[Congressional Record (Bound Edition), Volume 150 (2004), Part 17]
[Senate]
[Pages 23850-23852]
[From the U.S. Government Publishing Office, www.gpo.gov]




                BENJAMIN FRANKLIN COMMEMORATIVE COIN ACT

  Mr. CASTLE. Mr. Speaker, I ask unanimous consent that the Committee 
on Financial Services be discharged from further consideration of the 
bill (H.R. 3204) to require the Secretary of the Treasury to mint coins 
in commemoration of the tercentenary of the birth of Benjamin Franklin, 
and for other purposes, and ask for its immediate consideration in the 
House.
  The Clerk read the title of the bill.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Delaware?
  There was no objection.
  The Clerk read the bill, as follows:

                               H.R. 3204

       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 ``Benjamin Franklin 
     Commemorative Coin Act''.

     SEC. 2. FINDINGS.

       The Congress finds the following:
       (1) Benjamin Franklin made historic contributions to the 
     development of our Nation in a number of fields: government, 
     business, science, communications, and the arts.

[[Page 23851]]

       (2) Benjamin Franklin was the only Founding Father to sign 
     all of our nation's organizational documents.
       (3) Benjamin Franklin spent his career as a successful 
     printer, which included printing the official currency for 
     the colonies of Pennsylvania, Delaware, New Jersey and 
     Maryland.
       (4) Franklin's ``Essay on Paper Currency'' of 1741 proposed 
     methods to fix the rate of exchange between the colonies and 
     Great Britain.
       (5) Benjamin Franklin, during the American Revolution, 
     designed the first American coin, the ``Continental'' penny.
       (6) Franklin made ``A Penny Saved is A Penny Earned'' a 
     household phrase to describe the American virtues of hard 
     work and economical living.
       (7) Franklin played a major role in the design of the Great 
     Seal of the United States, which appears on the One Dollar 
     Bill and other major American symbols.
       (8) Before 1979 Benjamin Franklin was the only non-
     president of the United States whose image graced circulating 
     coin and paper currency.
       (9) The official United States half dollar from 1948-1963 
     showed Franklin's portrait, as designed by John Sinnock.
       (10) Franklin's ``Way to Wealth'' has come to symbolize 
     America's commitment to free enterprise.
       (11) The Franklin Institute Science Museum in Philadelphia 
     houses the first steam printing machine for coinage, used by 
     the United States Mint, which was placed in service in 1836, 
     the 130th anniversary year of Franklin's birth.
       (12) In 1976, Franklin Hall in The Franklin Institute 
     Science Museum in Philadelphia was named the Official 
     National Monument to the great patriot, scientist and 
     inventor.
       (13) The Franklin Institute and four other major Franklin-
     related Philadelphia cultural institutions joined hands in 
     2000 to organize international programs to commemorate the 
     forthcoming 300th anniversary of Franklin's birth in 2006.
       (14) The Congress passed the Benjamin Franklin Tercentenary 
     Act in 2002, creating a panel of distinguished Americans, 
     with its Secretariat in Philadelphia, to work with the 
     private sector in recommending appropriate Tercentenary 
     programs,

     SEC. 3. COIN SPECIFICATIONS.

       (a) Denominations.--The Secretary of the Treasury 
     (hereinafter in this Act referred to as the ``Secretary'') 
     shall mint and issue the following coins:
       (1) $1 silver coins with younger franklin image on 
     obverse.--Not more than 250,000 $1 coins bearing the designs 
     specified in section 4(a)(2), each of 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.
       (2) $1 silver coins with older franklin image on obverse.--
     Not more than 250,000 $1 coins bearing the designs specified 
     in section 4(a)(3), each of 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 section 5136 of 
     title 31, United States Code, all coins minted under this Act 
     shall be considered to be numismatic items.
       (d) Use of the United States Mint at Philadelphia, 
     Pennsylvania.--It is the sense of the Congress that the coins 
     minted under this Act should be struck at the United States 
     Mint at Philadelphia, Pennsylvania, to the greatest extent 
     possible.

