S. 2714 — Introduced in Senate

II 113th CONGRESS 2d Session S. 2714 IN THE SENATE OF THE UNITED STATES July 31, 2014Mr. Blunt (for himself and Mrs. McCaskill) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To require the Secretary of the Treasury to mint coins in commemoration of the centennial of World War I. 1. Short title This Act may be cited as the World War I American Veterans Centennial Commemorative Coin Act. 2. Findings; purpose (a) Findings Congress finds that— (1) the year 2018 is the 100th anniversary of the signing of the armistice with Germany ending World War I battlefield hostilities; (2) on April 6, 1917, the United States entered World War I by declaring war against Germany; (3) 2,000,000 American soldiers served overseas during World War I; (4) more than 4,000,000 men and women from the United States served in uniform during World War I; (5) the events of 1914 through 1918 shaped the world and the lives of millions of people for decades; (6) more than 9,000,000 soldiers worldwide lost their lives between 1914 and 1918; (7) the centennial of the involvement of the United States in World War I offers an opportunity for people in the United States to commemorate the commitment of their predecessors; (8) Frank Buckles, the last American veteran from World War I, died on February 27, 2011; (9) Mr. Buckles was the last direct American link to the war to end all wars; (10) while other great conflicts, including the Civil War, World War II, the Korean War, and the Vietnam War, have all been memorialized on United States commemorative coins, there currently is no coin to honor the brave veterans of World War I; and (11) the 112th Congress established the World War I Centennial Commission to plan, develop, and execute programs, projects, and activities to commemorate the centennial of World War I. (b) Purposes The purposes of this Act are to— (1) commemorate the centennial of the involvement of the United States in World War I; and (2) honor the more than 4,000,000 men and women from the United States who served during World War I. 3. Coin specifications (a) $1 silver coins The Secretary of the Treasury (hereafter in this Act referred to as the Secretary) shall mint and issue not more than 350,000 $1 coins to commemorate the centennial of the involvement of the United States in World War I, each of which shall— (1) weigh 26.73 grams; (2) have a diameter of 1.500 inches; and (3) 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 sections 5134 and 5136 of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items. 4. Design of coins (a) Design requirements (1) In general The design of the coins minted under this Act shall be emblematic of the centennial of the involvement of the United States in World War I. (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 selected by the Secretary based on the winning design from a design competition described in subsection (c). (c) Design competition (1) In general The Secretary shall hold a competition and provide compensation for the winner of the contest to design the obverse and reverse of the coins minted under this Act. (2) Manner of competition The competition required by this subsection shall be held in the following manner: (A) The competition shall be judged by an expert jury— (i) chaired by the Secretary; and (ii) consisting of— (I) 3 members from the Citizens Coinage Advisory Committee, who shall be elected by the Committee; and (II) 3 members from the Commission of Fine Arts, who shall be elected by the Commission. (B) The Secretary shall determine compensation for the winning design, which shall be not less than $5,000. (C) The Secretary may not accept a design for the competition unless a plaster model accompanies the design. 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 1 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 under this Act only during the period beginning on January 1, 2018, and ending on December 31, 2018. 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 the 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 the coins. (2) Discount Sale prices with respect to prepaid orders under paragraph (1) shall be at a reasonable discount. 7. Surcharges (a) In general All sales of coins issued under this Act shall include a surcharge of $10 per 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 paid by the Secretary to the World War I Centennial Commission, consistent with section 8. (c) Unused funds upon termination If, upon the termination of the World War I Centennial Commission, there remains a balance of funds from surcharges received from the Secretary pursuant to this section, the Commission shall transfer the funds to the general fund of the Treasury. (d) Audits The World War I Commission 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). (e) Limitation (1) In general 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 the issuance, the issuance of the coin would result in the number of commemorative coin programs issued during the calendar year to exceed the annual 2 commemorative coin program issuance limitation under section 5112(m)(1) of title 31, United States Code. (2) Guidance The Secretary may issue guidance to carry out this subsection. 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, shall be 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, 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.