Notes on 31 U.S.C. § 5112 : US Code - Notes

Search Notes on 31 U.S.C. § 5112 : US Code - Notes

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 981; Pub. L. 97-452, Sec.
1(20), Jan. 12, 1983, 96 Stat. 2477; Pub. L. 99-61, title II, Sec.
202, July 9, 1985, 99 Stat. 115; Pub. L. 99-185, Sec. 2(a), (b),
Dec. 17, 1985, 99 Stat. 1177; Pub. L. 100-274, Secs. 4(a), 6, Mar.
31, 1988, 102 Stat. 50; Pub. L. 102-390, title II, Secs. 226(a),
227, 228, Oct. 6, 1992, 106 Stat. 1630; Pub. L. 103-272, Sec.
4(f)(1)(R), July 5, 1994, 108 Stat. 1362; Pub. L. 104-208, div. A,
title I, Sec. 101(f) [title V, Secs. 523, 524, 529(a)], Sept. 30,
1996, 110 Stat. 3009-314, 3009-347 to 3009-349; Pub. L. 105-124,
Secs. 3, 4(b)-(d), Dec. 1, 1997, 111 Stat. 2534, 2536; Pub. L. 105-
176, May 29, 1998, 112 Stat. 104; Pub. L. 106-445, Sec. 2(b), Nov.
6, 2000, 114 Stat. 1931; Pub. L. 108-15, title I, Secs. 102,
103(d)(1), Apr. 23, 2003, 117 Stat. 615, 619; Pub. L. 109-145,
title I, Secs. 102-104, title II, Sec. 201, Dec. 22, 2005, 119
Stat. 2665-2669, 2672.)
HISTORICAL AND REVISION NOTES
1982 ACT
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Revised Source (U.S. Code) Source (Statutes at Large)
Section
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5112(a) 31:317(a)(1st, last R.S. Sec. 3515(a); Sept. 26,
sentences). 1890, ch. 945, Sec. 1, 26
Stat. 485; Sept. 5, 1962, Pub.
L. 87-643, Sec. 1, 76 Stat.
440; Oct. 11, 1974, Pub. L.
93-441, Sec. 1, 88 Stat. 1261.
31:391(c). July 23, 1965, Pub. L. 89-81,
Sec. 101(c), 79 Stat. 255;
restated Dec. 31, 1970, Pub.
L. 91-607, Sec. 201, 84 Stat.
1768; Oct. 10, 1978, Pub. L.
95-447, Sec. 2, 92 Stat. 1072.
5112(b) 31:317(a)(2d, 3d
sentences).
31:346. R.S. Sec. 3533; June 14, 1947,
ch. 104, Sec. 1, 61 Stat. 132.
31:391(b). July 23, 1965, Pub. L. 89-81,
Sec. 101(b), (d), 79 Stat.
254; restated Dec. 31, 1970,
Pub. L. 91-607, Sec. 201, 84
Stat. 1768.
31:398(1)-(4), (6). July 23, 1965, Pub. L. 89-81,
Sec. 108(1)-(4), (6), 79 Stat.
255.
5112(c) 31:317(b). R.S. Sec. 3515(b); added Oct.
11, 1974, Pub. L. 93-441, Sec.
1, 88 Stat. 1261.
5112(d)( 31:324. R.S. Sec. 3517; Mar. 3, 1887,
1) ch. 396, Sec. 3, 24 Stat. 635;
Sept. 26, 1890, ch. 945, Sec.
1, 26 Stat. 485; May 18, 1908,
ch. 173, 35 Stat. 164;
restated July 23, 1965, Pub.
L. 89-81, Sec. 204(a), 79
Stat. 256; Dec. 31, 1970, Pub.
L. 91-607, Sec. 206, 84 Stat.
1769.
31:324b-1. Oct. 10, 1978, Pub. L. 95-447,
Sec. 3, 92 Stat. 1072.
5112(d)( 31:276. R.S. Sec. 3510; restated Sept.
2) 26, 1890, ch. 944, 26 Stat.
484.
5112(e) 31:324b. Dec. 31, 1970, Pub. L. 91-607,
Sec. 203, 84 Stat. 1769; Oct.
10, 1978, Pub. L. 95-447, Sec.
4, 92 Stat. 1072.
31:324c. Dec. 31, 1970, Pub. L. 91-607,
Sec. 209, 84 Stat. 1769.
31:391(d).
31:398(3), (4).
5112(f) 31:321. R.S. Sec. 3514; Jan. 30, 1934,
ch. 6, Sec. 5, 48 Stat. 340.
31:399. July 23, 1965, Pub. L. 89-81,
79 Stat. 254, Sec. 109; added
Dec. 23, 1981, Pub. L. 97-104,
Sec. 2, 95 Stat. 1491.
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In subsection (a), the words before clause (1) are added because
of the restatement. In clause (5), the words "that is 0.835 inch in
diameter" are added because the Secretary of the Treasury has
prescribed the diameter and the diameter of a coin may not be
changed under 31:276. The words "5 grams" are substituted for
"seventy-seven and sixteen-hundredths grains troy" for consistency
in the revised chapter. In clause (6), the words "that is 0.75 inch
in diameter" are added because the Secretary has prescribed the
diameter and the diameter of a coin may not be changed under
31:276. The words "except as provided under subsection (c) of this
section" are added for clarity and because of the restatement. The
words "3.11 grams" are substituted for "forty-eight grains" for
consistency in the revised chapter.
