[House Report 110-748]
[From the U.S. Government Publishing Office]
110th Congress Report
HOUSE OF REPRESENTATIVES
2d Session 110-748
======================================================================
AMERICA'S BEAUTIFUL NATIONAL PARKS QUARTER DOLLAR COIN ACT OF 2008
_______
July 8, 2008.--Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
_______
Mr. Frank of Massachusetts, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 6184]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred
the bill (H.R. 6184) to provide for a program for circulating
quarter dollar coins that are emblematic of a national park or
other national site in each State, the District of Columbia,
and each territory of the United States, and for other
purposes, having considered the same, report favorably thereon
without amendment and recommend that the bill do pass.
CONTENTS
Page
Purpose and Summary.............................................. 2
Background and Need for Legislation.............................. 2
Hearings......................................................... 3
Committee Consideration.......................................... 3
Committee Votes.................................................. 3
Committee Oversight Findings..................................... 4
Performance Goals and Objectives................................. 4
New Budget Authority, Entitlement Authority, and Tax Expenditures 4
Committee Cost Estimate.......................................... 4
Congressional Budget Office Estimate............................. 4
Federal Mandates Statement....................................... 7
Advisory Committee Statement..................................... 8
Constitutional Authority Statement............................... 8
Applicability to Legislative Branch.............................. 8
Earmark Identification........................................... 8
Section-by-Section Analysis of the Legislation................... 8
Changes in Existing Law Made by the Bill, as Reported............ 9
Purpose and Summary
The ``America's Beautiful National Parks Quarter Dollar
Coin Act of 2008'' intends to create a beautiful, educational
and logical successor to the 50-State quarter program that ends
in 2008, and to its one-year successor program that honors the
District of Columbia and the five territories on the reverse of
the quarter in 2009. Beginning in 2009, quarters issued would
bear designs honoring one national park in each of the 50
States plus the District of Columbia and the territories, with
five designs issued a year in the order the sites were
designated as national sites. In addition, a unique investment-
grade silver bullion coin would be available for sale through
the normal investor network but also available for bulk
purchase by a designee of the National Park Service so that the
investment coins could be sold as mementos at various national
sites including those chosen to be represented on circulating
quarter dollars. The investment grade coins would be three
inches in diameter, contain five ounces of .999 fine silver and
bear exact replicas of the quarter dollar designs, issued only
in the year when the comparable circulating quarter was issued.
Background and Need for Legislation
H.R. 6184 was introduced June 4, 2008, by Mr. Castle, for
himself, Mrs. Maloney and Mr. Gutierrez. The bill seeks to
build on the success of the widely popular 50-State quarter
program, which will end this year, followed by a one-year
program during which the United States Mint will issue quarter-
dollars with reverses honoring the District of Columbia and the
five territories.
H.R. 6184 would replace the images representing the various
States on the reverse of the quarter with images of America's
national parks. Taking the structure of the State quarter
program, it calls for five different designs a year, with the
coins issued in the order in which the national park was
designated either by the President or by Congress. All 50
states, plus the District of Columbia and the territories,
would be honored, and after the first round of 56 quarters the
Treasury Secretary could opt to do a second 56 coins, honoring
a second national site in each state or territory.
To allow the proper ordering of the 56 designs, the
legislation requires the Treasury Secretary, in consultation
with the Secretary of the Interior, the chief executive of each
state or territory, and other appropriate Federal officials, to
choose the complete list within 270 days of enactment. It
allows for the selection of a national site other than a
national park in the event that a national seashore, or a
national monument or similar site is more significant to a
particular state and its residents, and to the country, than a
national park in that state. Coin reverse designs would be
chosen by the Treasury Secretary in a manner similar to the
method for choosing the State quarter designs. At the end of
the program--after either the first 56 or a second 56 coins--
the reverse design would become a depiction of General
Washington crossing the Delaware River prior to the Battle of
Trenton.
