HR 5573

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IN THE HOUSE OF REPRESENTATIVES

October 8, 2002

Mr. King (for himself, Mrs. Maloney of New York, Mr. Baker, Mr. Bachus, Mrs. Kelly, Mr. Mascara, Mr. Shays, Mr. Grucci, Mr. Rogers of Michigan, Mr. Israel, Mrs. McCarthy of New York, Mr. Wamp, Mr. Hansen, Mr. Fossella, Mr. Walsh, Mr. Blunt, Mr. Boehlert, Mr. Wolf, Mr. Frost, Mr. McHugh, Mr. Quinn, Mr. Clyburn, Mr. McInnis, Mr. McNulty, Mr. Neal of Massachusetts, Mr. Peterson of Pennsylvania, Mr. Borski, Mr. Tancredo, Mr. Pomeroy, Mr. Saxton, Mr. Foley, Mr. Hinchey, Mr. Kennedy of Minnesota, Mr. Souder, and Mr. Serrano) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To require the Secretary of the Treasury to mint coins in commemoration of the centenary of the bestowal of the Nobel Peace Prize on President Theodore Roosevelt, and for other purposes.

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 “Theodore Roosevelt Commemorative Coin Act”.

SEC. 2. FINDINGS.

The Congress finds the following:

(1) Theodore Roosevelt, one of America’s greatest presidents, was born on October 27, 1858, in New York City, New York.

(2) At the young age of 23, Theodore Roosevelt was elected to the first of 3 terms as a representative in the New York State Assembly (1882-1884).

(3) From 1895-1897, Theodore Roosevelt served as Commissioner of the New York City Police Department.

(4) While serving as Assistant Secretary of the Navy under President William McKinley (1897-1898), Theodore Roosevelt organized the First United States Volunteer Cavalry Regiment, popularly known as the “Rough Riders”, and then served as Colonel of this regiment during the Spanish-American War.

(5) From 1898-1900, Theodore Roosevelt served as Governor of New York.

(6) In 1900, with the election of President McKinley, Theodore Roosevelt was elected as the 25th Vice-President of the United States.

(7) Becoming the 26th President of the United States the following year, Theodore Roosevelt took a very active role in foreign affairs, establishing the United States as a new world power, and instituted broad reforms, at home, particularly with respect to labor, monopolies, and conservation, until the end of his presidency in 1909.

(8) On January 16, 2001, Theodore Roosevelt was posthumously awarded the Congressional Medal of Honor for leading a charge up the San Juan Heights in Cuba during the Spanish-American War, shortly before the war ended, thereby becoming the first President of the United States to be awarded the Congressional Medal of Honor.

(9) 2006 will mark the 100th anniversary of Theodore Roosevelt receiving the Nobel Peace Prize, the first citizen of the United States to receive such prize, for drawing up the 1905 peace treaty ending the Russo-Japanese War.

SEC. 3. COIN SPECIFICATIONS.

(a) Denominations.—The Secretary of the Treasury (hereinafter in this Act referred to as the “Secretary”) shall mint and issue the following coins:

(1) $5 gold coins.—Not more than 50,000 $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, 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.

(d) Use of the United States Mint at West Point, New York.—It is the sense of the Congress that the coins minted under this Act should be struck at the United States Mint at West Point, New York, to the greatest extent possible.

SEC. 4. DESIGN OF COINS.

(a) Design Requirements.—

(1) In general.—The design of the coins minted under this Act shall—

(A) be emblematic of the life and legacy of President Theodore Roosevelt; and

(B) use the designs of James Earle Fraser or Augustus Saint-Gaudens, 2 sculptors most closely associated with the revitalization of the United States coinage, commonly referred to as the “Golden Age of American Coin Design”, that was initiated by President Theodore Roosevelt.

(2) Obverse.—The obverse of the coins minted under this Act shall bear the image of Theodore Roosevelt as a Rough Rider that was used on the James Earle Fraser medal of 1920.

(3) Reverse.—The reverse of the coins minted under this Act shall bear the eagle design, with motto, from the $20 gold “double eagle” coin produced between 1907 and 1933 and designed by Augustus Saint-Gaudens.

(4) 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 selected by the Secretary after consultation with the Commission of Fine Arts.

SEC. 5. ISSUANCE OF COINS.

(a) Quality of Coins.—Coins minted under this Act shall be issued in uncirculated and proof qualities.

(b) Commencement of Issuance.—The Secretary may issue coins minted under this Act beginning January 1, 2006, except that the Secretary may initiate sales of such coins, without issuance, before such date.

(c) Termination of Minting Authority.—No coins shall be minted under this Act after December 31, 2006.

SEC. 6. SALE OF COINS.

(a) Sale Price.—Notwithstanding any other provision of law, the coins issued under this Act shall be sold by the Secretary at a price equal to the face value, plus the cost of designing and issuing such coins (including labor, materials, dies, use of machinery, overhead expenses, and marketing).

(b) Bulk Sales.—The Secretary shall make bulk sales of the coins issued under this Act at a reasonable discount.

(c) Prepaid Orders at a Discount.—

(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.

SEC. 7. SURCHARGES.

(a) Surcharge Required.—All sales shall include a surcharge of $35 per coin for the $5 coins and $10 per coin for the $1 coins.

(b) Distribution.—Subject to section 5134(f) of title 31, United States Code, all surcharges which are received by the Secretary from the sale of coins issued under this Act shall be promptly paid by the Secretary to the Theodore Roosevelt Association to be used exclusively for educational programs at Sagamore Hill National Historic Site, operated by the National Park Service, including for the construction and maintenance of a visitor’s center.

(c) Audits.—The Theodore Roosevelt Association shall be subject to the audit requirements of section 5134(f)(2) of title 31, United States Code. <all>