Section 1 Short title
This Act may be cited as the “America’s Olympic and Paralympic Games Commemorative Coins Act”.
America’s Olympic and Paralympic Games Commemorative Coins Act
A BILL
To require the Secretary of the Treasury to mint coins in commemoration of the 2028 Olympic and Paralympic Games in Los Angeles, California, and the 2034 Olympics and Paralympic Winter Games in Salt Lake City, Utah.
Sec. 2 Findings
Congress finds the following:
The 2028 Olympic and Paralympic Games, officially known as the Games of the XXXIV Olympiad or “LA28”, will be held in Los Angeles, California.
The 2034 Olympic and Paralympic Winter Games, officially known as the XXVII Olympic Winter Games 2034, will be held in Salt Lake City, Utah.
This marks the return of the Olympic and Paralympic Games to the United States for the first time in 26 years, following the successful 2002 Olympic and Paralympic Winter Games in Salt Lake City.
The United States has hosted the modern Olympic Games 9 times, with the 2028 Games becoming the third time Los Angeles will host the summer Olympic Games and the 2034 Games becoming the second time Salt Lake City will host the Olympic Winter Games.
The Paralympic Games will celebrate its 80th anniversary in 2028, with Los Angeles hosting the Paralympic Games for the first time.
Unlike some other countries, Olympic Games in the United States are privately funded. The LA28 and Salt Lake City-Utah 2034 Games maintain this model with its revenue generated by corporate partners, broadcast rights, licensing, hospitality, and ticket sales.
With the Paralympic Games coming to the United States, the 2028 and 2034 Olympic and Paralympic Games Commemorative Coin Program have the opportunity to increase awareness and create more inclusivity for people with disabilities with the creation of a single, unifying coin to commemorate the Games.
Sec. 3 Definitions
In this Act, the term Secretary means the Secretary of the Treasury.
Sec. 4 2028 Olympic and Paralympic Coin Program
Coin specifications—
Denominations— The Secretary shall mint and issue the following coins in commemoration of the 2028 Olympic and Paralympic Games in Los Angeles, California:
$5 gold coins— Not more than 100,000 $5 coins, each of which shall—
weigh 8.359 grams;
have a diameter of 0.850 inches; and
contain not less than 90 percent gold.
$1 silver coins— Not more than 500,000 $1 coins, each of which shall—
weigh 26.73 grams;
have a diameter of 1.500 inches; and
contain not less than 90 percent silver.
Half-dollar clad coins— Not more than 300,000 half-dollar coins, each of which shall—
weigh 11.34 grams;
have a diameter of 1.205 inches; and
be minted to the specifications for half-dollar coins contained in section 5112(b) of title 31, United States Code.
Proof silver $1 coins— Not more than 100,000 proof silver $1 coins, each of which shall—
weigh 5 ounces;
have a diameter of 3 inches; and
contain .999 fine silver.
Legal tender— The coins minted under this section shall be legal tender, as provided in section 5103 of title 31, United States Code.
Numismatic items— For purposes of sections 5134 and 5136 of title 31, United States Code, all coins minted under this section shall be considered to be numismatic items.
Mintage limit exception— If the Secretary determines, based on independent, market-based research conducted by the U.S. Olympic and Paralympic Committee, that the mintage levels described in this section are not adequate to meet public demand, the Secretary may increase the mintage levels as the Secretary determines is necessary to meet public demand.
Designs of coins—
Design requirements—
In general— The designs of the coins minted under this section shall be emblematic of the participation of United States athletes in the LA28 Games.
Designation and inscriptions— On each coin minted under this section, there shall be—
a designation of the value of the coin;
an inscription of the year “2028”; and
inscriptions of the words “Liberty”, “In God We Trust”, “United States of America”, and “E Pluribus Unum”.
Selection of designs— The designs for the coins minted under this section shall be—
selected by the Secretary after consultation with—
the United States Olympic and Paralympic Properties; and
the Commission of Fine Arts; and
reviewed by the Citizens Coinage Advisory Committee.
Issuance of coins—
Quality of coins— The Secretary may issue coins minted under this section in uncirculated and proof qualities.
Period of issuance— The Secretary may issue coins minted under this section only during the 1-year period beginning on January 1, 2028.
Sale of coins—
Sale price— The coins issued under this section shall be sold by the Secretary at a price equal to the sum of—
the face value of the coins;
the surcharge provided in subsection (e)(1) with respect to the coins; and
the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).
Bulk sales— The Secretary shall make bulk sales of the coins issued under this section at a reasonable discount.
Prepaid orders—
In general— The Secretary shall accept prepaid orders for the coins minted under this section before the issuance of such coins.
Discount— Sales with respect to prepaid orders under subparagraph (A) shall be at a reasonable discount.
Surcharges—
In general— All sales of coins issued under this section shall include a surcharge of—
$35 per coin for the $5 coin;
$10 per coin for the $1 coin described in subsection (a)(1)(B);
$5 per coin for the half-dollar coin; and
$50 per coin for the $1 proof silver coin.
Distribution— Subject to section 5134(f) of title 31, United States Code, all surcharges received by the Secretary from the sale of coins issued under this section shall be promptly paid by the Secretary to the United States Olympic and Paralympic Properties for the objects and purposes related to the hosting of the 2028 Olympic and Paralympic Games and to aid in the execution of its legacy programs, including the promotion of youth sports in the United States.
