[Congressional Record (Bound Edition), Volume 151 (2005), Part 20]
[Senate]
[Pages 27361-27364]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    PRESIDENTIAL $1 COIN ACT OF 2005

  Mr. McCONNELL. I ask unanimous consent that the Senate proceed to the 
immediate consideration of Calendar 190, S. 1047.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 1047) to require the Secretary of the Treasury 
     to mint coins in commemoration of each of the Nation's past 
     Presidents and their spouses, respectively to improve 
     circulation of the $1 coin, to create a new bullion coin.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. McCONNELL. I ask unanimous consent the amendment at the desk be 
agreed to, the bill, as amended, be read the third time and passed, the 
motion to reconsider be laid upon the table, and any statements 
relating to be bill be printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment (No. 2676) was agreed to, as follows:

       On page 6, strike lines 6 through 11, and insert the 
     following:
       ``(B) Continuity provisions.--
       ``(i) In general.--Notwithstanding subparagraph (A), the 
     Secretary shall continue to mint and issue $1 coins which 
     bear any design in effect before the issuance of coins as 
     required under this subsection (including the so-called 
     `Sacagawea-design' $1 coins).
       ``(ii) Circulation quantity.--Beginning January 1, 2007, 
     and ending upon the termination of the program under 
     paragraph (8), the Secretary annually shall mint and issue 
     such `Sacagawea-design' $1 coins for circulation in 
     quantities of no less than \1/3\ of the total $1 coins minted 
     and issued under this subsection.''.
       On page 17, lines 6 and 7, strike ``transportation and''.
       On page 17, line 7, strike ``and entities''.
       On page 17, line 18, strike ``1-year'' and insert ``2-
     year''.
       On page 17, line 24, strike ``prominently''.
       On page 23, line 18, strike ``$20'' and insert ``$50''.
       On page 24, line 2, strike ``$20'' and insert ``$50''.
       On page 24, line 3, insert ``and proof'' after ``bullion''.
       On page 24, line 4, strike ``not to exceed 500,000 in any 
     year'' and insert ``in such quantities, as the Secretary, in 
     the Secretary's discretion, may prescribe''.
       On page 25, line 23, strike ``the face value of the coins; 
     and'' and insert ``the market value of the bullion at the 
     time of sale; and''.
       On page 26, between lines 9 and 10, insert the following:
       ``(8) Protective covering.--
       ``(A) In general.--Each bullion coin having a metallic 
     content as described in subsection (a)(11) and a design 
     specified in paragraph (2) shall be sold in an inexpensive 
     covering that will protect the coin from damage due to 
     ordinary handling or storage.
       ``(B) Design.--The protective covering required under 
     subparagraph (A) shall be readily distinguishable from any 
     coin packaging that may be used to protect proof coins minted 
     and issued under this subsection.''.

  The bill (S. 1047), as amended, was read the third time and passed.

                                S. 1047

       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 ``Presidential $1 Coin Act of 
     2005''.

                     TITLE I--PRESIDENTIAL $1 COINS

     SEC. 101. FINDINGS.

