We end numismatic 2012 almost the same way as we began, discussing what to do about the one-dollar coins. The over production lead to a quite a number of bills introduced in congress to try to fix the perceived problem but none ever made it to a hearing, let alone out of a hearing. Rather, the U.S. Mint hired Current Technologies Corp. (CTC) to perform an alternative metals study required by congress.
When the U.S. Mint finally published the report and a summary they made a recommendation to study the problems further because they could not find suitable alternatives to the current alloys used. While reading the summary gives the impression that the request is reasonable, the full 400-page report describes the extensive testing and analysis that the U.S. Mint and CTC performed leaving the reader curious as to why they were unable to come to some sort of conclusion—except that there is no “perfect” solution. This is a story that will continue into 2013 and be on the agenda for the 113th congress when it is seated on January 3, 2013.
The other part of the discussion is whether or not to end the production of the one-dollar Federal Reserve Note. It was the last hearing before the House Financial Services subcommittee on Domestic Monetary Policy and Technology for Rep. Ron Paul (R-TX) and the 112th congress that will certainly carry over into 2013.
This does not mean the Bureau of Engraving and Printing is without its controversy. In order to comply with the court order as part of American Council for the Blind v. Paulson (No. 07-5063; D.C. Cir. May 20, 2008 [PDF]) and the subsequent injunction (No. 02-0864 (JR); D.C. Cir. October 3, 2008 [PDF]), the BEP has been working to provide “Meaningful Access” to United States currency.
Secretary of the Treasury Timothy F. Geithner approved the methods that will be used to assist the blind and visually impaired to U.S. currency on May 31, 2011. In addition to examining tactile features, high contrast printing, and currency readers, the BEP issued a Request for Information for additional information to implement their plan. The BEP will be participating at stakeholder organization meetings to socialize and refine their plans. There will probably be few announcements before the conventions of the National Federation of the Blind and American Council of the Blind this summer.
Another building controversy from the BEP is whether the redesigned $100 notes will find its way into circulation. Introduced in April 2010, full production has been delayed because of folding during the printing process. The situation has to be so severe that the BEP has not announced a new release date and delayed releasing the 2011 CFO Report [PDF] to the end of Fiscal Year 2012 while finding a way to bury the scope and costs of the delays. Will the redesigned $100 Federal Reserve Note be issued in 2013? Stay tuned!
Staying with currency issues, there should be a new series of notes when a new Secretary of the Treasury is appointed. It is known that the current Secretary Timothy F. Geithner wants to pursue other options. If the BEP follows its past practice, notes with the new Secretary of the Treasury’s signature would be Series 2009A notes. There have been no reports as to whether Treasurer Rosie Rios will continue in her position.
As for other products, the BEP will continue to issue specially packaged notes using serial numbers that are either lucky numbers (i.e., “777”) or ones that begin with “2013” as part of their premium products. Of course they will continue to issue their sets of uncut currency.
Another carry over from 2012 will be whether the U.S. Mint will issue palladium coins that were authorized by the American Eagle Palladium Bullion Coin Act of 2010 (Public Law No: 111-303 [Text] [PDF]). The law requires that the U.S. Mint study of the viability of issuing palladium bullion coins under the Act. That report was due to congress on December 14, 2012 but has not been made public at this time.
Bibiana Boerio was nominated to be the Director of the U.S. Mint.
One final bit of unfinished business from 2012 is the nomination of Bibi Boerio to be the 39th Director of the U.S. Mint. The former Chief Financial Officer of Ford Motor Credit and Managing Director of Jaguar Cars Ltd. has recently been a Special Advisor to the President of the Detroit Regional Chamber of Commerce while waiting for the Senate to confirm her nomination. The Senate will have quite a few presidential nominations on its agenda that will he taken up in the new congress.
Other than the higher prices for silver products, the U.S. Mint should not generate controversies for its 2013 coin offerings. There will be no changes for the cent, nickel, dime, and half dollar with the half dollar only being struck for collectors since it has not been needed for circulation since 2002. These coins will be seen in uncirculated and proof sets with silver versions for the silver sets.
