[111th Congress Public Law 303]
[From the U.S. Government Printing Office]
[[Page 124 STAT. 3275]]
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. <<NOTE: Dec. 14, 2010 - [H.R. 6166]>>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, <<NOTE: American Eagle
Palladium Bullion Coin Act of 2010.>>
SECTION 1. <<NOTE: 31 USC 5101 note.>> 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. <<NOTE: Deadline.>> --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. <<NOTE: Deadline.>> --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
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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:
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CONGRESSIONAL RECORD, Vol. 156 (2010):
Sept. 29, considered and passed House.
Nov. 30, considered and passed Senate.
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