    [United States Statutes at Large, Volume 124, 111th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    Public Law 111-303
    111th Congress

    An Act

    To authorize the production of palladium bullion coins to provide
    affordable opportunities for investments in precious metals, and for
    other purposes. <>

    Be it enacted by the Senate and House of Representatives of the
    United States of America in Congress assembled, <>
    SECTION 1. <>  SHORT TITLE.

    This Act may be cited as the ``American Eagle Palladium Bullion Coin
    Act of 2010''.
    SEC. 2. PALLADIUM COIN.

    Section 5112 of title 31, United States Code, is amended--
    (1) in subsection (a), by adding at the end the following
    new paragraph;
    ``(12) A $25 coin of an appropriate size and thickness, as
    determined by the Secretary, that weighs 1 troy ounce and
    contains .9995 fine palladium.''; and
    (2) by adding at the end the following new subsection:

    ``(v) Palladium Bullion Investment Coins.--
    ``(1) In general. <> --Subject to the
    submission to the Secretary and the Congress of a marketing
    study described in paragraph (8), beginning not more than 1 year
    after the submission of the study to the Secretary and the
    Congress, the Secretary shall mint and issue the palladium coins
    described in paragraph (12) of subsection (a) in such quantities
    as the Secretary may determine to be appropriate to meet demand.
    ``(2) Source of bullion.--
    ``(A) In general. <> --The
    Secretary shall acquire bullion for the palladium coins
    issued under this subsection by purchase of palladium
    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. If no such palladium is available or
    if it is not economically feasible to obtain such
    palladium, the Secretary may obtain palladium for the
    palladium coins described in paragraph (12) of
    subsection (a) from other available sources.
    ``(B) Price of bullion.--The Secretary shall pay not
    more than the average world price for the palladium
    under subparagraph (A).
    ``(3) Sale of coins.--Each 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

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    ``(B) the cost of designing and issuing the coins,
    including labor, materials, dies, use of machinery,
    overhead expenses, marketing, distribution, and
    shipping.
    ``(4) Treatment.--For purposes of section 5134 and 5136, all
    coins minted under this subsection shall be considered to be
    numismatic items.
    ``(5) Quality.--The Secretary may issue the coins described
    in paragraph (1) in both proof and uncirculated versions, except
    that, should the Secretary determine that it is appropriate to
    issue proof or uncirculated versions of such coin, the Secretary
    shall, to the greatest extent possible, ensure that the surface
    treatment of each year's proof or uncirculated version differs
    in some material way from that of the preceding year.
    ``(6) Design.--Coins minted and issued under this subsection
    shall bear designs on the obverse and reverse that are close
    likenesses of the work of famed American coin designer and
    medallic artist Adolph Alexander Weinman--
    ``(A) the obverse shall bear a high-relief likeness
    of the `Winged Liberty' design used on the obverse of
    the so-called `Mercury dime';
    ``(B) the reverse shall bear a high-relief version
    of the reverse design of the 1907 American Institute of
    Architects medal; and
    ``(C) the coin shall bear such other inscriptions,
    including `Liberty', `In God We Trust', `United States
    of America', the denomination and weight of the coin and
    the fineness of the metal, as the Secretary determines
    to be appropriate and in keeping with the original
    design.
    ``(7) Mint facility.--Any United States mint, other than the
    United States Mint at West Point, New York, may be used to
    strike coins minted under this subsection other than any proof
    version of any such coin. If the Secretary determines that it is
    appropriate to issue any proof version of such coin, coins of
    such version shall be struck only at the United States Mint at
    West Point, New York.
    ``(8) Marketing study defined.--The market study described
    in paragraph (1) means an analysis of the market for palladium
    bullion investments conducted by a reputable, independent third
    party that demonstrates that there would be adequate demand for
    palladium bullion coins produced by the United States Mint to
    ensure that such coins could be minted and issued at no net cost
    to taxpayers.''.
    SEC. 3. BUDGETARY EFFECT.

    The budgetary effects of this Act, for the purpose of complying with
    the Statutory Pay-As-You-Go Act of 2010, shall be determined by
    reference to the latest statement titled ``Budgetary Effects of PAYGO
    Legislation'' for this Act, submitted for printing in the

    [[Page 3277]]

    Congressional Record by the Chairman of the House Budget Committee,
    provided that such statement has been submitted prior to the vote on
    passage.

    Approved December 14, 2010.

    LEGISLATIVE HISTORY--H.R. 6166:
    ---------------------------------------------------------------------------

    CONGRESSIONAL RECORD, Vol. 156 (2010):
    Sept. 29, considered and passed House.
    Nov. 30, considered and passed Senate.