     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 life and legacy of Benjamin 
     Franklin.
       (2) $1 coins with younger franklin image.--
       (A) Obverse.--The obverse of the coins minted under section 
     3(a)(1) shall bear the image of Benjamin Franklin as a young 
     man.
       (B) Reverse.--The reverse of the coins minted under section 
     3(a)(1) shall bear an image related to Benjamin Franklin's 
     role as a patriot and a statesman.
       (3) $1 coins with older franklin image.--
       (A) Obverse.--The obverse of the coins minted under section 
     3(a)(2) shall bear the image of Benjamin Franklin as an older 
     man.
       (B) Reverse.--The reverse of the coins minted under section 
     3(a)(2) shall bear an image related to Benjamin Franklin's 
     role in developing the early coins and currency of the new 
     country.
       (4) 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
       (2) reviewed by the Citizens Coin Advisory Committee 
     established under section 5135 of title 31, United States 
     Code.

     SEC. 5. ISSUANCE OF COINS.

       (a) Quality of Coins.--Coins minted under this Act shall be 
     issued in uncirculated and proof qualities.
       (b) Commencement of Issuance.--The Secretary may issue 
     coins minted under this Act beginning January 1, 2006, except 
     that the Secretary may initiate sales of such coins, without 
     issuance, before such date.
       (c) Termination of Minting Authority.--No coins shall be 
     minted under this Act after December 31, 2006.

     SEC. 6. SALE OF COINS.

       (a) Sale Price.--Notwithstanding any other provision of 
     law, the coins issued under this Act shall be sold by the 
     Secretary at a price equal to the face value, plus the cost 
     of designing and issuing such coins (including labor, 
     materials, dies, use of machinery, overhead expenses, and 
     marketing).
       (b) Bulk Sales.--The Secretary shall make bulk sales of the 
     coins issued under this Act at a reasonable discount.
       (c) Prepaid Orders at a Discount.--
       (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.
       (d) Sales of Single Coins and Sets of Coins.--Coins of each 
     design specified under section 4 may be sold separately or as 
     a set containing a coin of each such design.

     SEC. 7. SURCHARGES.

       (a) Surcharge Required.--All sales shall include a 
     surcharge of $10 per coin.
       (b) Distribution.--Subject to section 5134(f) of title 31, 
     United States Code, all surcharges which are received by the 
     Secretary from the sale of coins issued under this Act shall 
     be promptly paid by the Secretary to the Benjamin Franklin 
     Tercentenary Commission, to be used to educate people 
     everywhere about the important legacy of Benjamin Franklin.
       (c) Audits.--The Benjamin Franklin Tercentenary Commission 
     shall be subject to the audit requirements of section 
     5134(f)(2) of title 31, United States Code.


     Amendment in the Nature of a Substitute Offered by Mr. Castle

  Mr. CASTLE. Mr. Speaker, I offer an amendment in the nature of a 
substitute.
  The Clerk read as follows:

       Amendment in the nature of a substitute offered by Mr. 
     Castle:
       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Benjamin Franklin 
     Commemorative Coin Act''.

     SEC. 2. FINDINGS.

       The Congress finds the following:
       (1) Benjamin Franklin made historic contributions to the 
     development of our Nation in a number of fields: government, 
     business, science, communications, and the arts.
       (2) Benjamin Franklin was the only Founding Father to sign 
     all of our Nation's organizational documents.
       (3) Benjamin Franklin spent his career as a successful 
     printer, which included printing the official currency for 
     the colonies of Pennsylvania, Delaware, New Jersey and 
     Maryland.
       (4) Franklin's ``Essay on Paper Currency'' of 1741 proposed 
     methods to fix the rate of exchange between the colonies and 
     Great Britain.
       (5) Benjamin Franklin, during the American Revolution, 
     designed the first American coin, the ``Continental'' penny.
       (6) Franklin made ``A Penny Saved is A Penny Earned'' a 
     household phrase to describe the American virtues of hard 
     work and economical living.
       (7) Franklin played a major role in the design of the Great 
     Seal of the United States, which appears on the One Dollar 
     Bill and other major American symbols.
       (8) Before 1979, Benjamin Franklin was the only non-
     president of the United States whose image graced circulating 
     coin and paper currency.
       (9) The official United States half dollar from 1948-1963 
     showed Franklin's portrait, as designed by John Sinnock.
       (10) Franklin's ``Way to Wealth'' has come to symbolize 
     America's commitment to free enterprise.
       (11) The Franklin Institute Science Museum in Philadelphia 
     houses the first steam printing machine for coinage, used by 
     the United States Mint, which was placed in service in 1836, 
     the 130th anniversary year of Franklin's birth.
       (12) In 1976, Franklin Hall in The Franklin Institute 
     Science Museum in Philadelphia was named the Official 
     National Monument to the great patriot, scientist and 
     inventor.
       (13) The Franklin Institute and four other major Franklin-
     related Philadelphia cultural institutions joined hands in 
     2000 to organize international programs to commemorate the 
     forthcoming 300th anniversary of Franklin's birth in 2006.
       (14) The Congress passed the Benjamin Franklin Tercentenary 
     Act in 2002, creating

