Dec 31, 2009 | bullion, Eagles, gold
On the NGC Forums, there was a discussion about collecting gold dollars where someone asked about their composition. Being curious, I looked up the composition information. What I found was that there were different compositions that was tied to the evolution of US coinage.
After posting the basic information, I thought it would be interesting to look up which series of gold coins were made from each of the different compositions. The rest of this posting is what I found after consulting a few references.
The Coinage Act of 1792, the First Coinage Act, set the standard for gold coinage to be .9167 fine with the balance of silver and copper. Gold coins struck 1792-1834 were made of this composition. These coins include:
- Turban Head $2½ Quarter Eagles (1796-1807)
- Capped Bust $2½ Quarter Eagles (1808-1834)
- Capped Bust to the Right $5 Half Eagles (1795-1807)
- Capped Bust to the Left $5 Half Eagles (1807-1812)
- Capped Head to the Left $5 Half Eagles (1813-1834)
- Capped Head to the Right $10 Eagles (1795-1804)
The Coinage Act of 1834, the Second Coinage Act, set the price of gold at $20.67 and changed the composition to .8992 fine with the balance of silver and copper. Gold coins struck from 1834-1839 were made of this composition. These coins include:
- Classic Head $2½ Quarter Eagles (1834-1939)
- Classic Head $5 Half Eagles (1834-1838)
The Coinage Act of 1837, also called the Bland-Allison Act, put the US on a bimetal monetary standard mostly to help the silver industry following the Panic of 1873. Originally, President Rutherford B. Hayes vetoed the bill only to have congress override the veto. Gold coins struck from 1839-1933 were made of .9000 gold and the balance was silver and copper. These coins include:
- Liberty Head One Dollar (1859-1854)
- Indian Princess Dollar (1854-1889)
- Liberty Head $2½ Quarter Eagles (1840-1907)
- Indian Head $2½ Quarter Eagles (1908-1929)
- Indian Princess 3 Dollars (1854-1899)
- Liberty Head $5 Half Eagles (1839-1908)
- Indian Head $5 Half Eagles (1908-1929)
- Liberty Head, No Motto Above Eagle $10 Eagles (1838-1866)
- Liberty Head, Motto Above Eagle $10 Eagles (1866-1907)
- Indian Head $10 Eagles (1907-1933)
- Liberty Head $20 Double Eagles (1849-1907)
- Saint-Gaudens $20 Double Eagles (1907-1933)
All gold commemoratives, both prior to 1933 and since 1982, are struck using .9000 gold. Commemorative struck before 1933 was filled with 1-part silver and 2-parts copper. Commemorative coins struck since 1982 use a 2-part copper to 1-part nickel filler.
The $4 Stella patterns were an attempt to create a standard coinage composition for international trade. The composition called goloid was made of 6 grams of gold, 0.3 grams of silver, 0.7 grams of copper. A Flowing Hair and Coiled Hair Liberty Head patterns were struck in 1879 and 1880.
American Gold Eagle bullion and proof coins are .9167 gold (22 carat). The one ounce gold Eagle contains one troy ounce of gold plus .0909 troy ounces of filler consisting of 2-parts nickel to 1-part copper.
The American Buffalo gold coin contains one troy ounce of .9999 fine gold (24 carat) with copper as the filler.
I hope someone finds this useful.
Dec 27, 2009 | coins, COTY, foreign
Last week, Krause Publications announced that the voting is open for the 2009 People’s Choice Coin of the Year is now open (login required; free registration). Voting will take place on their numismater.com website and will run through January 10, 2010.
