S. 1881Senate109th Congress (2005-2007)In Committee

San Francisco Old Mint Commemorative Coin Act

Introduced October 18, 2005

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3 earlier actions
SenateCommittee Latest Action

Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably.

May 18, 2006

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SenateIntro Referral

Introduced in Senate

October 18, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S11478-11479)

October 18, 2005

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S11479)

October 18, 2005

SenateCommittee

Committee on Banking, Housing, and Urban Affairs. Ordered to be reported without amendment favorably.

May 18, 2006

Floor Debate

4 members

What members said about S. 1881 on the floor

1 Republican3 Democrats
Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Oct 18, 2005

Mr. President: I rise today to introduce S. 1883, the Empowering More Property Owners with Enhanced Rights Act of 2005, or the EMPOWER Act, a bill that amends the Uniform Relocation Assistance and…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Oct 18, 2005

Mr. President. I rise today to join my colleagues Senators Boxer and Ensign to introduce legislation to authorize the United States Mint to issue a commemorative coin that will honor the San…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Oct 18, 2005

Mr. President. I rise today to join my colleagues Senators Boxer and Ensign to introduce legislation to authorize the United States Mint to issue a commemorative coin that will honor the San…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Oct 18, 2005

Mr. President, I rise to introduce the Food Employment Empowerment and Development Act or FEED Act along with my colleagues Senators Dole and Lincoln. This important, bipartisan legislation will…

Blanche L. Lincoln
Sen. Blanche L. LincolnD-AR · Oct 18, 2005

Mr. President, I rise today in support of the Food Employment Empowerment and Development (FEED) Act. I am proud to join my good friends and colleagues, Senators Lautenberg and Dole in introducing…

Bill Text

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Introduced in SenateIssued October 18, 2005

II

109th CONGRESS

1st Session

S. 1881

IN THE SENATE OF THE UNITED STATES

October 18, 2005

Mrs. Feinstein (for herself, Mrs. Boxer, and Mr. Ensign) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To require the Secretary of the Treasury to mint coins in commemoration of the Old Mint at San Francisco, otherwise known as the Granite Lady, and for other purposes.

1.

Short title

This Act may be cited as the San Francisco Old Mint Commemorative Coin Act.

2.

Findings

Congress finds the following:

(1)

The Granite Lady played an important role in the history of the Nation.

(2)

The San Francisco Mint was established pursuant to an Act of Congress of July 3, 1852, to convert miners’ gold from the California gold rush into coins.

(3)

The San Francisco Old Mint Building was designed by architect A.B. Mullett, who also designed the United States Treasury Building and the Old Executive Office Building.

(4)

The solid construction of the Granite Lady enabled it to survive the 1906 San Francisco earthquake and fire, making it the only financial institution that was able to operate immediately after the earthquake as the treasury for disaster relief funds for the city of San Francisco.

(5)

Coins struck at the San Francisco Old Mint are distinguished by the S mint mark.

(6)

The San Francisco Old Mint is famous for having struck many rare, legendary issues, such as the 1870–S $3 coin, which is valued today at well over $1,000,000, and the 1894–S dime which is comparatively rare.

(7)

The San Francisco Old Mint Commemorative Coin will be the first commemorative coin to honor a United States mint facility.

3.

Coin specifications

(a)

Denominations

Notwithstanding any other provision of law, and in commemoration of the San Francisco Old Mint, the Secretary of the Treasury (hereafter in this Act referred to as the Secretary) shall mint and issue the following coins:

(1)

$5 gold coins.—Not more than 100,000 $5 coins, 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 500,000 $1 coins, 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 sections 5134 and 5136 of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items.

4.

Design of coins

(a)

Design requirements

(1)

In general

The design of the coins minted under this Act shall be emblematic of the San Francisco Old Mint Building, its importance to California and the history of the United States, and its role in rebuilding San Francisco after the 1906 earthquake and fire.

(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 2006; and

(C)

inscriptions of the words Liberty, In God We Trust, United States of America, and E Pluribus Unum.

(b)

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 the Board of the San Francisco Museum and Historical Society; and

(2)

reviewed by the Citizens Coinage Advisory Committee.

5.

Issuance of coins

(a)

Quality of coins

Coins minted under this Act shall be issued in uncirculated and proof qualities.

(b)

Mint facility

The coins authorized under this Act shall be struck at the San Francisco Mint, to the greatest extent possible.

(c)

Period for issuance

The Secretary may issue coins minted under this Act only during the 1-year period beginning on January 1, 2006.

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 surcharge provided in 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

(1)

In general

The Secretary shall accept prepaid orders for the coins minted under this Act before the issuance of such coins.

(2)

Discount

Sale prices with respect to prepaid orders under paragraph (1) shall be at a reasonable discount.

7.

Surcharges

(a)

In general

All sales of coins 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, all surcharges received by the Secretary from the sale of coins issued under this Act shall be promptly paid by the Secretary to the San Francisco Museum and Historical Society for the purposes of rehabilitating the Historic Old Mint in San Francisco as a city museum and an American Coin and Gold Rush Museum.

(c)

Audits

The San Francisco Museum and Historical Society shall be subject to the audit requirements of section 5134(f)(2) of title 31, United States Code, with regard to the amounts received under subsection (b).