[[Page 23852]]

     a panel of distinguished Americans, with its Secretariat in 
     Philadelphia, to work with the private sector in recommending 
     appropriate Tercentenary programs,

     SEC. 3. COIN SPECIFICATIONS.

       (a) Denominations.--The Secretary of the Treasury 
     (hereinafter in this Act referred to as the ``Secretary'') 
     shall mint and issue the following coins:
       (1) $1 silver coins with younger franklin image on 
     obverse.--Not more than 250,000 $1 coins bearing the designs 
     specified in section 4(a)(2), each of 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.
       (2) $1 silver coins with older franklin image on obverse.--
     Not more than 250,000 $1 coins bearing the designs specified 
     in section 4(a)(3), each of 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 section 5136 of 
     title 31, United States Code, all coins minted under this Act 
     shall be considered to be numismatic items.
       (d) Use of the United States Mint at Philadelphia, 
     Pennsylvania.--It is the sense of the Congress that the coins 
     minted under this Act should be struck at the United States 
     Mint at Philadelphia, Pennsylvania, to the greatest extent 
     possible.

     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 life and legacy of Benjamin 
     Franklin.
       (2) $1 coins with younger franklin image.--
       (A) Obverse.--The obverse of the coins minted under section 
     3(a)(1) shall bear the image of Benjamin Franklin as a young 
     man.
       (B) Reverse.--The reverse of the coins minted under section 
     3(a)(1) shall bear an image related to Benjamin Franklin's 
     role as a patriot and a statesman.
       (3) $1 coins with older franklin image.--
       (A) Obverse.--The obverse of the coins minted under section 
     3(a)(2) shall bear the image of Benjamin Franklin as an older 
     man.
       (B) Reverse.--The reverse of the coins minted under section 
     3(a)(2) shall bear an image related to Benjamin Franklin's 
     role in developing the early coins and currency of the new 
     country.
       (4) 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 ``2010''; 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 
     established under section 5135 of title 31, United States 
     Code.

     SEC. 5. ISSUANCE OF COINS.

       (a) Quality of Coins.--Coins minted under this Act shall be 
     issued in uncirculated and proof qualities.
       (b) Commencement of Issuance.--The Secretary may issue 
     coins minted under this Act beginning January 1, 2006, except 
     that the Secretary may initiate sales of such coins, without 
     issuance, before such date.
       (c) Termination of Minting Authority.--No coins shall be 
     minted under this Act after December 31, 2006.

     SEC. 6. SALE OF COINS.

       (a) Sale Price.--Notwithstanding any other provision of 
     law, the coins issued under this Act shall be sold by the 
     Secretary at a price equal to the face value, plus the cost 
     of designing and issuing such coins (including labor, 
     materials, dies, use of machinery, overhead expenses, and 
     marketing).
       (b) Bulk Sales.--The Secretary shall make bulk sales of the 
     coins issued under this Act at a reasonable discount.
       (c) Prepaid Orders at a Discount.--
       (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.
       (d) Sales of Single Coins and Sets of Coins.--Coins of each 
     design specified under section 4 may be sold separately or as 
     a set containing a coin of each such design.

     SEC. 7. SURCHARGES.

