CHAPTER 51 - COINS AND CURRENCY

Title 31 > CHAPTER 51

Sections (48)

§ 5101 Decimal system

United States money is expressed in dollars, dimes or tenths, cents or hundreths, 1 and mills or thousandths. A dime is a tenth of a dollar, a cent is a hundredth of a dollar, and a mill is a thousandth of a dollar. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 980 .)

§ 5102 Standard weight

The standard troy pound of the National Institute of Standards and Technology of the Department of Commerce shall be the standard used to ensure that the weight of United States coins conforms to specifications in section 5112 of this title . ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 980 ; Pub. L. 100–418, title V, § 5115(c) , Aug. 23, 1988 , 102 Stat. 1433 .)

§ 5103 Legal tender

United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 980 ; Pub. L. 97–452, § 1(19) , Jan. 12, 1983 , 96 Stat. 2477 .)

§ 5111 Minting and issuing coins, medals, and numismatic items

(a) The Secretary of the Treasury— 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; 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; may prepare and distribute numismatic items; and 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.— 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. 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. 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. Any determination of the Secretary referred to in paragraph (2) shall not be reviewable in any administrative proceeding or court of the United States. 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). 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) 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. 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. 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.).

§ 5112 Denominations, specifications, and design of coins

(a) The Secretary of the Treasury may mint and issue only the following coins: a dollar coin that is 1.043 inches in diameter. a half dollar coin that is 1.205 inches in diameter and weighs 11.34 grams. a quarter dollar coin that is 0.955 inch in diameter and weighs 5.67 grams. a dime coin that is 0.705 inch in diameter and weighs 2.268 grams. a 5-cent coin that is 0.835 inch in diameter and weighs 5 grams. 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. A fifty dollar gold coin that is 32.7 millimeters in diameter, weighs 33.931 grams, and contains one troy ounce of fine gold. 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. 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. 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. A $50 g o l d co in t ha t i so f ana pp ro p r ia t es i ze an d t hi c kn ess, a s d e t er min e d b y t h e S ecre t a ry, w e i g h s 1 o u n ce, an d co n t ain s 99.99 p erce n tp u re g o l d . A$ 25 coin of an appropriate size and thickness, as determined by the Secretary, that weighs 1 troy ounce and contains .9995 fine palladium.

(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) 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. 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 qualities and quantities that the Secretary determines are sufficient to meet public demand, coins which— are 40.6 millimeters in diameter and weigh 31.103 grams; contain .999 fine silver; have a design— symbolic of Liberty on the obverse side; and of an eagle on the reverse side; 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 have reeded edges.

(f) Silver Coins.— 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). The Secretary shall make bulk sales of the coins minted under subsection (e) at a reasonable discount. 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) 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 qualities and quantities that the Secretary determines are sufficient to meet public demand, and such gold coins shall— have a design determined by the Secretary, except that the fifty dollar gold coin shall have— on the obverse side, a design symbolic of Liberty; and 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; 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 have reeded edges. 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). The Secretary shall make bulk sales of the coins minted under this subsection at a reasonable discount. For purposes of section 5132(a)(1) of this title , all coins minted under this subsection shall be considered to be numismatic items. 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. 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. 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.— 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. 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.— 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. 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. 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— the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such quarter dollars; and 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. 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. 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. 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. Each of the 50 designs required under this subsection for quarter dollars shall be— selected by the Secretary after consultation with— the Governor of the State being commemorated, or such other State officials or group as the State may designate for such purpose; and the Commission of Fine Arts; and reviewed by the Citizens Coinage Advisory Committee. 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. The Secretary may include participation by State officials, artists from the States, engravers of the United States Mint, and members of the general public. 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. 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. For purposes of sections 5134 and 5136, all coins minted under this subsection shall be considered to be numismatic items. 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. 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. 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. 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.— 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. Except as provided in subparagraph (B), in carrying out any commemorative coin program, the Secretary shall mint— not more than 750,000 clad half-dollar coins; not more than 500,000 silver one-dollar coins; and not more than 100,000 gold five-dollar or ten-dollar coins. 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. 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 $1 C o in sHo n or in g E a c h o f t h e P res i d e n t so f t h e U ni t e d St a t es .— * * N o tw i t h s t an d in g s u b sec t i o n (d) an d ina ccor d an ce w i t h t h e p ro v i s i o n so f t hi ss u b sec t i o n,$ 1 coins issued during the period beginning January 1, 2007 , and ending upon the termination of the program under paragraph (8), shall— have designs on the obverse selected in accordance with paragraph (2)(B) which are emblematic of the Presidents of the United States; and have a design on the reverse selected in accordance with paragraph (2)(A). The $1 co in s i ss u e d ina ccor d an ce w i t h p a r a g r a p h (1) (A) s ha ll m ee tt h e f o ll o w in g d es i g n re q u i re m e n t s : T h e d es i g n o n t h ere v erses ha ll b e a r — a l ik e n esso f t h e St a t u eo f L ib er t ye x t e n d in g t o t h er im o f t h eco inan d l a r g ee n o ug h t o p ro v i d e a d r ama t i cre p rese n t a t i o n o f L ib er t y w hi l e n o t b e in g l a r g ee n o ug h t ocre a t e t h e im p ress i o n o f a “2 - h e a d e d ” co in; t h e in scr i pt i o n “$ 1”; and the inscription “United States of America”. The design on the obverse shall contain— the name and likeness of a President of the United States; and basic information about the President, including— the dates or years of the term of office of such President; and a number indicating the order of the period of service in which the President served. The inscription of the year of minting or issuance of the coin and the inscription “E Pluribus Unum” shall be edge-incused into the coin. 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. 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. 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. The design on the obverse or the reverse shall bear the inscription “In God We Trust”. 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. 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. 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. The designs for the $1 co in s i ss u e dd u r in g e a c h ye a ro f t h e p er i o d re f erre d t o in p a r a g r a p h (1) s ha ll b ee mb l e ma t i co f 4 P res i d e n t s u n t i l e a c h P res i d e n t ha s b ee n so h o n ore d, s u bj ec tt o p a r a g r a p h (2) (E) . T h e S ecre t a rys ha llp rescr ib e, o n t h e ba s i so f s u c h f a c t ors a s t h e S ecre t a ry d e t er min es t o b e a pp ro p r ia t e, t h e n u mb ero f$ 1 coins that shall be issued with each of the designs selected for each year of the period referred to in paragraph (1). The coins minted under this title shall be legal tender, as provided in section 5103. For purposes of section 1 5134 and 5136, all coins minted under this subsection shall be considered to be numismatic items. The Secretary may mint and issue such number of $1 co in so f e a c h d es i g n se l ec t e d u n d er t hi ss u b sec t i o nin u n c i rc u l a t e d an d p roo f q u a l i t i es a s t h e S ecre t a ry d e t er min es t o b e a pp ro p r ia t e . T h e i ss u an ceo f co in s u n d er t hi ss u b sec t i o n s ha llt er mina t e w h e n e a c h P res i d e n t ha s b ee n so h o n ore d, s u bj ec tt o p a r a g r a p h (2) (E), an d ma y n o t b eres u m e d e x ce pt b y an A c t o f C o n g ress . U p o n t h e t er mina t i o n o f t h e i ss u an ceo f co in s u n d er t hi ss u b sec t i o n, t h e d es i g n o f a ll$ 1 coins shall revert to the so-called “Sacagawea-design” $1 coins.

(o) First Spouse Bullion Coin Program.— 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. The coins issued under this subsection shall— have the same diameter as the $1 co in s d escr ib e d in s u b sec t i o n (n); w e i g h 0.5 o u n ce; an d co n t ain 99.99 p erce n tp u re g o l d . T h e d es i g n o n t h eo b v erseo f e a c h co ini ss u e d u n d er t hi ss u b sec t i o n s ha ll co n t ain — t h e nam e an d l ik e n esso f a p erso n w h o w a s a s p o u seo f a P res i d e n t d u r in g t h e P res i d e n t ’ s p er i o d o f ser v i ce; anin scr i pt i o n o f t h eye a rs d u r in g w hi c h s u c h p erso n w a s t h es p o u seo f a P res i d e n t d u r in g t h e P res i d e n t ’ s p er i o d o f ser v i ce; an d an u mb er in d i c a t in g t h eor d ero f t h e p er i o d o f ser v i ce in w hi c h s u c h P res i d e n t ser v e d . T h e d es i g n o n t h ere v erseo f e a c h co ini ss u e d u n d er t hi ss u b sec t i o n s ha ll b e a r — ima g ese mb l e ma t i co f t h e l i f e an d w or k o f t h e F i rs tSp o u se w h ose ima g e i s b or n eo n t h eo b v erse; an d t h e in scr i pt i o n “ U ni t e d St a t eso f A m er i c a ”. E a c h co ini ss u e d u n d er t hi ss u b sec t i o n s ha ll b e a r, o n t h ere v erse, anin scr i pt i o n o f t h e n o mina l d e n o mina t i o n o f t h eco in w hi c h s ha ll b e “$ 10”. In the case of any President who served without a spouse— the image on the obverse of the bullion coin corresponding to the 1 coin issued under subsection (n) with respect to each such President. The Secretary shall— 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 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. 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). The bullion coins minted under this Act shall be issued in both proof and uncirculated qualities. 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. The Secretary shall pay not more than the average world price for the gold mined under subparagraph (A). 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. The coins minted under this title shall be legal tender, as provided in section 5103. For purposes of section 1 5134 and 5136, all coins minted under this subsection shall be considered to be numismatic items.