Additionally, the bill creates an unusual investment-grade
silver coin that would be three inches in diameter and be made
of five ounces of .999 fine silver, and be issued bearing exact
duplicates of the quarters. The bullion investment-grade coins
would be issued and for sale only during the year in which the
equivalent quarter design is issued. The coins are expected to
have appeal to investors as a hedge against inflation, and be
available for sale through the normal investment-coin network,
but the bill also makes special arrangements for the National
Park Service or its designee to buy the bullion coins in bulk
and make them available for sale at the national parks or other
national sites represented on the quarters as mementos.
Hearings
No hearings were held on H.R. 6184 in the 110th Congress.
Committee Consideration
The Committee on Financial Services met in open session on
June 24, 2008, and ordered reported H.R. 6184, America's
Beautiful National Parks Quarter Dollar Coin Act of 2008, to
the House with a favorable recommendation by a record vote of
58 yeas and 0 nays.
Committee Votes
Clause 3(b) of rule XIII of the Rules of the House of
Representatives requires the Committee to list the record votes
on the motion to report legislation and amendments thereto. A
motion by Mr. Frank to report the bill to the House with a
favorable recommendation was agreed to by a record vote of 58
yeas and 0 nays (Record vote no. FC-111). The names of Members
voting for and against follow:
----------------------------------------------------------------------------------------------------------------
Representative Aye Nay Present Representative Aye Nay Present
----------------------------------------------------------------------------------------------------------------
Mr. Frank........................ X ....... ........ Mr. Bachus......... X ....... ........
Mr. Kanjorski.................... X ....... ........ Ms. Pryce (OH)..... X ....... ........
Ms. Waters....................... X ....... ........ Mr. Castle......... X ....... ........
Mrs. Maloney..................... ........ ....... ........ Mr. King (NY)...... X ....... ........
Mr. Gutierrez.................... X ....... ........ Mr. Royce.......... ........ ....... ........
Ms. Velazquez.................... ........ ....... ........ Mr. Lucas.......... X ....... ........
Mr. Watt......................... X ....... ........ Mr. Paul........... ........ ....... ........
Mr. Ackerman..................... ........ ....... ........ Mr. LaTourette..... X ....... ........
Mr. Sherman...................... X ....... ........ Mr. Manzullo....... X ....... ........
Mr. Meeks........................ X ....... ........ Mr. Jones.......... X ....... ........
Mr. Moore (KS)................... X ....... ........ Mrs. Biggert....... X ....... ........
Mr. Capuano...................... ........ ....... ........ Mr. Shays.......... X ....... ........
Mr. Hinojosa..................... X ....... ........ Mr. Miller (CA).... X ....... ........
Mr. Clay......................... ........ ....... ........ Mrs. Capito........ X ....... ........
Mrs. McCarthy.................... X ....... ........ Mr. Feeney......... X ....... ........
Mr. Baca......................... X ....... ........ Mr. Hensarling..... X ....... ........
Mr. Lynch........................ X ....... ........ Mr. Garrett (NJ)... X ....... ........
Mr. Miller (NC).................. X ....... ........ Ms. Brown-Waite.... X ....... ........
Mr. Scott........................ X ....... ........ Mr. Barrett (SC)... X ....... ........
Mr. Green........................ X ....... ........ Mr. Gerlach........ X ....... ........
Mr. Cleaver...................... X ....... ........ Mr. Pearce......... X ....... ........
Ms. Bean......................... X ....... ........ Mr. Neugebauer..... X ....... ........
Ms. Moore (WI)................... ........ ....... ........ Mr. Price (GA)..... X ....... ........
Mr. Davis (TN)................... X ....... ........ Mr. Davis (KY)..... X ....... ........
Mr. Hodes........................ X ....... ........ Mr. McHenry........ X ....... ........
Mr. Ellison...................... X ....... ........ Mr. Campbell....... X ....... ........
