At the beginning of each month, I like to provide my readers with a progress with coin or coin industry-related legislation being considered in congress. For the third time this session, there were no new coin-related bills introduced and those that have been submitted have not seen any legislative action. Considering congress has begun their summer break, there will probably be nothing to report for this month.
In similar news, on September 12, 2014, Richard A. Peterson, Deputy Director of the United States Mint provided a status to the House Financial Services Committee about the Alternative Metals Study. The only news to come out of the hearing was the recommendation by Rep. Steve Stivers (R-OH) to use steel as a coinage metal. Stivers was reported to have said, “Steel costs about $900 a ton versus some of the other metals that cost up to $5,000 a ton or $12,000 a ton.”
Prior to the hearing, the U.S. Mint extended the deadline for public comment on the Alternative Metals Study. Predictably, representatives for the vending and coin-operated machine industries called on the U.S. Mint and the congress to maintain the status quo.
Outside of Washington, there is an issue with the enforcement of a consumer protection law in Minnesota that requires dealers with more than $5,000 in sales of bullion coins to register in Minnesota. One of the problems with the definition is that the Minnesota law defines “Bullion Coin” as “any coin containing more than one percent by weight of silver, gold, platinum, or other precious metal.” (see Minnesota Stat. §80G.01 Subd. 2). This means that dealers selling more than $5,000 of Mercury dimes or Barber quarters are required to register the same way as those selling American Eagle coins.
To learn more about this issue, I recommend a reading “Dealers to reject Minnesota clients” by Pat Heller that was published in Numismatic News. There will be more on this and similar laws in other states in future posts.
In keeping with the legislative theme, the following is what has been considered by the 113th congress thus far:
Bills Signed into Law
The following has passed both the House of Representatives and Senate and has been signed by the President of the United States into law:
Public Law 113-10 (formerly H.R. 1071: To specify the size of the precious-metal blanks that will be used in the production of the National Baseball Hall of Fame commemorative coins.
Bills Passed in the House of Representatives
The following bill passed the House and is awaiting action in the Senate:
H.R. 2760: Panama Canal and Pan-Pacific Exhibition Centennial Celebration Act
H.R. 2932: United States Coast Guard Commemorative Coin Act
H.R. 3146: Savings, Accountability, Value, and Efficiency (SAVE) II Act
H.R. 3305: Currency Optimization, Innovation, and National Savings Act
H.R. 3680: Breast Cancer Awareness Commemorative Coin Act
H.R. 3729: Korean Immigration Commemorative Coin Act
Introduced in the Senate
Even though financial bills are constitutionally required to begin in the House of Representatives, it is not beneath the Senate to introduce their own legislation or concurrent bills with the House. Coin-related bills introduced in the Senate are usually referred to the Senate Committee on Banking, Housing, and Urban Affairs. The bills introduced in the Senate are as follows:
S. 94: To terminate the $1 presidential coin program
S.203: Pro Football Hall of Fame Commemorative Coin Act
The Continental Congress met on July 1, 1776 to take up the resolution of Richard Henry Lee, a delegate from Virginia. Lee had brought with him a resolution from the Virginia Convention to “propose to that respectable body to declare the United Colonies free and independent states” that was first heard on June 7, 1776. The July 1 meeting was the culmination of the resolution being documented by John Adams (Massachusetts), Roger Sherman (Connecticut), Benjamin Franklin (Pennsylvania), Robert R. Livingston (New York), and Thomas Jefferson (Virginia). Although the document went through some editing by Franklin and Adams, it was still Jefferson’s words that rang forth:
When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
Asserting their right of freedom from the “the establishment of an absolute Tyranny over these States” was a bold move of this body. One that could land every one of them in jail, ruined, tortured, or dead. But these men, some of great means, risked everything and pursued a path of freedom and justice.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.—That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed,—That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.
Accusing the King of crimes against the colonies and using his whim, and not laws, to rule the colonies was as immoral as it was illegal. Taxation without representation, the right to govern oneself, housing militia without permission, restricting trade, and suspending trial by jury were some of the accusations levied against the crown.
In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people.
Even as Benjamin Franklin sought to try to negotiate with the King and his representatives, Franklin toiled with the Continentals as he saw that the King’s court was not negotiating in good faith.
Nor have We been wanting in attentions to our Brittish brethren. We have warned them from time to time of attempts by their legislature to extend an unwarrantable jurisdiction over us. We have reminded them of the circumstances of our emigration and settlement here. We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow these usurpations, which, would inevitably interrupt our connections and correspondence. They too have been deaf to the voice of justice and of consanguinity. We must, therefore, acquiesce in the necessity, which denounces our Separation, and hold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.