There has been no confirmation from the U.S. Mint whether they will strike San Francisco “S” Mint quarters for the collector community as they did in 2012.
American Eagle coin programs will continue with the bullion, collector uncirculated, and proof coins for both the silver and gold. The American Eagle Platinum bullion coin will continue to use its regular reverse while the American Eagle Platinum Proof will continue with the Preamble Series. The Preamble Series is a six year program to commemorate the core concepts of the American democracy as outline in the preamble of the U.S. constitution. For 2013, the reverse will be emblematic of the principle “To Promote the General Welfare.” The U.S. Mint has not issued a design at this time.
Currently, there are no announced special products or sets using American Eagle coins and no announced plan for special strikings such as reverse proofs or “S” mint marks.
As I am looking to pare down my collection to concentrate on a few select areas, I did not have anything on my numismatic wish list. Over the last few months, I have bought books that I will use for research. Otherwise, I have been just keeping up with the latest releases and not worrying about the holes in the parts of the collection I will be keeping.
But that does not mean I did not receive a numismatic gift. Although it was not a holiday gift, a friend went to China and found a set called Qing Dynasty 12 emperors. The set contains 12 medals representing the Qing (pronounced as Ching) Dynasty that ruled China from 1616 through 1911. The set covers six pages with two medals per page. Each depicts a different emperor with their clan’s name around the top edge, their name to the right of their image, and the years of their reign below the image. All of the lettering is in Traditional Chinese. The reverse on all of the medals features the dynasty emblem that was used on the flag during the time the dynasty was in power.
Each of the medals are on a sealed plastic page with a paper insert that has an image of the emperor, his name, clan name, when he ruled, and a brief paragraph about him. On the front, the information is in Traditional Chinese, the reverse is in English. All of emperor images are drawings except for the last one, Xuantong Emperor, who abdicated in February 1912.
If you want to know more about the Qing Dynasty, you can read this page that is not pretty but uses the medal images as part of its explanation.
Based on the information I can find, the medals are 38 millimeters in diameter (1½ inches). I found a few references that they are made from silver, but I am not sure. From what I can tell by looking at the color and the weight of the medals, without cutting into the sealed pages, they may be made from a copper-nickel alloy. I do not think they are made from silver or silver-plated. But it is a very cool set and it was nice of my friend to think of me while she vacationed so far from home!
Which brings me to this week’s poll: Did you get anything numismatic-related for whatever holiday you celebrated?
Did you receive a numismatic-related gift this holiday season?
Yes I did and it was something I really wanted. (42%, 11 Votes)
I did not but I bought myself my own numismatic gift. (38%, 10 Votes)
Yes I did but it wasn't something on my want list. (8%, 2 Votes)
I did not but I did not have a numismatic gift on my list. (8%, 2 Votes)
I did not... maybe next year or for my birthday. (4%, 1 Votes)
Total Voters: 26
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In the mean time, here are images of my Qing Dynasty 12 Emperors set.
This past week, President Barack Obama signed H.R. 3187, the March of Dimes Commemorative Coin Act of 2012 (Public Law No. 112-209 [TXT] [PDF]).
According to the law, the U.S. Mint will strike no more than 500,000 silver dollar coins in 2015 that “shall be emblematic of the mission and programs of the March of Dimes, and its distinguished record of generating Americans’ support to protect our children’s health.”. The law says that the designs of the coin will “contain motifs that represent the past, present, and future of the March of Dimes and its role as champion for all babies, such designs to be consistent with the traditions and heritage of the March of Dimes.”
As with other silver dollar commemoratives, the sale of this commemorative will include a $10 surcharge that will be paid “to the March of Dimes to help finance research, education, and services aimed at improving the health of women, infants, and children.”
After congressed passed the law, the March of Dimes issued press release thanking Senators Kay Hagan (D-NC) and Susan Collins (R-ME) as well as Rep. Robert Dold (R-IL) and Nita Lowey (D-NY) for their work in getting this bill passed.
Between now and 2015 when the commemorative silver dollar is issued, I am sure the March of Dimes would appreciate as many $10 donations as you can afford. Donations to the March of Dimes are tax deductible to the extent allowed by law. It is a good way to save on taxes and do good at the same time!