In subsection (b), the words "In minting 5-cent coins" are
substituted for "in minor-coinage alloys" in 31:346 because 5-cent
coins are the minor coins composed of nickel. The words "Secretary
shall use" are substituted for "shall be used" because of the
source provisions restated in section 321 of the revised title. The
word "bars" is substituted for "ingots" for consistency in the
revised chapter. The words "2.5 percent" are substituted for
"twenty-five thousandths" for consistency in the revised title and
with other titles of the United States Code. The words "from the
percent of nickel required" are substituted for "the legal standard
. . . in the proportion of nickel" because of the restatement. The
words "In silver ingots, six-thousandths" are omitted as superseded
by the source provisions restated in the section. The words "In
gold ingots, one-thousandth" in section 3533 of the Revised
Statutes are omitted because gold coinage was discontinued by
31:315b. The words "Except as provided in subsection (c) of this
section" are added for clarity and because of the restatement.
In subsection (c), the words "a different weight and alloy of
copper and zinc" are substituted for "such action" for clarity.
In subsection (d)(1), the words "an impression emblematic of
liberty" in 31:324 are omitted as obsolete. The words "The design
on the reverse side of the dollar, half dollar, and quarter dollar
is an eagle" are substituted for "and upon the reverse side shall
be the figure or representation of an eagle . . . but on the dime,
5-, and 1-cent piece, the figure of the eagle shall be omitted",
and the words "The emblem on the obverse side of the dollar is" are
substituted for "The one-dollar coin authorized by section 391(c)
of this title shall bear on the obverse side" in 31:324b-1, to
eliminate unnecessary words. The words "Any coins minted after July
23, 1965, from 900 fine coin silver shall be inscribed with the
year 1964" in 31:324 are omitted because the Secretary no longer
has authority to mint coins from 900 fine coin silver.
In subsection (d)(2), the word "Secretary" is substituted for
"engraver", "Director of the Mint", and "Director of the Mint . . .
with the approval of the Secretary of the Treasury" because of the
source provisions restated in section 321(c) of the revised title.
The word "dies" is substituted for "from the original dies already
authorized all the working dies required for use in the coinage of
the several mints" and "original dies" to eliminate unnecessary
words. The word "inscription" is substituted for "legend" for
consistency in the section. The words "Provided, That no change be
made in the diameter of any coin" are omitted as unnecessary
because the diameters are prescribed by subsection (a) of the
revised section. The words "procure services under section 3109 of
title 5 in carrying out this paragraph" are substituted for "engage
temporarily for this purpose the services of one or more artists,
distinguished in their respective departments of art" to eliminate
unnecessary words. The words "who shall be paid for such service
from the contingent appropriation for the mint at Philadelphia" are
omitted as obsolete. The text of section 3510(2d proviso) of the
Revised Statutes is omitted as executed.
In subsection (e)(2), the words "80 percent" are substituted for
"eight hundred parts" in 31:391(d), and the words "20 percent" are
substituted for "two hundred parts", for consistency in the revised
title and with other titles of the Code. The words "that are
metallurgically bonded to" are added for clarity and consistency
with subsection (b). In clause (4), the words "the late President
of the United States" in 31:324b are omitted as unnecessary. Clause
(6) is added because 31:324 applies to coins minted under this
subsection.
In subsection (f)(1), before clause (A), the words
"Notwithstanding this section and section 5111(a)(1) of this title
are substituted for "Notwithstanding any other provision of law" in
31:399 for clarity. In clause (B), the words "are an alloy of 90
percent silver and 10 percent copper" are substituted for "be
minted in accordance with the standard established in section 3514
of the Revised Statutes (31 U.S.C. 321)" and 31:321 to eliminate
unnecessary words and for clarity. In clause (C), the word
"symbolizing" is substituted for "emblematic" for clarity.
In subsection (f)(2), the words "under such regulations as he may
prescribe" are omitted as unnecessary because of section 321 of the
revised title. The word "Treasury" is substituted for "general fund
of the Treasury" to eliminate unnecessary words.
The text of 31:399(b)(3) is omitted as unnecessary because of
section 5103 of the revised title.
1983 ACT
This amends 31:5112(f)(1) to make technical and conforming
changes.
REFERENCES IN TEXT
The date of enactment of the United States $1 Coin Act of 1997,
referred to in subsec. (b), is the date of enactment of Pub. L. 105-
124, which was approved Dec. 1, 1997.
The Strategic and Critical Materials Stock Piling Act, referred
to in subsec. (l)(6)(C), is act June 7, 1939, ch. 190, as revised
generally by Pub. L. 96-41, Sec. 2, July 30, 1979, 93 Stat. 319,
which is classified generally to subchapter III (Sec. 98 et seq.)
of chapter 5 of Title 50, War and National Defense. For complete
classification of this Act to the Code, see section 98 of Title 50
and Tables.
This Act, referred to in subsec. (o)(6), probably means Pub. L.
109-145, Dec. 22, 2005, 119 Stat. 2664, known as the Presidential
$1 Coin Act of 2005, which amended this section and enacted
provisions set out as notes under this section. For complete
classification of this Act to the Code, see Short Title of 2005
Amendment note set out under section 5101 of this title and Tables.
The date of enactment of the Presidential $1 Coin Act of 2005,
referred to in subsec. (q)(1), is the date of enactment of Pub. L.
109-145, which was approved Dec. 22, 2005.
AMENDMENTS
2005 - Subsec. (a)(11). Pub. L. 109-145, Sec. 201(1), added par.
(11).
Subsec. (n). Pub. L. 109-145, Sec. 102, added subsec. (n).
Subsec. (o). Pub. L. 109-145, Sec. 103, added subsec. (o).
Subsec. (p). Pub. L. 109-145, Sec. 104, added subsec. (p).
Subsec. (q). Pub. L. 109-145, Sec. 201(2), added subsec. (q).
2003 - Subsec. (d)(1). Pub. L. 108-15, Sec. 102(a), inserted
after fourth sentence "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."
Subsec. (d)(2). Pub. L. 108-15, Sec. 102(b), inserted ", after
consulting with the Citizens Coinage Advisory Committee and the
Commission of Fine Arts," after "The Secretary may" in second
sentence.