With a final unanimous vote, Richard Henry Lee’s resolution was passed on July 4, 1776. Copies were engrossed over night and formally signed on July 5, 1776 before being dispatched to the colonies.
We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these United Colonies are, and of Right ought to be Free and Independent States; that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.
On this, the 238 anniversary of the signing of the Declaration of Independence, may you revel in the accomplishment and pray for peace in our time.
John Trumbull’s Declaration of Independence hangs in the U.S. Capitol Rotunda. It was used as the model for the reverse of the $2 Federal Reserve Note.
Image of the Joe Fitzgerald autographed 2005 Jefferson Nickel is property of the author. John Adams $1 coin image courtesy of the U.S. Mint. All other images courtesy of Wikimedia Commons.
U.S. Mint mock-up of the 24 karat gold 50th anniversary Kennedy half dollar
Those waiting for the U.S. Mint to release the Kennedy Half-Dollar coin 50th Anniversary Products will be happy to learn that the U.S. Mint announced the products that will be available.
The coin that seems to be the most anticipated is the 50th Anniversary Kennedy Half-Dollar Gold Proof Coin (U.S. Mint product code K15) that will be struct at the West Point facility using three-quarters of a troy ounce of .9999 fine, 24-karat gold. The dual-dated coin will be encapsulated and issued in a wood box, probably similar to the wood boxes used for past special issue gold coins starting with the 2009 Ultra High Relief Gold Coin.
Sales of the gold coin will begin on August 5, 2014 at noon Eastern Daylight Time through the U.S. Mint’s online catalog or by phone. They will also sell the coin at the 2014 Chicago World’s Fair of Money in Rosemont. The price will be set based on the prevailing price of gold when the sale begins. If you want to anticipate the costs, you can see the U.S. Mint 2014 Pricing of Numismatic and Commemorative Gold and Platinum Products. [PDF]
Fans of silver coins and the variations on the silver design will have to wait until the Fall for the release of the 50th Anniversary Kennedy Half-Dollar Silver Coin Collection. The four coin set will include 90-percent silver coins from each of the U.S. Mint’s facilities in four different styles:
One reverse proof coin from West Point
One proof coin from Philadelphia
One enhanced uncirculated coin from San Francisco, and
One uncirculated coin from Denver.
The press release says that the “encapsulated coins are secured in coin wells within an embossed leatherette-type folder that includes the same image of John F. Kennedy that appears on the coins in this set, with patriotic imagery of stars and stripes.” Since this sounds like a new packaging style, we may have to wait until the set is released to truly understand the presentation.
Finally, for the budget conscious, the 50th Anniversary Kennedy Half-Dollar Uncirculated Coin Set will feature two uncirculated half-dollars from Philadelphia and Denver in a commemorative folder. Although the set will go on sale on July 24, 2014, the U.S. Mint has created a catalog page for the set.
50th Anniversary Kennedy Half-Dollar Uncirculated Coin Set
Are you going to buy any of the 50th Anniversary Kennedy Half-Dollar tribute coins?
Yes, I am buying all three sets! (30%, 40 Votes)
Yes, I am buying the silver coin set only. (24%, 32 Votes)
No, I am just not interested. (16%, 21 Votes)
Yes, I am buying the gold coin and silver coin set. (14%, 18 Votes)
Yes, I am buying the gold coin only. (13%, 17 Votes)
Yes, I am buying the uncirculated set only. (3%, 4 Votes)
Dave Schenkman is the sixth lecturer in the MSNA Distinguished Lecture Series.
The Whitman Coin and Currency Expo began yesterday at the Baltimore Convention Center. One of the largest shows, the Whitman Expo covers three large conference halls at the Baltimore Convention Center. There is never enough time to get through it in a day while also talking to everyone.
This year, as president of the Maryland State Numismatic Association, I get to preside over the Sixth Annual MSNA Distinguished Lecture. Our speaker is Dave Schenkman, a highly respected numismatic researcher and a recognized authority on United States tokens. Dave’s lecture is titled “Collecting by the Numbers: A Look at Trade Token Denominations.” His lecture begins at 1 PM on Friday, June 27, 2014 (today) at the Baltimore Convention Center. If you are in the area, please come hear what Dave has to say.
Otherwise, watch my Twitter and Pinterest feeds for information and images from Baltimore. I will have a report about the show over the weekend.
U.S. Mint mock-up of the 24 karat gold 50th anniversary Kennedy half dollar
Recent events have caused the amateurs to come out of the woodwork to decry that the U.S. Mint is doing something illegal. While the U.S. Mint is an agency run by fallible humans, they are less prone to issues as seen in other bureaus within the Department of the Treasury. However, understanding what the U.S. Mint can or cannot do is a matter of understanding the law.