**(p) Removal of Barriers to Circulation of $1 C o in .— * * B e g innin g J an u a ry 1, 2006, a ll a g e n c i es an d in s t r u m e n t a l i t i eso f t h e U ni t e d St a t es, t h e U ni t e d St a t es P os t a lS er v i ce, a ll n o na pp ro p r ia t e df u n d in s t r u m e n t a l i t i eses t ab l i s h e d u n d er t i tl e 10, an d a llt r an s i t sys t e m s t ha t rece i v eo p er a t i o na l s u b s i d i esor an y d i s b u rse m e n t o ff u n d s f ro m t h e F e d er a lG o v er nm e n t, s u c ha s f u n d s f ro m t h e F e d er a l H i g h w a y T r u s tF u n d, in c l u d in g t h e M a ss T r an s i t A cco u n t, s ha llt ak es u c ha c t i o na s ma y b e a pp ro p r ia t e t oe n s u re t ha t b y t h ee n d o f t h e 2 - ye a r p er i o d b e g innin g o n s u c h d a t e — an y b u s in esso p er a t i o n sco n d u c t e d b y an ys u c ha g e n cy, in s t r u m e n t a l i t y, sys t e m, ore n t i t y t ha t in v o l v eco in sorc u rre n cy w i ll b e f u ll yc a p ab l eo f — a cce pt in g$ 1 coins in connection with such operations; and other than vending machines that do not receive currency denominations higher than $1, d i s p e n s in g$ 1 coins in connection with such operations; and display signs and notices denoting such capability on the premises where coins or currency are accepted or dispensed, including on each vending machine. This paragraph does not apply with respect to business operations conducted by any entity under a contract with an agency or instrumentality of the United States, including with any nonappropriated fund instrumentality established under title 10. The Director of the United States Mint, 2 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 $1 C o in P ro g r am es t ab l i s h e d in s u b sec t i o n (n) t oe n s u re t ha t co n s u m ers kn o w o f t h e a v ai l abi l i t yo f t h eco in . T h e B o a r d o f G o v er n orso f t h e F e d er a lR eser v e S ys t e man d t h e S ecre t a rys ha llt ak es t e p s t oe n s u re t ha t ana d e q u a t es u ppl yo f$ 1 coins is available for commerce and collectors at such places and in such quantities as are appropriate by— consulting, to accurately gauge demand for coins and to anticipate and eliminate obstacles to the easy and efficient distribution and circulation of $1 co in s a s w e ll a s a ll o t h erc i rc u l a t in g co in s, f ro m t im e t o t im e b u t n o l ess f re q u e n tl y t hanann u a ll y, w i t ha co in u sers g ro u p, w hi c hma y in c l u d e — re p rese n t a t i v eso f m erc han t s w h o w o u l d b e n e f i t f ro m t h e in cre a se d u s a g eo f$ 1 coins; vending machine and other coin acceptor manufacturers; vending machine owners and operators; transit officials; municipal parking officials; depository institutions; coin and currency handlers; armored-car operators; car wash operators; and coin collectors and dealers; submitting an annual report to the Congress containing— an assessment of the remaining obstacles to the efficient and timely circulation of coins, particularly $1 co in s; ana ssess m e n t o f t h ee x t e n tt o w hi c h t h e g o a l so f s u b p a r a g r a p h (C) a re b e in g m e t; an d s u c h reco mm e n d a t i o n s f or l e g i s l a t i v e a c t i o n t h e B o a r d an d t h e S ecre t a ry ma y d e t er min e t o b e a pp ro p r ia t e; co n s u lt in g w i t hin d u s t ryre p rese n t a t i v es t oe n co u r a g eo p er a t orso f v e n d in g ma c hin es an d o t h er a u t o ma t e d co in - a cce pt in g d e v i ces in t h e U ni t e d St a t es t o a cce pt co in s i ss u e d u n d er t h e P res i d e n t ia l$ 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” $1 co in s), an d t o in c l u d e n o t i ceso n t h e ma c hin es an dd e v i ceso f s u c ha cce pt abi l i t y; e n s u r in g t ha t — d u r in g anin t ro d u c t ory p er i o d, a ll in s t i t u t i o n s t ha tw an t u nmi x e d s u ppl i eso f e a c hn e wl y - i ss u e dd es i g n o f$ 1 coins minted under subsections (n) and ( o ) are able to obtain such unmixed supplies; and circulating coins will be available for ordinary commerce in packaging of sizes and types appropriate for and useful to ordinary commerce, including rolled coins; working closely with any agency, instrumentality, system, or entity referred to in paragraph (1) to facilitate compliance with the requirements of such paragraph; and identifying, analyzing, and overcoming barriers to the robust circulation of $1 co in s min t e d u n d ers u b sec t i o n s (n) an d (o), in c l u d in g t h e u seo fd e man d p re d i c t i o n, im p ro v e d m e t h o d so fd i s t r ib u t i o nan d c i rc u l a t i o n, an d im p ro v e d p u b l i ce d u c a t i o nan d a w a re n essc am p ai g n s . T h eD i rec t oro f t h e U ni t e d St a t es M in t s ha llt ak e a ll s t e p s n ecess a ry t oe n s u re t ha t ama x im u mn u mb ero f re p u t ab l e, re l iab l e, an d res p o n s ib l e d e a l ers a re q u a l i f i e d t oo ff er f ors a l e a ll b u ll i o n co in ss t r u c kan d i ss u e d b y t h e U ni t e d St a t es M in t . A t s u c h t im e a s t h e S ecre t a ry d e t er min es t o b e a pp ro p r ia t e, an d a f t erco n s u lt a t i o n w i t h t h e B o a r d o f G o v er n orso f t h e F e d er a lR eser v e S ys t e m, t h e S ecre t a rys ha ll n o t i f y t h e C o n g resso f i t s a ssess m e n t o f i ss u esre l a t e d t o t h eco - c i rc u l a t i o n o f an yc i rc u l a t in g$ 1 coin bearing any design, other than the so-called “Sacagawea-design” $1 co in, in e ff ec t b e f ore t h e i ss u an ceo f co in sre q u i re d u n d ers u b sec t i o n (n), in c l u d in g t h ee ff ec t o f co - c i rc u l a t i o n o n t h e a cce pt an ce an d u seo f$ 1 coins, and make recommendations to the Congress for improving the circulation of $1 coins.

(q) Gold Bullion Coins.— Not later than 6 months after the date of enactment of the Presidential $1 C o in A c t o f 2005, t h e S ecre t a rys ha ll co mm e n ces t r ikin g an d i ss u in g f ors a l es u c hn u mb ero f$ 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. 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”. The coins referred to in subparagraph (A) shall— 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 bear such other inscriptions as the Secretary determines to be appropriate. 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. The Secretary shall pay not more than the average world price for the gold mined under subparagraph (A). 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— the market value of the bullion at the time of sale; and the cost of designing and issuing the coins, including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping. The coins minted under this title shall be legal tender, as provided in section 5103. For purposes of section 1 5134 and 5136, all coins minted under this subsection shall be considered to be numismatic items.

**(r) Redesign and Issuance of Circulating $1 C o in sHo n or in g N a t i v e A m er i c an s an d t h e I m p or t an tC o n t r ib u t i o n s M a d e b y I n d ian T r ib es an d I n d i v i d u a lN a t i v e A m er i c an s in U ni t e d St a t esH i s t ory .— * * E ff ec t i v e b e g innin g J an u a ry 1, 2008, n o tw i t h s t an d in g s u b sec t i o n (d), ina dd i t i o n t o t h eco in s t o b e i ss u e d p u rs u an tt os u b sec t i o n (n), an d ina ccor d an ce w i t h t hi ss u b sec t i o n, t h e S ecre t a rys ha ll min t an d i ss u e$ 1 coins that— have as the designs on the obverse the so-called “Sacagawea design”; and have a design on the reverse selected in accordance with paragraph (2)(A), subject to paragraph (3)(A). If the date of the enactment of the Native American $1 C o in A c t i s a f t er A ugu s t 25, 2007, s u b p a r a g r a p h (A) s ha ll b e a ppl i e d b ys u b s t i t u t in g “2009” f or “2008”. T h e$ 1 coins issued in accordance with paragraph (1) shall meet the following design requirements: The design on the reverse shall bear— images celebrating the important contributions made by Indian tribes and individual Native Americans to the development of the United States and the history of the United States; the inscription “1 coins issued during each year shall be emblematic of 1 important Native American or Native American contribution each year. Each $1 co inmin t e d w i t ha d es i g n o n t h ere v erse ina ccor d an ce w i t h t hi ss u b sec t i o n f or an yye a rs ha ll b e i ss u e dd u r in g t h e 1 - ye a r p er i o d b e g innin g o n J an u a ry 1 o f t ha t ye a r an d s ha ll b e a v ai l ab l e t h ro ug h o u tt h ee n t i re 1 - ye a r p er i o d . E a c h co ini ss u e d u n d er t hi ss u b sec t i o n co mm e m or a t in g N a t i v e A m er i c an s an d t h e i rco n t r ib u t i o n s — s ha ll b e i ss u e d, t o t h e ma x im u m e x t e n tp r a c t i c ab l e, in t h ec h ro n o l o g i c a l or d er in w hi c h t h e N a t i v e A m er i c an s l i v e d or t h ee v e n t socc u rre d, u n t i lt h e t er mina t i o n o f t h eco in p ro g r am d escr ib e d in s u b sec t i o n (n); an d t h ere a f t ers ha ll b e i ss u e d inan yor d er d e t er min e d t o b e a pp ro p r ia t e b y t h e S ecre t a ry, a f t erco n s u lt a t i o n w i t h t h e C o mmi tt eeo n I n d ian A ff ai rso f t h e S e na t e, t h e C o n g ress i o na lN a t i v e A m er i c an C a u c u so f t h eHo u seo f R e p rese n t a t i v es, an d t h e N a t i o na lC o n g resso f A m er i c an I n d ian s . T h e S ecre t a ry ma y min t an d i ss u es u c hn u mb ero f$ 1 coins of each design selected under this subsection in uncirculated and proof qualities as the Secretary determines to be appropriate. The number of $1 co in s min t e d an d i ss u e d ina ye a r w i t h t h e S a c a g a w e a - d es i g n o n t h eo b v erses ha ll b e n o tl ess t han 20 p erce n t o f t h e t o t a l n u mb ero f$ 1 coins minted and issued in such year.

(s) Redesign and Issuance of Circulating Quarter Dollar Honoring the District of Columbia and Each of the Territories.— Notwithstanding the fourth sentence of subsection (d)(1) and subsection (d)(2) and subject to paragraph (6)(B), quarter dollar coins issued during 2009, shall have designs on the reverse side selected in accordance with this subsection which are emblematic of the District of Columbia and the territories. Notwithstanding subsection (d)(1), the Secretary may select a design for quarter dollars issued during 2009 in which— the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such quarter dollars; and 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. The design on the reverse side of each quarter dollar issued during 2009 shall be emblematic of one of the following: The District of Columbia, the Commonwealth of Puerto Rico, Guam, American Samoa, the United States Virgin Islands, and the Commonwealth of the Northern Mariana Islands. Each of the 6 designs required under this subsection for quarter dollars shall be— selected by the Secretary after consultation with— the chief executive of the District of Columbia or the territory being honored, or such other officials or group as the chief executive officer of the District of Columbia or the territory may designate for such purpose; and the Commission of Fine Arts; and reviewed by the Citizens Coinage Advisory Committee. 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. The Secretary may include participation by District or territorial officials, artists from the District of Columbia or the territory, engravers of the United States Mint, and members of the general public. 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. 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. For purposes of sections 5134 and 5136, all coins minted under this subsection shall be considered to be numismatic items. The Secretary may mint and issue such number of quarter dollars of each design selected under paragraph (3) in uncirculated and proof qualities as the Secretary determines to be appropriate. Notwithstanding subsection (b), the Secretary may mint and issue such number of quarter dollars of each design selected under paragraph (3) as the Secretary determines to be appropriate, with a content of 90 percent silver and 10 percent copper. Coins minted under this subsection honoring the District of Columbia and each of the territories shall be issued in equal sequential intervals during 2009 in the following order: the District of Columbia, the Commonwealth of Puerto Rico, Guam, American Samoa, the United States Virgin Islands, and the Commonwealth of the Northern Mariana Islands. If the District of Columbia or any territory becomes a State before the end of the 10-year period referred to in subsection ( l )(1), subsection ( l )(7) shall apply, and this subsection shall not apply, with respect to such State. If any territory becomes independent or otherwise ceases to be a territory or possession of the United States before quarter dollars bearing designs which are emblematic of such territory are minted pursuant to this subsection, this subsection shall cease to apply with respect to such territory. For purposes of this subsection, the term “territory” means the Commonwealth of Puerto Rico, Guam, American Samoa, the United States Virgin Islands, and the Commonwealth of the Northern Mariana Islands.

(t) Redesign and Issuance of Quarter Dollars Emblematic of National Sites in Each State, the District of Columbia, and Each Territory.— Notwithstanding the fourth sentence of subsection (d)(1) and subsection (d)(2), quarter dollars issued beginning in 2010 shall have designs on the reverse selected in accordance with this subsection which are emblematic of the national sites in the States, the District of Columbia and the territories of the United States. Notwithstanding subsection (d)(1), the Secretary may select a design for quarter dollars referred to in subparagraph (A) in which— the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such quarter dollars; and 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. For purposes of this subsection, the term “State” has the same meaning as in section 3(a)(3) of the Federal Deposit Insurance Act. The design on the reverse side of each quarter dollar issued during the period of issuance under this subsection shall be emblematic of 1 national site in each State. The selection of a national park or other national site in each State to be honored with a coin under this subsection shall be made by the Secretary of the Treasury, after consultation with the Secretary of the Interior and the governor or other chief executive of each State with respect to which a coin is to be issued under this subsection, and after giving full and thoughtful consideration to national sites that are not under the jurisdiction of the Secretary of the Interior so that the national site chosen for each State shall be the most appropriate in terms of natural or historic significance. The selection process under clause (i) shall be completed before the end of the 270-day period beginning on the date of the enactment of the America’s Beautiful National Parks Quarter Dollar Coin Act of 2008. Each of the designs required under this subsection for quarter dollars shall be— selected by the Secretary after consultation with— the Secretary of the Interior; and the Commission of Fine Arts; and reviewed by the Citizens Coinage Advisory Committee. Recommendations for site selections and designs for quarter dollars may be submitted in accordance with the site and design selection and approval process developed by the Secretary in the sole discretion of the Secretary. The Secretary may include participation by officials of the State, artists from the State, engravers of the United States Mint, and members of the general public. 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. No head and shoulders portrait or bust of any person, living or dead, no portrait of a living person, and no outline or map of a State may be included in the design on the reverse of any quarter dollar under this subsection. The quarter dollar coins issued under this subsection bearing designs of national sites shall be issued in the order in which the sites selected under paragraph (3) were first established as a national site. The quarter dollar coins bearing designs of national sites under this subsection shall be issued at the rate of 5 new designs during each year of the period of issuance under this subsection. Of the quarter dollar coins issued during each year of the period of issuance, 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 designs selected for such year. For purposes of sections 5134 and 5136, all coins minted under this subsection shall be considered to be numismatic items. The Secretary may mint and issue such number of quarter dollars of each design selected under paragraph (3) in uncirculated and proof qualities as the Secretary determines to be appropriate. Notwithstanding subsection (b), the Secretary may mint and issue such number of quarter dollars of each design selected under paragraph (3) as the Secretary determines to be appropriate, with a content of not less than 90 percent silver. Subject to paragraph (2), the program established under this subsection shall continue in effect until a national site in each State has been honored. The Secretary may make a determination before the end of the 9-year period beginning when the first quarter dollar is issued under this subsection to continue the period of issuance until a second national site in each State, the District of Columbia, and each territory referred to in this subsection has been honored with a design on a quarter dollar. Within 30 days after making a determination under clause (i), the Secretary shall submit a written report on such determination to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. If the Secretary makes a determination under clause (i), the provisions of this subsection applicable to site and design selection and approval, the order, timing, and conditions of issuance shall apply in like manner as the initial issuance of quarter dollars under this subsection, except that the issuance of quarter dollars pursuant to such determination bearing the first design shall commence in order immediately following the last issuance of quarter dollars under the first round. If the Secretary makes a determination under clause (i), the program under this subsection shall continue until a second site in each State has been so honored. Upon the completion of the coin program under this subsection, the design on— the obverse of the quarter dollar shall revert to the same design containing an image of President Washington in effect for the quarter dollar before the institution of the 50-State quarter dollar program; and notwithstanding the fourth sentence of subsection (d)(1), the reverse of the quarter dollar shall contain an image of General Washington crossing the Delaware River prior to the Battle of Trenton. For purposes of this subsection, the term “national site” means any site under the supervision, management, or conservancy of the National Park Service, the United States Forest Service, the United States Fish and Wildlife Service, or any similar department or agency of the Federal Government, including any national park, national monument, national battlefield, national military park, national historical park, national historic site, national lakeshore, seashore, recreation area, parkway, scenic river, or trail and any site in the National Wildlife Refuge System. If any territory becomes independent or otherwise ceases to be a territory or possession of the United States before quarter dollars bearing designs which are emblematic of such territory are minted pursuant to this subsection, this subsection shall cease to apply with respect to such territory.

