West Point Commems- Mintage and $5 Gold?
Rover
Posts: 157
I'm back from vacation and the holidays. My first post in quite awhile....
I was reading the legislation for the West Point Commems found here.
The bill includes a provision for a $5 gold. But the mint didn't produce any. Who made or how was the decision made?? Just curious if anybody knows the process.
It also makes mention that "The Secretary shall issue not more than 250,000 $1 coins"....but the mintage is 500k. Am I seeing a draft version of the legislation.
Dan
I was reading the legislation for the West Point Commems found here.
The bill includes a provision for a $5 gold. But the mint didn't produce any. Who made or how was the decision made?? Just curious if anybody knows the process.
It also makes mention that "The Secretary shall issue not more than 250,000 $1 coins"....but the mintage is 500k. Am I seeing a draft version of the legislation.
Dan
0
Comments
Just took a look at the link and yes that is just a senate bill not the final legislation.
SEC. 207. UNITED STATES MILITARY ACADEMY BICENTENNIAL
COMMEMORATIVE COINS.
(a) COIN SPECIFICATIONS.—
(1) ONE DOLLAR SILVER COINS.—
(A) ISSUANCE.—The Secretary shall issue not more
than 500,000 $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.
(B) 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’’.
(2) LEGAL TENDER.—The coins issued under this section
shall be legal tender as provided in section 5103 of title 31,
United States Code.
(b) SOURCES OF BULLION.—The Secretary shall obtain silver
for the coins minted under this section only from stockpiles established
under the Strategic and Critical Materials Stock Piling Act.
(c) SELECTION OF DESIGN.—The design of the coins minted
under this section 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.
(d) ISSUANCE OF THE COINS.—
(1) QUALITY AND MINT FACILITY.—The coins authorized
under this section may be issued in uncirculated and proof
qualities and shall be struck at the United States Bullion
Depository at West Point.
H. R. 3841—39
(2) PERIOD FOR ISSUANCE.—The Secretary shall issue coins
minted under this section during the period beginning on March
16, 2002, and ending on March 16, 2003.
(3) SUNSET PROVISION.—No coins shall be minted under
this section after December 31, 2002.
(e) SALE OF THE COINS.—
(1) SALE PRICE.—The coins issued under this section shall
be sold by the Secretary at a price equal to the sum of the
face value of the coins, the surcharge provided in paragraph
(4) 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).
(2) BULK SALES.—The Secretary shall make bulk sales
available at a reasonable discount.
(3) PREPAID ORDERS.—The Secretary shall accept prepaid
orders for the coins prior to the issuance of such coins. Sales
under this paragraph shall be at a reasonable discount.
(4) SURCHARGE REQUIRED.—All sales shall include a surcharge
of $10 per coin.
(f) GENERAL WAIVER OF PROCUREMENT REGULATIONS.—No
provision of law governing procurement or public contracts shall
be applicable to the procurement of goods and services necessary
for carrying out the provisions of this section. Nothing in this
subsection shall relieve any person entering into a contract under
the authority of this section from complying with any law relating
to equal employment opportunity.
(g) DISTRIBUTION OF SURCHARGES.—The total surcharges collected
by the Secretary from the sale of the coins issued under
this section 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.
(h) 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 subsection (g).
(i) NUMISMATIC PUBLIC ENTERPRISE FUND.—The coins issued
under this section are subject to the provisions of section 5134
of title 31, United States Code, relating to the Numismatic Public
Enterprise Fund.
(j) FINANCIAL ASSURANCES.—
(1) NO NET COST TO THE GOVERNMENT.—The Secretary
shall take all actions necessary to ensure that the issuance
of the coins authorized by this section shall result in no net
cost to the United States Government.
(2) ADEQUATE SECURITY FOR PAYMENT REQUIRED.—No coin
shall be issued under this section unless the Secretary has
received—
(A) full payment therefor;
(B) security satisfactory to the Secretary to indemnify
the United States for full payment; or
(C) 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.
FYI, I went into the USC, and eventually to where the link provided takes you, but the West Poin Commem legislation isn't the only coin legislation there.