31 U.S.C. § 5112 : US Code - Section 5112: Denominations, specifications, and design of coins

Search 31 U.S.C. § 5112 : US Code - Section 5112: Denominations, specifications, and design of coins

(a) The Secretary of the Treasury may mint and issue only the
following coins:
(1) a dollar coin that is 1.043 inches in diameter.
(2) a half dollar coin that is 1.205 inches in diameter and
weighs 11.34 grams.
(3) a quarter dollar coin that is 0.955 inch in diameter and
weighs 5.67 grams.
(4) a dime coin that is 0.705 inch in diameter and weighs 2.268
grams.
(5) a 5-cent coin that is 0.835 inch in diameter and weighs 5
grams.
(6) except as provided under subsection (c) of this section, a
one-cent coin that is 0.75 inch in diameter and weighs 3.11
grams.
(7) A fifty dollar gold coin that is 32.7 millimeters in
diameter, weighs 33.931 grams, and contains one troy ounce of
fine gold.
(8) A twenty-five dollar gold coin that is 27.0 millimeters in
diameter, weighs 16.966 grams, and contains one-half troy ounce
of fine gold.
(9) A ten dollar gold coin that is 22.0 millimeters in
diameter, weighs 8.483 grams, and contains one-fourth troy ounce
of fine gold.
(10) A five dollar gold coin that is 16.5 millimeters in
diameter, weighs 3.393 grams, and contains one-tenth troy ounce
of fine gold.
(11) A $50 gold coin that is of an appropriate size and
thickness, as determined by the Secretary, weighs 1 ounce, and
contains 99.99 percent pure gold.
(b) The half dollar, quarter dollar, and dime coins are clad
coins with 3 layers of metal. The 2 identical outer layers are an
alloy of 75 percent copper and 25 percent nickel. The inner layer
is copper. The outer layers are metallurgically bonded to the inner
layer and weigh at least 30 percent of the weight of the coin. The
dollar coin shall be golden in color, have a distinctive edge, have
tactile and visual features that make the denomination of the coin
readily discernible, be minted and fabricated in the United States,
and have similar metallic, anti-counterfeiting properties as United
States coinage in circulation on the date of enactment of the
United States $1 Coin Act of 1997. The 5-cent coin is an alloy of
75 percent copper and 25 percent nickel. In minting 5-cent coins,
the Secretary shall use bars that vary not more than 2.5 percent
from the percent of nickel required. Except as provided under
subsection (c) of this section, the one-cent coin is an alloy of 95
percent copper and 5 percent zinc. In minting gold coins, the
Secretary shall use alloys that vary not more than 0.1 percent from
the percent of gold required. The specifications for alloys are by
weight.
(c) The Secretary may prescribe the weight and the composition of
copper and zinc in the alloy of the one-cent coin that the
Secretary decides are appropriate when the Secretary decides that a
different weight and alloy of copper and zinc are necessary to
ensure an adequate supply of one-cent coins to meet the needs of
the United States.
(d)(1) United States coins shall have the inscription "In God We
Trust". The obverse side of each coin shall have the inscription
"Liberty". The reverse side of each coin shall have the
inscriptions "United States of America" and "E Pluribus Unum" and a
designation of the value of the coin. The design on the reverse
side of the dollar, half dollar, and quarter dollar is an eagle.
Subject to other provisions of this subsection, the obverse of any
5-cent coin issued after December 31, 2005, shall bear the likeness
of Thomas Jefferson and the reverse of any such 5-cent coin shall
bear an image of the home of Thomas Jefferson at Monticello. The
Secretary of the Treasury, in consultation with the Congress, shall
select appropriate designs for the obverse and reverse sides of the
dollar coin. The coins have an inscription of the year of minting
or issuance. However, to prevent or alleviate a shortage of a
denomination, the Secretary may inscribe coins of the denomination
with the year that was last inscribed on coins of the denomination.