Subsec. (l)(4)(A)(ii). Pub. L. 108-15, Sec. 103(d)(1),
substituted "Citizens Coinage Advisory Committee" for "Citizens
Commemorative Coin Advisory Committee".
2000 - Subsec. (k). Pub. L. 106-445 substituted "platinum bullion
coins" for "bullion".
1998 - Subsec. (l)(1)(C). Pub. L. 105-176 added subpar. (C).
1997 - Subsec. (a)(1). Pub. L. 105-124, Sec. 4(b), struck out
"and weighs 8.1 grams" after "diameter".
Subsec. (b). Pub. L. 105-124, Sec. 4(c), struck out "dollar,"
before "half dollar" in first sentence and inserted after fourth
sentence "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."
Subsec. (d)(1). Pub. L. 105-124, Sec. 4(d), substituted "The
Secretary of the Treasury, in consultation with the Congress, shall
select appropriate designs for the obverse and reverse sides of the
dollar coin." for "The eagle on the reverse side of the dollar is
the symbolic eagle of Apollo 11 landing on the moon. The obverse
side of the dollar has the likeness of Susan B. Anthony."
Subsec. (l). Pub. L. 105-124, Sec. 3, added subsec. (l).
1996 - Subsec. (i)(4)(C). Pub. L. 104-208, Sec. 101(f) [title V,
Sec. 523], added subpar. (C).
Subsec. (k). Pub. L. 104-208, Sec. 101(f) [title V, Sec. 524],
added subsec. (k).
Subsec. (m). Pub. L. 104-208, Sec. 101(f) [title V, Sec. 529(a)],
added subsec. (m).
1994 - Subsec. (h). Pub. L. 103-272 substituted "section 5103 of
this title" for "section 5103 of title 31, United States Code".
1992 - Subsec. (d)(1). Pub. L. 102-390, Sec. 226(a), inserted
"shall" before "have" in first sentence and substituted "coin shall
have" for "coin has" in second and third sentences.
Subsec. (i)(4). Pub. L. 102-390, Sec. 228, added par. (4).
Subsec. (j). Pub. L. 102-390, Sec. 227, added subsec. (j).
1988 - Subsec. (b). Pub. L. 100-274, Sec. 4(a), inserted before
last sentence "In minting gold coins, the Secretary shall use
alloys that vary not more than 0.1 percent from the percent of gold
required."
Subsec. (f). Pub. L. 100-274, Sec. 6, inserted heading and
amended subsec. (f) generally. Prior to amendment, subsec. (f) read
as follows: "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,
dyes, use of machinery, and overhead expenses)."
1985 - Subsec. (a)(7) to (10). Pub. L. 99-185, Sec. 2(a), added
pars. (7) to (10).
Subsec. (e). Pub. L. 99-61 added subsec. (e). Former subsec. (e),
providing for the minting of 150,000,000 silver and copper alloy
dollar coins bearing the likeness of Dwight David Eisenhower, was
struck out.
Subsec. (f). Pub. L. 99-61 added subsec. (f). Former subsec. (f),
providing for the minting of up to 10,000,000 silver and copper
alloy half-dollar coins symbolizing the 250th anniversary of the
birth of George Washington, was struck out.
Subsecs. (g), (h). Pub. L. 99-61 added subsecs. (g) and (h).
Subsec. (i). Pub. L. 99-185, Sec. 2(b), added subsec. (i).
1983 - Subsec. (f)(1). Pub. L. 97-452, Sec. 1(20)(A), inserted a
comma after "10,000,000)" in introductory text.
Subsec. (f)(1)(C). Pub. L. 97-452, Sec. 1(20)(B), substituted
"250th" for "two hundred and fiftieth".
EFFECTIVE DATE OF 1996 AMENDMENT
Section 101(f) [title V, Sec. 529(e)] of Pub. L. 104-208,
provided that: "This section [amending this section and sections
5134 and 5135 of this title, enacting provisions set out as a note
under section 5134 of this title, and amending provisions set out
as a note under this section] and the amendments made by this
section shall take effect on the date of enactment of this Act
[Sept. 30, 1996]."
EFFECTIVE DATE OF 1985 AMENDMENTS
Section 3 of Pub. L. 99-185 provided that: "This Act [amending
this section and sections 5116, 5118, and 5132 of this title and
enacting provisions set out as notes under this section] shall take
effect on October 1, 1985, except that no coins may be issued or
sold under section 5112(i) of title 31, United States Code, before
October 1, 1986."
Section 205 of title II of Pub. L. 99-61 provided that: "This
title [amending this section and sections 5116 and 5132 of this
title and enacting provisions set out as a note under this section]
shall take effect on October 1, 1985, except that no coins may be
issued or sold under subsection (e) of section 5112 of title 31,
United States Code, before September 1, 1986, or before the date on
which all coins minted under title I of this Act [set out as a note
below] have been sold, whichever is earlier."
SHORT TITLE OF 1985 AMENDMENTS
Section 1 of Pub. L. 99-185 provided that: "This Act [amending
this section and sections 5116, 5118, and 5132 of this title and
enacting provisions set out as notes under this section] may be
cited as the 'Gold Bullion Coin Act of 1985'."
Section 201 of title II of Pub. L. 99-61 provided that: "This
title [amending this section and sections 5116 and 5132 of this
title and enacting provisions set out as a note under this section]
may be cited as the 'Liberty Coin Act'."
PRESIDENTIAL COMMEMORATIVE DOLLAR COINS; FINDINGS
Pub. L. 109-145, title I, Sec. 101, Dec. 22, 2005, 119 Stat.
2664, provided that: "Congress finds the following:
"(1) There are sectors of the United States economy, including
public transportation, parking meters, vending machines, and low-
dollar value transactions, in which the use of a $1 coin is both
useful and desirable for keeping costs and prices down.
"(2) For a variety of reasons, the new $1 coin introduced in
2000 has not been widely sought-after by the public, leading to
higher costs for merchants and thus higher prices for consumers.
