H. R To require the Secretary of the Treasury to mint coins in commemoration of the 400th anniversary of arrival of the Pilgrims.

Transcription

1 I TH CONGRESS 1ST SESSION H. R. 980 To require the Secretary of the Treasury to mint coins in commemoration of the 00th anniversary of arrival of the Pilgrims. IN THE HOUSE OF REPRESENTATIVES JULY 8, 01 Mr. FOSTER (for himself and Mr. CRAMER) introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of the Treasury to mint coins in commemoration of the 00th anniversary of arrival of the Pilgrims. 1 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 Mayflower Commemorative Coin Act. SEC.. FINDINGS. The Congress finds the following: asabaliauskas on DSKVPTVN1PROD with BILLS 8 (1) The arrival of the Pilgrims at Plymouth, 9 Massachusetts, in 10 has major significance in the 10 history of the United States. VerDate Sep 01 :0 Jul 09, 01 Jkt 0900 PO Frm Fmt Sfmt 01 E:\BILLS\H980.IH H980

2 1 () The Mayflower Compact laid the foundation and moral framework for the future laws of the United States. () The General Society of Mayflower Dece- dents mission is (A) to tell the story of the Pilgrim s jour- ney on the Mayflower in 10, bringing with 8 them principles of civil and religious liberty to 9 America as memorialized in the Mayflower 10 Compact; (B) to raise public awareness and increase 1 the public understanding of the importance of 1 the Pilgrim s lives and legacies; and 1 (C) to encourage a passion for history. 1 () A commemorative coin will bring national 1 and international attention to the lasting legacy of 1 this important event. 18 () The proceeds from a surcharge on the sale 19 of such commemorative coin will assist the financing 0 of educational, scholarship, and outreach programs; 1 SEC.. COIN SPECIFICATIONS. (a) DENOMINATIONS. The Secretary of the Treasury (hereafter in this Act referred to as the Secretary ) shall mint and issue the following coins: VerDate Sep 01 :0 Jul 09, 01 Jkt 0900 PO Frm 0000 Fmt Sfmt 01 E:\BILLS\H980.IH H980

3 1 (1) $ GOLD COINS. Not more than 0,000 $ coins, which shall (A) weigh 8.9 grams; (B) have a diameter of 0.80 inches; and (C) contain 90 percent gold and 10 percent alloy. () $1 SILVER COINS. Not more than 100,000 8 $1 coins, which shall 9 (A) weigh. grams; 10 (B) have a diameter of 1.00 inches; and (C) contain at least 90 percent silver. 1 (b) LEGAL TENDER. The coins minted under this 1 Act shall be legal tender, as provided in section 10 of 1 title 1, United States Code. 1 (c) NUMISMATIC ITEMS. For purposes of section 1 1 of title 1, United States Code, all coins minted 1 under this Act shall be considered to be numismatic items SEC.. DESIGN OF COINS. (a) DESIGN REQUIREMENTS. (1) IN GENERAL. The design of the coins minted under this Act shall be emblematic of the arrival of the Pilgrims. () DESIGNATION AND INSCRIPTIONS. On each coin minted under this Act there shall be (A) a designation of the value of the coin; VerDate Sep 01 :0 Jul 09, 01 Jkt 0900 PO Frm 0000 Fmt Sfmt 01 E:\BILLS\H980.IH H980

4 1 (B) an inscription of (i) the mint date 00 ; and (ii) the year 10 ; and (C) inscriptions of the words Liberty, In God We Trust, United States of Amer- ica, and E Pluribus Unum. (b) SELECTION. The design for the coins minted 8 under this Act shall be 9 (1) selected by the Secretary after consultation 10 with the Commission of Fine Arts and the General Society of Mayflower Descendants; and 1 () reviewed by the Citizens Coinage Advisory 1 Committee SEC.. ISSUANCE OF COINS. (a) QUALITY OF COINS. Coins minted under this Act shall be issued in proof quality and uncirculated quality. (b) MINT FACILITY. Only 1 facility of the United States Mint may be used to strike any particular quality of the coins minted under this Act. (c) PERIOD OF ISSUANCE. The Secretary may issue coins, to the public, minted under this Act only during the 1-year period beginning on January 1, 00. VerDate Sep 01 :0 Jul 09, 01 Jkt 0900 PO Frm 0000 Fmt Sfmt 01 E:\BILLS\H980.IH H980

5 SEC.. SALE OF COINS. VerDate Sep 01 :0 Jul 09, 01 Jkt 0900 PO Frm 0000 Fmt Sfmt 01 E:\BILLS\H980.IH H980 (a) SALE PRICE. The coins issued under this Act shall be sold by the Secretary at a price equal to the sum of (1) the face value of the coins; () the surcharge provided in section (a) with respect to such coins; and () the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping). (b) BULK SALES. The Secretary shall make bulk sales of the coins issued under this Act at a reasonable discount. (c) PREPAID ORDERS. (1) IN GENERAL. The Secretary shall accept prepaid orders for the coins minted under this Act before the issuance of such coins. () DISCOUNT. Sale prices with respect to prepaid orders under paragraph (1) shall be at a reasonable discount. SEC.. SURCHARGES. (a) IN GENERAL. All sales of coins issued under this Act shall include a surcharge as follows: (1) A surcharge of $ per coin for the $ gold coin.

6 1 () A surcharge of $10 per coin for the $1 sil- ver coin. (b) DISTRIBUTION. Subject to section 1(f)(1) of title 1, United States Code, all surcharges received by the Secretary from the sale of coins issued under this Act shall be promptly paid by the Secretary to the General Society of Mayflower Descendants for educational pur- 8 poses. 9 (c) AUDITS. The General Society of Mayflower De- 10 scendants shall be subject to the audit requirements of section 1(f)() of title 1, United States Code, with 1 regard to the amounts received under subsection (b). 1 (d) LIMITATION. Notwithstanding subsection (a), 1 no surcharge may be included with respect to the issuance 1 under this Act of any coin during a calendar year if, as 1 of the time of such issuance, the issuance of such coin 1 would result in the number of commemorative coin pro- 18 grams issued during such year to exceed the annual 19 commemorative coin program issuance limitation under 0 section (m)(1) of title 1, United States Code (as in 1 effect on the date of the enactment of this Act). The Sec- retary of the Treasury may issue guidance to carry out this subsection. VerDate Sep 01 :0 Jul 09, 01 Jkt 0900 PO Frm 0000 Fmt Sfmt 01 E:\BILLS\H980.IH H980

7 SEC. 8. FINANCIAL ASSURANCES. The Secretary shall take such actions as may be necessary to ensure that (1) minting and issuing coins under this Act will not result in any net cost to the United States Government; and () no funds, including applicable surcharges, shall be disbursed to any recipient designated in section until the total cost of designing and issuing all of the coins authorized by this Act (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping) is recovered by the United States Treasury, consistent with sections (m) and 1(f) of title 1, United States Code. Æ asabaliauskas on DSKVPTVN1PROD with BILLS VerDate Sep 01 :0 Jul 09, 01 Jkt 0900 PO Frm 0000 Fmt Sfmt 01 E:\BILLS\H980.IH H980