Feb 12, 2009 | coins, commemorative, dollar, US Mint
Starting at 12:00 Noon Eastern Time, the US Mint will begin to sell the 2009 Abraham Lincoln Commemorative Silver Dollar. The commemorative is limited to a production of 500,000 coins by law and will be available in proof and uncirculated versions. Coins will be struck in 90-percent silver and will have a face value of one dollar.
The obverse of the coin was created by United States Mint Artistic Infusion Program Master Designer Justin Kunz and sculpted by Sculptor-Engraver Don Everhart. The image was inspired by Daniel Chester French’s famous sculpture of the President that sits inside the Lincoln Memorial in Washington, DC.
The reverse was designed and sculpted by Sculptor-Engraver Phebe Hemphill. The design features the an inscription of the last 43 words of the Gettysburg Address:
WE HERE HIGHLY RESOLVE THAT THESE DEAD SHALL NOT HAVE DIED IN VAIN–THAT THIS NATION, UNDER GOD, SHALL HAVE A NEW BIRTH OF FREEDOM—AND THAT GOVERNMENT OF THE PEOPLE, BY THE PEOPLE, FOR THE PEOPLE, SHALL NOT PERISH FROM THE EARTH.
These words are encircled by a laurel wreath with Lincoln’s signature incuse into a banner at the bottom of the design.
From the first availability until 5:00 PM on March 16, 2009, the Mint will sell these coins at a reduced price. According to the Mint’s press release pricing has been set as follows:
| Product Code |
Description |
Introductory Price |
Regular Price |
| LN7 |
Proof Silver Dollar |
$37.95 |
$41.95 |
| LN8 |
Uncirculated Silver Dollar |
$31.95 |
$33.95 |
| LN6 |
Special Set |
— |
— |
The special set will contain a proof silver dollar and proof versions of the four 2009 Lincoln Cents. The set will be available in the spring and will be limited to 50,000 units. The special set sounds interesting and worth waiting to see how the Mint will price this option.
Images courtesy of the US Mint.
Jan 19, 2009 | coins, dollar, US Mint
Last year, I did not see a coin with a 2008 date until April. Even with the Federal Reserve giving priority to circulating 50 State Quarters during their first two weeks of issue, it was a while before I found one in change. I wondered how long it would take to find a 2009 coin in my pocket. This year, the wait lasted until January 13.
On Tuesday, January 13, I attended the meeting of Montgomery County Coin Club, where I was inaugurated as president for my second term. Our treasurer works near the US Mint’s headquarters. He used his lunch break to visit the headquarters to purchase a number of the Hawaii quarters and the new Native American $1 Coin from the change machines in the building’s lobby.
Before the meeting started, I handed our treasurer a $1 Federal Reserve Note and he handed me a $1 coin. With the coin in my pocket, I can proclaim receiving a 2009 in change! Ok… it may be cheating, but it is still a 2009 coin and it did not cost me more than face value to obtain it.
This was the first time I saw the design rather than the line drawing. The obverse of the coin continues to have the Glenna Goodacre designed portrait of Sacagawea, the Shoshone Indian guide for Meriwether Lewis and William Clark, carrying her infant son, Jean Baptist. The only difference between the previous versions and the new obverse is that the date and mint mark were moved to the edge along with E Pluribus Unum and 13 stars.
For 2009, the Native American $1 Coin Act (Public Law 110-82 [text] [pdf]) required the redesign of the reverse to honor Native Americans and the important contributions made by Indian Tribes and individual Native Americans in United States history. This year, the design represents the “Three Sisters Agriculture,”
“Three Sisters” agriculture is the practice of growing corn, beans, and squash in the same mound enhanced the productivity of each plant. This simple concept lead to the accepted practice of crop rotation that is used today to maintain the production in modern farms. This helped Native American produce food and sell their knowledge to the early European colonists to ensure their survival.
