Federal Mineral Collection Efficiency Act of 1987

Federal Mineral Collection Efficiency Act of 1987 - Establishes in the Department of the Treasury the Minerals Collection Service (MCS), under the direction and administration of a Commissioner for Minerals Collection. Transfers to the MCS all Department of the Interior functions regarding mineral leasing revenue collection, audit, distribution, and enforcement. Makes such functions transfer effective 60 days after the date of enactment of this Act.

Directs the Commissioner, upon the written request of any State or Indian tribe, to enter into cooperative agreements with them for the audit and collection of mineral royalties as set forth under the Federal Oil and Gas Royalty Management Act of 1982. Outlines the authorities to be delegated by the Commissioner to the States and Indian tribes pursuant to such agreements.

Declares that any finding made by an authorized Federal or State official or tribal representative regarding an audit issue or demand for payment will be deemed a rebuttable presumption in any administrative or judicial proceeding under this Act.

Directs the Secretary of the Treasury to appoint a commission within 30 days after the date of enactment of this Act to review and make recommendations pertaining to the Federal rules and regulations governing the valuation of mineral resources on Federal lands, or lands held in trust for any individual Indian or tribe. Outlines the duties and membership of such commission, and requires it to report its findings and proposals to specified congressional committees within 12 months of its first meeting. Terminates such commission 12 months after such meeting.

Imposes a moratorium upon the implementation of rules and regulations regarding product value guidelines set forth by the Minerals Management Service until six months after the commission has submitted its report to the Congress.