"(3) The success of the 50 States Commemorative Coin Program
(31 U.S.C. 5112(l)) for circulating quarter dollars shows that a
design on a United States circulating coin that is regularly
changed in a manner similar to the systematic change in designs
in such Program radically increases demand for the coin, rapidly
pulling it through the economy.
"(4) The 50 States Commemorative Coin Program also has been an
educational tool, teaching both Americans and visitors something
about each State for which a quarter has been issued.
"(5) A national survey and study by the Government
Accountability Office has indicated that many Americans who do
not seek, or who reject, the new $1 coin for use in commerce
would actively seek the coin if an attractive, educational
rotating design were to be struck on the coin.
"(6) The President is the leader of our tripartite government
and the President's spouse has often set the social tone for the
White House while spearheading and highlighting important issues
for the country.
"(7) Sacagawea, as currently represented on the new $1 coin, is
an important symbol of American history.
"(8) Many people cannot name all of the Presidents, and fewer
can name the spouses, nor can many people accurately place each
President in the proper time period of American history.
"(9) First Spouses have not generally been recognized on
American coinage.
"(10) In order to revitalize the design of United States
coinage and return circulating coinage to its position as not
only a necessary means of exchange in commerce, but also as an
object of aesthetic beauty in its own right, it is appropriate to
move many of the mottos and emblems, the inscription of the year,
and the so-called 'mint marks' that currently appear on the 2
faces of each circulating coin to the edge of the coin, which
would allow larger and more dramatic artwork on the coins
reminiscent of the so-called 'Golden Age of Coinage' in the
United States, at the beginning of the Twentieth Century,
initiated by President Theodore Roosevelt, with the assistance of
noted sculptors and medallic artists James Earle Fraser and
Augustus Saint-Gaudens.
"(11) Placing inscriptions on the edge of coins, known as edge-
incusing, is a hallmark of modern coinage and is common in large-
volume production of coinage elsewhere in the world, such as the
2,700,000,000 2-Euro coins in circulation, but it has not been
done on a large scale in United States coinage in recent years.
"(12) Although the Congress has authorized the Secretary of the
Treasury to issue gold coins with a purity of 99.99 percent, the
Secretary has not done so.
"(13) Bullion coins are a valuable tool for the investor and,
in some cases, an important aspect of coin collecting."
ABRAHAM LINCOLN BICENTENNIAL 1-CENT COIN REDESIGN
Pub. L. 109-145, title III, Dec. 22, 2005, 119 Stat. 2673,
provided that:
"SEC. 301. FINDINGS.
"Congress finds the following:
"(1) Abraham Lincoln, the 16th President, was one of the
Nation's greatest leaders, demonstrating true courage during the
Civil War, one of the greatest crises in the Nation's history.
"(2) Born of humble roots in Hardin County (present-day LaRue
County), Kentucky, on February 12, 1809, Abraham Lincoln rose to
the Presidency through a combination of honesty, integrity,
intelligence, and commitment to the United States.
"(3) With the belief that all men are created equal, Abraham
Lincoln led the effort to free all slaves in the United States.
"(4) Abraham Lincoln had a generous heart, with malice toward
none, and with charity for all.
"(5) Abraham Lincoln gave the ultimate sacrifice for the
country he loved, dying from an assassin's bullet on April 15,
1865.
"(6) All Americans could benefit from studying the life of
Abraham Lincoln, for Lincoln's life is a model for accomplishing
the 'American dream' through honesty, integrity, loyalty, and a
lifetime of education.
"(7) The year 2009 will be the bicentennial anniversary of the
birth of Abraham Lincoln.
"(8) Abraham Lincoln was born in Kentucky, grew to adulthood in
Indiana, achieved fame in Illinois, and led the nation in
Washington, D.C.
"(9) The so-called 'Lincoln cent' was introduced in 1909 on the
100th anniversary of Lincoln's birth, making the obverse design
the most enduring on the nation's coinage.
"(10) President Theodore Roosevelt was so impressed by the
talent of Victor David Brenner that the sculptor was chosen to
design the likeness of President Lincoln for the coin, adapting a
design from a plaque Brenner had prepared earlier.
"(11) In the nearly 100 years of production of the 'Lincoln
cent', there have been only 2 designs on the reverse: the
original, featuring 2 wheat-heads in memorial style enclosing
mottoes, and the current representation of the Lincoln Memorial
in Washington, D.C.
"(12) On the occasion of the bicentennial of President
Lincoln's birth and the 100th anniversary of the production of
the Lincoln cent, it is entirely fitting to issue a series of 1-
cent coins with designs on the reverse that are emblematic of
the 4 major periods of President Lincoln's life.
"SEC. 302. REDESIGN OF LINCOLN CENT FOR 2009.
"(a) In General. - During the year 2009, the Secretary of the
Treasury shall issue 1-cent coins in accordance with the following
design specifications:
"(1) Obverse. - The obverse of the 1-cent coin shall continue
to bear the Victor David Brenner likeness of President Abraham
Lincoln.
"(2) Reverse. - The reverse of the coins shall bear 4 different
designs each representing a different aspect of the life of
Abraham Lincoln, such as -
"(A) his birth and early childhood in Kentucky;
"(B) his formative years in Indiana;
"(C) his professional life in Illinois; and
"(D) his presidency, in Washington, D.C.
"(b) Issuance of Redesigned Lincoln Cents in 2009. -
"(1) Order. - The 1-cent coins to which this section applies
shall be issued with 1 of the 4 designs referred to in subsection
(a)(2) beginning at the start of each calendar quarter of 2009.
"(2) Number. - The Secretary shall prescribe, on the basis of
such factors as the Secretary determines to be appropriate, the
number of 1-cent coins that shall be issued with each of the
designs selected for each calendar quarter of 2009.