It has been an ongoing theme written on this blog, the latest was about the nonsensical $1 Trillion coin, is that all you have to do to understand what the U.S. Mint can and cannot do is clearly documented in Title 31, Section 5112 of the United States Code (31 U.S.C. § 5112), Denominations, specifications, and design of coins.
You can read Section 5112 without having to obtain a law degree. It is very readable. It is the section that covers all of the specification for every coin struck by the Mint. It describes the size, weight, content, and the design of the coin. Very little is left up to the Mint in coinage design. But as the U.S. Mint is run by fallible humans, these laws were written by even more fallible humans: congress. This means that some of the laws are very clear while others are open to some interpretation.
First, it has been questioned whether the U.S. Mint can strike more 2014 National Baseball Hall of Fame commemorative coins since they sold out of the gold and silver coins. The answer to that question can be found in law (31 U.S.C. § 5112(m)). This is the section that describes the legal requirements for commemorative coins. Paragraph (2)(B) (31 U.S.C. § 5112(m)(2)(B)) says (emphasis mine):
If the Secretary determines, based on independent, market-based research conducted by a designated recipient organization of a commemorative coin program, that the mintage levels described in subparagraph (A) are not adequate to meet public demand for that commemorative coin, the Secretary may waive one or more of the requirements of subparagraph (A) with respect to that commemorative coin program.
2014 National Baseball Hall of Fame commemorative silver dollars and gold commemoratives are sold out at the U.S. Mint.
Since subparagraph (A) codifies the limits of commemorative programs, and if the mintage levels are not adequate to meet public demand, then the Secretary can authorize high limits for the commemorative coin program.
As was the case with the 2005 Marine Corps Commemorative Silver Dollar, a quick sellout of the coins does satisfy the evidence necessary for the Secretary to make the decision to increase the production limits. In 2005, then Secretary of the Treasury John W. Snow authorized the U.S. Mint to produce 100,000 additional silver dollars. This was the last commemorative program sellout prior to the Hall of Fame coins.
However, the proposal to increase the production of the National Baseball Hall of Fame coins is speculation. This rumor has not been acknowledged by the U.S. Mint or the Department of the Treasury.
The other claim is that it is illegal or questionable that the U.S. Mint can produce the 2014 Kennedy Half Dollar gold coin. In an op-ed printed in Coin World, William T. Gibbs wrote, “The Mint is using what it cites as existing authority to produce a .9999 fine gold half dollar struck at the West Point Mint, with a 1964–2014 dual date and the higher relief 1964 portrait. The logic behind this coin is hard to understand. We’ve never had a gold half dollar before and the Mint’s legal authority to issue it is open to debate.”
Equating the fact that the U.S. Mint has never produced a gold half dollar coin is a parochial discussion and not whether the U.S. Mint can legally produce the coin. After all, the U.S. Mint produces quarter dollars made of five ounces of silver.
Congress makes the laws and they can change at almost any time!
The U.S. Mint is allowed to mint the coin under the authority of 31 U.S.C. § 5112(q), the law that authorizes the Gold Buffalo bullion coin. According to the law, the U.S. Mint is only required to produce the coin with the James Earl Fraser Type 1 Buffalo design the first year. Any changes in subsequent years must then be vetted by the Citizens Coinage Advisory Committee and U.S. Commission of Fine Arts.
The same questions were raised when the U.S. Mint issued the 2009 Ultra High Relief Double Eagle Gold Coin. The coin was based on the 1907 design by Augustus Saint-Gaudens was produced in .9999 fine gold and was issued under the Gold Bullion Coins provision of the law (31 U.S.C. § 5112(q)).
Gibbs further says, “When the Mint struck gold versions of the 2000 Sacagawea dollar and announced plans to sell them to the public, Congress stopped the Mint, stating that Mint officials lacked constitutional authority to issue the dollar coin in gold” as an additional argument against the U.S. Mint producing the Kennedy gold coin. In 2000, the law authorizing the U.S. Mint to strike 24-karat coins did not exit. The Buffalo Gold Bullion coin program that the decision is based was signed into law on December 22, 2005 as part of the Presidential $1 Coin Act of 2005 (Public Law 109–145 [PDF]).
The U.S. Mint may not be the most perfect agency and you may not like their decisions, but to accuse them of questionable legal practices is a bit naive.
