S.2330 - American Eagle Gold Coin Act of 198297th Congress (1981-1982)
|Sponsor:||Sen. Schmitt, Harrison H. [R-NM] (Introduced 04/01/1982)|
|Committees:||Senate - Finance|
|Latest Action:||04/07/1982 Committee on Finance requested executive comment from OMB; Treasury Department. (All Actions)|
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Summary: S.2330 — 97th Congress (1981-1982)All Information (Except Text)
Introduced in Senate (04/01/1982)
American Eagle Gold Coin Act of 1982 - Directs the Secretary of the Treasury to mint gold coins to be referred to as "American Eagles."
Sets forth the specifications for four types of such gold coins.
Declares that coins minted under this Act shall not be legal tender for public debts, public charges, taxes, duties or dues, but may be used for the payment of private debts.
Sets forth the dates by which the Secretary shall begin delivery of such coins.
Sets forth the formula by which the Secretary shall determine the daily price of such coins.
Grants the Secretary the power to: (1) adjust the seigniorage charge on the sale of all such coins to finance the expenses of minting, delivering, and distributing them; and (2) regulate or suspend the quantity of coins made available for distribution or suspend their sale.
Permits the exchange of gold bullion for such American Eagle coins. Permits the Secretary to prescribe necessary regulations.
Declares that any gain or loss derived from the sale, exchange, or other disposition of any coin authorized by this Act shall not be recognized as a capital gain or loss under any Federal, State, or local income tax.
Exempts the purchase or sale of any such coin from any Federal, State, or local sales, personal property, or excise tax.