"(c) Design Selection. - The designs for the coins specified in
this section shall be chosen by the Secretary -
"(1) after consultation with the Abraham Lincoln Bicentennial
Commission and the Commission of Fine Arts; and
"(2) after review by the Citizens Coinage Advisory Committee.
"SEC. 303. REDESIGN OF REVERSE OF 1-CENT COINS AFTER 2009.
"The design on the reverse of the 1-cent coins issued after
December 31, 2009, shall bear an image emblematic of President
Lincoln's preservation of the United States of America as a single
and united country.
"SEC. 304. NUMISMATIC PENNIES WITH THE SAME METALLIC CONTENT AS
THE 1909 PENNY.
"The Secretary of the Treasury shall issue 1-cent coins in 2009
with the exact metallic content as the 1-cent coin contained in
1909 in such number as the Secretary determines to be appropriate
for numismatic purposes.
"SEC. 305. SENSE OF THE CONGRESS.
"It is the sense of the Congress that the original Victor David
Brenner design for the 1-cent coin was a dramatic departure from
previous American coinage that should be reproduced, using the
original form and relief of the likeness of Abraham Lincoln, on the
1-cent coins issued in 2009."
DESIGNS ON THE 5-CENT COIN
Pub. L. 108-15, title I, Sec. 101, Apr. 23, 2003, 117 Stat. 615,
provided that:
"(a) In General. - Subject to subsection (b) and after consulting
with the Citizens Coinage Advisory Committee and the Commission of
Fine Arts, the Secretary of the Treasury may change the design on
the obverse and the reverse of the 5-cent coin for coins issued in
2003, 2004, and 2005 in recognition of the bicentennial of the
Louisiana Purchase and the expedition of Meriwether Lewis and
William Clark.
"(b) Design Specifications. -
"(1) Obverse. - If the Secretary of the Treasury elects to
change the obverse of 5-cent coins issued during 2003, 2004, and
2005, the design shall depict a likeness of President Thomas
Jefferson, different from the likeness that appeared on the
obverse of the 5-cent coins issued during 2002, in recognition of
his role with respect to the Louisiana Purchase and the
commissioning of the Lewis and Clark expedition.
"(2) Reverse. - If the Secretary of the Treasury elects to
change the reverse of the 5-cent coins issued during 2003, 2004,
and 2005, the design selected shall depict images that are
emblematic of the Louisiana Purchase or the expedition of
Meriwether Lewis and William Clark.
"(3) Other inscriptions. - 5-cent coins issued during 2003,
2004, and 2005 shall continue to meet all other requirements for
inscriptions and designations applicable to circulating coins
under section 5112(d)(1) of title 31, United States Code."
STUDY AND REPORT OF IMPACT ON UNITED STATES SILVER MARKET OF THE
AMERICAN EAGLE SILVER BULLION PROGRAM
Pub. L. 107-201, Sec. 3(b), July 23, 2002, 116 Stat. 737,
provided that:
"(1) Study. - The Secretary of the Treasury shall conduct a study
of the impact on the United States silver market of the American
Eagle Silver Bullion Program, established under section 5112(e) of
title 31, United States Code.
"(2) Report. - Not later than 1 year after the date of enactment
of this Act [July 23, 2002], the Secretary of the Treasury shall
submit a report of the study conducted under paragraph (1) to the
chairman and ranking minority member of -
"(A) the Committee on Banking, Housing, and Urban Affairs of
the Senate; and
"(B) the Committee on Financial Services of the House of
Representatives."
FINDINGS
Pub. L. 105-124, Sec. 2, Dec. 1, 1997, 111 Stat. 2534, provided
that: "The Congress finds that -
"(1) it is appropriate and timely -
"(A) to honor the unique Federal republic of 50 States that
comprise the United States; and
"(B) to promote the diffusion of knowledge among the youth of
the United States about the individual States, their history
and geography, and the rich diversity of the national heritage;
"(2) the circulating coinage of the United States has not been
modernized during the 25-year period preceding the date of
enactment of this Act [Dec. 1, 1997];
"(3) a circulating commemorative 25-cent coin program could
produce earnings of $110,000,000 from the sale of silver proof
coins and sets over the 10-year period of issuance, and would
produce indirect earnings of an estimated $2,600,000,000 to
$5,100,000,000 to the United States Treasury, money that will
replace borrowing to fund the national debt to at least that
extent; and
"(4) it is appropriate to launch a commemorative circulating
coin program that encourages young people and their families to
collect memorable tokens of all of the States for the face value
of the coins."
DOLLAR COINS
Pub. L. 105-124, Sec. 4(e), (f), Dec. 1, 1997, 111 Stat. 2536,
2537, provided that:
"(e) Production of New Dollar Coins. -
"(1) In general. - Upon the depletion of the Government's
supply (as of the date of enactment of this Act [Dec. 1, 1997])
of $1 coins bearing the likeness of Susan B. Anthony, the
Secretary of the Treasury shall place into circulation $1 coins
that comply with the requirements of subsections (b) and (d)(1)
of section 5112 of title 31, United States Code, as amended by
this section.
"(2) Authority of secretary to continue production. - If the
supply of $1 coins bearing the likeness of Susan B. Anthony is
depleted before production has begun of $1 coins which bear a
design which complies with the requirements of subsections (b)
and (d)(1) of section 5112 of title 31, United States Code, as
amended by this section, the Secretary of the Treasury may
continue to mint and issue $1 coins bearing the likeness of Susan
B. Anthony in accordance with that section 5112 (as in effect on
the day before the date of enactment of this Act) until such time
as production begins.
"(3) Numismatic sets. - The Secretary may include such $1 coins
in any numismatic set produced by the United States Mint before
the date on which the $1 coins authorized by this section are
placed in circulation.