“There is no merit to any of the allegations contained in the lawsuit, and it will be vigorously defended,” read the press release. “he ANA will make no further comment with regard to this pending litigation.”
Obviously, Shepherd did not take it well and issued a statement about his firing when the ANA responded but should not have. All has been quiet until a the Shepherd filed suit for wrongful termination.
This will make two dismissed executive directors who have sued the ANA. Even if the ANA wins their argument, the ANA loses because of the costs to defend itself. Just as the ANA was getting its financial footing back together, here is a potentially large, unexpected expense that has to be dealt with.
If the “third time’s a charm,” then the ANA has done well by hiring Jeff Shevlin. After meeting Jeff, I believe he really has the best interest of the ANA at heart and will do a great job.
Last week, the U.S. Mint published their product schedule for the rest of the month and the first quarter of 2013. So for this week’s poll, which 2013 coin are you most interested in?
American Silver Eagle Proof
While I could have allowed more than one answer, I decided to limit you to just one of the programs that change plus the American Eagle coins. For me, I will always buy at least one example of the silver bullion, uncirculated, and proof coins each year to keep my nearly complete collection going—missing only the 1995-W proof.
For the changing programs, the 2013 Presidential $1 Coins will honor the presidencies of William McKinley (the 25th President), Theodore Roosevelt (26th, whose “Pet Crime” gave us better coin designs), William Howard Taft (27th, the only president to become Chief Justice of the Supreme Court), and Woodrow Wilson (28th president). Although there are interesting stories about earlier presidents, “modern” United States history is usually taught beginning either McKinley or Roosevelt—which is unfortunate because many people could learn a lot from post-reconstruction politics.
2013 Native American Dollar Reverse Design
One of the most under-appreciated designs have been those for the Native American $1 Coin. Using the obverse of the original Sacagawea Dollar, the reverse has been changing since 2009 to honor the history and other contributions made by native Americans. Aside from honoring their important contributions, the designs have been wonderful. In 2013, the reverse design commemorates the Delaware Treaty of 1778. The design features a turkey, howling wolf, and a turtle as the symbols of the clans of the Delaware Tribes, and 13 stars to represent the colonies. Not only are these great designs but they make wonderful education pieces that should gain more attention when congress does the right thing and eliminates the paper dollar note.
2013 Girl Scouts of the USA Centennial Silver Dollar
The 2013 Girl Scouts of the USA Centennial Silver Dollar honors the organization’s founding by Juliette Gordon Low in Savannah, Georgia on March 12, 1912. Low founded the Girl Scouts a year after meeting Sir Robert Baden-Power, founder of the Boy Scouts and Girl Guides in England. When Low returned to Savannah, she put the concept in motion. According to the Girl Scouts’ website, “On March 12, 1912, Juliette Low gathered 18 girls to register the first troop of American Girl Guides. Margaret ‘Daisy Doots’ Gordon, her niece and namesake, was the first registered member. The name of the organization was changed to Girl Scouts the following year.” Surcharges from the sales of this coin will be paid to the Girl Scouts for program development and delivery.
Which 2013 coins are you interested in purchasing?
Which 2013 coins are you most interested in?
Any of the American Eagle Coins (30%, 11 Votes)
Native American Dollar (22%, 8 Votes)
5-Star General Commemorative (19%, 7 Votes)
Girl Scouts of the USA Centennial Silver Dollar (14%, 5 Votes)
I am not interested in any of these coins (14%, 5 Votes)
As we come down to the home stretch of the 2012 products, let me put in a word for the 2012 Star-Spangled Banner Commemorative Coins. Proceeds from the sale of these coins ($35 for the gold coin and $10 for the silver dollar) goes to the Maryland War of 1812 Bicentennial Commission to support their bicentennial activities, educational outreach, and preservation and improvement of the sites and structures related to the War of 1812, a war that has been called our second war for independence.
The design of the 2012 Star-Spangled Banner commemorative coins enhance the depiction of liberty and the fight for freedom that should be the hallmark of U.S. coin designs. The gold coin features a naval battle scene representing the victory in Baltimore Harbor over the Royal Navy in defending Fort McHenry and the reverse has the first words of Francis Scott Key’s poem, “The Defence of Fort McHenry.”