Mr. Klein........................ X ....... ........ Mr. Putnam......... ........ ....... ........
Mr. Mahoney (FL)................. ........ ....... ........ Mrs. Bachmann...... X ....... ........
Mr. Wilson....................... X ....... ........ Mr. Roskam......... X ....... ........
Mr. Perlmutter................... X ....... ........ Mr. Marchant....... X ....... ........
Mr. Murphy....................... X ....... ........ Mr. McCotter....... ........ ....... ........
Mr. Donnelly..................... X ....... ........ Mr. McCarthy....... X ....... ........
Mr. Foster....................... X ....... ........ Mr. Heller......... X ....... ........
Mr. Carson....................... X ....... ........
Ms. Speier....................... ........ ....... ........
Mr. Cazayoux..................... X ....... ........
Mr. Childers..................... X ....... ........
----------------------------------------------------------------------------------------------------------------
Committee Oversight Findings
Pursuant to clause 3(c)(1) of rule XIII of the Rules of the
House of Representatives, the Committee has held hearings and
made findings that are reflected in this report.
Performance Goals and Objectives
Pursuant to clause 3(c)(4) of rule XIII of the Rules of the
House of Representatives, the Committee establishes the
following performance related goals and objectives for this
legislation:
The United States Mint will have succeeded at the rollout
of this program if it has selected the 56 sites to be depicted
on the first round of ``National Park'' quarters after having
worked closely with the Interior Secretary, other Federal
officials and the chief executives of the states and
territories, in time to design the first five designs and put
together a marketing program in time to issue the first of the
new series of quarter dollars in January, 2010. Additionally,
success will be evidenced by having developed a source of
supply for the unique bullion coins, and a marketing program
for them, so that they may be issued beginning in 2010 as well.
New Budget Authority, Entitlement Authority, and Tax Expenditures
In compliance with clause 3(c)(2) of rule XIII of the Rules
of the House of Representatives, the Committee adopts as its
own the estimate of new budget authority, entitlement
authority, or tax expenditures or revenues contained in the
cost estimate prepared by the Director of the Congressional
Budget Office pursuant to section 402 of the Congressional
Budget Act of 1974.
Committee Cost Estimate
The Committee adopts as its own the cost estimate prepared
by the Director of the Congressional Budget Office pursuant to
section 402 of the Congressional Budget Act of 1974.
Congressional Budget Office Estimate
Pursuant to clause 3(c)(3) of rule XIII of the Rules of the
House of Representatives, the following is the cost estimate
provided by the Congressional Budget Office pursuant to section
402 of the Congressional Budget Act of 1974:
July 8, 2008.
Hon. Barney Frank,
Chairman, Committee on Financial Services,
House of Representatives, Washington, DC.
Dear Mr. Chairman: The Congressional Budget Office has
prepared the enclosed cost estimate for H.R. 6184, the
America's Beautiful National Parks Quarter Dollar Coin Act of
2008.
If you wish further details on this estimate, we will be
pleased to provide them. The CBO staff contact is Matthew
Pickford.
Sincerely,
Peter R. Orszag.
Enclosure.
H.R. 6184--America's Beautiful National Parks Quarter Dollar Coin Act
of 2008
Summary: H.R. 6184 would authorize the U.S. Mint to make
changes to the design of the quarter-dollar coin to feature one
national park or other national site in each state, the
District of Columbia, and each territory beginning in 2010. In
addition, the legislation would require production of a new
silver bullion coin bearing the same design as the quarter
dollar.
CBO estimates that enacting this bill would reduce direct
spending by $26 million over the 2010-2018 period. H.R. 6184
contains no intergovernmental or private-sector mandates as
defined in the Unfunded Mandates Reform Act (UMRA) and would
not affect the budgets of state, local, or tribal governments.
Estimated cost to the Federal Government: The estimated
budgetary impact of H.R. 6184 is shown in the following table.