       Congress finds the following:
       (1) There are sectors of the United States economy, 
     including public transportation, parking meters, vending 
     machines, and low-dollar value transactions, in which the use 
     of a $1 coin is both useful and desirable for keeping costs 
     and prices down.
       (2) For a variety of reasons, the new $1 coin introduced in 
     2000 has not been widely sought-after by the public, leading 
     to higher costs for merchants and thus higher prices for 
     consumers.
       (3) The success of the 50 States Commemorative Coin Program 
     (31 U.S.C. 5112(l)) for circulating quarter dollars shows 
     that a design on a United States circulating coin that is 
     regularly changed in a manner similar to the systematic 
     change in designs in such Program radically increases demand 
     for the coin, rapidly pulling it through the economy.
       (4) The 50 States Commemorative Coin Program also has been 
     an educational tool, teaching both Americans and visitors 
     something about each State for which a quarter has been 
     issued.
       (5) A national survey and study by the Government 
     Accountability Office has indicated that many Americans who 
     do not seek, or who reject, the new $1 coin for use in 
     commerce would actively seek the coin if an attractive, 
     educational rotating design were to be struck on the coin.
       (6) The President is the leader of our tripartite 
     government and the President's spouse has often set the 
     social tone for the White House while spear-heading and 
     highlighting important issues for the country.
       (7) Sacagawea, as currently represented on the new $1 coin, 
     is an important symbol of American history.
       (8) Many people cannot name all of the Presidents, and 
     fewer can name the spouses, nor can many people accurately 
     place each President in the proper time period of American 
     history.
       (9) First Spouses have not generally been recognized on 
     American coinage.
       (10) In order to revitalize the design of United States 
     coinage and return circulating coinage to its position as not 
     only a necessary means of exchange in commerce, but also as 
     an object of aesthetic beauty in its own right, it is 
     appropriate to move many of the mottos and emblems, the 
     inscription of the year, and the so-called ``mint marks'' 
     that currently appear on the 2 faces of each circulating coin 
     to the edge of the coin, which would allow larger and more 
     dramatic artwork on the coins reminiscent of the so-called 
     ``Golden Age of Coinage'' in the United States, at the 
     beginning of the Twentieth Century, initiated by President 
     Theodore Roosevelt, with the assistance of noted sculptors 
     and medallic artists James Earle Fraser and Augustus Saint-
     Gaudens.
       (11) Placing inscriptions on the edge of coins, known as 
     edge-incusing, is a hallmark of modern coinage and is common 
     in large-volume production of coinage elsewhere in the world, 
     such as the 2,700,000,000 2-Euro coins in circulation, but it 
     has not been done on a large scale in United States coinage 
     in recent years.
       (12) Although the Congress has authorized the Secretary of 
     the Treasury to issue gold coins with a purity of 99.99 
     percent, the Secretary has not done so.
       (13) Bullion coins are a valuable tool for the investor 
     and, in some cases, an important aspect of coin collecting.

     SEC. 102. PRESIDENTIAL $1 COIN PROGRAM.

       Section 5112 of title 31, United States Code, is amended by 
     adding at the end the following:
       ``(n) Redesign and Issuance of Circulating $1 Coins 
     Honoring Each of the Presidents of the United States.--
       ``(1) Redesign Beginning in 2007.--
       ``(A) In general.--Notwithstanding subsection (d) and in 
     accordance with the provisions of this subsection, $1 coins 
     issued during the period beginning January 1, 2007, and 
     ending upon the termination of the program under paragraph 
     (8), shall--
       ``(i) have designs on the obverse selected in accordance 
     with paragraph (2)(B) which are emblematic of the Presidents 
     of the United States; and
       ``(ii) have a design on the reverse selected in accordance 
     with paragraph (2)(A).
       ``(B) Continuity provisions.--
       ``(i) In general.--Notwithstanding subparagraph (A), the 
     Secretary shall continue to mint and issue $1 coins which 
     bear any design in effect before the issuance of coins as 
     required under this subsection (including the so-called 
     `Sacagawea-design' $1 coins).

[[Page 27362]]

