S.1639 - Gold Bullion Coin Act of 198599th Congress (1985-1986)
|Sponsor:||Sen. Exon, J. James [D-NE] (Introduced 09/12/1985)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||12/17/1985 Became Public Law No: 99-185. (All Actions)|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1639 — 99th Congress (1985-1986)All Information (Except Text)
(Measure passed Senate, amended)
Passed Senate amended (11/14/1985)
Gold Bullion Coin Act of 1985 - Directs the Secretary of the Treasury to mint and issue gold coins in 50-dollar, 25-dollar, ten-dollar, and five-dollar denominations. Requires the Secretary to acquire the gold for such coins by purchase of gold mined from natural deposits in the United States or a U.S. territory or possession within one year after the month the ore was mined. Prohibits the Secretary from paying more than the average world price for such gold. Allows the Secretary to use gold from U.S. reserves in the absence of available supplies of such mined gold at the average world price.
Repeals a provision prohibiting the Government from delivering any gold coin.
Requires any profit from the sale of such coins to be deposited in the Treasury and applied toward reducing the national debt. Directs the Secretary to ensure that the issuance of such coins results in no net cost to the Government.