Requires that all surcharges received by the Secretary from such coin sales be promptly paid to the San Francisco Museum and Historical Society to rehabilitate the Historic Old Mint in San Francisco as a city museum and an American Coin and Gold Rush Museum.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1881 Introduced in Senate (IS)]
109th CONGRESS
1st Session
S. 1881
To require the Secretary of the Treasury to mint coins in commemoration
of the Old Mint at San Francisco, otherwise known as the ``Granite
Lady'', and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 18, 2005
Mrs. Feinstein (for herself, Mrs. Boxer, and Mr. Ensign) 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 Old Mint at San Francisco, otherwise known as the ``Granite
Lady'', 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 ``San Francisco Old Mint Commemorative
Coin Act''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) The Granite Lady played an important role in the
history of the Nation.
(2) The San Francisco Mint was established pursuant to an
Act of Congress of July 3, 1852, to convert miners' gold from
the California gold rush into coins.
(3) The San Francisco Old Mint Building was designed by
architect A.B. Mullett, who also designed the United States
Treasury Building and the Old Executive Office Building.
(4) The solid construction of the Granite Lady enabled it
to survive the 1906 San Francisco earthquake and fire, making
it the only financial institution that was able to operate
immediately after the earthquake as the treasury for disaster
relief funds for the city of San Francisco.
(5) Coins struck at the San Francisco Old Mint are
distinguished by the ``S'' mint mark.
(6) The San Francisco Old Mint is famous for having struck
many rare, legendary issues, such as the 1870-S $3 coin, which
is valued today at well over $1,000,000, and the 1894-S dime
which is comparatively rare.
(7) The San Francisco Old Mint Commemorative Coin will be
the first commemorative coin to honor a United States mint
facility.
SEC. 3. COIN SPECIFICATIONS.
(a) Denominations.--Notwithstanding any other provision of law, and
in commemoration of the San Francisco Old Mint, the Secretary of the
Treasury (hereafter in this Act referred to as the ``Secretary'') shall
mint and issue the following coins:
(1) $5 gold coins.--Not more than 100,000 $5 coins, which
shall--
(A) weigh 8.359 grams;
(B) have a diameter of 0.850 inches; and
(C) contain 90 percent gold and 10 percent alloy.
(2) $1 silver coins.--Not more than 500,000 $1 coins, which
shall--
(A) weigh 26.73 grams;
(B) have a diameter of 1.500 inches; and
(C) 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.
(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.--
(1) In general.--The design of the coins minted under this
Act shall be emblematic of the San Francisco Old Mint Building,
its importance to California and the history of the United
States, and its role in rebuilding San Francisco after the 1906
earthquake and fire.
(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 ``2006''; 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 the Board of the San Francisco
Museum and Historical Society; and
(2) reviewed by the Citizens Coinage Advisory Committee.
SEC. 5. ISSUANCE OF COINS.
(a) Quality of Coins.--Coins minted under this Act shall be issued
in uncirculated and proof qualities.
(b) Mint Facility.--The coins authorized under this Act shall be
struck at the San Francisco Mint, to the greatest extent possible.
(c) Period for Issuance.--The Secretary may issue coins minted
under this Act only during the 1-year period beginning on January 1,
2006.
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--
(1) the face value of the coins;
(2) the surcharge provided in section 7(a) 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.
SEC. 7. SURCHARGES.
(a) In General.--All sales of coins minted under this Act shall
include a surcharge as follows:
(1) A surcharge of $35 per coin for the $5 coin.
(2) A surcharge of $10 per coin for the $1 coin.
(b) Distribution.--Subject to section 5134(f) of title 31, United
States Code, all surcharges received by the Secretary from the sale of
coins issued under this Act shall be promptly paid by the Secretary to
the San Francisco Museum and Historical Society for the purposes of
rehabilitating the Historic Old Mint in San Francisco as a city museum
and an American Coin and Gold Rush Museum.
(c) Audits.--The San Francisco Museum and Historical Society shall
be subject to the audit requirements of section 5134(f)(2) of title 31,
United States Code, with regard to the amounts received under
subsection (b).
<all>
Introduced in Senate
Sponsor introductory remarks on measure. (CR S11478-11479)
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S11479)
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably.
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