"(f) Marketing Program. -
"(1) In general. - Before placing into circulation $1 coins
authorized under this section [amending this section and enacting
provisions set out as a note under section 5101 of this title],
the Secretary of the Treasury shall adopt a program to promote
the use of such coins by commercial enterprises, mass transit
authorities, and Federal, State, and local government agencies.
"(2) Study required. - The Secretary of the Treasury shall
conduct a study on the progress of the marketing program adopted
in accordance with paragraph (1).
"(3) Report. - Not later than March 31, 2001, the Secretary of
the Treasury shall submit a report to the Congress on the results
of the study conducted pursuant to paragraph (2)."
RULE OF CONSTRUCTION
Pub. L. 105-124, Sec. 5, Dec. 1, 1997, 111 Stat. 2537, provided
that: "Nothing in this Act [see Short Title of 1997 Amendment note
set out under section 5101 of this title] or the amendments made by
this Act shall be construed to evidence any intention to eliminate
or to limit the printing or circulation of United States currency
in the $1 denomination."
STUDY AND REPORT TO CONGRESS OF 50 STATES COMMEMORATIVE COIN
PROGRAM
Pub. L. 104-329, title III, Sec. 302, Oct. 20, 1996, 110 Stat.
4012, provided that:
"(a) Study. - The Secretary of the Treasury shall by June 1, 1997
complete a study of the feasibility of a circulating commemorative
coin program to commemorate each of the 50 States. The study shall
assess likely public acceptance of and consumer demand for
different coins that might be issued in connection with such a
program (taking into consideration the pace of issuance of coins
and the length of such a program), a comparison of the costs of
producing coins issued under the program and the revenue that the
program would generate, the impact on coin distribution systems,
the advantages and disadvantages of different approaches to
selecting designs for coins in such a program, and such other
factors as the Secretary considers appropriate in deciding upon the
feasibility of such a program. No steps taken in order to gather
information for this study shall be considered a collection of
information within the meaning of section 3502 of title 44, United
States Code.
"(b) Report. - The Secretary shall submit the study required in
subsection (a) above, to the Committee on Banking and Financial
Services of the House of Representatives and the Committee on
Banking, Housing and Urban Affairs of the Senate, simultaneously on
its receipt by the Secretary.
"(c) 50-State Commemorative Coin Program. - The Secretary shall
determine by August 1, 1997 whether the results of the study
authorized by subsection (a) justify such a program. If the
Secretary determines that such a program is justified, then he
shall by January 1, 1999, notwithstanding the fourth sentence of
subsection (d)(1) and subsection (d)(2) of section 5112, title 31,
United States Code, commence a commemorative coin program
consisting of the minting and issuance of quarter dollar coins
bearing designs, selected in accordance with paragraph (4) of this
subsection, which are emblematic of the 50 States. If the Secretary
determines that such a commemorative coin program is justified but
that it is not practicable to commence the program by January 1,
1999, then he shall notify the Committee on Banking and Financial
Services of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate of such
impracticability and of the date on which the program will
commence.
"(1) Design. - The design for each quarter dollar issued under
the program shall be emblematic of 1 of the 50 States. The
designs for quarter dollar coins issued during each year of the
program shall be emblematic of States which have not previously
been commemorated under the program.
"(2) Order of issuance. - Each State will be honored by a coin
in the order of that State's admission to the United States.
"(3) Number of coins. - Of the quarter dollar coins issued
during each year of the program, the Secretary shall prescribe,
on the basis of such factors as the Secretary determines to be
appropriate, the number of quarter dollar coins which shall be
issued with each of the designs selected for such year.
"(4) Selection of design. - Each of the 50 designs required for
quarter dollars issued under the program shall be -
"(A) selected pursuant to a process, decided upon by the
Secretary, on the basis of the study conducted pursuant to
subsection (a), which process shall involve, among other
things, consultation with appropriate officials of the State
being commemorated with such design; and
"(B) reviewed by the Citizens Commemorative Coin Advisory
Committee and the Commission of Fine Arts.
"(5) Treatment as numismatic items. - For purposes of sections
5134 and 5136 of title 31, United States Code, all coins minted
under this section shall be considered to be numismatic items.
"(6) Numismatic items. -
"(A) Quality of coins. - The Secretary may mint and issue
such number of quarter dollars of each design selected under
paragraph (4) of this subsection in uncirculated and proof
qualities as the Secretary determines to be appropriate.
"(B) Silver coins. - Notwithstanding the provisions of
subsection 5112(b) of title 31, United States Code, the
Secretary may mint and issue such number of quarter dollars of
each design selected under paragraph (4) of this subsection as
the Secretary determines to be appropriate with a content of 90
percent silver and 10 percent copper.
"(C) Sources of bullion. - The Secretary may obtain silver
for minting coins under paragraph (6)(B) from stockpiles
established under the Strategic and Critical Materials Stock
Piling Act [50 U.S.C. 98 et seq.].
"(d) Funding. - Funds used to complete this study shall be offset
from funds from the Department of the Treasury."
DEPOSIT OF PROFITS FROM SALE OF GOLD TO MINT FOR COMMEMORATIVE COIN
PROGRAM
Section 101(f) [title V, Sec. 523] of Pub. L. 104-208 provided in
part: "That profits generated from the sale of gold to the United
States Mint for this program shall be considered as a receipt to be
deposited into the General Fund of the Treasury."
USE OF GOVERNMENT PLATINUM RESERVES STOCKPILED AT MINT
Section 101(f) [title V, Sec. 524] of Pub. L. 104-208 provided in
part: "That the Secretary is authorized to use Government platinum
reserves stockpiled at the United States Mint as working inventory
and shall ensure that reserves utilized are replaced by the Mint."
REFORM OF COMMEMORATIVE COIN PROGRAMS
Pub. L. 103-186, title III, Dec. 14, 1993, 107 Stat. 2251, as
amended by Pub. L. 104-208, div. A, title I, Sec. 101(f) [title V,
Sec. 529(b)(4)], Sept. 30, 1996, 110 Stat. 3009-314, 3009-352; Pub.