(2) The Secretary shall prepare the devices, models, hubs, and
dies for coins, emblems, devices, inscriptions, and designs
authorized under this chapter. The Secretary may, after consulting
with the Citizens Coinage Advisory Committee and the Commission of
Fine Arts, adopt and prepare new designs or models of emblems or
devices that are authorized in the same way as when new coins or
devices are authorized. The Secretary may change the design or die
of a coin only once within 25 years of the first adoption of the
design, model, hub, or die for that coin. The Secretary may procure
services under section 3109 of title 5 in carrying out this
paragraph.
(e) Notwithstanding any other provision of law, the Secretary
shall mint and issue, in quantities sufficient to meet public
demand, coins which -
(1) are 40.6 millimeters in diameter and weigh 31.103 grams;
(2) contain .999 fine silver;
(3) have a design -
(A) symbolic of Liberty on the obverse side; and
(B) of an eagle on the reverse side;
(4) have inscriptions of the year of minting or issuance, and
the words "Liberty", "In God We Trust", "United States of
America", "1 Oz. Fine Silver", "E Pluribus Unum", and "One
Dollar"; and
(5) have reeded edges.
(f) Silver Coins. -
(1) Sale price. - The Secretary shall sell the coins minted
under subsection (e) to the public at a price equal to the market
value of the bullion at the time of sale, plus the cost of
minting, marketing, and distributing such coins (including labor,
materials, dies, use of machinery, and promotional and overhead
expenses).
(2) Bulk sales. - The Secretary shall make bulk sales of the
coins minted under subsection (e) at a reasonable discount.
(3) Numismatic items. - For purposes of section 5132(a)(1) of
this title, all coins minted under subsection (e) shall be
considered to be numismatic items.
(g) For purposes of section 5132(a)(1) of this title, all coins
minted under subsection (e) of this section shall be considered to
be numismatic items.
(h) The coins issued under this title shall be legal tender as
provided in section 5103 of this title.
(i)(1) Notwithstanding section 5111(a)(1) of this title, the
Secretary shall mint and issue the gold coins described in
paragraphs (7), (8), (9), and (10) of subsection (a) of this
section, in quantities sufficient to meet public demand, and such
gold coins shall -
(A) have a design determined by the Secretary, except that the
fifty dollar gold coin shall have -
(i) on the obverse side, a design symbolic of Liberty; and
(ii) on the reverse side, a design representing a family of
eagles, with the male carrying an olive branch and flying above
a nest containing a female eagle and hatchlings;
(B) have inscriptions of the denomination, the weight of the
fine gold content, the year of minting or issuance, and the words
"Liberty", "In God We Trust", "United States of America", and "E
Pluribus Unum"; and
(C) have reeded edges.
(2)(A) The Secretary shall sell the coins minted under this
subsection to the public at a price equal to the market value of
the bullion at the time of sale, plus the cost of minting,
marketing, and distributing such coins (including labor, materials,
dies, use of machinery, and promotional and overhead expenses).
(B) The Secretary shall make bulk sales of the coins minted under
this subsection at a reasonable discount.
(3) For purposes of section 5132(a)(1) of this title, all coins
minted under this subsection shall be considered to be numismatic
items.
(4)(A) Notwithstanding any other provision of law and subject to
subparagraph (B), the Secretary of the Treasury may change the
diameter, weight, or design of any coin minted under this
subsection or the fineness of the gold in the alloy of any such
coin if the Secretary determines that the specific diameter,
weight, design, or fineness of gold which differs from that
otherwise required by law is appropriate for such coin.
(B) The Secretary may not mint any coin with respect to which a
determination has been made by the Secretary under subparagraph (A)
before the end of the 30-day period beginning on the date a notice
of such determination is published in the Federal Register.
(C) The Secretary may continue to mint and issue coins in
accordance with the specifications contained in paragraphs (7),
(8), (9), and (10) of subsection (a) and paragraph (1)(A) of this
subsection at the same time the Secretary in minting and issuing
other bullion and proof gold coins under this subsection in
accordance with such program procedures and coin specifications,
designs, varieties, quantities, denominations, and inscriptions as
the Secretary, in the Secretary's discretion, may prescribe from
time to time.
