Expresses the sense of Congress that the United States Mint Facility in Denver, Colorado, should strike such coins unless the Secretary determines that it would be technically or cost-prohibitive.
Mandates that the proceeds from sales surcharges be paid promptly to the National Museum of the American Indian of the Smithsonian Institution to: (1) commemorate the opening of the Museum; and (2)supplement the Museum's endowment and educational outreach funds.
Subjects the Museum to certain Federal audit requirements.
Instructs the Secretary to take actions to ensure that coin minting and issuance will not result in any net cost to the Government.
[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 2217 Introduced in Senate (IS)]
106th CONGRESS
2d Session
S. 2217
To require the Secretary of the Treasury to mint coins in commemoration
of the National Museum of the American Indian of the Smithsonian
Institution, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 8, 2000
Mr. Campbell (for himself, Mr. Inouye and Mr. Lott) introduced the
following bill; which was read twice and referred to the Committee on
Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To require the Secretary of the Treasury to mint coins in commemoration
of the National Museum of the American Indian of the Smithsonian
Institution, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``National Museum of the American
Indian Commemorative Coin Act of 2000'', or the ``American Buffalo Coin
Commemorative Coin Act of 2000''.
SEC. 2. FINDINGS.
Congress finds that--
(1) the Smithsonian Institution was established in 1846,
with funds bequeathed to the United States by James Smithson
for the ``increase and diffusion of knowledge'';/
(2) once established, the Smithsonian Institution became an
important part of the process of developing the United States
national identity, an ongoing role which continues today;
(3) the Smithsonian Institution, which is now the world's
largest museum complex, including 16 museums, 4 research
centers, and the National Zoo, is visited by millions of
Americans and people from all over the world each year;
(4) the National Museum of the American Indian of the
Smithsonian Institution (referred to in this section as the
``NMAI'') was established by an Act of Congress in 1989, in
Public Law 101-185;
(5) the purpose of the NMAI, as established by Congress, is
to--
(A) advance the study of Native Americans,
including the study of language, literature, history,
art, anthropology, and life;
(B) collect, preserve, and exhibit Native American
objects of artistic, historical, literary,
anthropological, and scientific interest; and
(C) provide for Native American research and study
programs;
(6) the NMAI works in cooperation with Native Americans and
oversees a collection that spans more than 10,000 years of
American history;
(7) it is fitting that the NMAI will be located in a place
of honor near the United States Capitol, and on the National
Mall;
(8) thousands of Americans, including many American
Indians, came from all over the Nation to witness the
groundbreaking ceremony for the NMAI on September 28, 1999;
(9) the NMAI is scheduled to open in the summer of 2002;
(10) the original 5-cent buffalo nickel, as designed by
James Earle Fraser and minted from 1913 through 1938, which
portrays a profile representation of a Native American on the
obverse side and a representation of an American buffalo on the
reverse side, is a distinctive and appropriate model for a coin
to commemorate the NMAI; and
(11) the surcharge proceeds from the sale of a
commemorative coin, which would have no net cost to the
taxpayers, would raise valuable funding for the opening of the
NMAI and help to supplement the endowment and educational
outreach funds of the NMAI.
SEC. 3. COIN SPECIFICATIONS.
(a) $1 Silver Coins.--In commemoration of the opening of the Museum
of the American Indian of the Smithsonian Institution, the Secretary of
the Treasury (hereafter in this Act referred to as the ``Secretary'')
shall mint and issue not more than 500,000 $1 coins, each of which
shall--
(1) weigh 26.73 grams;
(2) have a diameter of 1.500 inches; and
(3) contain 90 percent silver and 10 percent copper.
(b) Legal Tender.--The coins minted under this Act shall be legal
tender, as provided in section 5103 of title 31, United States Code.
SEC. 4. SOURCES OF BULLION.
The Secretary may obtain silver for minting coins under this Act
from any available source, including stockpiles established under the
Strategic and Critical Materials Stock Piling Act.
SEC. 5. DESIGN OF COINS.
(a) Design Requirements.--
(1) In general.--The design of the $1 coins minted under
this Act shall be based on the original 5-cent buffalo nickel
designed by James Earle Fraser and minted from 1913 through 1938. Each
coin shall have on the obverse side a profile representation of a
Native American, and on the reverse side, a representation of an
American buffalo (also known as a bison).
(2) Designation and inscriptions.--On each coin minted
under this Act there shall be--
(A) a designation of the value of the coin;
(B) an inscription of the year ``2001''; and
(C) 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--
(1) selected by the Secretary, after consultation with the
Commission of Fine Arts; and
(2) reviewed by the Citizens Commemorative Coin Advisory
Committee.
SEC. 6. ISSUANCE OF COINS.
(a) Quality of Coins.--Coins minted under this Act shall be issued
in uncirculated and proof qualities.
(b) Mint Facility.--
(1) In general.--Only 1 facility of the United States Mint
may be used to strike any particular quality of the coins
minted under this Act.
(2) Sense of congress.--It is the sense of the Congress
that the United States Mint facility in Denver, Colorado should
strike the coins authorized by this Act, unless the Secretary
determines that such action would be technically or cost-
prohibitive.
(c) Commencement of Issuance.--The Secretary may issue coins minted
under this Act beginning on January 1, 2001.
(d) Termination of Minting.--No coins may be minted under this Act
after December 31, 2001.
SEC. 7. 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--
(1) the face value of the coins;
(2) the surcharge required by subsection (d) with respect
to such coins; and
(3) 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 shall make bulk sales of the coins
issued under this Act at a reasonable discount.
(c) Prepaid Orders.--
(1) In general.--The Secretary shall accept prepaid orders
for the coins minted under this Act before the issuance of such
coins.
(2) Discount.--Sale prices with respect to prepaid orders
under paragraph (1) shall be at a reasonable discount.
(d) Surcharges.--All sales of coins minted under this Act shall
include a surcharge of $10 per coin.
SEC. 8. DISTRIBUTION OF SURCHARGES.
(a) In General.--Subject to section 5134(f) of title 31, United
States Code, the proceeds from the surcharges received by the Secretary
from the sale of coins issued under this Act shall be paid promptly by
the Secretary to the National Museum of the American Indian of the
Smithsonian Institution for the purposes of--
(1) commemorating the opening of the National Museum of the
American Indian; and
(2) supplementing the endowment and educational outreach
funds of the Museum of the American Indian.
(b) Audits.--The National Museum of the American Indian shall be
subject to the audit requirements of section 5134(f)(2) of title 31,
United States Code, with regard to the amounts received by the museum
under subsection (a).
SEC. 9. FINANCIAL ASSURANCES.
(a) No Net Cost to the Government.--The Secretary shall take such
actions as may be necessary to ensure that minting and issuing coins
under this Act will not result in any net cost to the United States
Government.
(b) Payment for Coins.--A coin shall not be issued under this Act
unless the Secretary has received--
(1) full payment for the coin;
(2) security satisfactory to the Secretary to indemnify the
United States for full payment; or
(3) a guarantee of full payment satisfactory to the
Secretary from a depository institution, the deposits of which
are insured by the Federal Deposit Insurance Corporation or the
National Credit Union Administration Board.
<all>
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure introduced: CR S1320-1321)
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