L. 104-316, title I, Sec. 115(h), Oct. 19, 1996, 110 Stat. 3835,
provided that:
"SEC. 301. SENSE OF CONGRESS RESOLUTION.
"(a) Findings. - The Congress hereby makes the following
findings:
"(1) Congress has authorized 18 commemorative coin programs in
the 9 years since 1984.
"(2) There are more meritorious causes, events, and people
worthy of commemoration than can be honored with commemorative
coinage.
"(3) Commemorative coin legislation has increased at a pace
beyond that which the numismatic community can reasonably be
expected to absorb.
"(4) It is in the interests of all Members of Congress that a
policy be established to control the flow of commemorative coin
legislation.
"(b) Declaration. - It is the sense of the Congress that the
Committee on Banking, Finance and Urban Affairs [now Committee on
Financial Services] of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate
should not report or otherwise clear for consideration by the House
of Representatives or the Senate legislation providing for more
than 2 commemorative coin programs for any year, unless the
committee determines, on the basis of a recommendation by the
Citizens Commemorative Coin Advisory Committee, that extraordinary
merit exists for an additional commemorative coin program.
"SEC. 302. REPORTS BY RECIPIENTS OF COMMEMORATIVE COIN
SURCHARGES.
"(a) Quarterly Financial Report. -
"(1) In general. - Each person who receives, after the date of
the enactment of this Act [Dec. 14, 1993], any surcharge derived
from the sale of commemorative coins under any Act of Congress
shall submit a quarterly financial report to the Director of the
United States Mint and the Comptroller General of the United
States describing in detail the expenditures made by such person
from the proceeds of the surcharge.
"(2) Information to be included. - The report under paragraph
(1) shall include information on the proportion of the surcharges
received during the period covered by the report to the total
revenue of such person during such period, expressed as a
percentage, and the percentage of total revenue during such
period which was spent on administrative expenses (including
salaries, travel, overhead, and fund raising).
"(3) Due dates. - Quarterly reports under this subsection shall
be due at the end of the 30-day period beginning on the last day
of any calendar quarter during which any surcharge derived from
the sale of commemorative coins is received by any person.
"(b) Final Report. - Each person who receives, after the date of
the enactment of this Act, any surcharge derived from the sale of
commemorative coins under any Act of Congress shall submit a final
report on the expenditures made by such person from the proceeds of
all surcharges received by such person, including information
described in subsection (a)(2), before the end of the 1-year period
beginning on the last day on which sales of such coins may be
made."
AMOUNT EQUAL TO PROFIT FROM SALE OF GOLD COINS DEPOSITED IN GENERAL
FUND OF TREASURY TO REDUCE NATIONAL DEBT
Section 2(f) of Pub. L. 99-185 provided that an amount equal to
the amount by which the proceeds from the sale of the coins issued
under 31 U.S.C. 5112(i) exceeded the sum of the cost of minting,
marketing, and distributing such coins, and the value of gold
certificates (not exceeding forty-two and two-ninths dollars a fine
troy ounce) retired from the use of gold contained in such coins,
was to be deposited in the general fund of the Treasury and used
for the sole purpose of reducing the national debt, prior to repeal
by Pub. L. 102-390, title II, Sec. 221(c)(2)(A), Oct. 6, 1992, 106
Stat. 1628, effective Oct. 1, 1992.
ISSUANCE OF GOLD COINS TO RESULT IN NO NET COST TO UNITED STATES
Section 2(g) of Pub. L. 99-185 provided that: "The Secretary
shall take all actions necessary to ensure that the issuance of the
coins minted under section 5112(i) of title 31, United States Code,
shall result in no net cost to the United States Government."
COMMEMORATIVE COINS
Provisions authorizing commemorative coins were contained in the
following acts:
Pub. L. 109-146, Dec. 22, 2005, 119 Stat. 2676. - Little Rock
Central High School Desegregation 50th Anniversary.
Pub. L. 108-486, Dec. 23, 2004, 118 Stat. 3934. - American Bald
Eagle Recovery and National Emblem.
Pub. L. 108-464, Dec. 21, 2004, 118 Stat. 3878. - Benjamin
Franklin.
Pub. L. 108-291, Aug. 6, 2004, 118 Stat. 1024. - Marine Corps
230th Anniversary.
Pub. L. 108-290, Aug. 6, 2004, 118 Stat. 1021. - John Marshall.
Pub. L. 108-289, Aug. 6, 2004, 118 Stat. 1017. - Jamestown 400th
Anniversary.
Pub. L. 106-435, Nov. 6, 2000, 114 Stat. 1916. - 2002 Winter
Olympic Games.
Pub. L. 106-375, Oct. 27, 2000, 114 Stat. 1435. - National Museum
of the American Indian.
Pub. L. 106-126, title I, Dec. 6, 1999, 113 Stat. 1643. - Leif
Ericson millennium.
Pub. L. 106-126, title II, Dec. 6, 1999, 113 Stat. 1644. - United
States Capitol visitor center.
Pub. L. 106-126, title III, Dec. 6, 1999, 113 Stat. 1647. - Lewis
and Clark Expedition bicentennial.
Pub. L. 105-331, Oct. 31, 1998, 112 Stat. 3073. - Thomas Alva
Edison.
Pub. L. 105-268, Oct. 19, 1998, 112 Stat. 2378. - Library of
Congress bicentennial.
Pub. L. 105-124, Sec. 6, Dec. 1, 1997, 111 Stat. 2537. - First
flight by Orville and Wilbur Wright.
Pub. L. 104-329, Sec. 2, title I, Secs. 101-108, Oct. 20, 1996,
110 Stat. 4005-4011; Pub. L. 105-277, div. C, title I, Sec. 139(c),
Oct. 21, 1998, 112 Stat. 2681-599. - Dolley Madison, George
Washington, Black Revolutionary War patriots, Franklin Delano
Roosevelt Memorial, Yellowstone National Park, National Law
Enforcement Officers Memorial, and Jackie Robinson.
