Sec. 201. GOLD BULLION COINS
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## SEC. 201 GOLD BULLION COINS Section 5112 of title 31, United States Code, is amended— ####
(1)in subsection (a), by adding at the end the following: > > #### “(11) > > A $50 gold coin that is of an appropriate size and thickness, as determined by the Secretary, weighs 1 ounce, and contains 99.99 percent pure gold.” > ; and ####
(2)by adding at the end, the following: > > ### “(q) Gold Bullion Coins > > > #### “(1) In general > > Not later than 6 months after the date of enactment of the Presidential $1 Coin Act of 2005, the Secretary shall commence striking and issuing for sale such number of $50 gold bullion and proof coins as the Secretary may determine to be appropriate, in such quantities, as the Secretary, in the Secretary’s discretion, may prescribe. > > > #### “(2) Initial design > > > ##### “(A) In general > > Except as provided under subparagraph (B), the obverse and reverse of the gold bullion coins struck under this subsection during the first year of issuance shall bear the original designs by James Earle Fraser, which appear on the 5-cent coin commonly referred to as the ‘Buffalo nickel’ or the ‘1913 Type 1’. > > > ##### “(B) Variations > > The coins referred to in subparagraph
(A)shall— > > > ###### “(i) > > have inscriptions of the weight of the coin and the nominal denomination of the coin incused in that portion of the design on the reverse of the coin commonly known as the ‘grassy mound’; and > > > ###### “(ii) > > bear such other inscriptions as the Secretary determines to be appropriate. > > > #### “(3) Subsequent designs > > After the 1-year period described to in paragraph (2), the Secretary may— > > > ##### “(A) > > after consulting with the Commission of Fine Arts, and subject to the review of the Citizens Coinage Advisory Committee, change the design on the obverse or reverse of gold bullion coins struck under this subsection; and > > > ##### “(B) > > change the maximum number of coins issued in any year. > > > #### “(4) Source of gold bullion > > > ##### “(A) In general > > The Secretary shall acquire gold for the coins issued under this subsection by purchase of gold mined from natural deposits in the United States, or in a territory or possession of the United States, within 1 year after the month in which the ore from which it is derived was mined. > > > ##### “(B) Price of gold > > The Secretary shall pay not more than the average world price for the gold mined under subparagraph (A). > > > #### “(5) Sale of coins > > Each gold bullion coin issued under this subsection shall be sold for an amount the Secretary determines to be appropriate, but not less than the sum of— > > > ##### “(A) > > the market value of the bullion at the time of sale; and > > > ##### “(B) > > the cost of designing and issuing the coins, including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping. > > > #### “(6) Legal tender > > The coins minted under this title shall be legal tender, as provided in section 5103. > > > #### “(7) Treatment as numismatic items > > For purposes of section 5134 and 5136, all coins minted under this subsection shall be considered to be numismatic items. > > > #### “(8) Protective covering > > > ##### “(A) In general > > Each bullion coin having a metallic content as described in subsection (a)(11) and a design specified in paragraph
(2)shall be sold in an inexpensive covering that will protect the coin from damage due to ordinary handling or storage. > > > ##### “(B) Design > > The protective covering required under subparagraph
(A)shall be readily distinguishable from any coin packaging that may be used to protect proof coins minted and issued under this subsection.” > . # TITLE III ABRAHAM LINCOLN BICENTENNIAL 1-CENT COIN REDESIGN