(u) Silver Bullion Investment Product.— The Secretary is authorized to strike and make available for sale such number of bullion coins as the Secretary determines to be appropriate that feature the designs of the quarter dollars and half dollars issued under subsections (x), (y), and (z), that— have a diameter of 3.0 inches and weigh 5.0 ounces; contain .999 fine silver; have incused into the edge the fineness and weight of the bullion coin; and bear an inscription of the denomination of such coins, such denominations to be determined by the Secretary as the Secretary determines to be appropriate. The Secretary is authorized to mint and issue so-called “fractional” silver bullion coins bearing the designs of the quarter dollars and half dollars issued under subsections (x), (y), and (z) in sizes, weights, fineness, and denominations, and with inscriptions, that the Secretary determines to be appropriate. Should the Secretary exercise the Secretary’s discretion to strike bullion coins under this subsection, the bullion coins minted under paragraph (1) shall become available for sale no sooner than the first day of the calendar year in which the corresponding circulating quarter dollar or half dollar is issued. Until the conclusion of the quarter dollar program authorized under subsection (t), the Secretary shall strike and make available for sale such number of bullion coins as the Secretary determines to be appropriate that are likenesses of the quarter dollars issued under subsection (t).

(v) Palladium Bullion Investment Coins.— 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. To the greatest extent possible, 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. The Secretary shall pay not more than the average world price for the palladium under subparagraph (A). 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— the market value of the bullion at the time of sale; and the cost of designing and issuing the coins, including labor, materials, dies, use of machinery, overhead expenses, marketing, distribution, and shipping. For purposes of section 5134 and 5136, all coins minted under this subsection shall be considered to be numismatic items. The Secretary may issue collectible versions of 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. 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— the obverse shall bear a high-relief likeness of the “Winged Liberty” design used on the obverse of the so-called “Mercury dime”; the reverse shall bear a high-relief version of the reverse design of the 1907 American Institute of Architects medal; and 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. 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.

**(w) Redesign and Issuance of $1 C o in sHo n or in g I nn o v a t i o nan d I nn o v a t ors F ro m E a c h St a t e, t h eD i s t r i c t o f C o l u mbia, an d E a c h T err i t ory .— * * N o tw i t h s t an d in g s u b sec t i o n (d) (1) an d s u b sec t i o n (d) (2) an d ina ccor d an ce w i t h t h e p ro v i s i o n so f t hi ss u b sec t i o n, d u r in g t h e 14 - ye a r p er i o d b e g innin g o n J an u a ry 1, 2019 (ors u c h l a t er d a t e a s p ro v i d e d u n d ers u b p a r a g r a p h (B) (ii)), t h e S ecre t a ryo f t h e T re a s u rys ha ll min t an d i ss u e$ 1 coins to be known as “American Innovation $1 co in s ”, t ha t — ha v e d es i g n so n t h eo b v ersese l ec t e d ina ccor d an ce w i t h p a r a g r a p h (2) (A); an d ha v e a d es i g n o n t h ere v ersese l ec t e d ina ccor d an ce w i t h p a r a g r a p h (2) (B) . N o tw i t h s t an d in g s u b p a r a g r a p h (A), t h e S ecre t a rys ha ll co n t in u e t o min t an d i ss u e$ 1 coins honoring Native Americans and their contributions in accordance with subsection (r). Notwithstanding subparagraph (A), if the Secretary finds that it is feasible and cost-effective, the Secretary may mint and issue a $1 co inin 2018 t o in t ro d u ce t h eser i eso f co in s d escr ib e d in t hi ss u b sec t i o n, t ha t — ha s t h eo b v erse d escr ib e d u n d er p a r a g r a p h (2) (A); ha s a re v erse t ha t b e a rs t h e in scr i pt i o n “ U ni t e d St a t eso f A m er i c a ” an d “ A m er i c an I nn o v a t ors ” an d a re p rese n t a t i o n o f t h es i g na t u reo f P res i d e n tG eor g e Wa s hin g t o n o n t h e f i rs t U ni t e d St a t es p a t e n t i ss u e d; ha s t h ee d g e - in c u s in g d escr ib e d u n d er p a r a g r a p h (2) (C); an d t h e d es i g n f or w hi c hha sre v i e w e d b y 3 t h e C i t i ze n s C o ina g e A d v i sory C o mmi tt ee . F or p u r p oseso f t hi ss u b sec t i o n, t h e t er m “ t err i t ory ” m e an s t h e C o mm o n w e a lt h o f P u er t o R i co, G u am, A m er i c an S am o a, t h e U ni t e d St a t es Vi r g in I s l an d s, an d t h e C o mm o n w e a lt h o f t h e N or t h er n M a r iana I s l an d s . N o tw i t h s t an d in g s u b sec t i o n (d) (1) an d s u b sec t i o n (d) (2), t h e$ 1 coins issued in accordance with paragraph (1)(A) shall meet the following design requirements: The common design on the obverse of each coin issued under this subsection shall contain— a likeness of the Statue of Liberty extending to the rim of the coin and large enough to provide a dramatic representation of Liberty; the inscription “1 coin with respect to the additional State in accordance with clause (i)(I). Notwithstanding clause (i)— if any territory becomes independent or otherwise ceases to be a territory of the United States before $1 co in s a re min t e d p u rs u an tt o t hi ss u b sec t i o n, t h es u b sec t i o n s ha ll ce a se t o a ppl y w i t h res p ec tt os u c h t err i t ory; an d i f an y n e wt err i t ory i s a dd e d t o t h e U ni t e d St a t es,$ 1 coins shall be issued for such territories in the order in which the new the territories are added, beginning after the $1 co ini s i ss u e df or t h e C o mm o n w e a lt h o f t h e N or t h er n M a r iana I s l an d s . F o u r$ 1 coin designs as described in this subsection shall be issued during each year of the period referred to in paragraph (1) until 1 coin featuring 1 innovation, an individual innovator, or a group of innovators, from each of the States, the District of Columbia, and territories has been issued. The Secretary shall prescribe, on the basis of such factors as the Secretary determines to be appropriate, the number of $1 co in s t ha t s ha ll b e i ss u e d w i t h e a c h o f t h e d es i g n sse l ec t e df ore a c h ye a ro f t h e p er i o d re f erre d t o in p a r a g r a p h (1) . Wi t h res p ec tt oe a c h St a t e, t h eD i s t r i c t o f C o l u mbia, an d e a c h t err i t ory t o b e h o n ore d w i t ha co in u n d er t hi ss u b sec t i o n, t h ese l ec t i o n o f t h es i g ni f i c an t inn o v a t i o n, inn o v a t or, or g ro u p o f inn o v a t ors t o b e b or n eo n t h ere v erseo f s u c h co in s ha ll b e ma d e b y t h e S ecre t a ryo f t h e T re a s u ry, a f t erco n s u lt a t i o n w i t h t h e G o v er n ororo t h erc hi e f e x ec u t i v eo f t h e St a t e, t h eD i s t r i c t o f C o l u mbia, or t err i t ory w i t h res p ec tt o w hi c ha co ini s t o b e i ss u e d u n d er t hi ss u b sec t i o n . E a c h o f t h e d es i g n sre q u i re d u n d er t hi ss u b sec t i o n s ha ll b ese l ec t e d b y t h e S ecre t a ry a f t er — co n s u lt a t i o n w i t h — t h e G o v er n ororo t h erc hi e f e x ec u t i v eo f t h e St a t e, t h eD i s t r i c t o f C o l u mbia, or t err i t ory w i t h res p ec tt o w hi c ha co ini s t o b e i ss u e d u n d er t hi ss u b sec t i o n; an d t h e C o mmi ss i o n o f F in e A r t s; an d re v i e w b y t h e C i t i ze n s C o ina g e A d v i sory C o mmi tt ee . P ro p os a l s f or d es i g n s f or$ 1 coins under this subsection may be submitted in accordance with the design selection and approval process developed by the Secretary in the sole discretion of the Secretary. 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 $1 co inmin t e d u n d er t hi ss u b sec t i o n . N o h e a d an d s h o u l d ers p or t r ai t or b u s t o f an y p erso nan d n o p or t r ai t o f a l i v in g p erso nma y b e in c l u d e d in t h e d es i g n o f an yco ini ss u e d u n d er t hi ss u b sec t i o n . F or p u r p oseso f sec t i o n s 5134 an d 5136, a ll$ 1 coins minted under this subsection shall be considered to be numismatic items. 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. The issuance of coins under this subsection shall terminate when one innovation, an individual innovator, or a group of innovators, from each State, the District of Columbia, and each territory has been honored and may not be resumed except by an Act of Congress.

(x) Redesign and Issuance of Quarter Dollars Emblematic of Prominent American Women and Commemorating the 19th Amendment.— Effective beginning January 1, 2022 , notwithstanding the fourth sentence of subsection (d)(1) and subsection (d)(2), the Secretary of the Treasury shall issue quarter dollars that have designs on the reverse selected in accordance with this subsection which are emblematic of the accomplishment of a prominent American woman. Notwithstanding subsection (d)(1), the Secretary may select a design for quarter dollars referred to in subparagraph (A) in which— the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such quarter dollar; and any of the inscriptions described in the third sentence of subsection (d)(1) or the designation of the value of the coin appear on the obverse side of any such quarter dollar. The design on the reverse side of each quarter dollar issued under this subsection shall be emblematic of the accomplishments and contributions of one prominent woman of the United States, and may include contributions to the United States in a wide spectrum of accomplishments and fields, including but not limited to suffrage, civil rights, abolition, government, humanities, science, space, and arts, and should honor women from ethnically, racially, and geographically diverse backgrounds. The designs for the quarter dollars issued during each year of the period of issuance described under paragraph (4) shall be emblematic of up to five prominent American women. The selection of a prominent American woman to be featured under this subsection shall be made by the Secretary— in accordance with a selection process developed by the Secretary; after soliciting recommendations from the general public for prominent women designs for quarter dollars; and in consultation with the Smithsonian Institution American Women’s History Initiative, National Women’s History Museum, and the Bipartisan Women’s Caucus. The coins issued in accordance with this subsection shall meet the following design requirements— All designs under this subsection shall be selected by the Secretary, after consultation with the Commission of Fine Arts and review by the Citizens Coinage Advisory Committee. The design on the obverse of the quarter dollars shall maintain a likeness of George Washington, and be designed in a manner, such as with incused inscriptions, so as to distinguish it from the obverse design used during the previous quarters program. The Secretary shall prescribe, on the basis of such factors as the Secretary determines to be appropriate, the number of new designs during each year of the period of issuance, and the number of coins which shall be issued with each of the designs selected for such year. The program established under this subsection shall continue in effect until the end of 2025. After 2025, the Secretary may continue to issue coins minted during the program but not yet issued.

