S 3237 CPS
101st CONGRESS
2d Session
S. 3237
To authorize the Secretary of the Treasury to sell certain silver proof
coin sets.
IN THE SENATE OF THE UNITED STATES
October 23 (legislative day, OCTOBER 2), 1990
Mr. BRYAN (for himself, Mr. MCCLURE, Mr. SYMMS, Mr. REID, Mr. BAUCUS, Mr. GARN,
Mr. BURNS, Mr. GORTON, and Mr. DIXON) introduced the following bill; which
was read twice, considered, read the third time, and passed
A BILL
To authorize the Secretary of the Treasury to sell certain silver proof
coin sets.
  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 `Silver Coin Proof Sets Act'.
SEC. 2. SILVER COIN PROOF SETS.
  Section 5132(a) of title 31,  United States Code, is amended--
  (1) by redesignating paragraphs (2) through (4) as paragraphs (3) through
  (5);
  (2) by striking `(2)' in paragraph (4), as redesignated, and inserting
  `(3)'; and
  (3) by inserting the following new paragraph:
  `(2)(A) In addition to the coins described in paragraph (1), the Secretary
  shall sell annually to the public directly and by mail, sets of proof
  coins minted under paragraphs (1) through (6) of section 5112(a).
  `(B) Notwithstanding any other provision of law, for purposes of this
  paragraph--
  `(i) the coins described in paragraphs (1) through (4) of section 5112(a)
  shall be made of an alloy of 90 percent silver and 10 percent copper; and
  `(ii) all coins minted under this paragraph shall have a mint mark indicating
  the place of manufacture.
  `(C) All coins minted under this paragraph shall be considered to be--
  `(i) numismatic items for purposes of paragraph (1) and section 5111(a)(3);
  and
  `(ii) legal tender, as provided in section 5103.
  `(D) The Secretary shall obtain silver for coins minted under this paragraph
  by purchase from stockpiles established under the Strategic and Critical
  Materials Stockpiling Act (50  U.S.C. 98 et seq.). At such time as the
  silver stockpile is depleted, the Secretary shall obtain silver for such
  coins by purchase of silver mined from natural deposits in the  United
  States or in a territory or possession of the  United States not more than
  1 year following the month in which the ore from which it is derived was
  mined. The Secretary shall pay not more than the average world price for
  such silver. The Secretary may issue such regulations as may be necessary
  to carry out this subparagraph.'.