31 U.S.C. § 5111 : US Code - Section 5111: Minting and issuing coins, medals, and numismatic items

Search 31 U.S.C. § 5111 : US Code - Section 5111: Minting and issuing coins, medals, and numismatic items

(a) The Secretary of the Treasury -
(1) shall mint and issue coins described in section 5112 of
this title in amounts the Secretary decides are necessary to meet
the needs of the United States;
(2) may prepare national medal dies and strike national and
other medals if it does not interfere with regular minting
operations but may not prepare private medal dies;
(3) may prepare and distribute numismatic items; and
(4) may mint coins for a foreign country if the minting does
not interfere with regular minting operations, and shall
prescribe a charge for minting the foreign coins equal to the
cost of the minting (including labor, materials, and the use of
machinery).
(b) The Department of the Treasury has a coinage metal fund and a
coinage profit fund. The Secretary may use the coinage metal fund
to buy metal to mint coins. The Secretary shall credit the coinage
profit fund with the amount by which the nominal value of the coins
minted from the metal exceeds the cost of the metal. The Secretary
shall charge the coinage profit fund with waste incurred in minting
coins and the cost of distributing the coins, including the cost of
coin bags and pallets. The Secretary shall deposit in the Treasury
as miscellaneous receipts excess amounts in the coinage profit
fund.
(c) Procurements Relating to Coin Production. -
(1) In general. - The Secretary may make contracts, on
conditions the Secretary decides are appropriate and are in the
public interest, to acquire articles, materials, supplies, and
services (including equipment, manufacturing facilities, patents,
patent rights, technical knowledge, and assistance) necessary to
produce the coins referred to in this title.
(2) Domestic control of coinage. - (A) Subject to subparagraph
(B), in order to protect the national security through domestic
control of the coinage process, the Secretary shall acquire only
such articles, materials, supplies, and services (including
equipment, manufacturing facilities, patents, patent rights,
technical knowledge, and assistance) for the production of coins
as have been produced or manufactured in the United States unless
the Secretary determines it to be inconsistent with the public
interest, or the cost to be unreasonable, and publishes in the
Federal Register a written finding stating the basis for the
determination.
(B) Subparagraph (A) shall apply only in the case of a bid or
offer from a supplier the principal place of business of which is
in a foreign country which does not accord to United States
companies the same competitive opportunities for procurements in
connection with the production of coins as it accords to domestic
companies.
(3) Determination. -
(A) In general. - Any determination of the Secretary referred
to in paragraph (2) shall not be reviewable in any
administrative proceeding or court of the United States.
(B) Other rights unaffected. - This paragraph does not alter
or annul any right of review that arises under any provision of
any law or regulation of the United States other than paragraph
(2).
(4) Nothing in paragraph (2) of this subsection in any way
affects the procurement by the Secretary of gold and silver for
the production of coins by the United States Mint.
(d)(1) The Secretary may prohibit or limit the exportation,
melting, or treatment of United States coins when the Secretary
decides the prohibition or limitation is necessary to protect the
coinage of the United States.
(2) A person knowingly violating an order or license issued or
regulation prescribed under paragraph (1) of this subsection, shall
be fined not more than $10,000, imprisoned not more than 5 years,
or both.
(3) Coins exported, melted, or treated in violation of an order
or license issued or regulation prescribed, and metal resulting
from the melting or treatment, shall be forfeited to the United
States Government. The powers of the Secretary and the remedies
available to enforce forfeitures are those provided in part II of
subchapter C of chapter 75 of the Internal Revenue Code of 1954
(!1) (26 U.S.C. 7321 et seq.).