Dec 31, 2006 | coins, currency, US Mint
As 2006 comes to a close, we can reflect on what is coming with new US Mint issues. Even with the customer service issues of the last few months because of manufacturing and shipping issues of the San Francisco commemorative and 20th Anniversary American Eagle programs, the Mint is about to launch new programs. These new programs look exciting and I am looking forward to their successes. Here is what we can expect in 2007:
Circulating Currency
Jefferson Nickel will continue using its current design with the end of the Westward Journey Nickel Series.
The 50 State Quarters® Program is entering its second to last year. In 2007, the last five states that entered the union in the 19th Century will be honored: Montana, Washington, Idaho, Wyoming, and Utah. Designs for these coins are available as line-art drawings on the US Mint’s website.
The Presidential $1 Coin Program will begin in 2007 with circulating coins honoring our first four presidents: George Washington, John Adams, Thomas Jefferson, and James Madison. These coins will be made of the same composition as the Sacagawea dollar but include edge lettering, which has not been used since early in the 20th Century. The Sacagawea dollar will continue to be minted, as required by law.
With the addition of the Presidential $1 Coin Program, uncirculated mint and proof sets will be expanded to include the new coins. Although unannounced, it is being projected that the Mint will add additional collectibles surrounding the Presidential $1 Coin Program, like First Day Covers.
For currency collectors, notes are being issued with the signature of Secretary of the Treasury, Henry M. Paulson, Jr. More federal reserve notes will appear with Paulson and Treasurer Anna Escobedo Cabral’s signatures.
Commemorative Coins
As a companion to the Presidential $1 Coin program will begin a First Spouse coin to honor the spouses of presidents in half-ounce 24-karat gold coins. Presidents who served without spouses, will have a commemorative emblematic of the president will be created. The Mint will also produce bronze medals of the coins for collectors.
Celebrating the 400th Anniversary of the Jamestown settlement, the Mint will issue a gold and silver commemorative coins in celebration. Surcharges from the program will go to the Jamestown-Yorktown Foundation of Virginia to support anniversary-related eduction programs and other supporting services, including improving the infrastructure.
Bullion
The American Eagle program continues without interruption. For 2007, the reverse of the American Eagle Platinum Proof coin will be redesigned to honor the Executive Branch of government after 2006 honored the Legislative Branch. After the introduction of burnished uncirculated coins and reverse proof for the gold and silver program’s 20th anniversary, there is no word from the Mint whether they will mint these coins in 2007.
The Mint reported that the most successful program was the American Buffalo Bullion Coin Program. The one-ounce 24-karat gold $50 coin uses the James Earle Fraser Type 1 Buffalo Nickel design to create a beautiful coin. Both collectors and investors made the program a success at the expense of the American Gold Eagle program. These coins will be produced in 2007 with the Mint asking congress to authorize one-half, quarter, and one-tenth ounce issues. If that can be accomplished early in the session of the 110th Congress, the Mint may be able to issue fractional pieces in 2007.
Collects have a lot to look forward to from the Mint. It should be a good numismatic year.
I would like to wish everyone a very Happy, Healthy and prosperous New Year!
Dec 27, 2006 | administrative
Recently, Google updated their blogger.com service with more features and a better interface for authors to use the system. Last night, the Coin Collectors Blog was converted to the new system. One of the new features of the conversion is the ability to tag postings and new template options, which I might not use because I like the template I developed.
Over the next few days, I will be going through the blog and adding tags to the posts. Tags will allow readers to find similar postings on various topics. Currently, I have defined tags for “coins,” “currency,” “grading,” “legal,” and “legislative.” There may be a few more. Watch future postings for more categories.
I also want to take this opportunity to thank the readers of the Coin Collectors Blog. I hope you enjoy reading these posting as much as I enjoy writing them.
Dec 25, 2006 | coins
My wife is a wonderful person. Not only does she love me but she understands my passion for numismatics. Last year, she gave me a 1955 Double Die Obverse Lincoln Cent—the real coin, not the “poor man’s” version. It is the King of all Error Coins.
Although I am not an error collector, some albums have a hole for the these significant errors. Another one of those wonderful errors is the 1937-D 3-Legged Buffalo Nickel. It is an intriguing coin because the Mint is supposed to take so much care in striking coins that this error was because they did not take appropriate care as over polished dies were polished down until the leg was “missing” from the dies.
My wife handed me the package earlier today. It was larger than a shoe box, but soft. When I opened the package I pulled out a soft, stuffed buffalo. A cute and cuddly toy that is really nice. Attached to the buffalo’s back was a wrapped box tied down with a ribbon. The ribbon was removed and the wrapping was pealed back to reveal a small box with the inscription “Capital Plastics.” I opened the box to see a Capital Plastics deluxe custom nickel holder that contained a Buffalo Nickel.
