Section 5112 of title 31, United States Code, is amended—

(1) in subsection (a), by adding at the end the following:

‘‘(11) A $50 gold coin that is of an appropriate size and

thickness, as determined by the Secretary, weighs 1 ounce,

and contains 99.99 percent pure gold.’’; and

(2) by adding at the end, the following:

‘‘(q) GOLD BULLION COINS.—

‘‘(1) IN GENERAL.—Not later than 6 months after the date of enactment of the Presidential $1 Coin Act of 2005, the Secretary shall commence striking and issuing for sale such number of $50 gold bullion and proof coins as the Secretary may determine to be appropriate, in such quantities, as the Secretary, in the Secretary’s discretion, may prescribe.

‘‘(2) INITIAL DESIGN.—

‘‘(A) IN GENERAL.—Except as provided under subparagraph

(B), the obverse and reverse of the gold bullion

coins struck under this subsection during the first year

of issuance shall bear the original designs by James Earle Fraser, which appear on the 5-cent coin commonly referred to as the ‘Buffalo nickel’ or the ‘1913 Type 1’.

‘‘(B) VARIATIONS.—The coins referred to in subparagraph

(A) shall—

‘‘(i) have inscriptions of the weight of the coin

and the nominal denomination of the coin incused in

that portion of the design on the reverse of the coin

commonly known as the ‘grassy mound’; and

‘‘(ii) bear such other inscriptions as the Secretary

determines to be appropriate.

‘‘(3) SUBSEQUENT DESIGNS.—After the 1-year period described to in paragraph (2), the Secretary may—

‘‘(A) after consulting with the Commission of Fine Arts, and subject to the review of the Citizens Coinage Advisory

Committee, change the design on the obverse or reverse

of gold bullion coins struck under this subsection; and

‘‘(B) change the maximum number of coins issued in

any year.

‘‘(4) SOURCE OF GOLD BULLION.—

‘‘(A) IN GENERAL.—The Secretary shall acquire gold

for the coins issued under this subsection by purchase

of gold mined from natural deposits in the United States,

or in a territory or possession of the United States, within

1 year after the month in which the ore from which it

is derived was mined.

James Earle

Fraser.

Deadline.

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119 STAT. 2673 PUBLIC LAW 109–145—DEC. 22, 2005

‘‘(B) PRICE OF GOLD.—The Secretary shall pay not more

than the average world price for the gold mined under

subparagraph (A).

‘‘(5) SALE OF COINS.—Each gold bullion 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 market value of the bullion at the time of

sale; and

‘‘(B) the cost of designing and issuing the coins,

including labor, materials, dies, use of machinery, overhead

expenses, marketing, and shipping.

‘‘(6) LEGAL TENDER.—The coins minted under this title

shall be legal tender, as provided in section 5103.

‘‘(7) TREATMENT AS NUMISMATIC ITEMS.—For purposes of

section 5134 and 5136, all coins minted under this subsection

shall be considered to be numismatic items.

‘‘(8) PROTECTIVE COVERING.—

‘‘(A) IN GENERAL.—Each bullion coin having a metallic

content as described in subsection (a)(11) and a design

specified in paragraph (2) shall be sold in an inexpensive

covering that will protect the coin from damage due to

ordinary handling or storage.

‘‘(B) DESIGN.—The protective covering required under

subparagraph (A) shall be readily distinguishable from any

coin packaging that may be used to protect proof coins

minted and issued under this subsection.’’.

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