       ``(ii) Circulation quantity.--Beginning January 1, 2007, 
     and ending upon the termination of the program under 
     paragraph (8), the Secretary annually shall mint and issue 
     such `Sacagawea-design' $1 coins for circulation in 
     quantities of no less than \1/3\ of the total $1 coins minted 
     and issued under this subsection.''.
       ``(2) Design requirements.--The $1 coins issued in 
     accordance with paragraph (1)(A) shall meet the following 
     design requirements:
       ``(A) Coin reverse.--The design on the reverse shall bear--
       ``(i) a likeness of the Statue of Liberty extending to the 
     rim of the coin and large enough to provide a dramatic 
     representation of Liberty while not being large enough to 
     create the impression of a `2-headed' coin;
       ``(ii) the inscription `$1' ; and
       ``(iii) the inscription `United States of America'.
       ``(B) Coin obverse.--The design on the obverse shall 
     contain--
       ``(i) the name and likeness of a President of the United 
     States; and
       ``(ii) basic information about the President, including--
       ``(I) the dates or years of the term of office of such 
     President; and
       ``(II) a number indicating the order of the period of 
     service in which the President served.
       ``(C) Edge-incused inscriptions.--
       ``(i) In general.--The inscription of the year of minting 
     or issuance of the coin and the inscriptions `E Pluribus 
     Unum' and `In God We Trust' shall be edge-incused into the 
     coin.
       ``(ii) Preservation of distinctive edge.-The edge-incusing 
     of the inscriptions under clause (i) on coins issued under 
     this subsection shall be done in a manner that preserves the 
     distinctive edge of the coin so that the denomination of the 
     coin is readily discernible, including by individuals who are 
     blind or visually impaired.
       ``(D) Inscriptions of `liberty'.--Notwithstanding the 
     second sentence of subsection (d)(1), because the use of a 
     design bearing the likeness of the Statue of Liberty on the 
     reverse of the coins issued under this subsection adequately 
     conveys the concept of Liberty, the inscription of `Liberty' 
     shall not appear on the coins.
       ``(E) Limitation in series to deceased presidents.--No coin 
     issued under this subsection may bear the image of a living 
     former or current President, or of any deceased former 
     President during the 2-year period following the date of the 
     death of that President.
       ``(3) Issuance of coins commemorating presidents.--
       ``(A) Order of issuance.--The coins issued under this 
     subsection commemorating Presidents of the United States 
     shall be issued in the order of the period of service of each 
     President, beginning with President George Washington.
       ``(B) Treatment of period of service.--
       ``(i) In general.--Subject to clause (ii), only 1 coin 
     design shall be issued for a period of service for any 
     President, no matter how many consecutive terms of office the 
     President served.
       ``(ii) Nonconsecutive terms.--If a President has served 
     during 2 or more nonconsecutive periods of service, a coin 
     shall be issued under this subsection for each such 
     nonconsecutive period of service.
       ``(4) Issuance of coins commemorating 4 presidents during 
     each year of the period.--
       ``(A) In general.--The designs for the $1 coins issued 
     during each year of the period referred to in paragraph (1) 
     shall be emblematic of 4 Presidents until each President has 
     been so honored, subject to paragraph (2)(E).
       ``(B) Number of 4 circulating coin designs in each year.--
     The Secretary shall prescribe, on the basis of such factors 
     as the Secretary determines to be appropriate, the number of 
     $1 coins that shall be issued with each of the designs 
     selected for each year of the period referred to in 
     paragraph (1).
       ``(5) Legal tender.--The coins minted under this title 
     shall be legal tender, as provided in section 5103.
       ``(6) Treatment as numismatic items.--For purposes of 
     section 5134 and 5136, all coins minted under this subsection 
     shall be considered to be numismatic items.
       ``(7) Issuance of numismatic coins.--The Secretary may mint 
     and issue such number of $1 coins of each design selected 
     under this subsection in uncirculated and proof qualities as 
     the Secretary determines to be appropriate.
       ``(8) Termination of program.--The issuance of coins under 
     this subsection shall terminate when each President has been 
     so honored, subject to paragraph (2)(E), and may not be 
     resumed except by an Act of Congress.
       ``(9) Reversion to preceding design.--Upon the termination 
     of the issuance of coins under this subsection, the design of 
     all $1 coins shall revert to the so-called `Sacagawea-design' 
     $1 coins.''.

     SEC. 103. FIRST SPOUSE BULLION COIN PROGRAM.

