< Back to H.R. 3492 (103rd Congress, 1993–1994)

Text of the United States Military Academy Bicentennial Commemorative Coin Act of 1993

This bill was introduced on November 10, 1993, in a previous session of Congress, but was not enacted. The text of the bill below is as of Nov 10, 1993 (Introduced).

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Source: GPO

HR 3492 IH

103d CONGRESS

1st Session

H. R. 3492

To authorize the minting of coins to commemorate the 200th anniversary of the founding of the United States Military Academy at West Point, New York.

IN THE HOUSE OF REPRESENTATIVES

November 10, 1993

Mr. FISH (for himself, Mr. BILBRAY, Mr. COBLE, Mr. GILMAN, Mr. LANCASTER, Mr. LIPINSKI, Mr. HAYES, Mr. KING, Mr. PICKLE, Mr. REGULA, Mr. SHAYS, Mr. STOKES, Mr. TANNER, Mr. TEJEDA, Mr. WOLF, Mr. YOUNG of Florida, Mr. MARTINEZ, Mr. NATCHER, Mr. BLILEY, Mr. EDWARDS of Texas, Mr. LAZIO, Mr. SARPALIUS, Mr. FALEOMAVAEGA, Mr. MCMILLAN, Mr. MCHUGH, Mr. LEVY, Mr. FROST, Mr. HORN, Mr. HOBSON, Mr. MONTGOMERY, Mr. SOLOMON, Mr. MYERS of Indiana, Mr. COLEMAN, Mr. HOCHBRUECKNER, Mr. GEKAS, Mr. TOWNS, Mr. SPENCE, Mr. GILLMOR, Mr. UNDERWOOD, Mr. SKEEN, Mr. REED, Mr. SCOTT, Mr. DELLUMS, Mr. WALSH, Mr. MOORHEAD, Mr. HUGHES, Mr. SWIFT, Mr. SERRANO, Mr. SUNDQUIST, Mr. ACKERMAN, Mr. LAUGHLIN, Mr. MCDERMOTT, Mr. APPLEGATE, and Ms. SLAUGHTER) introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs


A BILL

To authorize the minting of coins to commemorate the 200th anniversary of the founding of the United States Military Academy at West Point, New York.

    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 ‘United States Military Academy Bicentennial Commemorative Coin Act of 1993’.

SEC. 2. COIN SPECIFICATIONS.

    (a) FIVE DOLLAR GOLD COINS-

      (1) ISSUANCE- The Secretary of the Treasury (hereafter in this Act referred to as the ‘Secretary’) shall issue not more than 50,000 $5 coins, which shall weigh 8.359 grams, have a diameter of 0.850 inches, and shall contain 90 percent gold and 10 percent alloy.

      (2) DESIGN- The design of the $5 coins shall be emblematic of the United States Military Academy and its motto ‘Duty, Honor, Country’. On each such coin there shall be a designation of the value of the coin, an inscription of the year ‘2002’, and inscriptions of the words ‘Liberty’, ‘In God We Trust’, ‘United States of America’, and ‘E Pluribus Unum’.

    (b) ONE DOLLAR SILVER COINS-

      (1) ISSUANCE- The Secretary shall issue not more than 250,000 $1 coins, which shall weigh 26.73 grams, have a diameter of 1.500 inches, and shall contain 90 percent silver and 10 percent copper.

      (2) DESIGN- The design of the $1 coins shall be emblematic of the United States Military Academy and its motto ‘Duty, Honor, Country’. On each such coin there shall be a designation of the value of the coin, an inscription of the year ‘2002’, and inscriptions of the words ‘Liberty’, ‘In God We Trust’, ‘United States of America’, and ‘E Pluribus Unum’.

    (c) HALF DOLLAR CLAD COINS-

      (1) ISSUANCE- The Secretary shall issue not more than 350,000 half dollar coins, each of which shall weigh 11.34 grams, have a diameter of 1.205 inches; and be minted to the specifications for half dollar coins contained in section 5112(b) of title 31, United States Code.