Pub. L. 104-96, Jan. 10, 1996, 109 Stat. 981. - Smithsonian
Institution sesquicentennial.
Pub. L. 103-328, title II, Sec. 204, Sept. 29, 1994, 108 Stat.
2369. - 1995 Special Olympics World Games.
Pub. L. 103-328, title II, Sec. 205, Sept. 29, 1994, 108 Stat.
2371. - National community service.
Pub. L. 103-328, title II, Sec. 206, Sept. 29, 1994, 108 Stat.
2373. - Robert F. Kennedy Memorial.
Pub. L. 103-328, title II, Sec. 207, Sept. 29, 1994, 108 Stat.
2375. - United States Military Academy bicentennial.
Pub. L. 103-328, title II, Sec. 208, Sept. 29, 1994, 108 Stat.
2377. - United States Botanic Garden.
Pub. L. 103-186, title I, Dec. 14, 1993, 107 Stat. 2245. - Thomas
Jefferson.
Pub. L. 103-186, title II, Dec. 14, 1993, 107 Stat. 2247. -
Prisoner-of-war, Vietnam Veterans Memorial, and Women in Military
Service for America Memorial.
Pub. L. 103-186, title IV, Dec. 14, 1993, 107 Stat. 2252. -
United States Capitol bicentennial.
Pub. L. 102-414, Oct. 14, 1992, 106 Stat. 2106. - World War II
50th anniversary.
Pub. L. 102-390, title I, Oct. 6, 1992, 106 Stat. 1620; Pub. L.
104-74, Dec. 26, 1995, 109 Stat. 784. - 1996 Olympic Games.
Pub. L. 102-379, Oct. 5, 1992, 106 Stat. 1362. - Civil War
battlefields.
Pub. L. 102-281, title I, May 13, 1992, 106 Stat. 133; Pub. L.
102-390, title II, Sec. 221(c)(2)(G), Oct. 6, 1992, 106 Stat. 1628.
- White House 200th anniversary.
Pub. L. 102-281, title II, May 13, 1992, 106 Stat. 135; Pub. L.
102-390, title II, Sec. 221(c)(2)(H), Oct. 6, 1992, 106 Stat. 1628;
Pub. L. 104-66, title I, Sec. 1132(a), Dec. 21, 1995, 109 Stat.
725. - World Cup USA 1994.
Pub. L. 102-281, title IV, Secs. 401-411, May 13, 1992, 106 Stat.
139-141; Pub. L. 102-390, title II, Sec. 221(c)(2)(I), Oct. 6,
1992, 106 Stat. 1628. - Christopher Columbus quincentenary.
Pub. L. 102-281, title V, May 13, 1992, 106 Stat. 145; Pub. L.
104-66, title I, Sec. 1132(c), Dec. 21, 1995, 109 Stat. 725. -
James Madison and Bill of Rights.
Pub. L. 101-495, Oct. 31, 1990, 104 Stat. 1187; Pub. L. 102-390,
title II, Sec. 221(c)(2)(F), Oct. 6, 1992, 106 Stat. 1628. - Korean
War Veterans Memorial.
Pub. L. 101-406, Oct. 3, 1990, 104 Stat. 879; Pub. L. 102-390,
title II, Sec. 221(c)(2)(E), Oct. 6, 1992, 106 Stat. 1628. - 1992
Olympic Games.
Pub. L. 101-404, Oct. 2, 1990, 104 Stat. 875; Pub. L. 102-390,
title II, Sec. 221(c)(2)(D), Oct. 6, 1992, 106 Stat. 1628. - United
Services Organization 50th anniversary.
Pub. L. 101-332, July 16, 1990, 104 Stat. 313; Pub. L. 102-390,
title II, Sec. 221(c)(2)(C), Oct. 6, 1992, 106 Stat. 1628; Pub. L.
103-328, title II, Sec. 209, Sept. 29, 1994, 108 Stat. 2378. -
Mount Rushmore National Memorial golden anniversary.
Pub. L. 100-673, Nov. 17, 1988, 102 Stat. 3992; Pub. L. 101-36,
June 9, 1989, 103 Stat. 69; Pub. L. 101-302, title III, Sec.
312(c), May 25, 1990, 104 Stat. 245; Pub. L. 103-186, title IV,
Sec. 408(b), Dec. 14, 1993, 107 Stat. 2253. - United States
Congress bicentennial.
Pub. L. 100-467, Oct. 3, 1988, 102 Stat. 2275; Pub. L. 102-390,
title II, Sec. 221(c)(2)(B), Oct. 6, 1992, 106 Stat. 1628. - Dwight
David Eisenhower.
Pub. L. 100-141, Oct. 28, 1987, 101 Stat. 832. - 1988 Olympic
Games.
Pub. L. 99-582, Oct. 29, 1986, 100 Stat. 3315. - United States
Constitution bicentennial.
Pub. L. 99-61, title I, July 9, 1985, 99 Stat. 113. - Statue of
Liberty and Ellis Island.
Pub. L. 97-220, July 22, 1982, 96 Stat. 222. - 1984 Olympic
Games.
POSSESSION OF GOLD COINS AND BULLION
The possession of gold coins and bullion was prohibited except
under Government license by Ex. Ord. No. 6260, eff. Aug. 28, 1933.
That prohibition was revoked by Ex. Ord. No. 11825, Dec. 31, 1974,
40 F.R. 1003, eff. Dec. 31, 1974. See notes set out under section
95a of Title 12, Banks and Banking.
(!1) So in original. The closing quotation marks and second
period probably should not appear.
(!2) So in original. Probably should be "sections".
(!3) So in original. The comma probably should not appear.