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Korean Immigration Commemorative Coin Act
To require the Secretary of the Treasury to mint coins in commemoration of the 100th anniversary of the beginning of Korean immigration into the United States.
Summary
This bill would direct the Secretary of the Treasury to mint commemorative coins celebrating the 100th anniversary of Korean immigration to the United States. The coins would include up to 20,000 gold $5 coins and 10,000 silver $1 coins, with designs emblematic of Korean immigration and the contributions of Korean Americans. The coins would be issued only during 2018 and sold at prices that include the face value, design costs, and surcharges of $35 per gold coin and $10 per silver coin. Surcharges from coin sales would be distributed to the Council on 100th Year Korean Immigration Commemorative Coin Act to provide academic scholarships. The bill requires that all design and issuance costs be recovered by the Treasury before any surcharge proceeds are distributed.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (3)
- Oct 23, 2012 Referred to the Subcommittee on Domestic Monetary Policy and Technology. · house
- Oct 12, 2012 Referred to the House Committee on Financial Services. · house
- Oct 12, 2012 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
October 12, 2012
Mr. Andrews 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 100th anniversary of the beginning of Korean immigration into the United States.
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 “Korean Immigration Commemorative Coin Act”.
SEC. 2. FINDINGS.
The Congress finds as follows:
(1) January 13, 2003, marked the 100th anniversary of the first wave of Korean immigration to the United States.
(2) At the time of that anniversary, more than 100 Korean American communities throughout this Nation will commemorate this important event.
(3) According to immigration records, in December 1902, 56 men, 21 women, and 25 children left Korea and sailed across the Pacific Ocean aboard the S.S. Gaelic, landing in Honolulu, Hawaii, on January 13, 1903.
(4) These early Korean immigrants worked at sugar cane and pineapple fields in Hawaii.
(5) Since that 1st voyage, approximately 1,000,000 Koreans have immigrated to the United States.
(6) Korean Americans have served with distinction in the U.S. Armed Forces during every war and conflict in which the United States is or was involved from World War I through the war in the Persian Gulf and beyond.
(7) Korean Americans have taken root and thrived in the United States through strong family ties, robust community support, and countless hours of hard work.
(8) Korean immigrants have invigorated business, church, and academic communities throughout the United States and Korean Americans have also established themselves as important members in the medical, legal, financial, and governmental professions.
(9) The strategic partnership between the United States and Korea has helped undergird peace and stability in the Asian Pacific region and has provided economic benefits to not only the peoples of the United States and Korea, but to the entire world.
SEC. 3. COIN SPECIFICATIONS.
(a) Denominations.—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 20,000 $5 coins, which shall—
(A) weigh 8.359 grams;
(B) have diameter of 0.850 inches; and
(C) contain 90 percent gold and 10 percent alloy.
(2) $1 silver coins.—Not more than 10,000 $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 section 5134 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) Design Requirements.—
(1) In general.—The design of the coins minted under this Act shall be emblematic of the immigration of Koreans into the United States and the significant contributions of Korean Americans to this Nation.
(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 “2018”; 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
(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) Period of Issuance.—The Secretary may issue coins minted under this Act only during the 1-year period beginning on January 1, 2018.
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 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.
SEC. 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 Council on 100th Year Korean Immigration Commemorative Coin Act to provide academic scholarships.
(c) Audits.—The Council on 100th Year Korean Immigration Commemorative Coin Act 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).
(d) Limitation.—Notwithstanding subsection (a), no surcharge may be included with respect to the issuance under this Act of any coin during a calendar year if, as of the time of such issuance, the issuance of such coin would result in the number of commemorative coin programs issued during such year to exceed the annual commemorative coin program issuance limitation under section 5112(m)(1) of title 31, United States Code. The Secretary of the Treasury may issue guidance to carry out this subsection.
SEC. 8. FINANCIAL ASSURANCES.
The Secretary shall take such actions as may be necessary to ensure that—
(1) minting and issuing coins under this Act will not result in any net cost to the United States Government; and
(2) no funds, including applicable surcharges, are disbursed to any recipient designated in section 7 until the total cost of designing and issuing all of the coins authorized by this Act (including labor, materials, dies, use of machinery, winning design compensation, overhead expenses, marketing, and shipping) is recovered by the United States Treasury, consistent with sections 5112(m) and 5134(f) of title 31, United States Code. <all>
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