§5136 United States Mint Public Enterprise Fund

Summary

Creates a United States Mint Public Enterprise Fund in the Treasury starting in fiscal year 1996. All money the Mint gets from its work—like making and selling coins and collectibles, protecting assets, and gifts—must be put into this Fund and can be used without yearly limits. The Secretary of the Treasury may pay ordinary Mint expenses from the Fund, including any obligations made before the Fund began. For fiscal year 1996, no more than 6.2415 percent of the coins’ nominal (face) value may be used for circulating coin operations that used to be paid by appropriation. The Secretary may borrow from the General Fund to cover liabilities before Fund revenues arrive, and the Fund must repay that loan within one year. The Fund may keep receipts from the Federal Reserve for circulating coins sold at face value. The Secretary must transfer all Mint assets and liabilities into the Fund, including the old Numismatic Public Enterprise Fund, the Coinage Profit Fund, the Coinage Metal Fund, receivables, unpaid obligations, unobligated balances from the Mint appropriation, and the Philadelphia Mint, Denver Mint, and Fort Knox Bullion Depository. Those old funds stop being separate and their rules apply to the new Fund. At least once a year, any money the Secretary decides is more than needed must be sent to the Treasury as miscellaneous receipts. "Mint operations and programs" means the activities and assets used to make, manage, sell, market, and protect coinage and numismatic items and covers things like pay, equipment, facility work, and building projects. A "numismatic item" includes medals, proof and uncirculated coins, bullion coins, collectibles, and related products and accessories. Procurement and public contract laws do not apply to buying goods or services needed for Mint programs.