Audits— The United States Olympic and Paralympic Properties 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 paragraph (2).
Limitation— Notwithstanding paragraph (1), no surcharge may be included with respect to the issuance under this section 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 programs 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).
Marketing and financial assurances—
In general— The Secretary shall take such actions as may be necessary to ensure that—
minting and issuing coins under this section result in no net cost to the Federal Government; and
no funds, including applicable surcharges, shall be disbursed to any recipient designated in subsection (e)(2) until the total cost of designing and issuing all of the coins authorized by this section, 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.
Marketing and educational program— The Secretary is encouraged to develop and execute a marketing and educational program, including appropriate cooperative marketing opportunities with the United States Olympic and Paralympic Properties and its licensees, to promote and sell the coins authorized under this section.
Sec. 5 2034 Winter Olympic and Paralympic Coin Program
Coin specifications—
Denominations— The Secretary shall mint and issue the following coins in commemoration of the 2034 Olympic and Paralympic Winter Games in Salt Lake City, Utah:
$5 gold coins— Not more than 100,000 $5 coins, which shall—
weigh 8.359 grams;
have a diameter of 0.850 inches; and
contain not less than 90 percent gold.
$1 silver coins— Not more than 500,000 $1 coins, which shall—
weigh 26.73 grams;
have a diameter of 1.500 inches; and
contain not less than 90 percent silver.
Half-dollar clad coins— Not more than 300,000 half-dollar coins, which shall—
weigh 11.34 grams;
have a diameter of 1.205 inches; and
be minted to the specifications for half-dollar coins contained in section 5112(b) of title 31, United States Code.
Proof silver $1 coins— Not more than 100,000 proof silver $1 coins, which shall—
weigh 5 ounces;
have a diameter of 3 inches; and
contain .999 fine silver.
Legal tender— The coins minted under this section shall be legal tender, as provided in section 5103 of title 31, United States Code.
Numismatic items— For purposes of sections 5134 and 5136 of title 31, United States Code, all coins minted under this section shall be considered to be numismatic items.
Mintage limit exception— If the Secretary determines, based on independent, market based research conducted by the U.S. Olympic and Paralympic Committee, that the mintage levels described in this section are not adequate to meet public demand, the Secretary may increase the mintage levels as the Secretary determines is necessary to meet public demand.
Designs of coins—
Design requirements—
In general— The designs of the coins minted under this section shall be emblematic of the participation of United States athletes in or the staging of the 2034 Olympic and Paralympic Winter Games.
Designation and inscriptions— On each coin minted under this section, there shall be—
a designation of the value of the coin;
an inscription of the year “2034”; and
inscriptions of the words “Liberty”, “In God We Trust”, “United States of America”, and “E Pluribus Unum”.
Selection of designs— The designs for the coins minted under this section shall be—
selected by the Secretary after consultation with—
the Organizing Committee for the 2034 Olympic and Paralympic Winter Games; and
the Commission of Fine Arts; and
reviewed by the Citizens Coinage Advisory Committee.
Issuance of coins—
Quality of coins— The Secretary may issue coins minted under this section in uncirculated and proof qualities.
Period for issuance— The Secretary may issue coins under this section only during the 1-year period beginning on January 1, 2034.
Sale of coins—
Sale price— The coins issued under this section shall be sold by the Secretary at a price equal to the sum of—
the face value of the coins;
the surcharge provided in subsection (e)(1) with respect to such coins; and
the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).
Bulk sales— The Secretary shall make bulk sales of the coins issued under this section at a reasonable discount.
Prepaid orders—
In general— The Secretary shall accept prepaid orders for the coins minted under this section before the issuance of such coins.
Discount— Sales prices respect to prepaid orders under subparagraph (A) shall be at a reasonable discount.
Surcharges—
In general— All sales of coins issued under this section shall include—
a surcharge of $35 per coin for the $5 coins;
a surcharge of $10 per coin for the $1 coins;
a surcharge of $5 per coin for the half-dollar coins; and
a surcharge of $50 per coin for the $1 proof silver coins.
Distribution— Subject to section 5134(f) of title 31, United States Code, all surcharges received by the Secretary from the sale of coins issued under this section shall be promptly paid to the Organizing Committee for the 2034 Olympic and Paralympic Winter Games for the objects and purposes related to the hosting of the 2034 Olympic and Paralympic Winter Games and to support its legacy ambitions, including the protection and promotion of winter sports and programs for young and elite athletes.
Audits— The Organizing Committee for the 2034 Olympic and Paralympic Winter Games 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 paragraph (2).
Limitation— Notwithstanding paragraph (1), no surcharge may be included with respect to the issuance under this section 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 programs 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).
Marketing and financial assurances—
In general— The Secretary shall take such actions as may be necessary to ensure that—
minting and issuing coins under this section will not result in any net cost to the United States Government; and
no funds, including applicable surcharges, shall be disbursed to any recipient designated in subsection (e)(2) until the total cost of designing and issuing all of the coins authorized by this section (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.
Marketing and educational program— The Secretary is encouraged to develop and execute a marketing and educational program, including appropriate cooperative marketing opportunities with the Organizing Committee for the 2034 Olympic and Paralympic Winter Games and its licensees, to promote and sell the coins authorized under this section.