This will be the third time that the U.S. Mint has launched a gold coin at a coin show. Last year, the U.S. Mint sold out of the 2013 Reverse Proof 24-karat Gold Buffalo coin at the World’s Fair of Money. They received a secondary shipment which also sold out. Similarly, the National Baseball Hall of Fame commemorative was sold at the Whitman Coin and Currency Expo this past March. It also sold out even after receiving a secondary shipment.
Although past performance does not guarantee future results, there is significant anecdotal evidence that the Kennedy gold coin will also sell very well.
So let’s see what you think. Will you buy this coin?
Are you going to buy the 2014 Gold John F Kennedy Half Dollar tribute coin?
Yes, I will buy the gold, silver, and clad set if it is offered (29%, 19 Votes)
Yes, I will buy the gold coin. (25%, 16 Votes)
No, a gold coin would be too expensive (25%, 16 Votes)
No, I'm not interested (20%, 13 Votes)
I don't buy any coins from the U.S. Mint (2%, 1 Votes)
Total Voters: 65
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For those who cannot afford gold, the U.S. Mint is planning on producing silver coins with just the 2014 date. The set will feature coins from all four branch mints and include a proof coin struck in Philadelphia, a reverse proof produced in West Point, an enhanced uncirculated from San Francisco, and an uncirculated coin minted in Denver.
Although the U.S. Mint has not announced the price of these coins, they plan to place order limits to prevent the situation that happened with the National Baseball Hall of Fame commemorative coin that appears to have been bought out by dealers.
As part of the design process, Frank Gasparro sculpted different variations of the presidential eagle in plaster.
Cook Islands will be issuing a coin with an embedded thermometer to commemorate the 270th anniversary of the death of Anders Celsius. While his name does sound familiar, the results of his work is known in most of the world except for the daily lives of most Americans.
Celsius was a Swedish physicist, mathematician and a professor of astronomy at Uppsala University. As one of Sweden’s premier scientists of his day, Celsius traveled extensively to research ways to measure degrees from the poles in order to improve mapping and navigation. He believed that by studying the stars we could learn more about the composition of the earth and its origins, something we are still doing today.
The research he is most known for was as the first scientist to experiment with temperature in order to define a definitive scale to be used by all scientists as the basis for their experiments. In 1742, Celsius published the paper Observations of two persistent degrees on a thermometer where he defined 100 as the freezing point of water and 0 as its boiling point with a scale of units in between. He called his scale “centigrade” derived from the Latin for “hundred steps.”
Independently, physicist Jean-Pierre Christin of France developed a similar scale with 0 as the freezing point of water and 100 as its boiling point. In 1743, Christin commissioned the building of the “Thermometer of Lyon,” a mercury thermometer based on his research.
Celsius died in 1744 at the age of 42 from tuberculosis. A year after his death, colleague Carolus Linneaus, a botanist interested in the effects of temperature on growing plants, reversed Celsius’ scale and improved on the design for the thermometer. In a paper published in 1745, Linneaus first used the Celsius to describe the temperature scale. He later convinced the Royal Swedish Academy of Sciences to change the name of the scale to Celsius in memory of his late colleague.
To honor Celsius, the Cook Islands hired Coin Invest Trust of Balzers, Liechtenstein to design and strike a coin to honor Andres Celsius. The coin with a 5 Dollar face value will 50mm in diameter and proof struck using one troy ounce of .925 silver. Mintage will be limited to 1744 pieces.
The coin’s unique reverse design will include a thermometer that will be integrated around the center of the coin that will feature the portrait of Anders Celsius. Based on the images, the thermometer looks like it will be based on the same technology as those used in temperature strips. The area where the portrait will be features a little degree mark before the C in Celsius, the date 1744-2014, and a small depiction of a thermometer.
Since Cook Islands are under the sovereignty of New Zealand and New Zealand is a member of the Commonwealth Realm, Queen Elizabeth II is the legal head of state and appears on the obverse of the coin. The portrait is by British sculptor Ian Rank-Broadley whose work appears on all coins of the Commonwealth Realm.
Obverse of the 2014 Cook Island Anders Celsius NCLT features the Ian Rank-Broadley image of Queen Elizabeth II.
Reverse of the 2014 Cook Island Anders Celsius NCLT features a portrait of Celsius surrounded by a working thermometer.
No announcement has been made as to when it will be available and the purchase price.
Given my resistance to gimmicks on coins (with my own admitted hypocrisy), there is still something compelling about the proposed design for this non-circulating legal tender (NCLT) coin. I will wait to see how much the coin will cost before making a commitment one way or the other.
An image of how the 2014 Cook Island Anders Celsius NCLT coin presentation case.
An image of how the 2014 Cook Island Anders Celsius NCLT coin will look in its presentation case.
