Marine Corps Aviation Centennial Commemorative Coin Act, H.R. 1621

H.R. 1621 (IH – Introduced in House)

To require the Secretary of the Treasury to mint coins in commemoration of the Centennial of Marine Corps Aviation, and to support construction of the Marine Corps Heritage Center.

April 15, 2011

Mr. KLINE (for himself, Mr. GRIMM, Mr. RUNYAN, Mr. COFFMAN of Colorado, Mr. RYAN of Ohio, Ms. BORDALLO, Mr. CRITZ, Mr. PALAZZO, Mr. CRAVAACK, Mr. JONES, and Mr. YOUNG of Indiana) introduced the following bill; which was referred to the Committee on Financial Services

To require the Secretary of the Treasury to mint coins in commemoration of the Centennial of Marine Corps Aviation, and to support construction of the Marine Corps Heritage Center.

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 ‘Marine Corps Aviation Centennial Commemorative Coin Act’.

SEC. 2. FINDINGS.

Congress finds that–

(1) the year 2012 is the 100th Anniversary of the birth of Marine Corps Aviation;

(2) Marine Corps Aviation’s value to the individual Marine and the Marine Corps as a whole has centered on a number of long-established and essential hallmark qualities;

(3) such essential qualities, including adaptability, agility, and being of one mind, have been seen during past campaign successes, are witnessed during today’s combat operations, and are key planning factors for future aircraft and aviation capabilities;

(4) Marine Corps Aviation, as an essential element of the Marine Corps Air Ground Task Force, is critical to the continuing success of our Nation’s expeditionary ‘Force in Readiness’;

(5) in 2001, the Congress authorized the construction of the Marine Corps Heritage Center, the purpose of which is to provide a multipurpose facility to be used for historical displays for the public viewing, curation, and storage of artifacts, research facilities, classrooms, offices, and associated activities, consistent with the mission of the Marine Corps;

(6) the initial portion of the Marine Corps Heritage Center opened on November 10, 2006;

(7) the United States should pay tribute to the Marine Corps Aviation Centennial and to the United States Marine Corps, by minting and issuing a commemorative $10 gold coin; and

(8) the surcharge proceeds from the sale of a commemorative coin, which would have no net costs to the taxpayers, would raise valuable funding for the continuing construction of the Marine Corps Heritage Center.

SEC. 3. COIN SPECIFICATIONS.

(a) $10 Gold Coins- The Secretary of the Treasury (hereafter in this Act referred to as the ‘Secretary’) shall mint and issue not more than 100,000 $10 coins, each of which shall–

(1) weigh 8.359 grams;

(2) have a diameter of 0.850 inches; and

(3) contain 90 percent gold and 10 percent alloy.

(b) Legal Tender- The coins minted under this Act shall be legal tender, as provided in section 5103 of title 31, United States Code.

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 warrior ethos of the United States Marine Corps.

(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 ‘2015’; 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 Marine Corps Historical Division and 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) Mint Facility- Only one facility of the United States Mint may be used to strike any particular quality of the coins minted under this Act.

(c) Period for Issuance- The Secretary may issue coins minted under this Act only during the one-year period beginning on January 1, 2015.

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 subsection (b) 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) Surcharges- All sales of coins issued under this Act shall include a surcharge of $35 per coin.

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

(d) Prepaid Orders-

(1) IN GENERAL- The Secretary shall accept prepaid orders for coins minted under this Act before the issuance of such coins.

(2) DISCOUNT- Sale prices with respect to prepaid orders under paragraph (1) should be at a reasonable discount.

SEC. 7. DISTRIBUTION OF SURCHARGES.

(a) 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 Marine Corps Heritage Foundation for the purposes of construction of the Marine Corps Heritage Center, as authorized by section 1 of Public Law 106-398 (114 Stat. 1654).

(b) Audit- The Marine Corps Heritage Foundation 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 (a).