       Section 5112 of title 31, United States Code, as amended by 
     section 102, is amended by adding at the end the following:
       ``(o) First Spouse Bullion Coin Program.--
       ``(1) In general.--During the same period described in 
     subsection (n), the Secretary shall issue bullion coins under 
     this subsection that are emblematic of the spouse of each 
     such President.
       ``(2) Specifications.--The coins issued under this 
     subsection shall--
       ``(A) have the same diameter as the $1 coins described in 
     subsection (n);
       ``(B) weigh 0.5 ounce; and
       ``(C) contain 99.99 percent pure gold.
       ``(3) Design requirements.--
       ``(A) Coin obverse.--The design on the obverse of each coin 
     issued under this subsection shall contain--
       ``(i) the name and likeness of a person who was a spouse of 
     a President during the President's period of service;
       ``(ii) an inscription of the years during which such person 
     was the spouse of a President during the President's period 
     of service; and
       ``(iii) a number indicating the order of the period of 
     service in which such President served.
       ``(B) Coin reverse.--The design on the reverse of each coin 
     issued under this subsection shall bear--
       ``(i) images emblematic of the life and work of the First 
     Spouse whose image is borne on the obverse; and
       ``(ii) the inscription `United States of America'.
       ``(C) Designated denomination.--Each coin issued under this 
     subsection shall bear, on the reverse, an inscription of the 
     nominal denomination of the coin which shall be `$10'.
       ``(D) Design in case of no first spouse.--In the case of 
     any President who served without a spouse--
       ``(i) the image on the obverse of the bullion coin 
     corresponding to the $1 coin relating to such President shall 
     be an image emblematic of the concept of `Liberty'--
       ``(I) as represented on a United States coin issued during 
     the period of service of such President; or
       ``(II) as represented, in the case of President Chester 
     Alan Arthur, by a design incorporating the name and likeness 
     of Alice Paul, a leading strategist in the suffrage movement, 
     who was instrumental in gaining women the right to vote upon 
     the adoption of the 19th amendment and thus the ability to 
     participate in the election of future Presidents, and who was 
     born on January 11, 1885, during the term of President 
     Arthur; and
       ``(ii) the reverse of such bullion coin shall be of a 
     design representative of themes of such President, except 
     that in the case of the bullion coin referred to in clause 
     (i)(II) the reverse of such coin shall be representative of 
     the suffrage movement.
       ``(E) Design and coin for each spouse.--A separate coin 
     shall be designed and issued under this section for each 
     person who was the spouse of a President during any portion 
     of a term of office of such President.
       ``(F) Inscriptions.--Each bullion coin issued under this 
     subsection shall bear the inscription of the year of minting 
     or issuance of the coin and such other inscriptions as the 
     Secretary may determine to be appropriate.
       ``(4) Sale of bullion coins.--Each bullion coin issued 
     under this subsection shall be sold by the Secretary at a 
     price that is equal to or greater than the sum of--
       ``(A) the face value of the coins; and
       ``(B) the cost of designing and issuing the coins 
     (including labor, materials, dies, use of machinery, overhead 
     expenses, marketing, and shipping).
       ``(5) Issuance of coins commemorating first spouses.--
       ``(A) In general.--The bullion coins issued under this 
     subsection with respect to any spouse of a President shall be 
     issued on the same schedule as the $1 coin issued under 
     subsection (n) with respect to each such President.
       ``(B) Maximum number of bullion coins for each design.--The 
     Secretary shall--
       ``(i) prescribe, on the basis of such factors as the 
     Secretary determines to be appropriate, the maximum number of 
     bullion coins that shall be issued with each of the designs 
     selected under this subsection; and
       ``(ii) announce, before the issuance of the bullion coins 
     of each such design, the maximum number of bullion coins of 
     that design that will be issued.
       ``(C) Termination of program.--No bullion coin may be 
     issued under this subsection after the termination, in 
     accordance with subsection (n)(8), of the $1 coin program 
     established under subsection (n).
       ``(6) Quality of coins.--The bullion coins minted under 
     this Act shall be issued in both proof and uncirculated 
     qualities.
       ``(7) Source of gold bullion.--
       ``(A) In general.--The Secretary shall acquire gold for the 
     coins issued under this subsection by purchase of gold 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.
       ``(B) Price of gold.--The Secretary shall pay not more than 
     the average world price for the gold mined under subparagraph 
     (A).
       ``(8) Bronze medals.--The Secretary may strike and sell 
     bronze medals that bear the likeness of the bullion coins 
     authorized under this subsection, at a price, size, and