Voters can choose from 20 coins from around the world issued in 2008. Coins were nominated by their respective mints and selected by a panel of experts assembled by Krause Publications. This year’s nominations are:
- Latvia, 1 Lats silver, 90th anniversary of statehood
- Hungary, 5,000 Forint gold, Tokaj wine region
- China, 10 Yuan silver, Panda 1-ounce silver
- Germany, 10 Euro silver, Max Plank
- Perth Mint, 1 ounce silver
- Royal Australian Mint, 1 dollar silver, Kangaroo proof
- United States, 25 cents, Alaska state quarter
- Poland, 20 Zlotych silver, 65th anniversary of Warsaw ghetto uprising
- Belarus, 20 Roubles gold, house warming
- Canada, 25 dollars silver, Vancouver Olympics colorized bobsled
- Lithuania, 100 Litas gold, millennium of name of Lithuania
- Pobjoy Mint, 2 pounds silver, oldest reigning monarch
- Italy, 10 Euro silver, 500th anniversary of the birth of Andrea Palladio
- Austria, 5 Euro silver, 100th birthday of Herbert von Karajan
- Denmark, 20 Kroner gold, Sea stallion from Glendalough
- Japan, 500 Yen nickel-brass, centenary of the Japanese Immigration to Brazil
- Finland, 10 Euro silver, Flag of Finland
- United Kingdorm, 2 pounds gold, London Olympics centenary
- Israel, 10 Sheqalim gold, 60th anniversary of Independence Day
- South Africa, 25 Rand gold, Gandhi
Winners of the People’s Choice Awards, and other Coin of the Year winners, will be announced at the World Money Fair in Berlin, Germany, on January 30, 2010.
Dec 26, 2009 | cents, coins, commemorative, dollar, quarter, US Mint
Around this time last year, I wrote that 2009 would be quite a year. As 2009 comes to an end, I know why I am not a prognosticator. With the down economy, the convergence of so many coin programs, and the performance questions of the US Mint it is difficult to call 2009 a successful year; yet it was not a failure.
Some of the success of this year included the 2009 Ultra High Relief Gold Coin, the District of Columbia and US Territories Quarters, and the Lincoln Bicentennial One Cent program. Although finding the cents and quarters have been difficult to find in change, these new coins had nice designs and was a chance for people to learn about Lincoln’s life and the history of our territories.
As the Lincoln Cent enters its 101st year of production, it will be given a new reverse. The Union Shield was selected as the symbol of a united country. The shield is featured in many of the frescos painted by Constantino Brumidi throughout the US capitol. Brumidi was the Artist of the capitol during Abraham Lincoln’s presidency. The fresco shown here is one of the eight trophy panel from room S-128 (from the Senate side) of the capitol. It was design by Brumidi and painted by English artist James Leslie.
Starting in 2010, the US Mint will begin the American the Beautiful Quarters Program. It will be a program with 56 quarter-dollar coins featuring designs depicting national parks and other national sites. Although this program might be overkill, the designs show that the program has the promise to show new and interesting designs. The first five quarters for 2010 will honor Hot Springs National Park in Arkansas, Yellowstone National Park in Wyoming, Yosemite National Park in California, Grand Canyon National Park in Arizona, and Mount Hood National Forest in Oregon. It will be interesting to see if this program will catch on.
In the second year of the Native American $1 Coin program, the theme for the 2010 reverse is “Government–The Great Tree of Peace.” The reverse design features five bound arrows and the Hiawatha Belt. Hiawatha was the helper to the Great Peacemaker who negotiated peace amongst the Seneca, Cayuga, Onondaga, Oneida, and Mohawk tribes in the area now known as New York state. The alliance was known as Haudenosaunee, the Iroquois Confederacy, and is featured on the reverse. The words “Great Law of Peace” is also on the reverse to honor the constitution that created the confederacy. It is a wonderful design that follows up the great design of 2009.
Continuing the Presidential $1 Coins, 2010 will include coins for Presidents Millard Fillmore, Franklin Pierce, James Buchanan, and Abraham Lincoln. We may see an increase of interest in these coins with the introduction of the dollar honoring Lincoln as we pass the (ho-hum) early 19th century presidents.