(j) General Waiver of Procurement Regulations. -
(1) In general. - Except as provided in paragraph (2), no
provision of law governing procurement or public contracts shall
be applicable to the procurement of goods or services necessary
for minting, marketing, or issuing any coin authorized under
paragraph (7), (8), (9), or (10) of subsection (a) or subsection
(e), including any proof version of any such coin.
(2) Equal employment opportunity. - Paragraph (1) shall not
relieve any person entering into a contract with respect to any
coin referred to in such paragraph from complying with any law
relating to equal employment opportunity.
(k) The Secretary may mint and issue platinum bullion coins and
proof platinum coins in accordance with such specifications,
designs, varieties, quantities, denominations, and inscriptions as
the Secretary, in the Secretary's discretion, may prescribe from
time to time.
(l) Redesign and Issuance of Quarter Dollar in Commemoration of
Each of the 50 States. -
(1) Redesign beginning in 1999. -
(A) In general. - Notwithstanding the fourth sentence of
subsection (d)(1) and subsection (d)(2), quarter dollar coins
issued during the 10-year period beginning in 1999, shall have
designs on the reverse side selected in accordance with this
subsection which are emblematic of the 50 States.
(B) Transition provision. - Notwithstanding subparagraph (A),
the Secretary may continue to mint and issue quarter dollars in
1999 which bear the design in effect before the redesign
required under this subsection and an inscription of the year
"1998" as required to ensure a smooth transition into the 10-
year program under this subsection.
(C) Flexibility with regard to placement of inscriptions. -
Notwithstanding subsection (d)(1), the Secretary may select a
design for quarter dollars issued during the 10-year period
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.
(2) Single state designs. - The design on the reverse side of
each quarter dollar issued during the 10-year period referred to
in paragraph (1) shall be emblematic of 1 of the 50 States.
(3) Issuance of coins commemorating 5 states during each of the
10 years. -
(A) In general. - The designs for the quarter dollar coins
issued during each year of the 10-year period referred to in
paragraph (1) shall be emblematic of 5 States selected in the
order in which such States ratified the Constitution of the
United States or were admitted into the Union, as the case may
be.
(B) Number of each of 5 coin designs in each year. - Of the
quarter dollar coins issued during each year of the 10-year
period referred to in paragraph (1), 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 5 designs
selected for such year.
(4) Selection of design. -
(A) In general. - Each of the 50 designs required under this
subsection for quarter dollars shall be -
(i) selected by the Secretary after consultation with -
(I) the Governor of the State being commemorated, or such
other State officials or group as the State may designate
for such purpose; and
(II) the Commission of Fine Arts; and
(ii) reviewed by the Citizens Coinage Advisory Committee.
(B) Selection and approval process. - Designs for quarter
dollars may be submitted in accordance with the design
selection and approval process developed by the Secretary in
the sole discretion of the Secretary.
(C) Participation. - The Secretary may include participation
by State officials, artists from the States, engravers of the
United States Mint, and members of the general public.
(D) 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.
(E) Prohibition on certain representations. - No head and
shoulders portrait or bust of any person, living or dead, and
no portrait of a living person may be included in the design of
any quarter dollar under this subsection.
(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 (4) 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 (4) as the Secretary
determines to be appropriate, with a content of 90 percent
silver and 10 percent copper.
(C) Sources of bullion. - The Secretary shall obtain silver
for minting coins under subparagraph (B) from available
resources, including stockpiles established under the Strategic
and Critical Materials Stock Piling Act.
(7) Application in event of the admission of additional states.
- If any additional State is admitted into the Union before the
end of the 10-year period referred to in paragraph (1), the
Secretary of the Treasury may issue quarter dollar coins, in
accordance with this subsection, with a design which is
emblematic of such State during any 1 year of such 10-year
period, in addition to the quarter dollar coins issued during
such year in accordance with paragraph (3)(A).
(m) Commemorative Coin Program Restrictions. -
(1) Maximum number. - Beginning January 1, 1999, the Secretary
may mint and issue commemorative coins under this section during
any calendar year with respect to not more than 2 commemorative
coin programs.