While the gold coin is a nice design, the design of the silver coin is even better. The obverse depicts Lady Liberty waving the 15-star, 15-stripe Star-Spangled Banner flag with Fort McHenry in the background. It is a powerful image representing one of the best designs representing freedom and liberty. The reverse is a modern 50-star flag waving. Images (included below) does not do this coin justice. You have to see this coin in hand to appreciate the design.
The last day to purchase the Star-Spangled Banner Commemorative Coin will be on Monday, December 17, 2012 at 5:00 p.m. Eastern Standard Time.
It is always fascinating to see how the U.S. Mint works behind the scenes and hear from the designers and engravers. Philadelphia’s WPVI-TV went to the Philadelphia Mint to see how the 2012 Star-Spangled Banner commemorative coins are made. Here is their report:
In related news, it was announced that the Navy’s heralded Blue Angels will perform in Baltimore for the finale of the War of 1812 commemoration September 12-13, 2014. The Blue Angles will appear during the Star-Spangled Spectacular that will be held September 6-14, 2014 in Baltimore.
Buying the coins will not only add a beautiful coin to your collection but will help support the celebrations of the bicentennial of these important events in United States history. I bought the silver proof coin at Fort McHenry during the launch event.
The Coins:
2012 Star-Spangled Banner Gold Commemorative Obverse depicts a naval battle scene from the War of 1812, with an American sailing ship in the foreground and a damaged and fleeing British ship in the background. Designed by Donna Weaver and engraved by Joseph Menna.
2012 Star-Spangled Banner Gold Commemorative Reverse Depicts the first words of the Star-Spangled Banner anthem, O say can you see, in Francis Scott Key’s handwriting against a backdrop of 15 stars and 15 stripes, representing the Star-Spangled Banner flag. Designed by Richard Masters and engraved by Joseph Menna.
2012 Star-Spangled Banner Silver Commemorative Obverse depicts Lady Liberty waving the 15-star, 15-stripe Star-Spangled Banner flag with Fort McHenry in the background. Designed by Joel Iskowitz and engraved by Phebe Hemphill.
2012 Star-Spangled Banner Silver Commemorative Reverse depicts a waving modern American flag. Designed by William C. Burgard III and engraved by Don Everhart.
Scott’s coin:
Credits
Logo courtesy of the Maryland War of 1812 Bicentennial Commission.
Video courtesy of WPVI-TV, Philadelphia.
Coin images courtesy of the U.S. Mint.
Image of Scott’s coin is owned by the author and covered under CC BY-NC-ND 3.0 license.
Obverse of the 2009-present Native American Dollar
There has been a lot of misinformation by the media about what was said during the hearing before the House Financial Services subcommittee on Domestic Monetary Policy and Technology on November 29. It is difficult to believe that these alleged journalists had investigated anything beyond their keyboards making simple online searches.
Let’s look at the drivel about eliminating the dollar coins:
Replacing the dollar bill with a coin will not save money.
A summary of these arguments could be read on the Wonk Blog at The Washington Post. As I read the argument against, there is a lot of phrases with qualifiers like “if” and “may” that does not provide a solid feeling of deep analysis.
The bottom line is that for every dollar coin the U.S. Mint strikes, the government collects 72½ cents per coin. On the other hand, the Bureau of Engraving and Printing prints each note for around 8 cents per note but does not charge the Federal Reserve $1 for each note. By cost, the U.S. government makes more on seigniorage for the coin than the currency.
Converting to coins from the paper currency will cost the Fed more to purchase the dollar coin over printing currency. However, the Fed is not a government agency and does not use taxpayer money for its operations. It uses money earned off of its banking operations and turns over a percentage of its profits to the United States Treasury. While this will lower the amount of profit, it will be made up by the additional seigniorage.
People have not forgotten the Susan B. Anthony dollar coin… failed to wean Americans from the dollar bill because it looked too much like a quarter.
