts paid under such subsection.
(d) Limitation.--Notwithstanding subsection (a), no surcharge may
be included with respect to the issuance under this Act, other than
coins described under section 5, 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 2 commemorative coin program issuance limitation
under section 5112(m)(1) of title 31, United States Code (as in effect
on the date of the enactment of this Act). The Secretary of the
Treasury may issue guidance to carry out this subsection.
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