Along with the Presidential dollars will be the First Spouse Gold Coins. Along with the presidents will be gold coins to honor Abigail Fillmore, Jane Pierce, Buchanan’s Liberty, and Mary Todd Lincoln. President James Buchanan was not married. His first spouse coin will be a reproduction of the Liberty Head Quarter Eagle designed by Christian Gobrecht minted and issued from 1840 through 1907. The reverse design depicts the future President as a boy working as a bookkeeper in his family’s small country store design by Artistic Infusion Program Associate Designer David Westwood.
To round out circulating coinage, no changes are in store for the nickel, dime, and half-dollar.
Commemorative coins for 2010 will include the 2010 Boy Scouts of America Centennial Commemorative Coin and the American Veterans Disabled for Life Commemorative Coin. The Boy Scout commemorative celebrates the 100th anniversary of the Boy Scouts of America. The program will produce 350,000 silver dollar coins with the $10 surcharge will be paid to National Boy Scouts of America Foundation who issues grants to local council for the extension of scouting in hard-to-serve areas.
The American Veterans Disabled for Life will also produce 350,000 silver dollars in proof and uncirculated version to honor disabled veterans. The $10 surcharge will be paid to the Disabled Veterans’ LIFE Memorial Foundation to support the construction of the American Veterans Disabled for Life Memorial in Washington, DC.
Considering what happened this year, it will be difficult to predict what will happen to the American Eagle Bullion and American Buffalo 24-Karat Gold coins. Because of how the law is written, American Eagle bullion will be produced but we are not sure whether American Eagle proof coins will join them. I hope the proof coins will be produced in 2010, but with the current Mint administration, we will not know until they announce a commitment to their production.
I hope 2010 sizzles as much as 2009 fizzled!
Fresco image from Constantino Brumidi: Artist of the Capitol.
Coin images courtesy of the US Mint.
Dec 26, 2009 | history, state quarters, US Mint
It was a desperate act during a desperate time. It was the winter of 1776 and the Colonial Army was looking for something to give it hope that they could beat the British who occupied Boston, New York, and Philadelphia, the most important cities of the time. Something had to be done.
To restore faith in the Continental Army, General George Washington devised a plan to attack the Hessian forces in southern New Jersey that were helping protect an advance onto Philadelphia. General Washington know that the Hessians, German soldiers employed by Great Britain, were hearty partiers and would be doing so on Christmas. He devised a plan to cross the Delaware River at night to surprise the Hessians.
On Christmas night, Washington lead 2,000 troops across the icy Delaware River undetected by the British. They regrouped on the New Jersey side of the river and marched to Trenton where the Hessians were camped.
Two thousand hungry and cold colonial troops attacked the Hessian camp. After 45 minutes of fighting, the colonial forces has taken over 900 Hessians prisoner and controlled the camp. The soldiers found food, supplies, and much needed ammunition. A week later, the Colonial Army marched to Princeton and defeated the British army lead by Lt. Col. Charles Mawhood.
Word of the success in New Jersey spread throughout the colonies and provided incentive for them to press on with the fight for independence.
We may not know what it is like, but German-born artist Emanuel Leutze’s oil painting of Washington Crossing the Delaware is the image we most associate with the crossing. The iconic painting depicts General Washington on the lead boat with his foot on the bow as soldiers rowed across the frozen river. A flag bearer is standing behind General Washington who is being held up by another soldier. The darkened overhead sky to represent the night crossing with the sun rising in the east signifying the dawn of a new day in the revolution.
On May 17, 1999, the US Mint introduced the New Jersey State Quarter, the third quarter of the 50 State Quarters program. The reverse of this quarter is engraver Alfred Maletsky’s wonderful interpretation of Leutze’s painting.
Numismatics meets history as we remember the struggle for independence on December 25, 1776.
Dec 24, 2009 | 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 10, 2009 | BEP, currency, history, legal
As the hostilities began to build between the Union and Confederacy that lead to the Civil War, the US Mint began to lose control of branch mints in the areas that seceded from the union. When Louisiana voted to secede from the union on January 26, 1891, the prolific New Orleans Mint was taken over by the Confederate government. The New Orleans Mint had working dies, presses, and metals to coin their own money. With New Orleans being at the mouth of the Mississippi River, a major trading route, the Confederacy could use this to import metals from other parts of the world to fund their war effort.