The budgetary effects of this legislation fall within budget
function 800 (general government).
--------------------------------------------------------------------------------------------------------------------------------------------------------
By fiscal year, in millions of dollars--
-----------------------------------------------------------------------------------------------------
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009-2013 2009-2018
--------------------------------------------------------------------------------------------------------------------------------------------------------
CHANGES IN DIRECT SPENDING
National Park Quarter Program:
Estimated Budget Authority.................... 0 -2 -3 -3 -3 -3 -3 -3 -3 -3 -11 -26
Estimated Outlays............................. 0 -2 -3 -3 -3 -3 -3 -3 -3 -3 -11 -26
Net Proceeds from Sales of Silver Bullion Coin:
Estimated Budget Authority.................... 0 * * * * * * * * * * *
Estimated Outlays............................. 0 * * * * * * * * * * *
Net Changes in Direct Spending Under H.R. 6184:
Estimated Budget Authority.................... 0 -2 -3 -3 -3 -3 -3 -3 -3 -3 -11 -26
Estimated Outlays............................. 0 -2 -3 -3 -3 -3 -3 -3 -3 -3 -11 -26
--------------------------------------------------------------------------------------------------------------------------------------------------------
Note: * = savings of less than $500,000.
In addition to the budgetary effects summarized in the
table, by increasing the public's holding of coins, H.R. 6184
also would provide the government with additional resources for
financing the federal deficit. The seigniorage (or profit) from
placing the additional coins in circulation--the difference
between the face value of the coins and the cost of
production--would reduce the amount the government needs to
borrow from the public. CBO estimates that seigniorage
resulting from the bill would amount to about $785 million over
the 2010-2018 period. Under the principles established by the
President's 1967 Commission on Budget Concepts, seigniorage
does not directly affect the budget but is treated as a means
of financing the deficit.
Basis of estimate: H.R. 6184 would direct the Secretary of
the Treasury to design and issue a series of quarters that
feature one national park or other national site in each state,
the District of Columbia, and each territory (for a total of
56) over an 11-year period, beginning in 2010. During this
period, designs for each national park or other national site
in each state would replace the eagle design on the reverse
side of the George Washington quarter that is scheduled to be
used again in 2010 following the end of the state quarters
series.
The Mint would issue five quarters a year in the order that
the national sites were established. The Secretary of the
Treasury would select the sites within 270 days of enactment in
consultation with the Secretary of the Interior, the governor
or other chief executive of each state, territory, or the
District of Columbia. The design selection would be made by the
Secretary of the Treasury after consultation with the Secretary
of the Interior and the Commission on Fine Arts. The Citizens
Coinage Advisory Committee would review the designs. After the
new National Parks Quarter Dollar Program ends, the quarter-
dollar reverse design would contain an image of Washington
crossing the Delaware prior to the Battle of Trenton.
The bill also would direct the Mint to produce a silver
bullion coin bearing the same designs as the circulating
quarter dollars that would only be available during the
calendar year the circulating coin is issued. The 0.999 fine
silver bullion coins would have a diameter of 3 inches and
weigh 5 ounces. The distribution of the bullion coins would be
made through authorized dealers or through the National Park
Service or a designee.
NATIONAL PARKS QUARTER DOLLAR PROGRAM
Beginning in 2010, H.R. 6184 would authorize the Mint to
sell uncirculated and proof coins, both made of copper-nickel
and silver. CBO expects that the Mint would sell a variety of
proof and silver sets of the redesigned quarter dollar. Since
those are commercial products, the receipts would constitute
offsetting collections to the Mint. Based on information from
the Mint and historical sales and profit information for the 50
State Quarters Program, CBO estimates that those sales would
increase offsetting collections to the Mint by about $30
million annually, for a total of about $263 million over the
2010-2018 period. Based on the cost of previous Mint sets, CBO
estimates that the Mint would retain and spend about $27
million annually of the increased offsetting collections to
cover the costs of producing the coins, at a total cost of
about $237 million over the 2010-2018 period. The Mint must
transfer any excess funds it generates from sales to the
general fund of the Treasury. CBO estimates that net receipts
to the Treasury, therefore, would total about $3 million
annually or $26 million over the 2010-2018 period.