(y) Redesign and Issuance of Coins Emblematic of the United States Semiquincentennial.— Notwithstanding the 4th, 5th, and 6th sentences of subsection (d)(1), the Secretary may change the design on any of the coins authorized under this section and minted for issuance during the one-year period beginning January 1, 2026 , in celebration of the United States semiquincentennial. Notwithstanding the 2nd and 3rd sentences of subsection (d)(1), the Secretary may place the required inscriptions on either the obverse or reverse sides of the coins authorized for redesign under this subsection. The Secretary may issue quarter dollars in 2026 with up to five different designs emblematic of the United States semiquincentennial. One of the quarter dollar designs must be emblematic of a woman’s or women’s contribution to the birth of the Nation or the Declaration of Independence or any other monumental moments in American History. The Secretary may, in addition to the coins produced under subsections (r) and (w), mint for issuance during the one-year period beginning January 1, 2026 , $1 dollar [sic] coins with designs emblematic of the United States semiquincentennial. Beginning in 2027, any coin redesigned under this subsection shall revert to the immediately previous designs, with the exception of the quarter dollar and the half dollar, which shall bear designs in accordance with subsection (z). A redesign authorized under this subsection shall not constitute a “change” for purposes of subsection (d)(2). Each of the designs authorized under this subsection shall be selected by the Secretary after consultation with Commission of Fine Arts and review by the Citizens Coinage Advisory Committee. Designs shall be developed and selected in accordance with the design selection process developed by the Secretary in consultation with the United States Semiquincentennial Commission and with recommendations from the general public.

(z) Redesign and Issuance of Quarter Dollars and Half Dollars Emblematic of Sports Played by American Youth.— Effective beginning January 1, 2027 , notwithstanding the fourth sentence of subsection (d)(1) and subsection (d)(2), the Secretary shall issue quarter dollars that have designs on the reverse selected in accordance with this subsection which are emblematic of sports played by American youth. Notwithstanding subsection (d)(1), the Secretary may select a design for quarter dollars referred to in subparagraph (A) in which— the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such quarter dollars; and any of the inscriptions described in the third sentence of subsection (d)(1) or the designation of the value of the coin appear on the obverse side of any such quarter dollars. The design on the reverse side of each quarter dollar issued under this subsection shall be emblematic of one sport played by American youth. The designs for the quarter dollars issued during each year of the period referred to in paragraph (5) shall be emblematic of up to five sports. The Secretary shall select the sports to be honored during each year of the period referred to in paragraph (5) after appropriate outreach and consultation with the public. Effective January 1, 2027 , notwithstanding the fourth sentence of subsection (d)(1) and subsection (d)(2), the Secretary shall issue half dollars that have designs on the reverse selected in accordance with this subsection which are emblematic of a sport tailored to athletes with a range of disabilities, including physical impairment, vision impairment and intellectual impairment (referred to in this Act 4 as a “Paralympic” sport). Notwithstanding subsection (d)(1), the Secretary may select a design for half dollars referred to in subparagraph (A) in which— the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such half dollars; and any of the inscriptions described in the third sentence of subsection (d)(1) or the designation of the value of the coin appear on the obverse side of any such half dollars. The design on the reverse side of each half dollar issued under this subsection shall be emblematic of one Paralympic sport. The selection of a Paralympic sport to be honored with a half dollar under this subsection shall be made by the Secretary after consultation with U.S. Paralympics. The coins issued in accordance with this subsection shall meet the following design requirements: All designs under this subsection shall be selected by the Secretary, after consultation with the Commission of Fine Arts and review by the Citizens Coinage Advisory Committee. The design on the obverse of the quarter dollars shall maintain a likeness of George Washington, and be designed in a manner so as to distinguish it from the obverse design used during the previous quarter dollars program. The design on the obverse of the half dollar shall maintain a likeness of John Kennedy, and be designed in a manner so as to distinguish it from the obverse design used on the current half dollar. The quarter dollar coins bearing designs under this subsection shall be issued at the rate of up to 5 new designs during each year of the period of issuance described under paragraph (5). The half dollar coins bearing designs under this subsection shall be issued at the rate of 1 new design during each year of the period of issuance described under paragraph (5). The program established under this subsection shall continue in effect until the end of 2030. After the date specified in subparagraph (A), the Secretary may continue to issue coins minted during the program but not yet issued. For every design of a coin honoring a sport issued under this subsection, the Secretary is authorized to design and issue one or more accompanying medals with designs emblematic of the sport honored with the issuance of the coin, and include a surcharge on the sale the medals sold in accordance with this paragraph, in an amount determined by the Secretary, in the Secretary’s sole discretion, that may be used for the design and manufacture of the medals described in paragraph (7). The Secretary is authorized to design and manufacture medals for award at the 2028 Olympic Games in Los Angeles, California. The Secretary may use Treasury working gold and silver stock in the manufacture of the award medals produced under this subsection. The Secretary may provide the medals described in this paragraph to the United States Olympic & Paralympic Committee under terms and conditions established by the Secretary. The Secretary is encouraged to seek out cooperative marketing and promotion opportunities, including with the United States Olympic & Paralympic Committee, LA28, and United States Olympic and Paralympic Properties to promote the coins and medals produced under this section. Upon the completion or termination of the coin program under this subsection, the designs on the quarter dollar and half dollar shall be as follows: The obverse of the quarter dollar shall bear a design containing a likeness of George Washington. The reverse of the quarter dollar shall be of a design selected by the Secretary after consultation with the Commission of Fine Arts and review by the Citizens Coinage Advisory Committee. The obverse of the half dollar shall bear a design containing a likeness of John Kennedy. The reverse of the half dollar shall be of a design selected by the Secretary after consultation with the Commission of Fine Arts and review by the Citizens Coinage Advisory Committee.

(aa) Standards and General Provisions for Circulating Collectible Coins Under Subsections (x), (y), and (z).— 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 on the reverse of any coin under subsections (x), (y), and (z). For purposes of sections 5134 and 5136, all coins and medals minted under subsections (x), (y), and (z) shall be considered to be numismatic items. The Secretary may mint and issue such number of coins of each design selected under subsections (x), (y), and (z) in uncirculated and proof qualities as the Secretary determines to be appropriate. The Board of Governors of the Federal Reserve System and the Secretary shall take steps to ensure that an adequate supply of coins produced under subsections (x), (y), and (z) are available for commerce and collectors at such places and in such quantities as are appropriate. Of the coins issued during each year of the period of issuance under subsections (x), (y), and (z), the Secretary shall prescribe, on the basis of such factors as the Secretary determines to be appropriate, the number of coins which shall be issued with each of the designs selected for such year. The Secretary is encouraged to develop and include on any coin issued in accordance with subsections (x), (y), or (z), a unifying inscription, privy mark, or other symbol for that particular coin program. The coins minted under subsections (x), (y), and (z) shall be legal tender, as provided in section 5103. In an effort to advance the collecting of the coins and medals authorized under subsections (x), (y), and (z), and numismatics in general, the Secretary may develop and execute a marketing, advertising, promotional, and educational program to promote the collecting of the coins and medals authorized under subsections (x), (y), and (z). As part of this program, the Secretary is encouraged to seek out appropriate cooperative marketing opportunities, and to develop ancillary derivative products beyond traditional numismatic products such as sports, women, and youth oriented products appropriate to the particular coin and medal program. It is the sense of Congress that the medals authorized under subsection (z) be produced in high relief and, if feasible and cost effective, with surface treatments such as frosting and colorization.

“SECTION 1 SHORT TITLE.

“This Act may be cited as the ‘1921 Silver Dollar Coin Anniversary Act’.

“SEC. 2 FINDINGS.

“The Congress finds that [sic] following: In December 1921, the Peace silver dollar was approved by Treasury Secretary Andrew Mellon, replacing the Morgan silver dollar and commemorating the declaration of peace between the United States and the Imperial German government. The Peace silver dollar was minted in Philadelphia, Denver and San Francisco. The Morgan silver dollar was minted at Philadelphia, Denver, San Francisco, Carson City, and New Orleans. The Peace silver dollar was designed by Anthony de Francisci with the Goddess of Liberty on the obverse and a bald eagle clutching the olive branch (a symbol of peace) on the reverse. The Peace silver dollars were minted between 1921 to 1935. The Morgan silver dollar was designed by George T. Morgan and was minted from 1878 to 1904, and again in 1921. The obverse depicts a profile portrait of Lady Liberty and on the reverse, a heraldic eagle. The conversion from the Morgan silver dollar to the Peace silver dollar design in 1921 reflected a pivotal moment in American history. The Morgan silver dollar represents the country’s westward expansion and industrial development in the late 19th century. The Peace silver dollar symbolizes the country’s coming of age as an international power while recognizing the sacrifices made by her citizens in World War I and celebrating the victory and peace that ensued. These iconic silver dollars with vastly different representations of Lady Liberty and the American Eagle, reflect a changing of the guard in 1921 in the United States and therefore on the 100th anniversary must begin to be minted again to commemorate this significant evolution of American freedom.

“SEC. 3 COIN SPECIFICATIONS.

**(“(a) $1 S i l v er C o in s .— * * T h e S ecre t a ryo f t h e T re a s u ry (h ere a f t er in t hi s A c t re f erre d t o a s t h e ‘ S ecre t a ry ’) s ha ll min t an d i ss u e$ 1 coins in recognition of the 100th anniversary of completion of coinage of the Morgan dollar and the 100th anniversary of commencement of coinage of the Peace dollar, each of which shall— weigh 26.73 grams; have a diameter of 1.500 inches; contain not less than 90 percent silver; and have a reeded edge.

(“(b) Legal Tender.— The coins minted under this Act shall be legal tender, as provided in section 5103 of title 31 , United States Code.

(“(c) Numismatic Items.— For purposes of sections 5134 and 5136 of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items.

“SEC. 4 DESIGN OF COINS.

(“(a) Design Requirements.— The designs of the coins minted under this Act shall honor either the Morgan dollar or the Peace dollar, as follows— The coins honoring the 100th anniversary of completion of coinage of the Morgan dollar shall have an obverse design and a reverse design that are renditions of the designs historically used on the obverse and reverse of the Morgan dollar. The coins honoring the 100th anniversary of commencement of coinage of the Peace dollar shall have an obverse design and a reverse design that are renditions of the designs historically used on the obverse and reverse of the Peace dollar. On each coin minted under this Act, there shall be— a designation of the value of the coin; an inscription of the year of minting or issuance; and inscriptions of the words ‘Liberty’, ‘In God We Trust’, ‘United States of America’, and ‘E Pluribus Unum’.

(“(b) Selection.— The design for the coins minted under this Act shall be— selected by the Secretary after consultation with the Commission of Fine Arts; and reviewed by the Citizens Coinage Advisory Committee.

“SEC. 5 ISSUANCE OF COINS.

“The Secretary may issue coins minted under this Act beginning on January 1, 2021 .

“SEC. 6 SALE OF COINS.

(“(a) Sale Price.— The coins issued under this Act shall be sold by the Secretary at a price equal to the sum of— the face value of the 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 may make bulk sales of the coins issued under this Act at a reasonable discount.

“SEC. 7 FINANCIAL ASSURANCES.

“The Secretary of the Treasury shall take such actions as may be necessary to ensure that the minting and issuing of coins under the Act will not result in any net cost to the United States Government.

“SEC. 8 DETERMINATION OF BUDGETARY EFFECTS.

“The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010 [ 2 U.S.C. 931 et seq.], shall be determined by reference to the latest statement titled ‘Budgetary Effects of PAYGO Legislation’ for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.”

“SECTION 1 SHORT TITLE.

“This Act may be cited as the ‘President George H.W. Bush and First Spouse Barbara Bush Coin Act’.

“SEC. 2 COINS HONORING PRESIDENT GEORGE H.W. BUSH AND FIRST SPOUSE BARBARA BUSH.

**(“(a) Circulating $1 C o in sHo n or in g P res i d e n tG eor g eH . W . B u s h .— * * N o tw i t h s t an d in g s u b sec t i o n s (d), (n) (2) (E), (n) (3), (n) (4), an d (n) (8) o f sec t i o n 5112 o f t i tl e 31, U ni t e d St a t es C o d e, ina dd i t i o n t o t h eco in s t o b e i ss u e d u n d ers u b sec t i o n s (r) an d (w) o f s u c h sec t i o n 5112, an d ina ccor d an ce w i t h t h eo t h er p ro v i s i o n so f s u b sec t i o n (n) o f s u c h sec t i o n 5112, t h e S ecre t a ryo f t h e T re a s u ry, b e g innin g o n J an u a ry 1, 2020, s ha ll min t an d i ss u e$ 1 coins that bear— the image of President George H.W. Bush; and an inscription of the year ‘2020’.