Since the San Francisco Mint was too far away to be effective in helping fund the war effort, the Philadelphia Mint was secured to protect it from a possible takeover but did not have the capacity to produce as much coinage as necessary. In fact, the war caused a threat of metal shortages that lead to hoarding of all types of US coins.
With the need to fund the war effort and to prevent the counterfeiting of US coins, congress voted to allow the federal government to print paper currency for circulation. The authorization to print paper money was passed on July 17, 1861 and promptly signed by President Abraham Lincoln. On August 29, 1862, the Printing Bureau was started in the basement of the Treasury Building. When congress authorized the Office of the Comptroller of the Currency in 1863, the Printing Bureau was transferred to OCC and became known as the “Currency Department” or the “National Currency Bureau.” In 1875, legislation was passed to change the name to the current “Bureau of Engraving and Printing” with its own budget and appointed director.
As the government moved to standardize the look and issuance of banknotes, the BEP grew to be the largest printer of security documents in the United States. Originally, original large notes (189 × 79 mm or approximately 7.421 × 3.125 in.) were works of art that continue to be appreciated today. However, when the BEP went to the small sized currency we use today (155 × 66 mm. or approximately 6.14 × 2.61 in.) starting in 1928, the design settled into the one that would not be changed until the 1996.
Frankly, the design of small currency notes have been less than inspiring. In the book, 100 Greatest American Currency Notes by Q. David Bowers and David M. Sundman, the only small notes recognized are large denomination issues (such as the 1928 $1,000 Gold Certificate [#76]) or notes of historical importance (like the $1 Silver Certificate with the “HAWAII” over print [#65]). None were recognized for their designs. When the notes were redesigned in starting in 1996, the notes were given “modern” interpretations of their 1928 uninspired designs.
While each design change since 1996 was made to be able to incorporate new anti-counterfeiting features. But when the BEP make minor updates to the design of the Series 2004 $20 Federal Reserve Note, they entered a new era of adding color to US currency. The addition of color has little artistic meaning to the notes. In fact, it is as if the BEP is dabbling in color rather than adding color to enhance the notes’ look. The design of US currency is less than inspiring.
In an article in The Washington Post discussing a bureaucratic issue with the BEP they note that the bureau is planning to offer buyouts to 227 workers because orders for currency has dropped by 2 billion notes. The reduction is attributed to the economy and the increased use of credit cards. With the slowdown in currency production, now is the time to make make changes to the way the BEP works.
The Bureau of Engraving and Printing is run solely by the Department of the Treasury with no rules other than what Treasury deems as appropriate. While nearly everything the US Mint does is prescribed by law, the law governing what the BEP can do, 31 U.S.C. §5115 is 62 words long. Thus, this gives the Director of the BEP (currently Larry Felix) more autonomy of the BEP than the Director of the US Mint has over his bureau. According to the 2008 Plum Book [PDF], the Director of the Bureau of Engraving and Printing is a career government professional—which might explain why it is so well run in comparison to the US Mint which is run by a politician.
First change would be to change the law to make the lowest denomination of currency five dollars. It require congress to make a two word change to 31 U.S.C. §5115(a)(2). This will make the dollar coins more useful and cut production at the BEP by 45-percent.
Previously in this series, I proposed an organizational change for the US Mint that would create a board to oversee the Mint’s operations and subsequent changes to the management of the US Mint Public Enterprise Fund. This should be the same structure used for the Bureau of Engraving and Printing with the exception of bullion issues (obviously). As part of the reorganization, the same rules for coinage design should apply to the design of US currency with the U.S. Commission of Fine Arts and the final arbitrator of artistic design.
