Korean Immigration Commemorative Coin Act - Directs the Secretary of the Treasury, during the one-year period beginning January 1, 2018, to mint and issue $5 gold coins and $1 silver coins emblematic of the immigration of Koreans into the United States and their significant contributions of Korean Americans to this nation.
Requires all surcharges received from coin sales to be promptly paid by the Secretary to the Council on 100th Year Korean Immigration Commemorative Coin Act in order to provide academic scholarships.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6571 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 6571
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.
_______________________________________________________________________
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>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Domestic Monetary Policy and Technology.
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