(2) Mintage levels. -
(A) In general. - Except as provided in subparagraph (B), in
carrying out any commemorative coin program, the Secretary
shall mint -
(i) not more than 750,000 clad half-dollar coins;
(ii) not more than 500,000 silver one-dollar coins; and
(iii) not more than 100,000 gold five-dollar or ten-dollar
coins.
(B) Exception. - If the Secretary determines, based on
independent, market-based research conducted by a designated
recipient organization of a commemorative coin program, that
the mintage levels described in subparagraph (A) are not
adequate to meet public demand for that commemorative coin, the
Secretary may waive one or more of the requirements of
subparagraph (A) with respect to that commemorative coin
program.
(C) Designated recipient organization defined. - For purposes
of this paragraph, the term "designated recipient organization"
means any organization designated, under any provision of law,
as the recipient of any surcharge imposed on the sale of any
numismatic item.
(n) Redesign and Issuance of Circulating $1 Coins Honoring Each
of the Presidents of the United States. -
(1) Redesign beginning in 2007. -
(A) In general. - Notwithstanding subsection (d) and in
accordance with the provisions of this subsection, $1 coins
issued during the period beginning January 1, 2007, and ending
upon the termination of the program under paragraph (8), shall -

(i) have designs on the obverse selected in accordance with
paragraph (2)(B) which are emblematic of the Presidents of
the United States; and
(ii) have a design on the reverse selected in accordance
with paragraph (2)(A).
(B) Continuity provisions. -
(i) In general. - Notwithstanding subparagraph (A), the
Secretary shall continue to mint and issue $1 coins which
bear any design in effect before the issuance of coins as
required under this subsection (including the so-called
"Sacagawea-design" $1 coins).
(ii) Circulation quantity. - Beginning January 1, 2007, and
ending upon the termination of the program under paragraph
(8), the Secretary annually shall mint and issue such
"Sacagawea-design" $1 coins for circulation in quantities of
no less than (!1/3) of the total $1 coins minted and issued
under this subsection.".(!1)
(2) Design requirements. - The $1 coins issued in accordance
with paragraph (1)(A) shall meet the following design
requirements:
(A) Coin reverse. - The design on the reverse shall bear -
(i) a likeness of the Statue of Liberty extending to the
rim of the coin and large enough to provide a dramatic
representation of Liberty while not being large enough to
create the impression of a "2-headed" coin;
(ii) the inscription "$1"; and
(iii) the inscription "United States of America".
(B) Coin obverse. - The design on the obverse shall contain -

(i) the name and likeness of a President of the United
States; and
(ii) basic information about the President, including -
(I) the dates or years of the term of office of such
President; and
(II) a number indicating the order of the period of
service in which the President served.
(C) Edge-incused inscriptions. -
(i) In general. - The inscription of the year of minting or
issuance of the coin and the inscriptions "E Pluribus Unum"
and "In God We Trust" shall be edge-incused into the coin.
(ii) Preservation of distinctive edge. - The edge-incusing
of the inscriptions under clause (i) on coins issued under
this subsection shall be done in a manner that preserves the
distinctive edge of the coin so that the denomination of the
coin is readily discernible, including by individuals who are
blind or visually impaired.
(D) Inscriptions of "liberty". - Notwithstanding the second
sentence of subsection (d)(1), because the use of a design
bearing the likeness of the Statue of Liberty on the reverse of
the coins issued under this subsection adequately conveys the
concept of Liberty, the inscription of "Liberty" shall not
appear on the coins.
(E) Limitation in series to deceased presidents. - No coin
issued under this subsection may bear the image of a living
former or current President, or of any deceased former
President during the 2-year period following the date of the
death of that President.
(3) Issuance of coins commemorating presidents. -
(A) Order of issuance. - The coins issued under this
subsection commemorating Presidents of the United States shall
be issued in the order of the period of service of each
President, beginning with President George Washington.
(B) Treatment of period of service. -
(i) In general. - Subject to clause (ii), only 1 coin
design shall be issued for a period of service for any
President, no matter how many consecutive terms of office the
President served.
(ii) Nonconsecutive terms. - If a President has served
during 2 or more nonconsecutive periods of service, a coin
shall be issued under this subsection for each such
nonconsecutive period of service.
