text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Mayflower Commemorative Coin Act''.
  
  SEC. 2. FINDINGS.
  
      The Congress finds the following:
              (1) The arrival of the Pilgrims at Plymouth, Massachusetts, 
          in 1620 has major significance in the history of the United 
          States.
              (2) The Mayflower Compact laid the foundation and moral 
          framework for the future laws of the United States.
              (3) The General Society of Mayflower Decedents' mission 
          is--
                      (A) to tell the story of the Pilgrim's journey on 
                  the Mayflower in 1620, bringing with them principles of 
                  civil and religious liberty to America as memorialized 
                  in the Mayflower Compact;
                      (B) to raise public awareness and increase the 
                  public understanding of the importance of the Pilgrim's 
                  lives and legacies; and
                      (C) to encourage a passion for history.
              (4) A commemorative coin will bring national and 
          international attention to the lasting legacy of this important 
          event.
              (5) The proceeds from a surcharge on the sale of such 
          commemorative coin will assist the financing of educational, 
          scholarship, and outreach programs;
  
  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 50,000 $5 coins, which 
          shall--
                      (A) weigh 8.359 grams;
                      (B) have a diameter of 0.850 inches; and
                      (C) contain 90 percent gold and 10 percent alloy.
              (2) $1 silver coins.--Not more than 100,000 $1 coins, which 
          shall--
                      (A) weigh 26.73 grams;
                      (B) have a diameter of 1.500 inches; and
                      (C) contain at least 90 percent silver.
      (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 arrival of the Pilgrims.
              (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--
                              (i) the mint date ``2020''; and
                              (ii) the year ``1620''; 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 the General Society of Mayflower 
          Descendants; 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 proof quality and uncirculated quality.
      (b) Mint Facility.--Only 1 facility of the United States Mint may 
  be used to strike any particular quality of the coins minted under this 
  Act.
      (c) Period of Issuance.--The Secretary may issue coins, to the 
  public, minted under this Act only during the 1-year period beginning 
  on January 1, 2020.
  
  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 issued under this Act shall 
  include a surcharge as follows:
              (1) A surcharge of $35 per coin for the $5 gold coin.
              (2) A surcharge of $10 per coin for the $1 silver coin.
      (b) Distribution.--Subject to section 5134(f)(1) 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 General Society of Mayflower Descendants for 
  educational purposes.
      (c) Audits.--The General Society of Mayflower Descendants 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 2 commemorative 
  coin program issuance limitation under section 5112(m)(1) of title 31, 
  United States Code (as in effect on the date of the enactment of this 
  Act). 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, shall be 
          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, 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.
target: Mayflower Commemorative Coin Act This bill directs the Department of the Treasury to issue up to 50,000 $5 gold commemorative coins, and up to 100,000 $1 silver commemorative coins, whose design is emblematic of the arrival of the Pilgrims at Plymouth, Massachusetts.  These coins shall be issued only during the one-year period beginning on January 1, 2020.   The Department must pay all surcharges received from sales of the coins to the General Society of Mayflower Descendants for educational purposes. 
feat_title: Mayflower Commemorative Coin Act