(“(b) Bullion Coins Honoring First Spouse Barbara Bush.— Notwithstanding paragraphs (1) and (5)(C) of section 5112(o) of title 31 , United States Code, and in accordance with the other provisions of such section 5112(o), the Secretary of the Treasury, beginning on January 1, 2020 , shall mint and issue bullion coins that bear— the image of First Spouse Barbara Bush; and an inscription of the year ‘2020’.

“SEC. 3 FINANCIAL ASSURANCES.

“The Secretary of the Treasury shall take such actions as may be necessary to ensure that the minting and issuing of coins under this Act will not result in any net cost to the United States Government.”

“SEC. 301 FINDINGS.

“Congress finds the following: 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. 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. With the belief that all men are created equal, Abraham Lincoln led the effort to free all slaves in the United States. Abraham Lincoln had a generous heart, with malice toward none, and with charity for all. Abraham Lincoln gave the ultimate sacrifice for the country he loved, dying from an assassin’s bullet on April 15, 1865 . 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. The year 2009 will be the bicentennial anniversary of the birth of Abraham Lincoln. Abraham Lincoln was born in Kentucky, grew to adulthood in Indiana, achieved fame in Illinois, and led the nation in Washington, D.C. 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. 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. 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. 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: The obverse of the 1-cent coin shall continue to bear the Victor David Brenner likeness of President Abraham Lincoln. The reverse of the coins shall bear 4 different designs each representing a different aspect of the life of Abraham Lincoln, such as— his birth and early childhood in Kentucky; his formative years in Indiana; his professional life in Illinois; and his presidency, in Washington, D.C.

(“(b) Issuance of Redesigned Lincoln Cents in 2009.— 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. 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— after consultation with the Abraham Lincoln Bicentennial Commission and the Commission of Fine Arts; and 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.”

“SEC. 301 SENSE OF CONGRESS RESOLUTION.

(“(a) Findings.— The Congress hereby makes the following findings: Congress has authorized 18 commemorative coin programs in the 9 years since 1984. There are more meritorious causes, events, and people worthy of commemoration than can be honored with commemorative coinage. Commemorative coin legislation has increased at a pace beyond that which the numismatic community can reasonably be expected to absorb. 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.— 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. 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). 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.”

§ 5113 Tolerances and testing of coins

(a) The Secretary of the Treasury may prescribe reasonable manufacturing tolerances for specifications in section 5112 of this title (except for specifications that are limits) for the dollar, half dollar, quarter dollar, and dime coins. The weight of the 5-cent coin may vary not more than 0.194 gram. The weight of the one-cent coin may vary not more than 0.13 gram. Any gold coin issued under section 5112 of this title shall contain the full weight of gold stated on the coin.

(b) The Secretary shall keep a record of the kind, number, and weight of each group of coins minted and test a number of the coins separately to determine if the coins conform to the weight specified in section 5112(a) of this title . If the coins tested do not conform, the Secretary— shall weigh each coin of the group separately and deface the coins that do not conform and cast them into bars for reminting; or may remelt the group of coins.

§ 5114 Engraving and printing currency and security documents

(a) Authority To Engrave and Print.— The Secretary of the Treasury shall engrave and print United States currency and bonds of the United States Government and currency and bonds of United States territories and possessions from intaglio plates on plate printing presses the Secretary selects. However, other security documents and checks may be printed by any process the Secretary selects. Engraving and printing shall be carried out within the Department of the Treasury if the Secretary decides the engraving and printing can be carried out as cheaply, perfectly, and safely as outside the Department. The Secretary of the Treasury may produce currency, postage stamps, and other security documents for foreign governments if— the Secretary of the Treasury determines that such production will not interfere with engraving and printing needs of the United States; and the Secretary of State determines that such production would be consistent with the foreign policy of the United States. Articles, material, and supplies procured for use in the production of currency, postage stamps, and other security documents for foreign governments pursuant to paragraph (2) shall be treated in the same manner as articles, material, and supplies procured for public use within the United States for purposes of title III of the Act of March 3, 1933 ( 41 U.S.C. 10a et seq.; commonly referred to as the Buy American Act). 1

(b) United States currency has the inscription “In God We Trust” in a place the Secretary decides is appropriate. Only the portrait of a deceased individual may appear on United States currency and securities. The name of the individual shall be inscribed below the portrait.

(c) The Secretary may make a contract to manufacture distinctive paper for United States currency and securities. To promote competition among manufacturers of the distinctive paper, the Secretary may split the award for the manufacture of the paper between the 2 bidders with the lowest prices a pound. When the Secretary decides that it is necessary to operate more than one mill to manufacture distinctive paper, the Secretary may— employ individuals temporarily at rates of pay equivalent to the rates of pay of regular employees; and charge the pay of the temporary employees to the appropriation available for manufacturing distinctive paper.

§ 5115 United States currency notes

(a) The Secretary of the Treasury may issue United States currency notes. The notes— are payable to bearer; and shall be in a form and in denominations of at least one dollar that the Secretary prescribes.

(b) The amount of United States currency notes outstanding and in circulation— may not be more than $300,000,000; and may not be held or used for a reserve.

§ 5116 Buying and selling gold and silver

(a) With the approval of the President, the Secretary of the Treasury may— buy and sell gold in the way, in amounts, at rates, and on conditions the Secretary considers most advantageous to the public interest; and buy the gold with any direct obligations of the United States Government or United States coins and currency authorized by law, or with amounts in the Treasury not otherwise appropriated. Amounts received from the purchase of gold are an asset of the general fund of the Treasury. Amounts received from the sale of gold shall be deposited by the Secretary in the general fund of the Treasury and shall be used for the sole purpose of reducing the national debt. The Secretary shall acquire gold for the coins issued under section 5112(i) of this title by purchase of gold mined from natural deposits in the United States, or in a territory or possession of the United States, within one year after the month in which the ore from which it is derived was mined. The Secretary shall pay not more than the average world price for the gold. In the absence of available supplies of such gold at the average world price, the Secretary may use gold from reserves held by the United States to mint the coins issued under section 5112(i) of this title . The Secretary shall issue such regulations as may be necessary to carry out this paragraph.

(b) The Secretary may buy silver mined from natural deposits in the United States, or in a territory or possession of the United States, that is brought to a United States mint or assay office within one year after the month in which the ore from which it is derived was mined. The Secretary may use the coinage metal fund under section 5111(b) of this title to buy silver under this subsection. The Secretary may sell or use Government silver to mint coins, except silver transferred to stockpiles established under the Strategic and Critical Materials Stock Piling Act ( 50 U.S.C. 98 et seq.). The Secretary shall obtain the silver for the coins authorized under section 5112(e) of this title by purchase from stockpiles established under the Strategic and Critical Materials Stock Piling Act ( 50 U.S.C. 98 et seq.). At such time as the silver stockpile is depleted, the Secretary shall obtain silver as described in paragraph (1) to mint coins authorized under section 5112(e). If it is not economically feasible to obtain such silver, the Secretary may obtain silver for coins authorized under section 5112(e) from other available sources. The Secretary shall not pay more than the average world price for silver under any circumstances. As used in this paragraph, the term “average world price” means the price determined by a widely recognized commodity exchange at the time the silver is obtained by the Secretary. The Secretary shall sell silver under conditions the Secretary considers appropriate for at least $1.292929292 a fine troy ounce.

§ 5117 Transferring gold and gold certificates

(a) All right, title, and interest, and every claim of the Board of Governors of the Federal Reserve System, a Federal reserve bank, and a Federal reserve agent, in and to gold is transferred to and vests in the United States Government to be held in the Treasury. Payment for the transferred gold is made by crediting equivalent amounts in dollars in accounts established in the Treasury under the 15th paragraph of section 16 of the Federal Reserve Act ( 12 U.S.C. 467 ). Gold not in the possession of the Government shall be held in custody for the Government and delivered on the order of the Secretary of the Treasury. The Board of Governors, Federal reserve banks, and Federal reserve agents shall give instructions and take action necessary to ensure that the gold is so held and delivered.

(b) The Secretary shall issue gold certificates against gold transferred under subsection (a) of this section. The Secretary may issue gold certificates against other gold held in the Treasury. The Secretary may prescribe the form and denominations of the certificates. The amount of outstanding certificates may be not more than the value (for the purpose of issuing those certificates, of 42 and two-ninths dollars a fine troy ounce) of the gold held against gold certificates. The Secretary shall hold gold in the Treasury equal to the required dollar amount as security for gold certificates issued after January 29, 1934 .

(c) With the approval of the President, the Secretary may prescribe regulations the Secretary considers necessary to carry out this section.

(a) In this section— “gold clause” means a provision in or related to an obligation alleging to give the obligee a right to require payment in— gold; a particular United States coin or currency; or United States money measured in gold or a particular United States coin or currency. “public debt obligation” means a domestic obligation issued or guaranteed by the United States Government to repay money or interest.

(b) The United States Government may not pay out any gold coin. A person lawfully holding United States coins and currency may present the coins and currency to the Secretary of the Treasury for exchange (dollar for dollar) for other United States coins and currency (other than gold and silver coins) that may be lawfully held. The Secretary shall make the exchange under regulations prescribed by the Secretary.

(c) The Government withdraws its consent given to anyone to assert against the Government, its agencies, or its officers, employees, or agents, a claim— on a gold clause public debt obligation or interest on the obligation; for United States coins or currency; or arising out of the surrender, requisition, seizure, or acquisition of United States coins or currency, gold, or silver involving the effect or validity of a change in the metallic content of the dollar or in a regulation about the value of money. Paragraph (1) of this subsection does not apply to a proceeding in which no claim is made for payment or credit in an amount greater than the face or nominal value in dollars of public debt obligations or United States coins or currency involved in the proceeding. Except when consent is not withdrawn under this subsection, an amount appropriated for payment on public debt obligations and for United States coins and currency may be expended only dollar for dollar.

(d) In this subsection, “obligation” means any obligation (except United States currency) payable in United States money. An obligation issued containing a gold clause or governed by a gold clause is discharged on payment (dollar for dollar) in United States coin or currency that is legal tender at the time of payment. This paragraph does not apply to an obligation issued after October 27, 1977 .

§ 5119 Redemption and cancellation of currency

(a) Except to the extent authorized in regulations the Secretary of the Treasury prescribes with the approval of the President, the Secretary may not redeem United States currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) in gold. However, the Secretary shall redeem gold certificates owned by the Federal reserve banks at times and in amounts the Secretary decides are necessary to maintain the equal purchasing power of each kind of United States currency. When redemption in gold is authorized, the redemption may be made only in gold bullion bearing the stamp of a United States mint or assay office in an amount equal at the time of redemption to the currency presented for redemption.

(b) Except as provided in subsection (c)(1) of this section, the following are public debts bearing no interest: gold certificates issued before January 30, 1934 . silver certificates. notes issued under the Act of July 14, 1890 (ch. 708, 26 Stat. 289 ). Federal Reserve notes for which payment was made under section 4 of the Old Series Currency Adjustment Act. United States currency notes, including those issued under section 1 of the Act of February 25, 1862 (ch. 33, 12 Stat. 345 ), the Act of July 11, 1862 (ch. 142, 12 Stat. 532 ), the resolution of January 17, 1863 (P.R. 9; 12 Stat. 822 ), section 2 of the Act of March 3, 1863 (ch. 73, 12 Stat. 710 ), or section 5115 of this title . The Secretary shall— redeem any currency described in paragraph (1) from the general fund of the Treasury upon presentment to the Secretary; and cancel and destroy such currency upon redemption. The Secretary shall not be required to reissue United States currency notes upon redemption.

(c) The Secretary may determine the amount of the following United States currency that will not be presented for redemption because the currency has been destroyed or irretrievably lost: circulating notes of Federal reserve banks and national banks issued before July 1, 1929 , for which the United States Government has assumed liability. outstanding currency referred to in subsection (b)(1) of this section. When the Secretary makes a determination under this subsection, the Secretary shall reduce the amount of that currency outstanding by the amount the Secretary determines will not be redeemed and credit the appropriate receipt account.

