Saint-Gaudens Double Eagle ultra-high relief bullion coins in palladium
Arizona Coin Collector
111th CONGRESS
1st Session
S. 758
To authorize the production of Saint-Gaudens Double
Eagle ultra-high relief bullion coins in palladium
to provide affordable opportunities for investments
in precious metals, and for other purposes.
IN THE SENATE OF THE UNITED STATES
April 1, 2009
Mr. BAUCUS (for himself and Mr. TESTER) introduced
the following bill; which was read twice and referred
to the Committee on Banking, Housing, and Urban Affairs
-----------------------------------------------------
A BILL
To authorize the production of Saint-Gaudens Double
Eagle ultra-high relief bullion coins in palladium
to provide affordable opportunities for investments
in precious metals, and for other purposes.
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 `Original Saint-Gaudens
Double Eagle Ultra-High Relief Bullion Coin Act of 2009'.
SEC. 2. PALLADIUM COIN.
Section 5112 of title 31, United States Code, is amended--
(1) in subsection (a), by adding at the end the following
new paragraph:
`(12) A $20 coin that--
`(A) is 27 millimeters in diameter;
`(B) weighs 1 ounce;
`(C) is of an appropriate thickness, as determined by the
Secretary; and
`(D) bears, on the obverse and reverse, the designs of the
famous 27-millimeter version of the 1907 Augustus
Saint-Gaudens Double Eagle gold piece, as described in
subsection (u).'; and
(2) by adding at the end, the following new subsection:
`(u) Original Saint-Gaudens Double Eagle Ultra-High Relief
Numismatic Coins and Bullion Investment Coins -
`(1) IN GENERAL- Beginning in 2009, the Secretary shall
commence minting and issuing for sale--
`(A) such number of $20 bullion investment coins as the
Secretary may determine to be appropriate, that bear the
design described in paragraph (2); and
`(B) not more than 15,000 of the numismatic $20 coins that
bear the design and meet the requirements of paragraph (3).
`(2) DESIGN AND REQUIREMENTS FOR BULLION INVESTMENT COINS -
`(A) IN GENERAL- Except as provided under subparagraph (B),
the obverse and reverse of the coins minted and issued
pursuant to paragraph (1)(A) shall bear a likeness of the
original obverse and reverse designs by Augustus
Saint-Gaudens which appear on the famous 27-millimeter
version of the 1907 Double Eagle ultra-high relief gold piece.
`(B) VARIATIONS- The coins referred to in subparagraph (A) shall--
`(i) have inscriptions of the weight of the coin and the
purity of the alloy in the coin raised on the edge of the coin;
`(ii) bear the nominal denomination of the coin;
`(iii) bear the date of issue of the coin on the obverse,
expressed as a Roman numeral as in the original design; and
`(iv) bear such other inscriptions, including `In God We
Trust', as the Secretary determines to be appropriate and
in keeping with the original design.
`(C) MINT FACILITY- Any facility of the United States Mint
may be used to strike coins minted pursuant to paragraph
(1)(A) other than the United States mint at
West Point, New York.
`(3) DESIGN AND REQUIREMENTS FOR ULTRA-HIGH RELIEF
NUMISMATIC COINS -
`(A) IN GENERAL- Subject to subparagraph (B), the obverse
and reverse of the coins minted and issued pursuant to
paragraph (1)(B) shall bear exact replicas of the original
obverse and reverse designs by Augustus Saint-Gaudens
which appear on the famous 27-millimeter version of the
1907 Double Eagle ultra-high relief gold piece and the
edge of the coin shall have all appropriate raised
lettering in the same manner as the original coin.
`(B) VARIATIONS- The coins referred to in subparagraph (A) shall--
`(i) bear a single finish that most closely approximate
the finish of the original gold 1907 ultra-high relief
gold piece as is practicable;
`(ii) bear the nominal denomination of the coin;
`(iii) bear the date of issue of the coin on the obverse,
expressed as a Roman numeral as in the original design; and
`(iv) bear such other inscriptions, including `In God We
Trust', as the Secretary determines to be appropriate and
in keeping with the original design.
`(C) MINT FACILITY- Coins minted pursuant to paragraph
(1)(B) may only be struck at the United States mint at
West Point, New York.
`(D) FRACTIONAL COINS PROHIBITED- No coins issued under
this subsection shall be made available as so-called
`fractional' coins .