      (2) DESIGN- The design of the half dollar coins shall be emblematic of the United States Military Academy and its motto ‘Duty, Honor, Country’. On each such coin there shall be a designation of the value of the coin, an inscription of the year ‘2002’, and inscriptions of the words ‘Liberty’, ‘In God We Trust’, ‘United States of America’, and ‘E Pluribus Unum’.

    (d) LEGAL TENDER- The coins issued under this Act shall be legal tender as provided in section 5103 of title 31, United States Code.

SEC. 3. SOURCES OF BULLION.

    (a) SILVER BULLION- The Secretary shall obtain silver for the coins minted under this Act only from stockpiles established under the Strategic and Critical Materials Stock Piling Act.

    (b) GOLD BULLION- The Secretary shall obtain gold for the coins minted under this Act pursuant to the authority of the Secretary under existing law.

SEC. 4. SELECTION OF DESIGN.

    The design for each coin authorized by this Act shall be selected by the Secretary after consultation with the Commission of Fine Arts and the Bicentennial Steering Group, Association of Graduates, United States Military Academy. As required by section 5135 of title 31, United States Code, the designs shall also be reviewed by the Citizens Commemorative Coin Advisory Committee.

SEC. 5. ISSUANCE OF THE COINS.

    (a) GOLD COINS- The $5 coins authorized under this Act may be issued in uncirculated and proof qualities and shall be struck at the United States Bullion Depository at West Point.

    (b) SILVER AND HALF DOLLAR COINS- The $1 coins and the half dollar coins authorized under this Act may be issued in uncirculated and proof qualities, except that not more than 1 facility of the United States Mint may be used to strike any particular combination of denomination and quality.

    (c) COMMENCEMENT OF ISSUANCE- The coins authorized under this Act shall be available for issue not later than March 16, 2002.

    (d) SUNSET PROVISION- No coins shall be minted under this Act after December 31, 2002.

SEC. 6. SALE OF THE COINS.

    (a) SALE PRICE- The coins issued under this Act shall be sold by the Secretary at a price equal to the sum of the face value of the coins, the surcharge provided in subsection (d) with respect to such coins, and the cost of designing and issuing such coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).

    (b) BULK SALES- The Secretary shall make bulk sales at a reasonable discount.

    (c) PREPAID ORDERS- The Secretary shall accept prepaid orders for the coins prior to the issuance of such coins. Sales under this subsection shall be at a reasonable discount.

    (d) SURCHARGE REQUIRED- All sales shall include a surcharge of $25 per coin for the $5 coins, $5 per coin for the $1 coins, and $1 per coin for the half dollar coins.

SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

    No provision of law governing procurement or public contracts shall be applicable to the procurement of goods or services necessary for carrying out the provisions of this Act. Nothing in this section shall relieve any person entering into a contract under the authority of this Act from complying with any law relating to equal employment opportunity.

SEC. 8. DISTRIBUTION OF SURCHARGES.

    The total surcharges collected by the Secretary from the sale of the coins issued under this Act shall be promptly paid by the Secretary to the Association of Graduates, United States Military Academy to assist the Association of Graduates’ efforts to provide direct support to the academic, military, physical, moral, and ethical development programs of the Corps of Cadets, United States Military Academy.

SEC. 9. AUDITS.

    The Comptroller General of the United States shall have the right to examine such books, records, documents, and other data of the Association of Graduates, United States Military Academy as may be related to the expenditure of amounts paid under section 8.

SEC. 10. NUMISMATIC PUBLIC ENTERPRISE FUND.

    The coins issued under this Act are subject to the provisions of section 5134 of title 31, United States Code, relating to the Numismatic Public Enterprise Fund.

SEC. 11. FINANCIAL ASSURANCES.

    (a) NO NET COST TO THE GOVERNMENT- The Secretary shall take all actions necessary to ensure that the issuance of the coins authorized by this Act shall result in no net cost to the United States Government.

    (b) ADEQUATE SECURITY FOR PAYMENT REQUIRED- No coin shall be issued under this Act unless the Secretary has received--

      (1) full payment therefore;

      (2) security satisfactory to the Secretary to indemnify the United States for full payment; or

      (3) a guarantee of full payment satisfactory to the Secretary from a depository institution whose deposits are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration Board.