(d) To provide a historical collection of United States currency, the Secretary may withhold from cancellation and destruction and transfer to a special account one piece of each design, issue, or series of each denomination of each kind of currency (including circulating notes of Federal reserve banks and national banks) after redemption. The Secretary may make appropriate entries in Treasury accounts because of the transfers.

§ 5120 Obsolete, mutilated, and worn coins and currency

(a) The Secretary of the Treasury shall melt obsolete and worn United States coins withdrawn from circulation. The Secretary may use the metal from melting the coins for reminting or may sell the metal. The Secretary shall account for the following in the coinage metal fund under section 5111(b) of this title : obsolete and worn coins and the metal from melting the coins. proceeds from the sale of the metal. losses incurred in the sale of the metal. losses incurred because of the difference between the face value of the coins melted and the coins minted from the metal. The Secretary shall reimburse the coinage metal fund for losses under paragraph (1)(C) and (D) of this subsection out of amounts in the coinage profit fund under section 5111(b) of this title .

(b) The Secretary shall— cancel and destroy (by a secure process) obsolete, mutilated, and worn United States currency withdrawn from circulation; and dispose of the residue of the currency and notes.

(c) The Comptroller General shall audit the cancellation and destruction of United States currency and the accounting of the cancellation and destruction. Records the Comptroller General considers necessary to make an effective audit easier shall be made available to the Comptroller General.

§ 5121 Refining, assaying, and valuation of bullion

(a) The Secretary of the Treasury shall— melt and refine bullion; as required, assay coins, metal, and bullion; cast gold and silver bullion deposits into bars; and cast alloys into bars for minting coins.

(b) A person owning gold or silver bullion may deposit the bullion with the Secretary to be cast into fine, standard fineness, or unrefined bars weighing at least 5 troy ounces. When practicable, the Secretary shall weigh the bullion in front of the depositor. The Secretary shall give the depositor a receipt for the bullion stating the description and weight of the bullion. When the Secretary has to melt the bullion or remove base metals before the value of the bullion can be determined, the weight is the weight after the melting or removal of the metals. The Secretary may refuse a deposit of gold bullion if the deposit is less than $100 in value or the bullion is so base that it is unsuitable for the operations of the Bureau of the Mint.

(c) When the gold and silver are combined in bullion that is deposited and either the gold or silver is so little that it cannot be separated economically, the Secretary may not pay the depositor for the gold or silver that cannot be separated.

(d) Under conditions prescribed by the Secretary, a person may exchange unrefined bullion for fine bars when— gold and silver are combined in the bullion in proportions that cannot be economically refined; or necessary supplies of acids cannot be procured at reasonable rates. The charge for refining in an exchange under this subsection may be not more than the charge imposed in an exchange of unrefined bullion for refined bullion.

(e) The Secretary shall prepare bars for payment of deposits. The Secretary shall stamp each bar with a designation of the weight and fineness of the bar and a symbol the Secretary considers suitable to prevent fraudulent imitation of the bar.

§ 5122 Payment to depositors

(a) The Secretary of the Treasury shall determine the fineness, weight, and value of each deposit and bar under section 5121 of this title . The value and the amount of charges under subsection (b) of this section shall be based on the fineness and weight of the bullion. The Secretary shall give the depositor a statement of the charges and the net amount of the deposit to be paid in money or bars of the same species of bullion as that deposited.

(b) The Secretary shall impose a charge equal to the average cost of material, labor, waste, and use of machinery of a United States mint or assay office for— melting and refining bullion; using copper as an alloy when bullion deposited is above standard; separating gold and silver combined in the bullion; and preparing bars.

(c) The Secretary shall pay to the depositor or to a person designated by the depositor money or bars equivalent to the bullion deposited as soon as practicable after the value of the deposit is determined. If demanded, the Secretary shall pay depositors in the order in which the bullion is deposited with the Secretary. However, when there is an unavoidable delay in determining the value of a deposit, the Secretary shall pay subsequent depositors. When practicable and convenient, the Secretary shall pay depositors in the denominations requested by the depositor. After the depositor is paid, the bullion is the property of the United States Government.

(d) To allow the Secretary to pay depositors with as little delay as possible, the Secretary shall keep in the mints and assay offices, when possible, money and bullion the Secretary decides are convenient and necessary.

§ 5131 Organization

(a) The United States Mint has— a United States mint at Philadelphia, Pennsylvania. a United States mint at Denver, Colorado. a United States mint at West Point, New York. a United States mint at San Francisco, California.

(b) The Secretary of the Treasury shall carry out duties and powers related to refining and assaying bullion, minting coins, striking medals, and numismatic items at the mints. However, until the Secretary decides that the mints are adequate for minting and striking an ample supply of coins and medals, the Secretary may use any facility of the United States Mint to mint coins and strike medals and to store coins and medals.

(c) Laws on mints, officers and employees of mints, and punishment of offenses related to mints and minting coins apply to assay offices, as applicable.

§ 5132 Administrative

(a) Except as provided in this chapter, the Secretary of the Treasury shall deposit in the Treasury as miscellaneous receipts amounts the Secretary receives from the operations of the United States Mint. Expenditures made from appropriated funds which are subsequently determined to be properly chargeable to the Numismatic Public Enterprise Fund established by section 5134 shall be reimbursed by such Fund to the appropriation. The Secretary shall annually sell to the public, directly and by mail, sets of uncirculated and proof coins minted under paragraphs (1) through (6) of section 5112(a) of this title , and shall solicit such sales through the use of the customer list of the United States Mint. Except with respect to amounts deposited in the Numismatic Public Enterprise Fund in accordance with section 5134, the Secretary may not use amounts the Secretary receives from profits on minting coins or from charges on gold or silver bullion under section 5122 to pay officers and employees. In addition to the coins described in paragraph (1), the Secretary shall sell annually to the public directly and by mail, sets of proof coins minted under paragraphs (1) through (6) of section 5112(a). Notwithstanding any other provision of law, for purposes of this paragraph— the coins described in paragraphs (2) through (4) of section 5112(a) shall be made of an alloy of not less than 90 percent silver; and all coins minted under this paragraph shall have a mint mark indicating the place of manufacture. All coins minted under this paragraph shall be considered to be— numismatic items for purposes of paragraph (1) and section 5111(a)(3); and legal tender, as provided in section 5103. The Secretary shall obtain silver for coins minted under this paragraph by purchase from stockpiles established under the Strategic and Critical Materials Stock Piling Act ( 50 U.S.C. 98 et seq.). At such time as the silver stockpile is depleted, the Secretary shall obtain silver for such coins by purchase of silver mined from natural deposits in the United States or in a territory or possession of the United States not more than 1 year following the month in which the ore from which it is derived was mined. The Secretary shall pay not more than the average world price for such silver. The Secretary may issue such regulations as may be necessary to carry out this subparagraph. Not more than $54, 208, 000 ma y b e a pp ro p r ia t e d t o t h e S ecre t a ry f or t h e f i sc a l ye a re n d in g o n S e pt e mb er 30, 1993, t o p a ycos t so f t h e min t s . N o t m ore t han$ 965,000 of amounts appropriated pursuant to the preceding sentence shall remain available until expended for research and development.

(b) To the extent the Secretary decides is necessary, the Secretary may use amounts received from depositors for refining bullion and the proceeds from the sale of byproducts (including spent acids from surplus bullion recovered in refining processes) to pay the costs of refining the bullion (including labor, material, waste, and loss on the sale of sweeps). The Secretary may not use amounts appropriated for the mints to pay those costs.

(c) The Secretary shall make an annual report at the end of each fiscal year on the operation of the United States Mint.

§ 5133 Settlement of accounts

(a) The Secretary of the Treasury shall— charge the superintendent of each mint with the amount in weight of standard metal of bullion the superintendent receives from the Secretary; credit each superintendent with the amount in weight of coins, clippings, and other bullion the superintendent returns to the Secretary; and charge separately to each superintendent, who shall account for, copper to be used in the alloy of gold and silver bullion.

(b) Settlement of Accounts.— At least once each year, the Secretary of the Treasury shall settle the accounts of the superintendents of the mints. At any settlement under this subsection, the superintendent shall— return to the Secretary any coin, clipping, or other bullion in the possession of the superintendent; and present the Secretary with a statement of bullion received and returned since the last settlement (including any bullion returned for settlement). The Secretary shall— audit the accounts of each superintendent; and allow each superintendent the waste of precious metals that the Secretary determines is necessary— for refining and minting (within the limitations which the Secretary shall prescribe); and for casting fine gold and silver bars (within the limit prescribed for refining), except that any waste allowance under this clause may not apply to deposit operations.

(c) After settlement, the Secretary shall compare the amount of gold and silver bullion and coins on hand with the total liabilities of the mints. The Secretary also shall make a statement of the ordinary expense account.

(d) The Secretary shall procure for each mint a series of standard weights corresponding to the standard troy pound of the National Institute of Standards and Technology of the Department of Commerce. The series shall include a one pound weight and multiples and subdivisions of one pound from .01 grain to 25 pounds. At least once a year, the Secretary shall test the weights normally used in transactions at the mints against the standard weights.

§ 5134 Numismatic Public Enterprise Fund

(a) Definitions.— For purposes of this section— The term “Fund” means the Numismatic Public Enterprise Fund. The term “Mint” means the United States Mint. The term “numismatic item” means any medal, proof coin, uncirculated coin, bullion coin, or other coin specifically designated by statute as a numismatic item, including products and accessories related to any such medal, coin, or item. The term “numismatic operations and programs”— means the activities concerning, and assets utilized in, the production, administration, sale, and management of numismatic items and the Numismatic Public Enterprise Fund; and includes capital, personnel salaries, functions relating to operations, marketing, distribution, promotion, advertising, and official reception and representation, the acquisition or replacement of equipment, and the renovation or modernization of facilities (other than the construction or acquisition of new buildings). The term “Secretary” means the Secretary of the Treasury.

(b) Establishment of Fund.— There is hereby established in the Treasury of the United States a revolving Numismatic Public Enterprise Fund consisting of amounts deposited in the fund 1 under subsection (c)(2) of this section or section 221(b) of the United States Mint Reauthorization and Reform Act of 1992 which shall be available to the Secretary for numismatic operations and programs of the United States Mint without fiscal year limitation.

(c) Operations of the Fund.— Any expense incurred by the Secretary for numismatic operations and programs which the Secretary determines, in the Secretary’s sole discretion, to be ordinary and reasonable incidents of the numismatic business shall be paid out of the Fund, including any expense incurred pursuant to any obligation or other commitment of Mint numismatic operations and programs which was entered into before the beginning of fiscal year 1993. All receipts from numismatic operations and programs shall be deposited into the Fund, including amounts attributable to any surcharge imposed with respect to the sale of any numismatic item. The Secretary shall transfer monthly from the Fund to the general fund of the Treasury an amount equal to the total amount on the seigniorage of numismatic items sold since the date of any preceding transfer. At such times as the Secretary determines to be appropriate, the Secretary shall transfer any amount in the Fund which the Secretary determines to be in excess of the amount required by the Fund to the Treasury for deposit as miscellaneous receipts. The Secretary shall submit an annual report to the Congress containing— a statement of the total amount transferred to the Treasury pursuant to subparagraph (A) during the period covered by the report; a statement of the amount by which the amount on deposit in the Fund at the end of the period covered by the report exceeds the estimated operating costs of the Fund for the 1-year period beginning at the end of such period; and an explanation of the specific purposes for which such excess amounts are being retained in the Fund.

(d) Budget Treatment.— The Secretary shall prepare budgets for the Fund, and estimates and statements of financial condition of the Fund in accordance with the requirements of section 9103 which shall be submitted to the President for inclusion in the budget submitted under section 1105. Statements of the financial condition of the Fund shall be included in the Secretary’s annual report on the operation of the Mint. Section 9104 shall apply to the Fund to the same extent such section applies to wholly owned Government corporations.