(4) Issuance of coins commemorating 4 presidents during each
year of the period. -
(A) In general. - The designs for the $1 coins issued during
each year of the period referred to in paragraph (1) shall be
emblematic of 4 Presidents until each President has been so
honored, subject to paragraph (2)(E).
(B) Number of 4 circulating coin designs in each year. - The
Secretary shall prescribe, on the basis of such factors as the
Secretary determines to be appropriate, the number of $1 coins
that shall be issued with each of the designs selected for each
year of the period referred to in paragraph (1).
(5) Legal tender. - The coins minted under this title shall be
legal tender, as provided in section 5103.
(6) Treatment as numismatic items. - For purposes of section
(!2) 5134 and 5136, all coins minted under this subsection shall
be considered to be numismatic items.
(7) Issuance of numismatic coins. - The Secretary may mint and
issue such number of $1 coins of each design selected under this
subsection in uncirculated and proof qualities as the Secretary
determines to be appropriate.
(8) Termination of program. - The issuance of coins under this
subsection shall terminate when each President has been so
honored, subject to paragraph (2)(E), and may not be resumed
except by an Act of Congress.
(9) Reversion to preceding design. - Upon the termination of
the issuance of coins under this subsection, the design of all $1
coins shall revert to the so-called "Sacagawea-design" $1 coins.
(o) First Spouse Bullion Coin Program. -
(1) In general. - During the same period described in
subsection (n), the Secretary shall issue bullion coins under
this subsection that are emblematic of the spouse of each such
President.
(2) Specifications. - The coins issued under this subsection
shall -
(A) have the same diameter as the $1 coins described in
subsection (n);
(B) weigh 0.5 ounce; and
(C) contain 99.99 percent pure gold.
(3) Design requirements. -
(A) Coin obverse. - The design on the obverse of each coin
issued under this subsection shall contain -
(i) the name and likeness of a person who was a spouse of a
President during the President's period of service;
(ii) an inscription of the years during which such person
was the spouse of a President during the President's period
of service; and
(iii) a number indicating the order of the period of
service in which such President served.
(B) Coin reverse. - The design on the reverse of each coin
issued under this subsection shall bear -
(i) images emblematic of the life and work of the First
Spouse whose image is borne on the obverse; and
(ii) the inscription "United States of America".
(C) Designated denomination. - Each coin issued under this
subsection shall bear, on the reverse, an inscription of the
nominal denomination of the coin which shall be "$10".
(D) Design in case of no first spouse. - In the case of any
President who served without a spouse -
(i) the image on the obverse of the bullion coin
corresponding to the $1 coin relating to such President shall
be an image emblematic of the concept of "Liberty" -
(I) as represented on a United States coin issued during
the period of service of such President; or
(II) as represented, in the case of President Chester
Alan Arthur, by a design incorporating the name and
likeness of Alice Paul, a leading strategist in the
suffrage movement, who was instrumental in gaining women
the right to vote upon the adoption of the 19th amendment
and thus the ability to participate in the election of
future Presidents, and who was born on January 11, 1885,
during the term of President Arthur; and
(ii) the reverse of such bullion coin shall be of a design
representative of themes of such President, except that in
the case of the bullion coin referred to in clause (i)(II)
the reverse of such coin shall be representative of the
suffrage movement.
(E) Design and coin for each spouse. - A separate coin shall
be designed and issued under this section for each person who
was the spouse of a President during any portion of a term of
office of such President.
(F) Inscriptions. - Each bullion coin issued under this
subsection shall bear the inscription of the year of minting or
issuance of the coin and such other inscriptions as the
Secretary may determine to be appropriate.
(4) Sale of bullion coins. - Each bullion coin issued under
this subsection shall be sold by the Secretary at a price that is
equal to or greater than the sum of -
(A) the face value of the coins; and
(B) the cost of designing and issuing the coins (including
labor, materials, dies, use of machinery, overhead expenses,
marketing, and shipping).