[[Page 27363]]

     weight, and with such inscriptions, as the Secretary 
     determines to be appropriate.
       ``(9) Legal tender.--The coins minted under this title 
     shall be legal tender, as provided in section 5103.
       ``(10) Treatment as numismatic items.--For purposes of 
     section 5134 and 5136, all coins minted under this subsection 
     shall be considered to be numismatic items.''.

     SEC. 104. REMOVAL OF BARRIERS TO CIRCULATION.

       Section 5112 of title 31, United States Code, as amended by 
     sections 102 and 103, by adding at the end the following:
       ``(p) Removal of Barriers to Circulation of $1 Coin.--
       ``(1) Acceptance by agencies and instrumentalities.-- 
     Beginning January 1, 2006, all agencies and instrumentalities 
     of the United States, the United States Postal Service, all 
     non-appropriated fund instrumentalities established under 
     title 10, United States Code, all transit systems that 
     receive operational subsidies or any disbursement of funds 
     from the Federal Government, such as funds from the Federal 
     Highway Trust Fund, including the Mass Transit Account, and 
     all entities that operate any business, including vending 
     machines, on any premises owned by the United States or under 
     the control of any agency or instrumentality of the United 
     States, including the legislative and judicial branches of 
     the Federal Government, shall take such action as may be 
     appropriate to ensure that by the end of the 2-year period 
     beginning on such date--
       ``(A) any business operations conducted by any such agency, 
     instrumentality, system, or entity that involve coins or 
     currency will be fully capable of accepting and dispensing $1 
     coins in connection with such operations; and
       ``(B) displays signs and notices denoting such capability 
     on the premises where coins or currency are accepted or 
     dispensed, including on each vending machine.
       ``(2) Publicity.--The Director of the United States Mint, 
     shall work closely with consumer groups, media outlets, and 
     schools to ensure an adequate amount of news coverage, and 
     other means of increasing public awareness, of the 
     inauguration of the Presidential $1 Coin Program established 
     in subsection (n) to ensure that consumers know of the 
     availability of the coin.
       ``(3) Coordination.--The Board of Governors of the Federal 
     Reserve System and the Secretary shall take steps to ensure 
     that an adequate supply of $1 coins is available for commerce 
     and collectors at such places and in such quantities as are 
     appropriate by--
       ``(A) consulting, to accurately gauge demand for coins and 
     to anticipate and eliminate obstacles to the easy and 
     efficient distribution and circulation of $1 coins as well as 
     all other circulating coins, from time to time but no less 
     frequently than annually, with a coin users group, which may 
     include--
       ``(i) representatives of merchants who would benefit from 
     the increased usage of $1 coins;
       ``(ii) vending machine and other coin acceptor 
     manufacturers;
       ``(iii) vending machine owners and operators;
       ``(iv) transit officials;
       ``(v) municipal parking officials;
       ``(vi) depository institutions;
       ``(vii) coin and currency handlers;
       ``(viii) armored-car operators;
       ``(ix) car wash operators; and
       ``(x) coin collectors and dealers;
       ``(B) submitting an annual report to the Congress 
     containing--
       ``(i) an assessment of the remaining obstacles to the 
     efficient and timely circulation of coins, particularly $1 
     coins;
       ``(ii) an assessment of the extent to which the goals of 
     subparagraph (C) are being met; and
       ``(iii) such recommendations for legislative action the 
     Board and the Secretary may determine to be appropriate;
       ``(C) consulting with industry representatives to encourage 
     operators of vending machines and other automated coin-
     accepting devices in the United States to accept coins issued 
     under the Presidential $1 Coin Program established under 
     subsection (n) and any coins bearing any design in effect 
     before the issuance of coins required under subsection (n) 
     (including the so-called `Sacagawea-design' $1 coins), and to 
     include notices on the machines and devices of such 
     acceptability;
       ``(D) ensuring that--
       ``(i) during an introductory period, all institutions that 
     want unmixed supplies of each newly-issued design of $1 coins 
     minted under subsections (n) and (o) are able to obtain such 
     unmixed supplies; and
       ``(ii) circulating coins will be available for ordinary 
     commerce in packaging of sizes and types appropriate for and 
     useful to ordinary commerce, including rolled coins;
       ``(E) working closely with any agency, instrumentality, 
     system, or entity referred to in paragraph (1) to facilitate 
     compliance with the requirements of such paragraph; and
       ``(F) identifying, analyzing, and overcoming barriers to 
     the robust circulation of $1 coins minted under subsections 
     (n) and (0), including the use of demand prediction, improved 
     methods of distribution and circulation, and improved public 
     education and awareness campaigns.
       ``(4) Bullion dealers.--The Director of the United States 
     Mint shall take all steps necessary to ensure that a maximum 
     number of reputable, reliable, and responsible dealers are 
     qualified to offer for sale all bullion coins struck and 
     issued by the United States Mint.
       ``(5) Review of co-circulation.--At such time as the 
     Secretary determines to be appropriate, and after 
     consultation with the Board of Governors of the Federal 
     Reserve System, the Secretary shall notify the Congress of 
     its assessment of issues related to the co-circulation of any 
     circulating $1 coin bearing any design, other than the so-
     called `Sacagawea-design' $1 coin, in effect before the 
     issuance of coins required under subsection (n), including 
     the effect of co-circulation on the acceptance and use of $1 
     coins, and make recommendations to the Congress for improving 
     the circulation of $1 coins.''.