(e) Financial Statements, Audits, and Reports.— By the end of each calendar year, the Secretary shall prepare an annual financial statement of the Fund for the fiscal year which ends during such calendar year. Each statement prepared pursuant to paragraph (1) shall, at a minimum, contain— the overall financial position (including assets and liabilities) of the Fund as of the end of the fiscal year; the results of the numismatic operations and programs of the Fund during the fiscal year; the cash flows or the changes in financial position of the Fund; a reconciliation of the financial statement to the budget reports of the Fund; and a supplemental schedule detailing— the costs and expenses for the production, for the marketing, and for the distribution of each denomination of circulating coins produced by the Mint during the fiscal year and the per-unit cost of producing, of marketing, and of distributing each denomination of such coins; and the gross revenue derived from the sales of each such denomination of coins. Each annual financial statement prepared under paragraph (1) shall be audited— by— an independent external auditor; or the Inspector General of the Department of the Treasury, as designated by the Secretary; and in accordance with the generally accepted Government auditing standards issued by the Comptroller General of the United States. The auditor designated to audit any financial statement of the Fund pursuant to subparagraph (A) shall submit a report— to the Secretary by March 31 of the year beginning after the end of the fiscal year covered by such financial statement; and containing the auditor’s opinion on— the financial statement of the Fund; the internal accounting and administrative controls and accounting systems of the Fund; and the Fund’s compliance with applicable laws and regulations. By April 30 of each year, the Secretary shall submit a report on the Fund for the most recently completed fiscal year to the President, the Congress, and the Director of the Office of Management and Budget. The annual report required under subparagraph (A) for any fiscal year shall include— the financial statement prepared under paragraph (1) for such fiscal year; the audit report submitted to the Secretary pursuant to paragraph (3)(B) for such fiscal year; a description of activities carried out during such fiscal year; a summary of information relating to numismatic operations and programs contained in the reports on systems on internal accounting and administrative controls and accounting systems submitted to the President and the Congress under section 3512(c); a summary of the corrective actions taken with respect to material weaknesses relating to numismatic operations and programs identified in the reports prepared under section 3512(c); any other information the Secretary considers appropriate to fully inform the Congress concerning the financial management of the Fund; and a statement of the total amount of excess funds transferred to the Treasury. For each fiscal year beginning before fiscal year 2003, the Secretary shall submit an annual report on all marketing activities and expenses of the Fund to the Congress before the end of the 3-month period beginning at the end of such fiscal year. The report submitted pursuant to subparagraph (A) shall contain a detailed description of— the sources of income including surcharges; and expenses incurred for manufacturing, materials, overhead, packaging, marketing, and shipping.

(f) Conditions on Payment of Surcharges to Recipient Organizations.— Notwithstanding any other provision of law, no amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall be paid from the fund 1 to any designated recipient organization unless— all numismatic operation and program costs allocable to the program under which such numismatic item is produced and sold have been recovered; and the designated recipient organization submits an audited financial statement that demonstrates, to the satisfaction of the Secretary, that, with respect to all projects or purposes for which the proceeds of such surcharge may be used, the organization has raised funds from private sources for such projects and purposes in an amount that is equal to or greater than the total amount of the proceeds of such surcharge derived from the sale of such numismatic item. If any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item that may otherwise be paid from the fund, 1 under any provision of law relating to such numismatic item, to any designated recipient organization remains unpaid to such organization solely by reason of the matching fund requirement contained in subparagraph (A)(ii) after the end of the 2-year period beginning on the later of— the last day any such numismatic item is issued by the Secretary; or the date of the enactment of the American 5-Cent Coin Design Continuity Act of 2003, such unpaid amount shall be deposited in the Treasury as miscellaneous receipts. Each designated recipient organization that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall provide, as a condition for receiving any such amount, for an annual audit, in accordance with generally accepted government auditing standards by an independent public accountant selected by the organization, of all such payments to the organization beginning in the first fiscal year of the organization in which any such amount is received and continuing until all amounts received by such organization from the fund 1 with respect to such surcharges are fully expended or placed in trust. At a minimum, each audit of a designated recipient organization pursuant to subparagraph (A) shall report— the amount of payments received by the designated recipient organization from the fund 1 during the fiscal year of the organization for which the audit is conducted that are derived from the proceeds of any surcharge imposed on the sale of any numismatic item; the amount expended by the designated recipient organization from the proceeds of such surcharges during the fiscal year of the organization for which the audit is conducted; and whether all expenditures by the designated recipient organization during the fiscal year of the organization for which the audit is conducted from the proceeds of such surcharges were for authorized purposes. Each designated recipient organization that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall take appropriate steps, as a condition for receiving any such payment, to ensure that the receipt of the payment and the expenditure of the proceeds of such surcharge by the organization in each fiscal year of the organization can be accounted for separately from all other revenues and expenditures of the organization. Not later than 90 days after the end of any fiscal year of a designated recipient organization for which an audit is required under subparagraph (A), the organization shall— submit a copy of the report to the Secretary of the Treasury; and make a copy of the report available to the public. Any designated recipient organization that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item may use the amount received to pay the cost of an audit required under subparagraph (A). The Secretary of the Treasury may waive the application of any subparagraph of this paragraph to any designated recipient organization for any fiscal year after taking into account the amount of surcharges that such organization received or expended during such year. This paragraph shall not apply to any Federal agency or department or any independent establishment in the executive branch that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item. An organization that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall provide, as a condition for receiving any such payment, to the Inspector General of the Department of the Treasury or the Comptroller General of the United States, upon the request of such Inspector General or the Comptroller General, all books, records, and work papers belonging to or used by the organization, or by any independent public accountant who audited the organization in accordance with subparagraph (A), which may relate to the receipt or expenditure of any such amount by the organization. No portion of any payment from the fund 1 to any designated recipient organization of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item may be used, directly or indirectly, by the organization to compensate any agent or attorney for services rendered to support or influence in any way legislative action of the Congress relating to such numismatic item. For purposes of this subsection, 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.

(g) Quarterly Financial Reports.— Not later than the 30th day of each month following each calendar quarter through and including the final period of sales with respect to any commemorative coin program authorized on or after the date of enactment of the Treasury, Postal Service, and General Government Appropriations Act, 1997, the Mint shall submit to the Congress a quarterly financial report in accordance with this subsection. Each report submitted under paragraph (1) shall include, with respect to the calendar quarter at issue— a detailed financial statement, prepared in accordance with generally accepted accounting principles, that includes financial information specific to that quarter, as well as cumulative financial information relating to the entire program; a detailed accounting of— all costs relating to marketing efforts; all funds projected for marketing use; all costs for employee travel relating to the promotion of commemorative coin programs; all numismatic items minted, sold, not sold, and rejected during the production process; and the costs of melting down all rejected and unsold products; adequate market-based research for all commemorative coin programs; and a description of the efforts of the Mint in keeping the sale price of numismatic items as low as practicable.

§ 5135 Citizens Coinage Advisory Committee

(a) Establishment.— There is hereby established the Citizens Coinage Advisory Committee (in this section referred to as the “Advisory Committee”) to advise the Secretary of the Treasury on the selection of themes and designs for coins. The Advisory Committee shall be subject to the authority of the Secretary of the Treasury (hereafter in this section referred to as the “Secretary”).

(b) Membership.— The Advisory Committee shall consist of 11 members appointed by the Secretary as follows: Seven persons appointed by the Secretary— one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience as a nationally or internationally recognized curator in the United States of a numismatic collection; one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their experience in the medallic arts or sculpture; one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience in American history; one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience in numismatics; and three of whom shall be appointed from among individuals who can represent the interests of the general public in the coinage of the United States. Four persons appointed by the Secretary on the basis of the recommendations of the following officials who shall make the selection for such recommendation from among citizens who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience: One person recommended by the Speaker of the House of Representatives. One person recommended by the minority leader of the House of Representatives. One person recommended by the majority leader of the Senate. One person recommended by the minority leader of the Senate. Except as provided in subparagraph (B), members of the Advisory Committee shall be appointed for a term of 4 years. As designated by the Secretary at the time of appointment, of the members first appointed— four of the members appointed under paragraph (1)(A) shall be appointed for a term of 4 years; the four members appointed under paragraph (1)(B) shall be appointed for a term of 3 years; and three of the members appointed under paragraph (1)(A) shall be appointed for a term of 2 years. No individual may be appointed to the Advisory Committee while serving as an officer or employee of the Federal Government. Each appointed member may continue to serve for up to 6 months after the expiration of the term of office to which such member was appointed until a successor has been appointed. Any vacancy on the Advisory Committee shall be filled in the manner in which the original appointment was made. Advisory Committee members shall serve at the discretion of the Secretary and may be removed at any time for good cause. The Chairperson of the Advisory Committee shall be appointed for a term of 1 year by the Secretary from among the members of the Advisory Committee. Members of the Advisory Committee shall serve without pay for such service but each member of the Advisory Committee shall be reimbursed from the United States Mint Public Enterprise Fund for travel, lodging, meals, and incidental expenses incurred in connection with attendance of such members at meetings of the Advisory Committee in the same amounts and under the same conditions as employees of the United States Mint who engage in official travel, as determined by the Secretary. The Advisory Committee shall meet at the call of the Secretary, the chairperson, or a majority of the members, but not less frequently than twice annually. Each meeting of the Advisory Committee shall be open to the public. Timely notice of each meeting of the Advisory Committee shall be published in the Federal Register, and timely notice of each meeting shall be made to trade publications and publications of general circulation. Seven members of the Advisory Committee shall constitute a quorum.

(c) Duties of the Advisory Committee.— The duties of the Advisory Committee are as follows: Advising the Secretary of the Treasury on any theme or design proposals relating to circulating coinage, bullion coinage, congressional gold medals and national and other medals produced by the Secretary of the Treasury in accordance with section 5111 of title 31 , United States Code. Advising the Secretary of the Treasury with regard to— the events, persons, or places that the Advisory Committee recommends be commemorated by the issuance of commemorative coins in each of the 5 calendar years succeeding the year in which a commemorative coin designation is made; the mintage level for any commemorative coin recommended under subparagraph (A); and the proposed designs for commemorative coins.

(d) Expenses.— The expenses of the Advisory Committee that the Secretary of the Treasury determines to be reasonable and appropriate shall be paid by the Secretary from the United States Mint Public Enterprise Fund.

(e) Administrative Support, Technical Services, and Advice.— Upon the request of the Advisory Committee, or as necessary for the Advisory Committee to carry out the responsibilities of the Advisory Committee under this section, the Director of the United States Mint shall provide to the Advisory Committee the administrative support, technical services, and advice that the Secretary of the Treasury determines to be reasonable and appropriate.

(f) Consultation Authority.— In carrying out the duties of the Advisory Committee under this section, the Advisory Committee may consult with the Commission of Fine Arts.

(g) Annual Report.— Not later than September 30 of each year, the Advisory Committee shall submit a report to the Secretary, the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. Should circumstances arise in which the Advisory Committee cannot meet the September 30 deadline in any year, the Secretary shall advise the Chairpersons of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate of the reasons for such delay and the date on which the submission of the report is anticipated. The report required by paragraph (1) shall describe the activities of the Advisory Committee during the preceding year and the reports and recommendations made by the Advisory Committee to the Secretary of the Treasury.

(h) Chapter 10 of Title 5 Does Not Apply.— Subject to the requirements of subsection (b)(8), chapter 10 of title 5 shall not apply with respect to the Committee.

§ 5136 United States Mint Public Enterprise Fund

There shall be established in the Treasury of the United States, a United States Mint Public Enterprise Fund (the “Fund”) for fiscal year 1996 and hereafter: Provided , That all receipts from Mint operations and programs, including the production and sale of numismatic items, the production and sale of circulating coinage, the protection of Government assets, and gifts and bequests of property, real or personal shall be deposited into the Fund and shall be available without fiscal year limitations: Provided further , That all expenses incurred by the Secretary of the Treasury for operations and programs of the United States Mint that the Secretary of the Treasury determines, in the Secretary’s sole discretion, to be ordinary and reasonable incidents of Mint operations and programs, and any expense incurred pursuant to any obligation or other commitment of Mint operations and programs that was entered into before the establishment of the Fund, shall be paid out of the Fund: Provided further , That not to exceed 6.2415 percent of the nominal value of the coins minted, shall be paid out of the Fund for the circulating coin operations and programs in fiscal year 1996 for those operations and programs previously provided for by appropriation: Provided further , That the Secretary of the Treasury may borrow such funds from the General Fund as may be necessary to meet existing liabilities and obligations incurred prior to the receipt of revenues into the Fund: Provided further , That the General Fund shall be reimbursed for such funds by the Fund within one year of the date of the loan: Provided further , That the Fund may retain receipts from the Federal Reserve System from the sale of circulating coins at face value for deposit into the Fund (retention of receipts is for the circulating operations and programs): Provided further , That the Secretary of the Treasury shall transfer to the Fund all assets and liabilities of the Mint operations and programs, including all Numismatic Public Enterprise Fund assets and liabilities, all receivables, unpaid obligations and unobligated balances from the Mint’s appropriation, the Coinage Profit Fund, and the Coinage Metal Fund, and the land and buildings of the Philadelphia Mint, Denver Mint, and the Fort Knox Bullion Depository: Provided further , That the Numismatic Public Enterprise Fund, the Coinage Profit Fund and the Coinage Metal Fund shall cease to exist as separate funds as their activites 1 and functions are subsumed under and subject to the Fund, and the requirements of 31 USC 2 5134(c)(4), (c)(5)(B), and (d) and (e) 3 of the Numismatic Public Enterprise Fund shall apply to the Fund: Provided further , That at such times as the Secretary of the Treasury determines appropriate, but not less than annually, any amount in the Fund that is determined to be in excess of the amount required by the Fund shall be transferred to the Treasury for deposit as miscellaneous receipts: Provided further , That the term “Mint operations and programs” means (1) the activities concerning, and assets utilized in, the production, administration, distribution, marketing, purchase, sale, and management of coinage, numismatic items, the protection and safeguarding of Mint assets and those non-Mint assets in the custody of the Mint, and the Fund; and (2) includes capital, personnel salaries and compensation, functions relating to operations, marketing, distribution, promotion, advertising, official reception and representation, the acquisition or replacement of equipment, the renovation or modernization of facilities, and the construction or acquisition of new buildings: Provided further , That the term “numismatic item” includes any medal, proof coin, uncirculated coin, bullion coin, numismatic collectible, other monetary issuances and products and accessories related to any such medal or coin: Provided further , That provisions of law governing procurement or public contracts shall not be applicable to the procurement of goods or services necessary for carrying out Mint programs and operations. (Added Pub. L. 104–52, title V, § 522 , Nov. 19, 1995 , 109 Stat. 494 .)