SILVER BULLION COIN
H.R. 6184 would direct the Mint to produce a quarter-dollar
coin of 0.999 fine silver bullion for investors. The new silver
bullion coin would be produced in the same sequence as the
coins in the National Parks Quarter Dollar Program. Based on
information from the Mint and the numismatic and investment
community, CBO expects that sales of the silver bullion coins
would be small. Thus, we estimate that the silver bullion coins
would generate less than $500,000 a year in excess of
production costs; that amount would be recorded in the budget
as offsetting receipts.
SEIGNIORAGE
In addition to the bill's effects on direct spending, by
increasing the public's holding of quarters, H.R. 6184 also
would result in the government's acquiring additional resources
for financing the federal deficit in the form of seigniorage--
the difference between the face value of coins and the cost to
produce them. The Mint's 50 State Quarters Program has been
credited with generating renewed interest in holding more coins
by collectors and the public. The production of quarters
increased from about 1.5 billion over the 1989-1998 period to
over 6 billion in fiscal year 2000 when the 50 State Quarters
Program began. By fiscal year 2007, however, demand for
quarters had fallen to about 2.7 billion quarters. The Mint
estimates that the 50 State Quarters Program has generated
about $3.5 billion of seigniorage since the program began in
1999.
CBO expects that enacting the bill would lead to a greater
production of quarters, although not as many as the 50 State
Quarters Program. The seigniorage, or profit, from placing the
additional coins in circulation would reduce the amount of
government borrowing from the public. Quarter-dollar production
has averaged about 3.5 billion coins a year over the past nine
years, and the seigniorage is about 15.2 cents per coin.
However, over the past five years, quarter-dollar production
has diminished to about 2.6 billion coins a year. Based on
information from the Mint and the numisatic community, CBO
expects that quarter-dollar production under the National Parks
Quarter Dollar Program would be about 2 billion coins annually,
or almost 600 million more quarter-dollar coins a year than
would otherwise be produced. CBO estimates that seigniorage
earned by the federal government would increase by about $785
million over the 10-year period.
Intergovernmental and private-sector impact: H.R. 6184
contains no intergovernmental or private-sector mandates as
defined in UMRA and would not affect the budgets of state,
local, or tribal governments.
Estimate prepared by: Federal Costs: Matthew Pickford;
Impact on State, Local, and Tribal Governments: Elizabeth Cove;
Impact on the Private Sector: Paige Piper/Bach.
Estimate approved by: Peter H. Fontaine, Assistant Director
for Budget Analysis.
Federal Mandates Statement
The Committee adopts as its own the estimate of Federal
mandates prepared by the Director of the Congressional Budget
Office pursuant to section 423 of the Unfunded Mandates Reform
Act.
Advisory Committee Statement
No advisory committees within the meaning of section 5(b)
of the Federal Advisory Committee Act were created by this
legislation.
Constitutional Authority Statement
Pursuant to clause 3(d)(1) of rule XIII of the Rules of the
House of Representatives, the Committee finds that the
Constitutional Authority of Congress to enact this legislation
is provided by Article 1, section 8, clause 1 (relating to the
general welfare of the United States) and clause 3 (relating to
the power to regulate interstate commerce).
Applicability to Legislative Branch
The Committee finds that the legislation does not relate to
the terms and conditions of employment or access to public
services or accommodations within the meaning of section
102(b)(3) of the Congressional Accountability Act.
Earmark Identification
H.R. 6184 does not contain any congressional earmarks,
limited tax benefits, or limited tariff benefits as defined in
clause 9 of rule XXI.