The Buffalo Nickel, designed by James Earle Fraser, is a distinctly American coin that represents the growth of the nation. It is so beloved that congress mandated the use of the 1913 Type 1 design for the American Buffalo Gold Bullion Coin. It is one of my favorites.
While sitting on the couch to look at the coin, my wife hands a magnifier glass to me and I see the date: 1937. A smile came to my face as I figured what I would find on the reverse. When I turned the holder over, the “D” was very strong but the buffalo was “missing a leg!” Beautiful! Fantastic! A 1937-D 3-Legged Buffalo! WOW!! My wife knows how to make me happy!!
Grade or not to grade? That is the question. I did send the 1955 DDO to NGC for grading, but do I get this coin graded to put itin the album with all of the other Buffalo Nickels? I think the coin would grade F-12, so I am not sure it is worth the expense. Does anyone have a thought? If so, post them here by replying to this post.
Click on the images to see the larger versions.
Dec 24, 2006 | other
Happy Holidays!
Whatever holiday you celebrate, I wish you good cheer, good health, peace, and hope you find a key coin in your pocket change!
Dec 20, 2006 | coins, US Mint
At the National First Lady Library (NFLL) in Canton, Ohio on December 19, the US Mint unveiled the first four designs of the First Spouse Commemorative Coin Program. The one-half ounce $10 24-karat gold coins will be issued for each First Spouse in the order that they served. In the case where a president services without a First Spouse, a coin emblematic of Liberty will be used—except for President Chester A. Arthur, who served without a First Spouse, suffragette Alice Paul will be featured on the coin.
In 2007, the coins will honor Martha Washington, Abigail Adams, and Dolley Madison. Since Thomas Jefferson was a widow during his tenure in office, a coin with an obverse similar to the Draped Bust Half-Cent will be issued.
The first coin honoring Martha Washington bears a portrait designed and sculpted by Joseph Menna, a sculpture and engraver at the Mint. The Martha Washington reverse was designed by Susan Gamble of Arlington, Virginia, an Artistic Infusion Program (AIP) Master Designer. The image was sculpted by Don Everhart, a United States Mint sculptor-engraver. The reverse depicts the future First Lady sewing a button onto her husband’s uniform jacket. During the Revolutionary War, Martha Washington’s concern for the colonial soldiers earned their lasting respect and admiration.
The obverse of the Abagail Adams coin was also designed and sculpted by Don Everhart. The reverse was designed by Thomas Cleveland of Houston, Texas, an AIP Master Designer. The image was sculpted by Phebe Hemphill, a United States Mint medallic sculptor. In one of her most memorable letters, Mrs. Adams requested that her husband “remember the ladies” when creating the new Republic. That inscription is on this coin. John Adams acknowledged that Abigail Adams had as much political insight as any of his colleagues, and that he valued her counsel above all others.
Martha Jefferson died 18 years before her husband became the third president. Since Jefferson officially served as a widower, a coin emblematic of his term was used. The Draped Bust Half Cent was originally designed by Robert Scot, the first Chief Engraver of the Mint, it was re-executed for this coin by Phebe Hemphill. The reverse was designed and sculpted by Charles Vickers, a United States Mint sculptor-engraver, depicts Thomas Jefferson’s monument, located on the grounds of his Monticello estate.
The obverse of the Dolley Madison coin was designed and sculpted by Don Everhart. The reverse design depicts Dolley Madison, in an act of patriotism, saving the Cabinet papers and the beautiful Gilbert Stuart portrait of George Washington, when forced to flee the White House in advance of oncoming British troops in August 1814. It was designed by Joel Iskowitz of Woodstock, New York, an AIP Master Designer, and sculpted by Don Everhart.
Coins should be available around Mother’s Day, 2007. The Mint also announced that bronze medals using these designs will be made available to collectors. The price for the medals are projected $3-4.
Images and some of the descriptions are from the US Mint.
Dec 19, 2006 | coins, pocket change
While standing in front of the soda machine looking for an afternoon beverage, I reached into my pocket for change and found a 1937 Lincoln Cent in approximately very good (VG-8) condition. It may not be worth more than the value of the copper, but it confirms that the thrill of finding something in pocket change is still there. This coin will have an honored home in a coin bank where I “hoard” non-valuable finds from my change.
Now if I find something interesting, like a 1909-S VDB, 1914-D, … cue dream sequence!
Dec 18, 2006 | coins, grading
Numismatic Guarantee Corporation (NGC) announced that bullion coins received within the first 30 days of release in US Mint packaging will be designated as “EARLY RELEASES.” Previously, these coins were given First Strike designation using the same submission rules. But last month, NGC and Professional Coin Grading Service (PCGS) were sued in U.S. District Court, Southern District of Florida, Miami Division, calling the First Strike designation of fraudulent and deceptive.
