Text: H.R.2627 — 104th Congress (1995-1996)All Information (Except Text)
Public Law No: 104-96 (01/10/1996)
[104th Congress Public Law 96]
[From the U.S. Government Printing Office]
[[Page 109 STAT. 981]]
Public Law 104-96
To require the Secretary of the Treasury to mint coins in commemoration
of the sesquicentennial of the founding of the Smithsonian
Institution. <<NOTE: Jan. 10, 1996 - [H.R. 2627]>>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, <<NOTE: Smithsonian
Institution Sesquicentennial Commemorative Coin Act of 1995.>>
SECTION 1. <<NOTE: 31 USC 5112 note.>> SHORT TITLE.
This Act may be cited as the ``Smithsonian Institution
Sesquicentennial Commemorative Coin Act of 1995''.
SEC. 2. <<NOTE: 31 USC 5112 note.>> COIN SPECIFICATIONS.
(a) Denominations.--The Secretary of the Treasury (hereafter in this
Act referred to as the ``Secretary'') shall mint and issue the following
coins in commemoration of the sesquicentennial of the founding of the
(1) $5 gold coins.--Not more than 100,000 5 dollar coins,
(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 650,000 1 dollar coins,
(A) weigh 26.73 grams;
(B) have a diameter of 1.500 inches; and
(C) contain 90 percent silver and 10 percent copper.
(b) Platinum Coins.--The Secretary may mint and issue not more than
100,000 5 dollar platinum coins instead of the gold coins required under
subsection (a)(1) in accordance with such specifications as the
Secretary determines to be appropriate.
(c) Legal Tender.--The coins minted under this Act shall be legal
tender, as provided in section 5103 of title 31, United States Code.
(d) Numismatic Items.--For purposes of section 5134 of title 31,
United States Code, all coins minted under this Act shall be considered
to be numismatic items.
SEC. 3. <<NOTE: 31 USC 5112 note.>> SOURCES OF BULLION.
(a) Gold.--The Secretary shall obtain gold for minting coins under
this Act pursuant to the authority of the Secretary under other
provisions of law.
(b) Silver.--The Secretary shall obtain silver for minting coins
under this Act only from stockpiles established under the Strategic and
Critical Materials Stock Piling Act.
SEC. 4. <<NOTE: 31 USC 5112 note.>> DESIGN OF COINS.
(a) Design Requirements.--
[[Page 109 STAT. 982]]
(1) In general.--The design of the coins minted under this
Act shall be emblematic of the scientific, educational, and
cultural significance and importance of the Smithsonian
(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 ``1996'';
(C) inscriptions of the words ``Liberty'', ``In God
We Trust'', ``United States of America'', and ``E
Pluribus Unum''; and
(D) an inscription of the following phrase from the
original bequest of James Smithson: ``for the increase
and diffusion of knowledge''.
(b) Selection.--The design for the coins minted under this Act shall
(1) selected by the Secretary after consultation with the
Board of Regents of the Smithsonian Institution and the
Commission of Fine Arts; and
(2) reviewed by the Citizens Commemorative Coin Advisory
SEC. 5. <<NOTE: 31 USC 5112 note.>> ISSUANCE OF COINS.
(a) Quality of Coins.--Coins minted under this Act shall be issued
in uncirculated and proof qualities.
(b) Mint Facility.--Only 1 facility of the United States Mint may be
used to strike any particular combination of denomination and quality of
the coins minted under this Act.
(c) Period for Issuance.--The Secretary may issue coins minted under
this Act only during the 1-year period beginning on August 1, 1996.
SEC. 6. <<NOTE: 31 USC 5112 note.>> 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 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
(2) Discount.--Sale prices with respect to prepaid orders
under paragraph (1) shall be at a reasonable discount.
(d) Surcharges.--All sales shall include a surcharge of--
(1) $35 per coin for the $5 coin; and
(2) $10 per coin for the $1 coin.
SEC. 7. <<NOTE: 31 USC 5112 note.>> GENERAL WAIVER OF PROCUREMENT
(a) In General.--Except as provided in subsection (b), no provision
of law governing procurement or public contracts shall be applicable to
the procurement of goods and services necessary for carrying out the
provisions of this Act.
[[Page 109 STAT. 983]]
(b) Equal Employment Opportunity.--Subsection (a) shall not relieve
any person entering into a contract under the authority of this Act from
complying with any law relating to equal employment opportunity.
SEC. 8. <<NOTE: 31 USC 5112 note.>> DISTRIBUTION OF SURCHARGES.
(a) In General.--All surcharges received by the Secretary from the
sale of coins issued under this Act shall be promptly paid by the
Secretary to the Smithsonian Institution for the following purposes:
(1) 85 percent of the amount transferred shall be available
for such purposes as the Board of Regents of the Smithsonian
Institution determines to be appropriate.
(2) 15 percent of the amount transferred shall be dedicated
to the support of the operation and activities of the National
Numismatic Collection at the National Museum of American
(b) Audits.--The Comptroller General of the United States shall have
the right to examine such books, records, documents, and other data of
the Smithsonian Institution as may be related to the expenditures of
amounts paid under subsection (a).
SEC. 9. <<NOTE: 31 USC 5112 note.>> 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
(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 whose deposits are
insured by the Federal Deposit Insurance Corporation or the
National Credit Union Administration Board.
Approved January 10, 1996.
LEGISLATIVE HISTORY--H.R. 2627:
CONGRESSIONAL RECORD, Vol. 141 (1995):
Dec. 19, considered and passed House.
Dec. 22, considered and passed Senate.