(5) Issuance of coins commemorating first spouses. -
(A) In general. - The bullion coins issued under this
subsection with respect to any spouse of a President shall be
issued on the same schedule as the $1 coin issued under
subsection (n) with respect to each such President.
(B) Maximum number of bullion coins for each design. - The
Secretary shall -
(i) prescribe, on the basis of such factors as the
Secretary determines to be appropriate, the maximum number of
bullion coins that shall be issued with each of the designs
selected under this subsection; and
(ii) announce, before the issuance of the bullion coins of
each such design, the maximum number of bullion coins of that
design that will be issued.
(C) Termination of program. - No bullion coin may be issued
under this subsection after the termination, in accordance with
subsection (n)(8), of the $1 coin program established under
subsection (n).
(6) Quality of coins. - The bullion coins minted under this Act
shall be issued in both proof and uncirculated qualities.
(7) Source of gold bullion. -
(A) In general. - The Secretary shall acquire gold for the
coins issued under this subsection by purchase of gold 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.
(B) Price of gold. - The Secretary shall pay not more than
the average world price for the gold mined under subparagraph
(A).
(8) Bronze medals. - The Secretary may strike and sell bronze
medals that bear the likeness of the bullion coins authorized
under this subsection, at a price, size, and weight, and with
such inscriptions, as the Secretary determines to be appropriate.
(9) Legal tender. - The coins minted under this title shall be
legal tender, as provided in section 5103.
(10) Treatment as numismatic items. - For purposes of section
(!2) 5134 and 5136, all coins minted under this subsection shall
be considered to be numismatic items.
(p) Removal of Barriers to Circulation of $1 Coin. -
(1) Acceptance by agencies and instrumentalities. - Beginning
January 1, 2006, all agencies and instrumentalities of the United
States, the United States Postal Service, all nonappropriated
fund instrumentalities established under title 10, United States
Code, all transit systems that receive operational subsidies or
any disbursement of funds from the Federal Government, such as
funds from the Federal Highway Trust Fund, including the Mass
Transit Account, and all entities that operate any business,
including vending machines, on any premises owned by the United
States or under the control of any agency or instrumentality of
the United States, including the legislative and judicial
branches of the Federal Government, shall take such action as may
be appropriate to ensure that by the end of the 2-year period
beginning on such date -
(A) any business operations conducted by any such agency,
instrumentality, system, or entity that involve coins or
currency will be fully capable of accepting and dispensing $1
coins in connection with such operations; and
(B) displays signs and notices denoting such capability on
the premises where coins or currency are accepted or dispensed,
including on each vending machine.
(2) Publicity. - The Director of the United States Mint,(!3)
shall work closely with consumer groups, media outlets, and
schools to ensure an adequate amount of news coverage, and other
means of increasing public awareness, of the inauguration of the
Presidential $1 Coin Program established in subsection (n) to
ensure that consumers know of the availability of the coin.
(3) Coordination. - The Board of Governors of the Federal
Reserve System and the Secretary shall take steps to ensure that
an adequate supply of $1 coins is available for commerce and
collectors at such places and in such quantities as are
appropriate by -
(A) consulting, to accurately gauge demand for coins and to
anticipate and eliminate obstacles to the easy and efficient
distribution and circulation of $1 coins as well as all other
circulating coins, from time to time but no less frequently
than annually, with a coin users group, which may include -
(i) representatives of merchants who would benefit from the
increased usage of $1 coins;
(ii) vending machine and other coin acceptor manufacturers;
(iii) vending machine owners and operators;
(iv) transit officials;
(v) municipal parking officials;
(vi) depository institutions;
(vii) coin and currency handlers;
(viii) armored-car operators;
(ix) car wash operators; and
(x) coin collectors and dealers;
(B) submitting an annual report to the Congress containing -
(i) an assessment of the remaining obstacles to the
efficient and timely circulation of coins, particularly $1
coins;
(ii) an assessment of the extent to which the goals of
subparagraph (C) are being met; and
(iii) such recommendations for legislative action the Board
and the Secretary may determine to be appropriate;
(C) consulting with industry representatives to encourage
operators of vending machines and other automated coin-
accepting devices in the United States to accept coins issued
under the Presidential $1 Coin Program established under
subsection (n) and any coins bearing any design in effect
before the issuance of coins required under subsection (n)
(including the so-called "Sacagawea-design" $1 coins), and to
include notices on the machines and devices of such
acceptability;
(D) ensuring that -
(i) during an introductory period, all institutions that
want unmixed supplies of each newly-issued design of $1 coins
minted under subsections (n) and (o) are able to obtain such
unmixed supplies; and
(ii) circulating coins will be available for ordinary
commerce in packaging of sizes and types appropriate for and
useful to ordinary commerce, including rolled coins;
(E) working closely with any agency, instrumentality, system,
or entity referred to in paragraph (1) to facilitate compliance
with the requirements of such paragraph; and
(F) identifying, analyzing, and overcoming barriers to the
robust circulation of $1 coins minted under subsections (n) and
(o), including the use of demand prediction, improved methods
of distribution and circulation, and improved public education
and awareness campaigns.
