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Billno should always have and extension i.e. h1.ih

HR 1279 IH

To reestablish the annual assay commission.

March 28, 2001

Mr. ROTHMAN introduced the following bill; which was referred to the Committee on Financial Services

To reestablish the annual assay commission.

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 `Annual Assay Commission Act'.

SEC. 2. FINDINGS.

The Congress finds as follows:

(1) It is in the national interest for the citizens of the Nation, and those who purchase products of the United States Mint, to know that gold, silver, and platinum coinage produced by the several United States mints are of the proper size, weight, and purity provided for by law.

(2) From 1792 until 1977, an annual assay commission, as first required by the Act entitled `An Act establishing a Mint, and regulating the Coins of the United States' and approved April 2, 1792, performed such functions, until such time as there were no precious metal coins regularly being produced by the United States mints.

(3) Since 1977, the United States Mint has begun regular production of bullion coinage comprised of .999 fine silver, .9995 fine platinum, and gold of either .900 or .999 fine.

(4) Since 1982, the United States Mint has produced millions of gold and silver commemorative coins that have sold to collectors and others on the primary market for more than $1,000,000,000.

(5) It is desirable to involve numismatists, and others, in the process of marketing and merchandising of coins, of which an annual assay is an important component part.

(6) There is a marketing need for an annual ceremony to attest that the coins produced by the several United States mints are manufactured in conformity with their statutory requirements, to publicize the same, and to involve the general and numismatic public in the annual assay and its report.

SEC. 3. ANNUAL ASSAY REQUIRED.

(a) IN GENERAL- To secure conformity in the composition and weight of the minor coinage of the United States, subsidiary denominations, dollar coins, and coins struck in silver, gold, platinum and other precious metals, an annual assay shall be held in the manner provided in subsection (b)(4) to test and examine, in the presence of the Director of the Mint, the fineness and weight of the coins reserved by the several mints for this purpose.

(b) ASSAY COMMISSION-

(1) MEMBERSHIP AND APPOINTMENT-

(A) IN GENERAL- The annual assay required under subsection (a) shall be conducted by an assay commission consisting of such number of members as the President may determine to be appropriate, not to exceed 25, who shall be appointed by the President.

(B) REPRESENTATION OF NUMISMATISTS- At least 1/2 of the members of the assay commission shall be appointed from among individuals who are, by reason of education, training, or experience, amateur or professional numismatists.

(2) TERMS- Members of the assay commission shall--

(A) be appointed each year by the President to serve for that year only; and

(B) not be eligible for re-appointment until a period of not less than 5 years has passed since their most recent appointment expired.

(3) SERVICE WITHOUT COMPENSATION- Members of the assay commission shall serve without pay, except that such members shall be entitled to receive, in accordance with section 5703 of title 5, United States Code, travel or transportation expenses, or a per diem allowance in lieu of expenses, while away from such member's home or place of business in connection with such member's service on the assay commission.

(4) MEETINGS OF ASSAY COMMISSION-

(A) IN GENERAL- The assay commission shall meet on the second Wednesday in February of each year, to carry out the duties of the commission under this section.

(B) LOCATION- The meeting of the assay commission shall be convened at any United States mint, or at the United

States Mint in Washington, D.C., as determined by the Director of the Mint.

(C) CONTINUATION FOLLOWING ADJOURNMENT- The meeting of the assay commission may continue following adjournment if necessary.

(D) OTHER MEETINGS- If a majority of the members of the assay commission fail to attend any meeting scheduled pursuant to subparagraph (A), the Director of the Mint shall call a meeting of the commissioners at such other time as the Director determines to be convenient.

(5) EXPENSES OF ASSAY COMMISSION- The expenses of the assay commission which the Secretary determines are reasonable and appropriate shall be paid by the Secretary from the United States Mint Public Enterprise Fund under section 5136 of title 31, United States Code.

(c) SELECTION AND TRANSFER OF COINS-

(1) IN GENERAL- In accordance with regulations prescribed by the Secretary of the Treasury, each superintendent of a United States mint shall select and transfer, without examination and discrimination, specimens of coins in the manner described in paragraphs (2) and (3) for assay at trial to the Office of the Director of the Mint in Washington, D.C.

(2) CERTAIN CIRCULATING COINS- For each issue of circulating coins, other than 1-cent and 5-cent coins, by any United States mint, specimen coins for special assay and testing shall be taken at random as follows:

(A) In the case of dollar coins, half dollar coins, and quarter dollar coins, not less than 2 coins for each 200,000 pieces or fraction thereof issued.

(B) In the case of dime coins, not less than 2 coins for each 400,000 pieces or fraction thereof issued.

(3) OTHER COINS- For each issue of coins not described in subparagraph (A) by any United States mint, including bullion coins and special numismatic coins, specimen coins for the examination and testing shall be taken at random in such quantities as the Secretary of the Treasury shall direct, but not less than 10 coins of each quality of coin struck at each facility of the United States Mint producing such coins.

(4) MANNER OF SELECTION AND TRANSFER- The selection of specimen coins under this subsection shall be made by a superintendent of a United States mint under this section, or by a representative designated by such superintendent, in the presence of the assayer or person who performs such assay function, or by a representative designated by the assayer or other person, without testing and the coins so selected selection shall be protected from attrition and enclosed in envelopes which shall be sealed and labeled to show the place of coinage, the date, number, and amount of delivery, and the number and denomination of the pieces enclosed.

(d) PROCEDURE FOLLOWING EXAMINATION AND TESTING-

(1) STANDARDIZED FINENESS AND WEIGHT- If it appears to the assay commission, after examination and testing, that the coins presented to the assay commission coins do not differ from the standard fineness and weight by a greater quantity than is permitted by such regulations as the Secretary of the Treasury may from time to time prescribe, the trial by the assay commission shall be considered and reported as satisfactory.

(2) DEVIATION- If, after the examination and testing referred to in paragraph (1), it appears to the assay commission that any coin differs from the standard fineness and weight by a greater quantity than is permitted by the regulations referred to in such paragraph, this fact shall be certified to the Director of the Mint and the Secretary of the Treasury, and the Secretary shall take such action as is appropriate to rectify the cause.

(e) LABORATORY TESTS OF ADDITIONAL SPECIMEN COINS- In addition to the specimen coins selected under other provisions of this subsection, specimen coins, as either proof or uncirculated pieces, may be forwarded promptly to the Director of the Mint for laboratory testing as to their conformity in composition and weight with the requirements of law.

(f) ANNUAL REPORT-

(1) REPORT REQUIRED- The Director of the Mint shall prepare and publish an annual report containing the report of the assay commission for such year and the results of laboratory tests conducted pursuant to subsection (e).

(2) SUBMISSION TO THE CONGRESS- Each report prepared pursuant to paragraph (1) shall be submitted to the Congress.

SEC. 4. PRODUCTION OF ASSAY COMMISSION MEDALS.

The Director of the Mint may continue the practice of producing assay commission medals for the members of the assay commission, if bronze copies of such medals are made available for sale to the general public.

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