[Congressional Record Volume 151, Number 132 (Tuesday, October 18, 2005)]
[Senate]
[Pages S11478-S11479]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mrs. FEINSTEIN (for herself, Mrs. Boxer, and Mr. Ensign):
  S. 1881. A bill to require the Secretary of the Treasury to mint 
coins in commemoration of the Old Mint at San Francisco otherwise known 
as the ``Granite Lady'', and for other purposes; to the Committee on 
Banking, Housing, and Urban Affairs.
  Mrs. FEINSTEIN. Mr. President. I rise today to join my colleagues 
Senators Boxer and Ensign to introduce legislation to authorize the 
United States Mint to issue a commemorative coin that will honor the 
San Francisco Old Mint and help restore this historic building in 
downtown San Francisco.
  The San Francisco Old Mint Building is an important historical 
landmark for San Francisco, the State of California, and the United 
States.
  Beginning its operations in 1854, the Old Mint Building was 
established to take advantage of the plentiful gold and silver mined in 
the West during the California Gold Rush. At one point, more than half 
of the money minted in the United States came from the San Francisco 
Mint, and it once held a third of the Nation's gold supply.
  The Old Mint Building, located in the heart of the city, has been 
standing for more than 125 years as the oldest stone building in San 
Francisco.
  The Greek-revivalist design of the Old Mint Building was created by 
architect Alfred B. Mullet, who also designed the U.S. Treasury 
Building and the Old Executive Office Building in Washington, DC. The 
San Francisco Old Mint building is also listed on the National Register 
of Historic Places.
  Aided by its magnificent stone structure, the Old Mint Building was 
able to survive the terrible San Francisco earthquake and fire of 1906. 
In fact, the Mint was the only financial institution that remained 
operable after the earthquake and the building was used as the treasury 
for the city's disaster relief funds.
  The San Francisco Old Mint Building minted coins until 1937 when the 
building became too small and its operations moved to a larger space 
elsewhere in San Francisco. In the years since then, the building has 
deteriorated.
  In 1994, the Bureau of the Mint closed the Old Mint because it could 
not afford the then-estimated $20 million seismic retrofit to bring the 
building up to code. Since 2003, the General Services Administration 
transferred ownership of the building to the City of San Francisco.
  The San Francisco Museum and Historical Society has proposed an 
exciting project to restore and rejuvenate the Old Mint Building in 
downtown San Francisco. A fine history museum supported by shops and a 
visitor's center will combine to make the building a striking and 
viable destination.
  The bill authorizes the Secretary of the Treasury to mint and issue 
100,000 $5 gold coins and 500,000 $1 silver coins emblematic of the San 
Francisco Old Mint Building and its importance to California and the 
United States.
  Proceeds generated from the sale of these commemorative coins will be 
paid to the San Francisco Museum and

[[Page S11479]]

Historical Society for the restoration of the Old Mint Building.
  The San Francisco Old Mint is venerated by coin collectors, 
Californians, and millions of Americans as a national treasure and I 
believe it is worthy of a commemorative coin.
  I believe honoring and restoring the San Francisco Old Mint building 
is an important historic preservation project.
  Next year will mark the 100th anniversary of the building's survival 
of the 1906 San Francisco earthquake and fire.
  No other mint has been commemorated and because issuance of these 
coins would make a vital contribution to preserving this national 
treasure, the San Francisco Old Mint merits commemoration at this time.
  I hope my colleagues will join me to support this legislation to help 
preserve and restore this majestic building and honor the important 
role it played in rebuilding the great ``City by the Bay''.
  I ask unanimous consent that the text of the legislation be printed 
in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                S. 1881

       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 ``San Francisco Old Mint 
     Commemorative Coin Act''.

     SEC. 2. FINDINGS.

       Congress finds the following:
       (1) The Granite Lady played an important role in the 
     history of the Nation.
       (2) The San Francisco Mint was established pursuant to an 
     Act of Congress of July 3, 1852, to convert miners' gold from 
     the California gold rush into coins.
       (3) The San Francisco Old Mint Building was designed by 
     architect A.B. Mullett, who also designed the United States 
     Treasury Building and the Old Executive Office Building.
       (4) The solid construction of the Granite Lady enabled it 
     to survive the 1906 San Francisco earthquake and fire, making 
     it the only financial institution that was able to operate 
     immediately after the earthquake as the treasury for disaster 
     relief funds for the city of San Francisco.
       (5) Coins struck at the San Francisco Old Mint are 
     distinguished by the ``S'' mint mark.
       (6) The San Francisco Old Mint is famous for having struck 
     many rare, legendary issues, such as the 1870-S $3 coin, 
     which is valued today at well over $1,000,000, and the 1894-S 
     dime which is comparatively rare.
       (7) The San Francisco Old Mint Commemorative Coin will be 
     the first commemorative coin to honor a United States mint 
     facility.

     SEC. 3. COIN SPECIFICATIONS.

       (a) Denominations.--Notwithstanding any other provision of 
     law, and in commemoration of the San Francisco Old Mint, the 
     Secretary of the Treasury (hereafter in this Act referred to 
     as the ``Secretary'') shall mint and issue the following 
     coins:
       (1) $5 gold coins.--Not more than 100,000 $5 coins, which 
     shall--
       (A) weigh 8.359 grams;
       (B) have a diameter of 0.850 inches; and
       (C) contain 90 percent gold and 10 percent alloy.
       (2) $1 silver coins.--Not more than 500,000 $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) 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 sections 5134 and 
     5136 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 shall be emblematic of the San Francisco Old Mint 
     Building, its importance to California and the history of the 
     United States, and its role in rebuilding San Francisco after 
     the 1906 earthquake and fire.
       (2) 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 ``2006''; 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 the Board of the San Francisco 
     Museum and Historical Society; and
       (2) reviewed by the Citizens Coinage Advisory Committee.

     SEC. 5. ISSUANCE OF COINS.

       (a) Quality of Coins.--Coins minted under this Act shall be 
     issued in uncirculated and proof qualities.
       (b) Mint Facility.--The coins authorized under this Act 
     shall be struck at the San Francisco Mint, to the greatest 
     extent possible.
       (c) Period for Issuance.--The Secretary may issue coins 
     minted under this Act only during the 1-year period beginning 
     on January 1, 2006.

     SEC. 6. SALE OF COINS.

       (a) Sale Price.--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) Bulk Sales.--The Secretary shall make bulk sales of the 
     coins issued under this Act at a reasonable discount.
       (c) Prepaid Orders.--
       (1) In general.--The Secretary shall accept prepaid orders 
     for the coins minted under this Act 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. 7. SURCHARGES.

       (a) In General.--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) Distribution.--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 San Francisco Museum 
     and Historical Society for the purposes of rehabilitating the 
     Historic Old Mint in San Francisco as a city museum and an 
     American Coin and Gold Rush Museum.
       (c) Audits.--The San Francisco Museum and Historical 
     Society 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).
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