     SEC. 105. SENSE OF THE CONGRESS.

       It is the sense of the Congress that--
       (1) the enactment of this Act will serve to increase the 
     use of $1 coins generally, which will increase the 
     circulation of the so-called ``Sacagawea- design'' $1 coins 
     that have been and will continue to be minted and issued;
       (2) the continued minting and issuance of the so-called 
     ``Sacagawea-design'' $1 coins will serve as a lasting tribute 
     to the role of women and Native Americans in the history of 
     the United States;
       (3) the full circulation potential and cost-savings benefit 
     projections for the $1 coins are not likely to be achieved 
     unless the coins are delivered in ways useful to ordinary 
     commerce;
       (4) the coins issued in connection with this title should 
     not be introduced with an overly expensive taxpayer-funded 
     public relations campaign;
       (5) in order for the circulation of $1 coins to achieve 
     maximum potential--
       (A) the coins should be as attractive as possible; and
       (B) the Director of the United States Mint should take all 
     reasonable steps to ensure that all $1 coins minted and 
     issued remain tarnish-free for as long as possible without 
     incurring undue expense; and
       (6) if the Secretary of the Treasury determines to include 
     on any $1 coin minted under section 102 of this Act a mark 
     denoting the United States Mint facility at which the coin 
     was struck, such mark should be edge-incused.

                  TITLE II--BUFFALO GOLD BULLION COINS

     SEC. 201. GOLD BULLION COINS.