§ 5141 Operation of the Bureau

(a) The Secretary of the Treasury shall prepare and submit to the President an annual business-type budget for the Bureau of Engraving and Printing.

(b) The Secretary shall maintain in the Bureau an integrated accounting system with internal controls that— ensures adequate control over assets and liabilities of the Bureau of Engraving and Printing Fund described in section 5142 of this title ; develops accurate production costs to enable the Bureau to recover those costs on the basis of the work requisitioned; provides for replacement of capitalized equipment and other fixed assets by maintaining adequate depreciation reserves based on original cost or appraised values; discloses the financial condition and operations of the Fund on an accrual basis of accounting; and provides information for the prior fiscal year on the annual budget of the Bureau. The accounting system shall conform to principles and standards prescribed by the Comptroller General to carry out this subsection. The Comptroller General may review the system to ensure conformity to the principles and standards and its effectiveness of operation.

(c) An officer or employee in the clerical-mechanical service of the Bureau assigned to an established shift or tour of duty at least half of which occurs between 6 p.m. and 6 a.m. is entitled to pay for the regular 40-hour week (except when on leave) at a rate of pay 15 percent higher than the day rate for the same work.

§ 5142 Bureau of Engraving and Printing Fund

(a) The Department of the Treasury has a Bureau of Engraving and Printing Fund. Amounts— in the Fund are available to operate the Bureau of Engraving and Printing; in the Fund remain available until expended; and may be appropriated to the Fund.

(b) The Fund consists of— property and physical assets (except buildings and land) acquired by the Bureau; all amounts received by the Bureau; and proceeds from the disposition of property and assets acquired by the Fund.

(c) The capital of the Fund consists of— amounts appropriated to the Fund; physical assets of the Bureau (except buildings and land) as of the close of business June 30, 1951 ; and all payments made after June 30, 1974 , under section 5143 of this title at prices adjusted to permit buying capital equipment and to provide future working capital.

(d) The Secretary shall deposit each fiscal year, in the Treasury as miscellaneous receipts, amounts accruing to the Fund in the prior fiscal year that the Secretary decides are in excess of the needs of the Fund. However, the Secretary may use the excess amounts to restore capital of the Fund reduced by the difference between the charges for services of the Bureau and the cost of providing those services.

(e) The Secretary shall maintain a special deposit account in the Treasury for the Fund. The Secretary shall credit the account with amounts appropriated to the Fund and receipts of the Bureau without depositing the receipts in the Treasury as miscellaneous receipts.

§ 5143 Payment for services

The Secretary of the Treasury shall impose charges for Bureau of Engraving and Printing services the Secretary provides to an agency or to a foreign government under section 5114. The charges shall be in amounts the Secretary considers adequate to cover the costs of the services (including administrative and other costs related to providing the services). The agency shall pay promptly bills submitted by the Secretary, and the Secretary shall take such action, in coordination with the Secretary of State, as may be appropriate to ensure prompt payment by a foreign government of any invoice or statement of account submitted by the Secretary with respect to services rendered under section 5114. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 991 ; Pub. L. 108–458, title VI, § 6301(b) , Dec. 17, 2004 , 118 Stat. 3748 .)

§ 5144 Providing impressions of portraits and vignettes

The Secretary of the Treasury may provide impressions from an engraved portrait or vignette in the possession of the Bureau of Engraving and Printing. An impression shall be provided— at the request of— a member of Congress; a head of an agency; an art association; or a library; and for a charge and under conditions the Secretary decides are necessary to protect the public interest. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 991 .)

§ 5151 Conversion of currency of foreign countries

(a) In this section— “buying rate” means the buying rate in the market in New York, New York, for cable transfers payable in the currency of a foreign country to be converted. when merchandise is exported on a day that banks are generally closed in New York, the buying rate at noon on the last prior business day is deemed to be the buying rate at noon on the day the merchandise is exported.

(b) The value of coins of a foreign country expressed in United States money is the value of the pure metal of the standard coin of the foreign country. The Secretary of the Treasury shall estimate the values of standard coins of the country quarterly and publish the values on the first day of January, April, July, and October of each year.

(c) Except as provided in this section, conversion of currency of a foreign country into United States currency for assessment and collection of duties on merchandise imported into the United States shall be made at values published by the Secretary under subsection (b) of this section for the quarter in which the merchandise is exported.

(d) If the Secretary has not published a value for the quarter in which the merchandise is exported, or if the value published by the Secretary varies by at least 5 percent from a value measured by the buying rate at noon on the day the merchandise is exported, the conversion of the currency of the foreign country shall be made at a value— equal to the buying rate at noon on the day the merchandise is exported; or prescribed by regulation of the Secretary for the currency that is equal to the first buying rate certified for that currency by the Federal Reserve Bank of New York under subsection (e) of this section in the quarter in which the merchandise is exported, but only if the buying rate at noon on the day the merchandise is exported varies less than 5 percent from the buying rate first certified.

(e) The Federal Reserve Bank of New York shall decide the buying rate and certify the rate to the Secretary. The Secretary shall publish the rate at times and to the extent the Secretary considers necessary. In deciding the buying rate, the Bank may— consider the last ascertainable transactions and quotations (direct or through exchange of other currencies); and if there is no buying rate, calculate the rate from— actual transactions and quotations in demand or time bills of exchange; or the last ascertainable transactions and quotations outside the United States in or for exchange payable in United States currency or foreign currency.

§ 5152 Value of United States money holdings in international institutions

The Secretary of the Treasury shall maintain the value in terms of gold of the holdings of United States money of the International Bank for Reconstruction and Development, the Inter-American Development Bank, the International Development Association, and the Asian Development Bank to the extent provided in the articles of agreement of those institutions. Amounts necessary to maintain the value may be appropriated. Amounts appropriated under this section remain available until expended. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 992 .)

§ 5153 Counterfeit currency

Disbursing officials of the United States Government and officers of national banks shall stamp or mark the word “counterfeit”, “altered”, or “worthless” on counterfeit notes intended to circulate as currency that are presented to them. An official or officer wrongfully stamping or marking an item of genuine United States currency (including a Federal reserve note or a circulating note of Federal reserve banks and national banks) shall redeem the currency at face value when presented. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 992 .)

§ 5154 State taxation

A State or a territory or possession of the United States may tax United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) as money on hand or on deposit in the same way and at the same rate that the State, territory, or possession taxes other forms of money. This section does not affect a law taxing national banks. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 992 ; Pub. L. 97–452, § 1(22) , Jan. 12, 1983 , 96 Stat. 2477 .)

§ 5155 Providing engraved plates of portraits of deceased members of Congress

On conditions the Secretary of the Treasury decides, the Secretary may send an engraved plate of a portrait of a deceased Senator or Representative to an heir or legal representative of such a Senator or Representative. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 993 .)

Federal • Lex Graph

Explorer

CHAPTER 51 - COINS AND CURRENCY

CHAPTER 51 - COINS AND CURRENCY

Sections (48)

§ 5101 Decimal system

§ 5102 Standard weight

§ 5103 Legal tender

§ 5111 Minting and issuing coins, medals, and numismatic items

§ 5112 Denominations, specifications, and design of coins

“SECTION 1 SHORT TITLE.

“SEC. 2 FINDINGS.

“SEC. 3 COIN SPECIFICATIONS.

“SEC. 4 DESIGN OF COINS.

“SEC. 5 ISSUANCE OF COINS.

“SEC. 6 SALE OF COINS.

“SEC. 7 FINANCIAL ASSURANCES.

“SEC. 8 DETERMINATION OF BUDGETARY EFFECTS.

“SECTION 1 SHORT TITLE.

“SEC. 2 COINS HONORING PRESIDENT GEORGE H.W. BUSH AND FIRST SPOUSE BARBARA BUSH.

“SEC. 3 FINANCIAL ASSURANCES.

“SEC. 301 FINDINGS.

“SEC. 302 REDESIGN OF LINCOLN CENT FOR 2009.

“SEC. 303 REDESIGN OF REVERSE OF 1-CENT COINS AFTER 2009.

“SEC. 304 NUMISMATIC PENNIES WITH THE SAME METALLIC CONTENT AS THE 1909 PENNY.

“SEC. 305 SENSE OF THE CONGRESS.

“SEC. 301 SENSE OF CONGRESS RESOLUTION.

“SEC. 302 REPORTS BY RECIPIENTS OF COMMEMORATIVE COIN SURCHARGES.

§ 5113 Tolerances and testing of coins

§ 5114 Engraving and printing currency and security documents

§ 5115 United States currency notes

§ 5116 Buying and selling gold and silver

§ 5117 Transferring gold and gold certificates

§ 5118 Gold clauses and consent to sue

§ 5119 Redemption and cancellation of currency

§ 5120 Obsolete, mutilated, and worn coins and currency

§ 5121 Refining, assaying, and valuation of bullion

§ 5122 Payment to depositors

§ 5131 Organization

§ 5132 Administrative

§ 5133 Settlement of accounts

§ 5134 Numismatic Public Enterprise Fund

§ 5135 Citizens Coinage Advisory Committee

§ 5136 United States Mint Public Enterprise Fund

§ 5141 Operation of the Bureau

§ 5142 Bureau of Engraving and Printing Fund

§ 5143 Payment for services

§ 5144 Providing impressions of portraits and vignettes

§ 5151 Conversion of currency of foreign countries

§ 5152 Value of United States money holdings in international institutions

§ 5153 Counterfeit currency

§ 5154 State taxation

§ 5155 Providing engraved plates of portraits of deceased members of Congress

Graph View

Table of Contents

Backlinks

§ 5101 Decimal system

§ 5102 Standard weight

§ 5103 Legal tender

§ 5111 Minting and issuing coins, medals, and numismatic items

§ 5112 Denominations, specifications, and design of coins

§ 5113 Tolerances and testing of coins

§ 5114 Engraving and printing currency and security documents

§ 5115 United States currency notes

§ 5116 Buying and selling gold and silver

§ 5117 Transferring gold and gold certificates

§ 5118 Gold clauses and consent to sue

§ 5119 Redemption and cancellation of currency

§ 5120 Obsolete, mutilated, and worn coins and currency

§ 5121 Refining, assaying, and valuation of bullion

§ 5122 Payment to depositors

§ 5131 Organization

§ 5132 Administrative

§ 5133 Settlement of accounts

§ 5134 Numismatic Public Enterprise Fund

§ 5135 Citizens Coinage Advisory Committee

§ 5136 United States Mint Public Enterprise Fund

§ 5141 Operation of the Bureau

§ 5142 Bureau of Engraving and Printing Fund

§ 5143 Payment for services

§ 5144 Providing impressions of portraits and vignettes

§ 5151 Conversion of currency of foreign countries

§ 5152 Value of United States money holdings in international institutions

§ 5153 Counterfeit currency

§ 5154 State taxation

§ 5155 Providing engraved plates of portraits of deceased members of Congress