SECTION 1. SHORT TITLE.

This Act may be cited as the `50 States Commemorative Coin Program Act'.

SEC. 2. FINDINGS.

The Congress finds that--

(1) it is appropriate and timely--

(A) to honor the unique Federal republic of 50 States that comprise the United States; and

(B) to promote the diffusion of knowledge among the youth of the United States about the individual States, their history and geography, and the rich diversity of the national heritage;

(2) the circulating coinage of the United States has not been modernized during the 25-year period preceding the date of enactment of this Act;

(3) a circulating commemorative 25-cent coin program could produce earnings of $110,000,000 from the sale of silver proof coins and sets over the 10-year period of issuance, and would produce indirect earnings of an estimated $2,600,000,000 to $5,100,000,000 to the United States Treasury, money that will replace borrowing to fund the national debt to at least that extent; and

(4) it is appropriate to launch a commemorative circulating coin program that encourages young people and their families to collect memorable tokens of all of the States for the face value of the coins.

Section 5112 of title 31, United States Code, is amended by inserting after subsection (k) the following new subsection:

`(l) REDESIGN AND ISSUANCE OF QUARTER DOLLAR IN COMMEMORATION OF EACH OF THE 50 STATES-

`(1) REDESIGN BEGINNING IN 1999-

`(A) IN GENERAL- Notwithstanding the fourth sentence of subsection (d)(1) and subsection (d)(2), quarter dollar coins issued during the 10-year period beginning in 1999, shall have designs on the reverse side selected in accordance with this subsection which are emblematic of the 50 States.

`(B) TRANSITION PROVISION- Notwithstanding subpar- agraph (A), the Secretary may continue to mint and issue quarter dollars in 1999 which bear the design in effect before the redesign required under this subsection and an inscription of the year `1998' as required to ensure a smooth transition into the 10-year program under this subsection.

`(2) SINGLE STATE DESIGNS- The design on the reverse side of each quarter dollar issued during the 10-year period referred to in paragraph (1) shall be emblematic of 1 of the 50 States.

`(3) ISSUANCE OF COINS COMMEMORATING 5 STATES DURING EACH OF THE 10 YEARS-

`(A) IN GENERAL- The designs for the quarter dollar coins issued during each year of the 10-year period referred to in paragraph (1) shall be emblematic of 5 States selected in the order in which such States ratified the Constitution of the United States or were admitted into the Union, as the case may be.

`(B) NUMBER OF EACH OF 5 COIN DESIGNS IN EACH YEAR- Of the quarter dollar coins issued during each year of the 10-year period referred to in paragraph (1), the Secretary of the Treasury shall prescribe, on the basis of such factors as the Secretary determines to be appropriate, the number of quarter dollars which shall be issued with each of the 5 designs selected for such year.

`(4) SELECTION OF DESIGN-

`(A) IN GENERAL- Each of the 50 designs required under this subsection for quarter dollars shall be--

`(i) selected by the Secretary after consultation with--

`(I) the Governor of the State being commemorated, or such other State officials or group as the State may designate for such purpose; and

`(II) the Commission of Fine Arts; and

`(ii) reviewed by the Citizens Commemorative Coin Advisory Committee.

`(B) SELECTION AND APPROVAL PROCESS- Designs for quarter dollars may be submitted in accordance with the design selection and approval process developed by the Secretary in the sole discretion of the Secretary.

`(C) PARTICIPATION- The Secretary may include participation by State officials, artists from the States, engravers of the United States Mint, and members of the general public.

`(D) STANDARDS- Because it is important that the Nation's coinage and currency bear dignified designs of which the citizens of the United States can be proud, the Secretary shall not select any frivolous or inappropriate design for any quarter dollar minted under this subsection.

`(E) PROHIBITION ON CERTAIN REPRESENTATIONS- No head and shoulders portrait or bust of any person, living or dead, and no portrait of a living person may be included in the design of any quarter dollar under this subsection.

`(5) TREATMENT AS NUMISMATIC ITEMS- For purposes of sections 5134 and 5136, all coins minted under this subsection shall be considered to be numismatic items.

`(6) ISSUANCE-

`(A) QUALITY OF COINS- The Secretary may mint and issue such number of quarter dollars of each design selected under paragraph (4) in uncirculated and proof qualities as the Secretary determines to be appropriate.

`(B) SILVER COINS- Notwithstanding subsection (b), the Secretary may mint and issue such number of quarter dollars of each design selected under paragraph (4) as the Secretary determines to be appropriate, with a content of 90 percent silver and 10 percent copper.

`(C) SOURCES OF BULLION- The Secretary shall obtain silver for minting coins under subparagraph (B) from available resources, including stockpiles established under the Strategic and Critical Materials Stock Piling Act.

`(7) APPLICATION IN EVENT OF THE ADMISSION OF ADDITIONAL STATES- If any additional State is admitted into the Union before the end of the 10-year period referred to in paragraph (1), the Secretary of the Treasury may issue quarter dollar coins, in accordance with this subsection, with a design which is emblematic of such State during any 1 year of such 10-year period, in addition to the quarter dollar coins issued during such year in accordance with paragraph (3)(A).'.