(4) Bullion dealers. - The Director of the United States Mint
shall take all steps necessary to ensure that a maximum number of
reputable, reliable, and responsible dealers are qualified to
offer for sale all bullion coins struck and issued by the United
States Mint.
(5) Review of co-circulation. - At such time as the Secretary
determines to be appropriate, and after consultation with the
Board of Governors of the Federal Reserve System, the Secretary
shall notify the Congress of its assessment of issues related to
the co-circulation of any circulating $1 coin bearing any design,
other than the so-called "Sacagawea-design" $1 coin, in effect
before the issuance of coins required under subsection (n),
including the effect of co-circulation on the acceptance and use
of $1 coins, and make recommendations to the Congress for
improving the circulation of $1 coins.
(q) Gold Bullion Coins. -
(1) In general. - Not later than 6 months after the date of
enactment of the Presidential $1 Coin Act of 2005, the Secretary
shall commence striking and issuing for sale such number of $50
gold bullion and proof coins as the Secretary may determine to be
appropriate, in such quantities, as the Secretary, in the
Secretary's discretion, may prescribe.
(2) Initial design. -
(A) In general. - Except as provided under subparagraph (B),
the obverse and reverse of the gold bullion coins struck under
this subsection during the first year of issuance shall bear
the original designs by James Earle Fraser, which appear on the
5-cent coin commonly referred to as the "Buffalo nickel" or the
"1913 Type 1".
(B) Variations. - The coins referred to in subparagraph (A)
shall -
(i) have inscriptions of the weight of the coin and the
nominal denomination of the coin incused in that portion of
the design on the reverse of the coin commonly known as the
"grassy mound"; and
(ii) bear such other inscriptions as the Secretary
determines to be appropriate.
(3) Subsequent designs. - After the 1-year period described to
in paragraph (2), the Secretary may -
(A) after consulting with the Commission of Fine Arts, and
subject to the review of the Citizens Coinage Advisory
Committee, change the design on the obverse or reverse of gold
bullion coins struck under this subsection; and
(B) change the maximum number of coins issued in any year.
(4) Source of gold bullion. -
(A) In general. - The Secretary shall acquire gold for the
coins issued under this subsection by purchase of gold 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.
(B) Price of gold. - The Secretary shall pay not more than
the average world price for the gold mined under subparagraph
(A).
(5) Sale of coins. - Each gold bullion 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
(B) the cost of designing and issuing the coins, including
labor, materials, dies, use of machinery, overhead expenses,
marketing, and shipping.
(6) Legal tender. - The coins minted under this title shall be
legal tender, as provided in section 5103.
(7) Treatment as numismatic items. - For purposes of section
(!2) 5134 and 5136, all coins minted under this subsection shall
be considered to be numismatic items.
(8) Protective covering. -
(A) In general. - Each bullion coin having a metallic content
as described in subsection (a)(11) and a design specified in
paragraph (2) shall be sold in an inexpensive covering that
will protect the coin from damage due to ordinary handling or
storage.
(B) Design. - The protective covering required under
subparagraph (A) shall be readily distinguishable from any coin
packaging that may be used to protect proof coins minted and
issued under this subsection.