       Section 5112 of title 31, United States Code, is amended--
       (1) in subsection (a), by adding at the end the following:
       ``(11) A $50 gold coin that is of an appropriate size and 
     thickness, as determined by the Secretary, weighs 1 ounce, 
     and contains 99.99 percent pure gold.''; and
       (2) by adding at the end, the following:
       ``(q) Gold Bullion Coins.--
       ``(1) In general.--Not later than 6 months after the date 
     of enactment of the Presidential $1 Coin Act of 2005, the 
     Secretary shall commence striking and issuing for sale such 
     number of $50 gold bullion and proof coins as the Secretary 
     may determine to be appropriate, in such quantities, as the 
     Secretary, in the Secretary's discretion, may prescribe.
       ``(2) Initial design.--
       (A) In general.--Except as provided under subparagraph (B), 
     the obverse and reverse of the gold bullion coins struck 
     under this subsection during the first year of issuance shall 
     bear the original designs by James Earle Fraser, which appear 
     on the 5-cent coin commonly referred to as the `Buffalo 
     nickel' or the `1913 Type 1'.
       ``(B) Variations.--The coins referred to in subparagraph 
     (A) shall--
       ``(i) have inscriptions of the weight of the coin and the 
     nominal denomination of the coin incused in that portion of 
     the design on the reverse of the coin commonly known as the 
     `grassy mound'; and
       ``(ii) bear such other inscriptions as the Secretary 
     determines to be appropriate.
       ``(3) Subsequent designs.--After the 1-year period 
     described to in paragraph (2), the Secretary may--
       ``(A) after consulting with the Commission of Fine Arts, 
     and subject to the review of the Citizens Coinage Advisory 
     Committee, change the design on the obverse or reverse of 
     gold bullion coins struck under this subsection; and
       ``(B) change the maximum number of coins issued in any 
     year.
       ``(4) Source of gold bullion.--
       (A) In general.--The Secretary shall acquire gold for the 
     coins issued under this subsection by purchase of gold 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.
       ``(B) Price of gold.--The Secretary shall pay not more than 
     the average world price for the gold mined under subparagraph 
     (A).
       ``(5) Sale of coins.--Each gold bullion 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

[[Page 27364]]

       ``(B) the cost of designing and issuing the coins, 
     including labor, materials, dies, use of machinery, overhead 
     expenses, marketing, and shipping.
       ``(6) Legal tender.--The coins minted under this title 
     shall be legal tender, as provided in section 5103.
       ``(7) Treatment as numismatic items.--For purposes of 
     section 5134 and 5136, all coins minted under this subsection 
     shall be considered to be numismatic items.''.
       ``(8) Protective covering.--
       ``(A) In general.--Each bullion coin having a metallic 
     content as described in subsection (a)(11) and a design 
     specified in paragraph (2) shall be sold in an inexpensive 
     covering that will protect the coin from damage due to 
     ordinary handling or storage.
       ``(B) Design.--The protective covering required under 
     subparagraph (A) shall be readily distinguishable from any 
     coin packaging that may be used to protect proof coins minted 
     and issued under this subsection.''.

      TITLE III--ABRAHAM LINCOLN BICENTENNIAL 1-CENT COIN REDESIGN

     SEC. 301. FINDINGS.