Section-by-Section Analysis of H.R. 6184
Section 1. Short title
This section establishes the short title of the bill, the
``America's Beautiful National Parks Quarter Dollar Coin Act of
2008.''
TITLE I--NATIONAL SITE QUARTER DOLLARS
Section 101--Findings
Congress finds that: Yellowstone National Park became the
nation's first national park in 1872; President Theodore
Roosevelt is considered by many to be our ``Conservationist
President''; that the National Park System now includes 391
areas and about 84 million acres; and numerous other types of
national sites have been placed under various forms of
conservancy, such as the national forests and sites within the
National Wildlife Refuge System and on the National Register of
Historic Places.
Section 102--Issuance of quarter dollars emblematic of national parks
or other national sites, in each state, the District of
Columbia and each territory
Directs that beginning in 2010, quarter dollars shall have
designs on the reverse depicting one national site in each of
the States, and in the District of Columbia and the
territories. Five designs are to be issued each year in the
order that the sites were recognized as national sites,
determined after the Treasury Secretary working with the
Interior Secretary (or other appropriate Federal officials and
state governors), selects one site per State. National sites
are defined as including national parks as well as any other
nationally recognized site such as a national wildlife refuge.
Allows for the issue of the coins in various numismatic forms,
including solid silver versions, and allows for a complete
second round of the quarters recognizing a second national site
in each State, after proper notice to the committees of
jurisdiction. Designs would be selected by the Treasury
Secretary after appropriate consultations. Provides that the
design on the reverse of the coin after the national parks
quarter program is concluded will be a representation of
General George Washington crossing the Delaware River before
the Battle of Trenton.
TITLE II--BULLION INVESTMENT PRODUCT
Section 201--Silver bullion coin
Provides for the minting and issuing of investment grade
silver bullion coins that are three inches in diameter and made
of 5 ounces of .999 fine silver. Such coins shall be exact
duplicates of the quarter dollars and carry that denomination,
and would be sold through the Mint's regular authorized dealer
network for investment products and also made available for
bulk purchase by the representative of the National Park
Service Director, so that they may be sold as a memento at
various national sites including those honored by the actual
quarter-dollar coin reverse designs. The investment-grade coins
could not be minted as so-called ``fractional'' coins and would
only be available for purchase during the year in which the
corresponding quarter dollar reverse design was available.
Changes in Existing Law Made by the Bill, as Reported
In compliance with clause 3(e) of rule XIII of the Rules of
the House of Representatives, changes in existing law made by
the bill, as reported, are shown as follows (new matter is
printed in italic and existing law in which no change is
proposed is shown in roman):
TITLE 31, UNITED STATES CODE
* * * * * * *
Subtitle IV--MONEY
* * * * * * *
CHAPTER 51--COINS AND CURRENCY
* * * * * * *
SUBCHAPTER II--GENERAL AUTHORITY
* * * * * * *
Sec. 5112. Denominations, specifications, and design of coins
(a) * * *
* * * * * * *
(t) Redesign and Issuance of Quarter Dollars Emblematic of
National Sites in Each State, the District of Columbia, and
Each Territory.--
(1) Redesign beginning upon completion of prior
program.--
(A) In general.--Notwithstanding the fourth
sentence of subsection (d)(1) and subsection
(d)(2), quarter dollars issued beginning in
2010 shall have designs on the reverse selected
in accordance with this subsection which are
emblematic of the national sites in the States,
the District of Columbia and the territories of
the United States.
(B) Flexibility with regard to placement of
inscriptions.--Notwithstanding subsection
(d)(1), the Secretary may select a design for
quarter dollars referred to in subparagraph (A)
in which--
(i) the inscription described in the
second sentence of subsection (d)(1)
appears on the reverse side of any such
quarter dollars; and
(ii) any inscription described in the
third sentence of subsection (d)(1) or
the designation of the value of the
coin appears on the obverse side of any
such quarter dollars.
