COIN SPECIFICATIONS.

SEC. 502. COIN SPECIFICATIONS. (a) Five Dollar Gold Coins.— (1) Issuance.— The Secretary of the Treasury (hereafter in this title referred to as the “Secretary”) shall mint and issue not more than 300,000 five dollar coins each of which shall— (A) weigh 8.359 grams; (B) have a diameter of .850 inches; and (C) be composed of 90 percent gold and 10 percent alloy. (2) Design.—The design of the five dollar coins shall be emblematic of the first ten Amendments of the Constitution of the United States, known as the Bill of Rights. The Director of the United States Mint shall sponsor a nationwide open competition for the design of the five dollar coin beginning not later than 3 months after the date of the enactment of this Act. The Director of the United States Mint shall convene the Design Panel established under subsection (e) which shall select 10 designs to be submitted to the Secretary who shall select the final design. (b) One Dollar Silver Coins.— (1) Issuance.— The Secretary shall mint and issue not more than 900,000 one dollar coins each of which shall— (A) weigh 26.73 grams; (B) have a diameter of 1.5 inches; and (C) be composed of 90 percent silver and 10 percent copper. (2) Design.—The obverse design of the one dollar coins shall be emblematic of James Madison, the fourth President of the United States. The reverse design shall be emblematic of James Madison’s home, Montpelier, between the years 1751 and 1836. 106 STAT. 146The Director of the United States Mint shall sponsor a nationwide open competition for the design of the one dollar coin beginning not later than 3 months after the date of the enactment of this Act. The Director of the United States Mint shall convene the Design Panel established under subsection (e) which shall select 10 designs to be submitted to the Secretary who shall select the final design. (c) Half Dollar Silver Coins.— (1) Issuance.— The Secretary shall mint and issue not more than 1,000,000 half dollar coins each of which shall— (A) weigh 12.50 grams; (B) have a diameter of 30.61 millimeters; and (C) be composed of 90 percent silver and 10 percent copper. (2) Design.—The design of the half dollar silver coins shall be emblematic of the first ten Amendments of the Constitution of the United States, known as the Bill of Rights. The Director of the United States Mint shall sponsor a nationwide open competition for the design of the half dollar coin beginning not later than 3 months after the date of the enactment of this Act. The Director of the United States Mint shall convene the Design Panel established under subsection (e) which shall select 10 designs to be submitted to the Secretary who shall select the final design. (d) Inscriptions.—All coins minted and issued under this title shall bear a designation of the value of the coin, an inscription of the year of issue and inscriptions of the words “Liberty”, “In God We Trust”, “United States of America”, and “E Pluribus Unum”. (e) Design Panel.—The Design Panel referred to in subsections (a), (b), and (c) shall consist of the following members: (1) The Chairperson of the Commission of Fine Arts. (2) The president of the James Madison Memorial Fellowship Foundation. (3) The Executive Director, National Numismatic Collection, the Smithsonian Institution. (4) A representative member of the American Numismatic Association. (5) A representative member of a national sculpture society or association. (6) Two representatives of the United States Mint selected by the Director of the United States Mint. The Secretary shall reimburse the members of the Design Panel for per diem expenses and other official expenses from the revenues received from the sale of the coins. The Design Panel shall not be subject to the Federal Advisory Committee Act (5 U.S.C. App.), and shall terminate following the selection process set forth in subsections (a), (b), and (c). (f) Legal Tender.—The coins issued under this title shall be legal tender as provided in section 5103 of title 31, United States Code.