`(4) DISTRIBUTION IN SETS AND OTHER COORDINATION
REQUIREMENTS- If the Secretary chooses, in accordance
with subsection (i), to mint and issue a gold bullion
coin that bears the same design as the ultra-high
relief numismatic coins described in paragraph (1)(B)--
`(A) each palladium coin issued under paragraph (1)(B)
may only be issued in a set containing 1 of each such coins ;
`(B) each set of coins described in subparagraph (A)
shall be provided in a presentation case of appropriate
design;
`(C) the set described in subparagraph (A) may only be
issued and sold in 2009;
`(D) gold coins issued in any set described in subparagraph
(A) may only be struck at the United States mint at West
Point, New York and no other gold coin issued by the
Secretary that bears the same design as the ultra-high
relief numismatic coins described in paragraph (1)(B) may
be struck at such mint at West Point; and
`(E) no gold coin that bears the same design as the
ultra-high relief numismatic coins described in paragraph
(1)(B) shall be made available as so-called `fractional'
coins .
`(5) COMPOSITION-
`(A) IN GENERAL- The coins minted under this subsection
shall contain .995 pure palladium.
`(B) SOURCE OF BULLION-
`(i) IN GENERAL- The Secretary shall acquire bullion
for the palladium coins issued under this subsection
by purchase of palladium mined from natural deposits
in the United States, or in a territory or possession
of the United States, within the 1-year period before
the coins are minted.
`(ii) PRICE OF BULLION- The Secretary shall pay not
more than the average world price for the palladium
under subparagraph (A).
`(6) SALE OF COINS - Each coin issued under this
subsection shall be sold for an amount the Secretary
determines to be appropriate, but not less than the sum of--
`(A) the nominal denomination of the coin;
`(B) the market value of the bullion at the time of
sale; and
`(C) the cost of designing and issuing the coins ,
including labor, materials, dies, use of machinery,
overhead expenses, marketing, distribution, and shipping.
`(7) LEGAL TENDER- The coins minted under this subsection
shall be legal tender, as provided in section 5103.
`(8) TREATMENT AS NUMISMATIC ITEMS- For purposes of
section 5134 and 5136, all coins minted under this
subsection shall be considered to be numismatic items.
`(9) QUALITY- The Secretary may issue the coins described
in paragraph (1)(A) in both proof and uncirculated versions.
`(10) PROTECTIVE AND ANTI-COUNTERFEITING COVER-
`(A) IN GENERAL- The Secretary shall give strong
consideration to making the coins described in this
subsection available only in protective covers that
preserve the coins in the condition in which they are
issued, allow clear and easy viewing of the obverse,
reverse, and sides of the coin and protect it from movement
within the holder, and also protect against counterfeiting
of such coins or of the container.
`(B) ACQUISITION- The Secretary may elect to comply with
subparagraph (A) by producing and assembling such
protective covers within the United States Mint or by
contracting for the installation of such covers.
`(11) FURTHER ANTI-COUNTERFEITING MEASURES-
`(A) REPORT REQUIRED- In an attempt to forestall the
counterfeiting or marketing of the coins described in
this section, including this subsection, and of
collectible, numismatic and rare coins in general, the
Comptroller General shall, after consulting with the
Director of the United States Secret Service and the
Federal Trade Commission, and in consultation with
hobbyists, numismatists, law enforcement agencies,
and the Citizens Coinage Advisory Committee, shall
submit to the Committee on Financial Services of the
House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate,
before the end of the 9-month period beginning on
the date of the enactment of the Original
Saint-Gaudens Double Eagle Ultra-High Relief
Bullion Coin Act, a report detailing the extent of
counterfeiting of rare, collectible or numismatic
coins made available for sale in the United States,
regardless of the country where the original of
such coin was produced or of the country in which
the counterfeiting takes place, or sales overseas
if such counterfeit coins are unauthorized copies
of coins originally produced by the United States
Mint.
`(B) CONTENTS OF REPORT- The report submitted under
subparagraph (A) shall describe--
`(i) the extent of such counterfeiting of coins and
numismatic items;
`(ii) the source of such counterfeiting, if known,
including which countries may be the origin of such
counterfeits if they are produced outside the
United States;
`(iii) the distribution and marketing channels for
such counterfeits within and without the United States;
`(iv) the effect of any such counterfeiting on
hobbyists, numismatists and on the investment
opportunities for bullion or numismatic coins produced
by the United States Mint;
`(v) whether such counterfeiting extends to the
counterfeiting of coin-grading or protective materials
in such a way that might imply that the counterfeit
inside had been examined and authenticated by a
reputable coin-grading firm; and
`(vi) such recommendations for legislative or
administrative action as the Comptroller General may
determine to be appropriate to curtail or forestall
any such counterfeiting.'.
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drile...@gmail.com
invest in PD, which has dropped back from the $600s to the $200s over
a period of time that AU and AG have seen massive increases?