(C) Inclusion of district of columbia, and
territories.--For purposes of this subsection,
the term ``State'' has the same meaning as in
section 3(a)(3) of the Federal Deposit
Insurance Act.
(2) Single site in each state.--The design on the
reverse side of each quarter dollar issued during the
period of issuance under this subsection shall be
emblematic of 1 national site in each State.
(3) Selection of site and design.--
(A) Site.--
(i) In general.--The selection of a
national park or other national site in
each State to be honored with a coin
under this subsection shall be made by
the Secretary of the Treasury, after
consultation with the Secretary of the
Interior and the governor or other
chief executive of each State with
respect to which a coin is to be issued
under this subsection, and after giving
full and thoughtful consideration to
national sites that are not under the
jurisdiction of the Secretary of the
Interior so that the national site
chosen for each State shall be the most
appropriate in terms of natural or
historic significance.
(ii) Timing.--The selection process
under clause (i) shall be completed
before the end of the 270-day period
beginning on the date of the enactment
of the America's Beautiful National
Parks Quarter Dollar Coin Act of 2008.
(B) Design.--Each of the designs required
under this subsection for quarter dollars shall
be--
(i) selected by the Secretary after
consultation with--
(I) the Secretary of the
Interior; and
(II) the Commission of Fine
Arts; and
(ii) reviewed by the Citizens Coinage
Advisory Committee.
(C) Selection and approval process.--
Recommendations for site selections and designs
for quarter dollars may be submitted in
accordance with the site and design selection
and approval process developed by the Secretary
in the sole discretion of the Secretary.
(D) Participation in design.--The Secretary
may include participation by officials of the
State, artists from the State, engravers of the
United States Mint, and members of the general
public.
(E) Standards.--Because it is important that
the Nation's coinage and currency bear
dignified designs of which the citizens of the
United States can be proud, the Secretary shall
not select any frivolous or inappropriate
design for any quarter dollar minted under this
subsection.
(F) Prohibition on certain representations.--
No head and shoulders portrait or bust of any
person, living or dead, no portrait of a living
person, and no outline or map of a State may be
included in the design on the reverse of any
quarter dollar under this subsection.
(4) Issuance of coins.--
(A) Order of issuance.--The quarter dollar
coins issued under this subsection bearing
designs of national sites shall be issued in
the order in which the sites selected under
paragraph (3) were first established as a
national site.
(B) Rate of issuance.--The quarter dollar
coins bearing designs of national sites under
this subsection shall be issued at the rate of
5 new designs during each year of the period of
issuance under this subsection.
(C) Number of each of 5 coin designs in each
year.--Of the quarter dollar coins issued
during each year of the period of issuance, the
Secretary of the Treasury shall prescribe, on
the basis of such factors as the Secretary
determines to be appropriate, the number of
quarter dollars which shall be issued with each
of the designs selected for such year.
(5) Treatment as numismatic items.--For purposes of
sections 5134 and 5136, all coins minted under this
subsection shall be considered to be numismatic items.
(6) Issuance.--
(A) Quality of coins.--The Secretary may mint
and issue such number of quarter dollars of
each design selected under paragraph (3) in
uncirculated and proof qualities as the
Secretary determines to be appropriate.
(B) Silver coins.--Notwithstanding subsection
(b), the Secretary may mint and issue such
number of quarter dollars of each design
selected under paragraph (3) as the Secretary
determines to be appropriate, with a content of
90 percent silver and 10 percent copper.
(7) Period of issuance.--
(A) In general.--Subject to paragraph (2),
the program established under this subsection
shall continue in effect until a national site
in each State has been honored.
(B) Second round at discretion of
secretary.--
(i) Determination.--The Secretary may
make a determination before the end of
the 9-year period beginning when the
first quarter dollar is issued under
this subsection to continue the period
of issuance until a second national
site in each State, the District of
Columbia, and each territory referred
to in this subsection has been honored
with a design on a quarter dollar.