       Congress finds the following:
       (1) Abraham Lincoln, the 16th President, was one of the 
     Nation's greatest leaders, demonstrating true courage during 
     the Civil War, one of the greatest crises in the Nation's 
     history.
       (2) Born of humble roots in Hardin County (present-day 
     LaRue County), Kentucky, on February 12, 1809, Abraham 
     Lincoln rose to the Presidency through a combination of 
     honesty, integrity, intelligence, and commitment to the 
     United States.
       (3) With the belief that all men are created equal, Abraham 
     Lincoln led the effort to free all slaves in the United 
     States.
       (4) Abraham Lincoln had a generous heart, with malice 
     toward none, and with charity for all.
       (5) Abraham Lincoln gave the ultimate sacrifice for the 
     country he loved, dying from an assassin's bullet on April 
     15, 1865.
       (6) All Americans could benefit from studying the life of 
     Abraham Lincoln, for Lincoln's life is a model for 
     accomplishing the ``American dream'' through honesty, 
     integrity, loyalty, and a lifetime of education.
       (7) The year 2009 will be the bicentennial anniversary of 
     the birth of Abraham Lincoln.
       (8) Abraham Lincoln was born in Kentucky, grew to adulthood 
     in Indiana, achieved fame in Illinois, and led the nation in 
     Washington, D.C.
       (9) The so-called ``Lincoln cent'' was introduced in 1909 
     on the 100th anniversary of Lincoln's birth, making the 
     obverse design the most enduring on the nation's coinage.
       (10) President Theodore Roosevelt was so impressed by the 
     talent of Victor David Brenner that the sculptor was chosen 
     to design the likeness of President Lincoln for the coin, 
     adapting a design from a plaque Brenner had prepared earlier.
       (11) In the nearly 100 years of production of the ``Lincoln 
     cent'', there have been only 2 designs on the reverse: the 
     original, featuring 2 wheat-heads in memorial style enclosing 
     mottoes, and the current representation of the Lincoln 
     Memorial in Washington, D.C.
       (12) On the occasion of the bicentennial of President 
     Lincoln's birth and the 100th anniversary of the production 
     of the Lincoln cent, it is entirely fitting to issue a series 
     of 1-cent coins with designs on the reverse that are 
     emblematic of the 4 major periods of President Lincoln's 
     life.

     SEC. 302. REDESIGN OF LINCOLN CENT FOR 2009.

       (a) In General.--During the year 2009, the Secretary of the 
     Treasury shall issue 1-cent coins in accordance with the 
     following design specifications:
       (1) Obverse.--The obverse of the 1-cent coin shall continue 
     to bear the Victor David Brenner likeness of President 
     Abraham Lincoln.
       (2) Reverse.--The reverse of the coins shall bear 4 
     different designs each representing a different aspect of the 
     life of Abraham Lincoln, such as--
       (A) his birth and early childhood in Kentucky;
       (B) his formative years in Indiana;
       (C) his professional life in Illinois; and
       (D) his presidency, in Washington, D.C.
       (b) Issuance of Redesigned Lincoln Cents in 2009.--
       (1) Order.--The 1-cent coins to which this section applies 
     shall be issued with 1 of the 4 designs referred to in 
     subsection (a)(2) beginning at the start of each calendar 
     quarter of 2009.
       (2) Number.--The Secretary shall prescribe, on the basis of 
     such factors as the Secretary determines to be appropriate, 
     the number of 1-cent coins that shall be issued with each of 
     the designs selected for each calendar quarter of 2009.
       (c) Design Selection.--The designs for the coins specified 
     in this section shall be chosen by the Secretary--
       (1) after consultation with the Abraham Lincoln 
     Bicentennial Commission and the Commission of Fine Arts; and
       (2) after review by the Citizens Coinage Advisory 
     Committee.

     SEC. 303. REDESIGN OF REVERSE OF 1-CENT COINS AFTER 2009.

       The design on the reverse of the 1-cent coins issued after 
     December 31, 2009, shall bear an image emblematic of 
     President Lincoln's preservation of the United States of 
     America as a single and united country.

     SEC. 304. NUMISMATIC PENNIES WITH THE SAME METALLIC CONTENT 
                   AS THE 1909 PENNY.

       The Secretary of the Treasury shall issue 1-cent coins in 
     2009 with the exact metallic content as the 1-cent coin 
     contained in 1909 in such number as the Secretary determines 
     to be appropriate for numismatic purposes.

     SEC. 305. SENSE OF THE CONGRESS.

       It is the sense of the Congress that the original Victor 
     David Brenner design for the 1-cent coin was a dramatic 
     departure from previous American coinage that should be 
     reproduced, using the original form and relief of the 
     likeness of Abraham Lincoln, on the 1-cent coins issued in 
     2009.

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