Gold Bullion Coin Act of 1985

Gold Bullion Coin Act of 1985

Long title	An Act to authorize the minting of gold bullion coins.
Acronyms (colloquial)	GBCA
Enacted by	the 99th United States Congress
Effective	December 17, 1985
Citations
Public law	99-185
Statutes at Large	99 Stat. 1177
Codification
Titles amended	31 U.S.C.: Money and Finance
U.S.C. sections amended	31 U.S.C. ch. 51, subch. II §§ 5112, 5116, 5118 31 U.S.C. ch. 51, subch. III § 5132
Legislative history
Introduced in the Senate as S. 1639 by J. James Exon (D-NE) on September 12, 1985 Committee consideration by Senate Banking, Housing, and Urban Affairs Passed the Senate on November 14, 1985 (Passed voice vote) Passed the House on December 2, 1985 (Passed voice vote) Signed into law by President Ronald W. Reagan on December 17, 1985

The Gold Bullion Coin Act of 1985, Pub. L. No. 99-185, 99 Stat. 1177 (Dec. 17, 1985), codified at 31 U.S.C. § 5112(a)(7) through (a)(10), 31 U.S.C. § 5112(i), 31 U.S.C. § 5116(a)(3), and amending 31 U.S.C. § 5118(d) and 31 U.S.C. § 5132(a)(1), has helped the American Gold Eagle to quickly become one of the world's leaders in gold bullion coin. Produced from gold mined in the United States, American Eagles are imprinted with their gold content and legal tender face value.

The act was passed by United States Congress pursuant to its exclusive power to coin money and set its value, set forth in Article I, Section 8, Clause 5 of the United States Constitution. It was signed by Ronald Reagan on December 17, 1985. One requirement is that all gold used in minting the coins would be from "newly mined domestic sources".

The case of Ling Su Fan v. United States, 218 U.S. 302 (1910), establishes the legal distinction of a coin bearing the "impress" of the sovereign:

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