Summary: H.R.3056 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.3056. Bill summaries are authored by CRS.

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Introduced in House (07/31/1989)

Benjamin Franklin National Memorial Commemorative Coin Act - Requires the Secretary of the Treasury to issue a specified number of five-dollar gold coins, one-dollar silver coins, and half-dollar clad coins in commemoration of the bicentennial of the death of Benjamin Franklin.

Provides that such coins shall be considered legal tender. Requires the Secretary to begin issuing such coins on October 1, 1989.

Directs the Secretary to obtain silver for the minting of such coins from stocks of silver held by the Secretary or from any other federally owned stocks of silver and to obtain gold pursuant to authority under existing law.

Provides that the design of such coins shall be selected by the Secretary after consultation with the Chairman of the Benjamin Franklin National Memorial at the Franklin Institute and the Chairman of the Commission of Fine Arts.

Specifies the sales price of such coins as the face value plus costs. Requires that all sales of such coins include a surcharge of $35 per coin for five-dollar coins, $7 per coin for one-dollar coins, and $2 for half-dollar coins.

Requires that all surcharges received by the Secretary from the sale of such coins shall be paid to the Benjamin Franklin National Memorial (The Franklin Institute): (1) to restore and renovate the Memorial; (2) to construct or renovate certain adjoining areas of the Franklin Institute; (3) to establish an endowment to ensure the continued upkeep and maintenance of the Memorial; (4) for exhibits in the Memorial or certain adjoining areas of the Institute; and (5) for funds for construction of certain facilities and for the acquisition and preservation of artifacts relating to Franklin. Authorizes the Comptroller General to audit such payments.

Prohibits the minting of such coins under this Act after December 31, 1990.

Requires the Secretary to ensure that the minting and issuance of such coins shall not result in any net costs to the Government.