§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 — making and selling coins and numismatic items, protecting assets, and gifts — must go into this Fund and can be used without yearly limits. The Secretary of the Treasury may pay ordinary, reasonable Mint expenses from the Fund, including commitments made before the Fund started. For fiscal year 1996, no more than 6.2415% of the face value of coins minted may be used from the Fund for circulating coin operations that used to be paid by appropriation. The Secretary may borrow from the Treasury’s General Fund to cover old liabilities before the Fund has revenue, but the Fund must repay those loans within one year. The Fund may keep money it receives from the Federal Reserve when coins are sold at face value. The Secretary must move all Mint assets and debts into the Fund, including amounts and balances from the Numismatic Public Enterprise Fund, the Coinage Profit Fund, and the Coinage Metal Fund, plus receivables, unpaid obligations, and the land and buildings of the Philadelphia Mint, Denver Mint, and Fort Knox. Those older funds stop existing and some of their rules now apply to the new Fund. Any excess money the Fund does not need must be sent to the Treasury at least once a year. "Mint operations and programs" means the Mint’s coin and related activities and support (staff, equipment, marketing, buildings). "Numismatic item" means medals, proof or uncirculated coins, bullion coins, collectibles, and related products. Federal procurement and public contract laws do not apply to the Mint’s purchases for its operations.