(ii) Notice and report.--Within 30
days after making a determination under
clause (i), the Secretary shall submit
a written report on such determination
to the Committee on Financial Services
of the House of Representatives and the
Committee on Banking, Housing, and
Urban Affairs of the Senate.
(iii) Applicability of provisions.--
If the Secretary makes a determination
under clause (i), the provisions of
this subsection applicable to site and
design selection and approval, the
order, timing, and conditions of
issuance shall apply in like manner as
the initial issuance of quarter dollars
under this subsection, except that the
issuance of quarter dollars pursuant to
such determination bearing the first
design shall commence in order
immediately following the last issuance
of quarter dollars under the first
round.
(iv) Continuation until all states
are honored.--If the Secretary makes a
determination under clause (i), the
program under this subsection shall
continue until a second site in each
State has been so honored.
(8) Designs after end of program.--Upon the
completion of the coin program under this subsection,
the design on--
(A) the obverse of the quarter dollar shall
revert to the same design containing an image
of President Washington in effect for the
quarter dollar before the institution of the
50-State quarter dollar program; and
(B) notwithstanding the fourth sentence of
subsection (d)(1), the reverse of the quarter
dollar shall contain an image of General
Washington crossing the Delaware River prior to
the Battle of Trenton.
(9) National site.--For purposes of this subsection,
the term ``national site'' means any site under the
supervision, management, or conservancy of the National
Park Service, the United States Forest Service, the
United States Fish and Wildlife Service, or any similar
department or agency of the Federal Government,
including any national park, national monument,
national battlefield, national military park, national
historical park, national historic site, national
lakeshore, seashore, recreation area, parkway, scenic
river, or trail and any site in the National Wildlife
Refuge System.
(10) Application in event of independence.--If any
territory becomes independent or otherwise ceases to be
a territory or possession of the United States before
quarter dollars bearing designs which are emblematic of
such territory are minted pursuant to this subsection,
this subsection shall cease to apply with respect to
such territory.
(u) Silver Bullion Investment Product.--
(1) In general.--The Secretary shall strike and make
available for sale such number of bullion coins as the
Secretary determines to be appropriate that are exact
duplicates of the quarter dollars issued under
subsection (t), each of which shall--
(A) have a diameter of 3.0 inches and weigh
5.0 ounces;
(B) contain .999 fine silver;
(C) have incused into the edge the fineness
and weight of the bullion coin;
(D) bear an inscription of the denomination
of such coin, which shall be ``quarter
dollar''; and
(E) not be minted or issued by the United
States Mint as so-called ``fractional'' bullion
coins or in any size other than the size
described in paragraph (A).
(2) Availability for sale.--Bullion coins minted
under paragraph (1)--
(A) shall become available for sale no sooner
than the first day of the calendar year in
which the circulating quarter dollar of which
such bullion coin is a duplicate is issued; and
(B) may only be available for sale during the
year in which such circulating quarter dollar
is issued.
(3) Distribution.--
(A) In general.--In addition to the
authorized dealers utilized by the Secretary in
distributing bullion coins and solely for
purposes of distributing bullion coins issued
under this subsection, the Director of the
National Park Service, or the designee of the
Director, may purchase numismatic items issued
under this subsection, but only in units of no
fewer than 1,000 at a time, and the Director,
or the Director's designee, may resell or
repackage such numismatic items as the Director
determines to be appropriate.
(B) Resale.--The Director of the National
Park Service, or the designee of the Director,
may resell, at cost and without repackaging,
numismatic items acquired by the Director or
such designee under subparagraph (A) to any
party affiliated with any national site honored
by a quarter dollar under subsection (t) for
repackaging and resale by such party in the
same manner and to the same extent as such
party would be authorized to engage in such
activities under subparagraph (A) if the party
were acting as the designee of the Director
under such subparagraph.
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