The FIRST STRIKE designation has been controversial because of the potential of misinterpreting its meaning. According to both NGC and ANACS, the definition of FIRST STRIKE was the one that NGC is now using for EARLY RELEASES. Although these third-party grading services defined the meaning of FIRST STRIKE, less than ethical dealers would misinform customers to claim the coins were something they were not. This was a typical scenario on the home shopping channels, whose products are usually overpriced and over-hyped.
I am not a fan of the FIRST STRIKE (and now EARLY RELEASES) designation, but I felt the third-party grading services defined the designation properly and provided proper information to the collecting public. Unfortunately, in this litigious society where purveyors of the frivolity attacks the labeler and not the ones who misuse the label, it is a credit to NGC for making this move. It is a matter of time before the others follow their lead.
Dec 17, 2006 | coins, legal
In an effort to protect the supply of one-cent and five-cent coins, the US Mint issued an interim rule to make melting and export of these coins illegal. Even though the cost of the metals have risen above the cost of the coin, Mint Director Edmund Moy said that the regulations will prevent these coins from being “melted down so a few individuals can take advantage of the American taxpayer. Replacing these coins would be an enormous cost to taxpayers.” These rules are being implemented under the authority of 31 U.S.C. §5111(d).
Rules limiting the melting and exporting of US coinage are being implemented for the third time. The first time was in the 1960s when silver prices forced the conversion to clad coinage. It was used again during the inflationary period of the late 1970s shortly before the cent was changed from a copper coin to a copper-coated zinc coin. If history hold true, this may be a prelude to changing the composition of the one-cent and five-cent coins.
Historically, the five-cent coin we call a “nickel” has been minted using the same alloy of .750 copper and .250 nickel since the Shield Nickel in 1866. Nickel Three-Cent pieces were also minted using the same alloy from 1865 through 1889. The exception to this was the wartime silver Jefferson Nickels (1942-1945) that contained copper, silver, and manganese, but no nickel in the alloy.
In 1974, the Mint experimented with striking cents using aluminum. Images of these coins are bluish in tint, but that may be an artifact of the image. Aluminum cents were distributed to congress but law makers rejected the change. The Mint requested the return of the coin and were destroyed. At least one was not returned and certified last year by the family of a deceased US Capital police officer.
The odds against acceptance the aluminum cent were great at the time because of the change from silver to clad coinage using base metals. By 1971, the Kennedy Half-Dollar and newly minted Eisenhower Dollars were copper-nickel clad coins ending the use of silver for circulating coinage.
Today, the environment has changed. After 35 years of base-metal coinage, maybe the use of aluminum for the cent is an option that may be accepted. This time, rather than just an aluminum coin, the Mint could try to coat the coin with the .8 percent copper that the Mint uses to cover the current zinc planchets. It may be different for the nickel considering a change may affect more than just the look and feel of the coin including the modifications necessary for the use in the vending machines.
Look for a change with your change in the next few years.
Dec 12, 2006 | coins, legislative
The end of the 109th Congress brought a flurry of actions from both chambers as the members were looking to return home for the holidays. Many of the bills considered “non-substanative” was passed by voice vote. One of those bills was H.R. 3885, District of Columbia and United States Territories Circulating Quarter Dollar Program Act, sponsored by DC Delegate Eleanor Holmes Norton.
H.R. 3885 was introduced to extend the program one year to to honor the District of Columbia and the territories: the Commonwealth of Puerto Rico, Guam, American Samoa, the United States Virgin Islands, and the Commonwealth of the Northern Mariana Islands. Residents of these areas are US citizens and do pay federal taxes. Each adds their own part to the American culture, they should have a quarter to commemorate for when they became a territory. It could make the 2009 set one of the most beautiful one-year series of the entire program.
At the close of the session, in the early hours of Saturday, December 9, the House of Representatives passed the bill by unanimous consent and sent the bill to the Senate. The Senate adjourned shortly thereafter and never considered the bill.
Bills introduced in the 109th Congress do not carry over to the 110th Congress which is scheduled to convene on January 4, 2007. Del. Norton has indicated that she will reintroduce the bill at the beginning of the new congress.
Dec 9, 2006 | coins
Every year, after Thanksgiving, it seems that the Salvation Army’s Red Kettles seem to sprout like weeds on the landscape. Their bell ringers can be seen in almost every city, town, and hamlet in the United States. It is a tradition that the Salvation Army has been doing since 1891 to raise money for their programs.
Every year, it seems that someone anonymously drops something of great value into a kettle. Reports of large amounts of currency, rare and gold coins, and expensive jewelry seem to generate nice public interest news reports. This year was no different when it was reported that a 1908 Indian Head quarter eagle gold coin was retrieved from a red kettle that was located at the Berlin Mall in Vermont.
Depending on the condition, the coin can be worth up to $14,000.
It was reported that more than 300 gold coins have been found in red kettles primarily in the Chicago area, a tradition that started in 1982. Gold coins have been found in a dozen states over the years with the previous one being found in Connecticut. This is the first time that a gold coin was found in a red kettle in Vermont.
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