The BEP should be able to issue commemorative currency. Currently, the BEP uses “tricks” to manufacture collectible issues whether it is special packaging or using serial numbers to tie the notes to special events. In this plan, commemorative currency can be created by changing the reverse of our current designs or special issues in the same manner that the US Mint produces coins. One idea was The Liberty Bill Act promoted by the Liberty Middle School of Ashland, Virginia.
As part of the reorganization of the BEP, they must address the meaningful access to US currency. This is the study ordered [PDF] by the court in the suit filed by the American Council of the Blind to force the BEP print US currency more easily accessible by the blind and visually impaired. This report was published in July 2009 and there has been no comment from the BEP. It is time for the BEP to publish their recommendations.
Finally, the future is today. With production falling because of the use of credit cards and the declining economy, it is time to consider the era of the cotton-linen paper notes. The BEP should not only consider using polymer-based notes, but done so in a way to allow the BEP become a printer for the rest of the world. Polymer notes allows for the government to add new security features to the notes, but could be the basis to satisfy the court order regarding meaningful access. If the BEP embraces polymer notes, they can use the capacity not being used to print US currency to print currency for the rest of the world. While it may put the US in competition with Australia for polymer note printing, the BEP has two facilities that can out produce almost any other currency printer in the world. A little competition is good for everyone!
The last entry of the series will wrap up my thoughts on the reformation of America’s currency.
Dec 5, 2009 | RCM, Royal Mint, US Mint, web
Progress and experience is a good thing. It helps us learn about ourselves and how other perceive us. In the world of competing for business in numismatics, progress and experience helps those who sell coins and offer services improve how they communicate to us, their customers and constituents. Today, we are going to look at the websites that those of us who live part of our lives online visit for our numismatic fix.
Earlier this year, the Royal Canadian Mint updated their website. Prior to their current update, their site was written using Adobe Flash in a way that felt limiting to someone who visited the site to browse. The updated site has a more exciting look, fresher colors, and is better for those of us who like to browse. And speaking of browsers, this version does not use Flash in the same way as the old site. Your experience will be faster and more responsive than the previous RCM design. It is clear that experience has allowed the RCM to progress to a new design.
Not long ago, The Royal Mint updated their website. Although The Royal Mint did not need an update, they chose to change the basic theme and go with a simple design with a black background. It give the site a regal look, which is in tune with The Royal Mint’s vision of itself as one of the world’s oldest mint. However, navigation of this site is a bit quirky. There appears to be extra clicks required to find products and while the look is nice, every page has an image on top that distracts from the presentation by pushing to coins down. This image may only be a minor annoyance, but an annoyance nonetheless.
Here in the United States, there have been changes in the website for the Bureau of Engraving and Printing. The bureau with one of the best domain names (www.moneyfactory.gov) appears to have hired website designers that have graduated from Web Design 101. The site is is clean and professional looking with easier navigation making it easier to find information about the BEP. From the front page, the site is about the bureau and its functions. Sure, the last major even of the BEP is the redesign of the $5 Federal Reserve Note in 2007, but it allows the BEP to highlight its limited accomplishments.
With the new design, the BEP has created a new store front with its own domain name: www.moneyfactorystore.gov. The new store is easier to navigate and find products. The categories have been cleaned up, the unavailable products have been removed, and the premium series can be purchased by series or individual Federal Reserve banks. Buying individual premium products by Federal Reserve Bank was not possible with the old website.
Moving away from the government, the Professional Coin Grading Service has redesigned its website again. This time, rather than rely on the black and gold theme of their logo, PCGS is using a lighter blue theme to highlight their service. While this design is better than their previous designs, it is not without issue. For example, there is something about the front page layout that bothers me. The banner is too large, there is too much space between the banner and the page contents, and menus at below the main content are too low. If the PCGS web designers can lower the height of the banner, close up that extra space, the lower menus will move up on the page and not feel as if they are an after thought. Making these fixes could change the A- design into a solid Grade A design.
Of course the one website that is in dire need of updating continues to have the same design since 2000. The US Mint should update their web presence, especially their online catalog.
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