An image of how the 2014 Cook Island Anders Celsius NCLT coin will look in its holder.
Image of Anders Celsius from Wikimedia Commons Coin images courtesy of Coin Invest Trust
U.S. cents have been made of copper, steel, and copper plated zinc. What’s next?
If you have not provided your opinion to the U.S. Mint about their study of alternative metals for circulating coins, the time to provide comments have been extended. According to the Federal Register (79 F.R. 32363 [PDF]), the National Armored Carriers Association (NACA) requested an extension stating that additional time is necessary to provide an appropriate and comprehensive response. The U.S. Mint agreed with the NACA and has extended the comment period until the close of business on Tuesday, June 24, 2014.
Even though the U.S. Mind does not define who its stakeholders are, I believe that collects are part of the stakeholder community and should be heard. If you do comment, the U.S. Mint is looking for input on the following factors:
Costs to convert to circulating coins composed of alternative metals given the following possible changes to coins:
Weight
Electromagnetic signature
Visual changes, such as color and relief
Transition time needed to introduce a circulating coin composed of an alternative metal.
Comments on how best to inform and educate both affected industries and the public on changes to circulating coins.
Environmental impact from the use of circulating coins composed of alternative metals.
Other issues of importance not identified above.
When commenting, note that the U.S. Mint said it is not considering aluminum alloy metals.
Comments may be sent by email to Coin.StakeholdersResponse@usmint.treas.gov. If you prefer to send your comments the traditional way, mail them to Coin Stakeholders Response, Office of Coin Studies, United States Mint, 801 9th Street NW., Washington, DC 20220.
If you do comment and would like to share what you said with the rest of the community, either send it to me via email or post it as a comment below.
Operation Overlord was the largest amphibious invasion in history.
Originally scheduled on May 1, it was rescheduled to June 5 and then June 6 because of weather.
Commanded by Gen. Dwight D. Eisenhower, the invading force consisted of 156,000 Allied troops using 5,000 ships and landing craft bringing on shore 50,000 vehicles with overhead support from 11,000 planes and 13,000 paratroopers.
Across 50 miles of Normandy coast line, the United States forces were assigned Utah and Omaha beaches, the British Army was assigned to Gold and Sword beaches, and the Canadian Army invaded Juno beach.
Operation Bodyguard created six decoy invasions as a distraction to the Germans so as to divert their attention from the intended invasion at Normandy. Gen. George S. Patton, considered the most skillful tank commander in U.S. military history, commanded a fake mission to invade Pas-De-Calais.
Omaha Beach was the focus of the attack because it was the most heavily defended beach.
On the first day, 4,414 Allied soldiers were confirmed dead.
Victory was declared on July 21, 1944 when the Allied forces captured Caen, one of the major objectives of the invasion.
The Normandy American Cemetery in Colleville-Sur-Mer is the final resting place for 9,387 Americans. Across its 172.5 acres sits 9,238 crosses and 149 Stars of David where 41 sets of brothers and 3 Medal of Honor recipients rest. The Walls of the Missing is engraved with the names of 1,557 soldiers missing in action.
On this, the 70th Anniversary of D-Day, the day Operation Overlord began, there is one more statistic that should not exist:
The number of commemorative coins issued by the United States to honor those that served and gave their lives to help begin the liberation of Europe from the worst criminal of all time: ZERO!
Although the U.S. Mint did issue a World War II 50th Anniversary commemorative coin in 1995, this country should honor those who participated in the largest amphibious invasion in history and set the world on a safer course.
With the number of veterans of that day dwindling as they are all nonagenarians, I would like to thank them for their service and the families of the fallen for their service. I only wish that congress would realize that their bickering over nonsense with flags on their lapels pales in comparison to the sacrifices made on that day in France. They just do not get it.
Canadian $10 Commemorative of the 70th Anniversary of D-Day featuring the obverse portrait of King George VI, the reigning monarch at the time of the invasion.
70th Anniversary of D-Day 2014 Alderney £5 BU Coin from the Royal Mint.
Bimetallic 2 € commemorative issue from the Monnaie de Paris (Paris Mint)
Note that the likelihood of these bills passing is slim-to-none and Slim just left town. Since Sen. Rockefeller is retiring after this session, there is a small chance that Mother’s Day commemorative could be voted on by unanimous consent in December as a legislative “going away present.”
At the beginning of each month, I like to provide my readers with a progress with coin or coin industry-related legislation being considered in congress. For the third time this session, there were no new coin-related bills introduced and those that have been submitted have not seen any legislative action. Considering congress has begun their summer break, there will probably be nothing to report for this month.
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