To require the Secretary of the Treasury to mint coins in commemoration of the recipients of the Congressional Medal of Honor.

November 7, 2003

Mr. CALVERT introduced the following bill; which was referred to the Committee on Financial Services

To require the Secretary of the Treasury to mint coins in commemoration of the recipients of the Congressional Medal of Honor.

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 `Congressional Medal of Honor Memorial Coin Act of 2003'.

SEC. 2. FINDINGS.

Congress finds the following:

(1) The Congressional Medal of Honor is the highest award for valor that can be bestowed upon a member of the Armed Forces of the United States.

(2) The recipients of the Congressional Medal of Honor have conspicuously distinguished themselves by gallantry and intrepidity at the risk of their lives above and beyond the call of duty.

(3) The National Medal of Honor Memorial at Riverside National Cemetery is a fitting monument to the heroes who have received the Congressional Medal of Honor.

(4) The National Medal of Honor Memorial at Riverside National Cemetery honors the service and sacrifice of each of the recipients of the Congressional Medal of Honor.

(5) The $1,700,000 required to build the National Medal of Honor Memorial at Riverside National Cemetery was raised solely through donations to the Riverside National Cemetery Congressional Medal of Honor Memorial Committee.

(6) Substantial support exists among the people of the United States for the minting and issuance of coins in commemoration of the recipients of the Congressional Medal of Honor.

(7) The people of the United States will be able to keep and hold the coins minted under this Act as a personal memorial to the many heroes who have received the Congressional Medal of Honor.

SEC. 3. COIN SPECIFICATIONS.

(a) DENOMINATIONS- In commemoration of the recipients of the Congressional Medal of Honor, the Secretary of the Treasury (hereafter in this Act referred to as the `Secretary') shall mint and issue the following:

(1) $5 Gold Coins- Not more than 50,000 $5 coins, each of 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 250,000 $1 coins, each of 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 section 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) IN GENERAL- The design of the coins minted under this Act shall be emblematic of the values and abilities necessary to earn the Congressional Medal of Honor, such as gallantry and intrepidity.

(b) DESIGNATION AND INSCRIPTIONS- On each coin minted under this Act there shall be--

(1) a designation of the value of the coin;

(2) an inscription of the year `2005'; and

(3) inscriptions of the words `Liberty', `In God We Trust', `United States of America', and `E Pluribus Unum'.

(c) 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

(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- Only 1 facility of the United States Mint may be used to strike any particular quality of the coins minted under this Act.

(c) PERIOD FOR ISSUANCE- The Secretary may issue coins minted under this Act only during the period beginning on January 1, 2005, and ending on December 31, 2005.

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 surcharges required by 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- The Secretary shall accept prepaid orders received before the issuance of the coins minted under this Act. The sale prices with respect to such prepaid orders shall be at a reasonable discount.

SEC. 7. SURCHARGES.

(a) ASSESSMENT- Any sale by the Secretary of a coin 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, the proceeds from the surcharges received by the Secretary from the sale of coins issued under this Act shall be paid promptly by the Secretary to the Riverside National Cemetery Support Committee, a nonprofit organization established under the laws of the State of California, for the purposes of--

(1) maintaining the National Medal of Honor Memorial at Riverside National Cemetery; and

(2) constructing and maintaining such memorials as the Riverside National Cemetery Support Committee and the Secretary of Veterans Affairs may jointly designate.

END