       (a) Surcharge Required.--All sales shall include a 
     surcharge of $10 per coin.
       (b) Distribution.--Subject to section 5134(f) of title 31, 
     United States Code, all surcharges which are received by the 
     Secretary from the sale of coins issued under this Act shall 
     be promptly paid by the Secretary to the Franklin Institute 
     for purposes of the Benjamin Franklin Tercentenary 
     Commission.
       (c) Audits.--The Franklin Institute shall be subject to the 
     audit requirements of section 5134(f)(2) of title 31, United 
     States Code, with regard to the amounts received by the 
     Institute pursuant to subsection (b).
       (d) Limitation.--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 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.

  Mr. CASTLE (during the reading). Mr. Speaker, I ask unanimous consent 
that the amendment in the nature of a substitute be considered as read 
and printed in the Record.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Delaware?
  There was no objection.
  The amendment in the nature of a substitute was agreed to.
  Mr. OXLEY. Mr. Speaker, I rise in strong support of H.R. 3204, the 
Benjamin Franklin Commemorative Coin Act of 2004. I want to thank the 
gentleman from Delaware (Mr. Castle) for his efforts on this bill's 
behalf and the gentleman from Massachusetts (Mr. Frank) for allowing us 
to move forward with this legislation.
  I also want to thank the gentleman from California (Mr. Thomas), the 
Chairman of the Committee on Ways and Means for his efforts in speeding 
consideration of the bill. Mr. Speaker, I am inserting at this point an 
exchange of correspondence between myself and the gentleman from 
California confirming our understanding regarding the jurisdiction of 
our two committees.
  I urge my colleagues to support this bill.

                                    Congress of the United States,


                                U.S. House of Representatives,

                                  Washington, DC, October 8, 2004.
     Hon. Michael G. Oxley,
     Chairman, Committee on Financial Services,
     Washington, DC.
       Dear Chairman Oxley: I am writing concerning H.R. 3204, the 
     ``Benjamin Franklin Commemorative Coin Act,'' which is 
     scheduled for floor consideration today.
       As you know, the Committee on Ways and Means has 
     jurisdiction over matters that concern raising revenue. 
     Section 7 of the bill establishes a surcharge for each sale 
     of the commemorative coins that are minted under the bill, 
     and thus falls within the jurisdiction of the Committee on 
     Ways and Means.
       However, in order to expedite this legislation for floor 
     consideration, the Committee will forgo action on this bill. 
     This is being done with the understanding that it does not in 
     any way prejudice the Committee with respect to the 
     appointment of conferees or its jurisdictional prerogatives 
     on this or similar legislation.
       I would appreciate your response to this letter, confirming 
     this understanding with respect to H.R. 3204, and would ask 
     that a copy of our exchange of letters on this matter be 
     included in the Congressional Record during floor 
     consideration.
           Best regards,
                                                      Bill Thomas,
     Chairman.
                                  ____

                                    U.S. House of Representatives,


                               Committee on Financial Services

                                  Washington, DC, October 8, 2004.
     Hon. William M. Thomas,
     Chairman, Committee on Ways and Means,
     Washington, DC.
       Dear Chairman Thomas: Thank you for your letter regarding 
     your Committee's jurisdictional interest in H.R. 3204, the 
     Benjamin Franklin Commemorative Coin Act.
       I acknowledge your committee's jurisdictional interest in 
     this legislation and appreciate your cooperation in moving 
     the bill to the House floor expeditiously. I agree that your 
     decision to forego further action on the bill will not 
     prejudice the Committee on Ways and Means with respect to its 
     jurisdictional prerogatives on this or similar legislation, 
     and I would support your request for conferees on those 
     provisions within your committee's jurisdiction should this 
     bill be the subject of a House-Senate conference.
       I will include a copy of your letter and this response in 
     the Congressional Record when the legislation is considered 
     by the House.
       Thank you again for your assistance.
           Sincerely,
                                                 Michael G. Oxley,
                                                         Chairman.

  The bill was ordered to be engrossed and read a third time, was read 
the third time, and passed, and a motion to reconsider was laid on the 
table.

                          ____________________