When I read this in an editorial from my hometown The New York Times, I scratched my head and wondered what happened to The Old Grey Lady. What used to be a forward thinking newspaper sounds like the elderly neighbor chewing his gums yelling at you to “get off my lawn.” What The Times forgot is that following the problems the design of the Susie B’s caused, congress authorized changes to prevent those issues from reoccurring by changing the coin’s color and using a smooth edge rather than a reeded edge.
I challenge The Times editorial board to handle a quarter and a post-2000 dollar while reconsidering their misguided editorial.
Why worry about the dollar because more people are using credit cards
A story in Bloomberg points out the savings may be limited because of the reduced number of dollar notes being produced. The writer credits the increased use of credit cards as a reason. However, reports show that consumer credit card debt has gone down every month since October 2008 until the first rise in October 2012.
The record shows that Americans have used their credit cards less and the use of cash has increased until these last few months while the Bureau of Economic Analysis reports wages have increased modestly during the slow recovery. In other words, the Bloomberg report does not hold up against facts.
It will not save the government money because it is a transfer costs.
Once again, some “analyst” at National Public Radio over thinks the issue with wrong data. NPR’s Jacob Goldstein writes that it is not a cost savings to the government because of shift from the production by the Bureau of Engraving and Printing to the U.S. Mint. However, his conclusion is based on the assumption that the seigniorage is the same for printing the note as it is for striking the coin. It is not, as we discussed earlier.
A better way to save money is by eliminating 1-cent coins entirely.
An interesting thing happens when the government tries to tackle an issue is that you get alleged pundits like Mike Rosen making irrelevant arguments based on an tangential premiss. The reason why Rosen’s writing is inconsequential is that the discussion is replacing one form of a dollar for another not eliminating a denomination. If the time comes to discuss the elimination of a denomination, then we can learn from the 1856 discussion that lead to the elimination of the half-cent. Otherwise, trying to justify eliminating a denomination using the discussion to replace the representation of another is an exercise in twisted logic.
That fancy money clip you inherited from your grandfather would be useless.
From Boston, Jon Keller writes that it is not culturally possible to change from notes to coins. Keller is indicative of alleged analysts who are thinking with their head up the past and not providing anything but his emotional reasoning for not making the change.
This goes along with the arguments that Americans do not want to change that will put more change in their pocket. These people say that Americans do not want the coin and will resist this move. But if you look at reality, Americans are all about change. In the last 50 years we gave up our silver coinage, went from muscle cars to more fuel efficient cars, brought in and (thankfully) dumped disco, changed the Lincoln cent from copper to copper-plated zinc, handled the end of the Cold War while ushering in the era of terrorism, and adapted to life post 9/11/01. There have been floods, droughts, hurricanes, tornadoes, mega-storms, and earthquakes that has show the resiliency of the American people. To ask Americans to adapt to using coins instead of notes is a pittance compared to everything else.
Take away our dollar bills, and our assault rifles will be next.
I do not believe in conspiracy theories but there some who are not afraid to spout this insolence. It is an argument based on false equivalency based on being unaware of the legal mechanisms of how the government works.
If anyone has a real reason based on documented fact to support saving the paper dollar for the coin, I welcome their argument below.
Mark Twain in his gown (scarlet with grey sleeves and facings) for his D.Litt. degree, awarded to him by Oxford University
On Tuesday, December 4, President Barack Obama signed H.R. 2453, the Mark Twain Commemorative Coin Act into law. With the president’s signature, the measure is now Public Law No. 112-201 ([TXT] [PDF]).
This law will allow the striking of the Twain commemorative in 2016. The program will be for 100,000 $5 gold coins and 350,000 silver dollars whose designs “shall be emblematic of the life and legacy of Mark Twain.” There will be the usual $35 surcharge for the gold coin and $10 for the silver dollar that will be distributed evenly to:
Sponsor: Rep. Blaine Luetkemeyer (R-MO) To require the Secretary of the Treasury to mint coins in commemoration of Mark Twain.
This bill was passed by the Senate and enrolled on 11/15/12.
Presented to the President for his signature on 11/28/12.
See this bill at http://www.govtrack.us/congress/bills/112/hr2453
But that does not mean I did not receive a numismatic gift. Although it was not a holiday gift, a friend went to China and found a set called 
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