In hand, it is an excellent design. The details of the image is simple, yet complete that gives the coin a great look. Even the change in the font used for “United States of America” near the edge enhances give the coin the feel of Native American art work. US Mint Sculpture-Engraver Norman E. Nemeth should be commended for his wonderful work.
Images courtesy of the US Mint.
Dec 20, 2008 | cents, coins, commemorative, dollar, Eagles, gold, quarter, state quarters, US Mint
As we end 2008 and look to 2009, numismatists are going to have a lot of options to add to their collections. There will be quite a number of coins that will excite many. But the shear numbers may be overwhelming to others. However you feel, the US Mint will have a very busy year. Let’s look at what is coming up in the new year.
First, three coins will not see any changes. The “Return to Monticello” Jefferson Nickel introduced in 2006 will not be changed. Neither will the Roosevelt Dime, in circulation since 1946, and the Kennedy Half Dollar, as it has been since 1964 except for the Bicentennial issues.
For 2009, we will celebrate the bicentennial birthday of Abraham Lincoln. In celebration, congress has authorized the 2009 Lincoln Bicentennial One Cent Program as part of Public Law 105-145. As part of this program, the Mint will issue four reverse design representing Lincoln’s birth and early childhood in Kentucky (1809-1816), his formative years in Indiana (1816-1830), his professional Life in Illinois (1830-1861), and an extraordinary presidency in Washington, DC (1861-1865).
As part of the Lincoln Cent program, the US Mint will issue a 2009-S VDB non-circulating coin that will be struck in the .950 copper alloy used when the 1909-S VDB was first struck. Also, Public Law 109-285 was passed earlier this year that created Abraham Lincoln Commemorative Silver Dollar to round out the celebration of our 16th president.
To round out the State Quarter program, 2009 will issue quarters to honor the District of Columbia and five US territories: Puerto Rico, Guam, American Samoa, the US Virgin Islands, and the Commonwealth of the Northern Mariana Islands. The DC and US Territories Quarter Program authorized by congress in an amendment as part of an omnibus budget bill at the end of 2007.
The same omnibus budget bill also removed the motto “IN G-D WE TRUST” from the edge of the dollar coins. The amendment was introduced by Rep. Virgil Goode (R-VA) who was defeated for re-election.
The Presidential $1 Coin Program continues in 2009 to honor presidents William Henry Harrison, John Tyler, James K. Polk, and Zachary Taylor. Harrison had the shortest term when he died one month into office after contracting the flu following his refusal to wear an overcoat during his two-hour inaugural address on a cold day in March, 1841. All of the packaging options with Presidential $1 Coins will not be offered in 2009 after not selling well the last two years.
Along with the presidents, the First Spouse Gold Coins will be issued for Anna Harrison, Letitia Tyler, Julia Tyler, Sarah Polk and Margaret Taylor. Letitia Tyler was the first President’s wife to die in the White House. Julia Tyler became First Lady after marrying John Tyler in 1844.
Native American $1 Coins program will begin in 2009 with a design honoring the “Three Sisters’ agriculture, in which corn, beans and squash growing in the same mound enhanced the productivity of each plant. It was a unique program that lead to the concept of crop rotation we know today. This change was authorized by Public Law 110-82 and add edge lettering to these coins.
That brings the total number of circulating coins to 18! Proof sets will have 18 coins and the uncirculated Mint Sets will have 36 coins. Although the Mint has not announced pricing, it would be fair to guess that the prices will raise with more coins in the set. Clad and Mint sets should see a modest price increase. Silver proof sets will add an additional silver quarter and is likely to see a $10-15 rise in price.
Beyond circulating coinage, the Mint will produce the 2009 Louis Braille Bicentennial Silver Dollar to honor the 200th anniversary of Braille’s birth. It is being touted by the Mint as being the first coin with readable Braille.
Precious metals programs will change in 2009. First, only the bullion issues of the American Eagle coins will be strucl. The Mint has discontinued the collector’s uncirculated coin program, eliminating the W mintmark from their portfolio. American Eagles will be available in proof and bullion coins in one-ounce, half-ounce, quarter-ounce, and tenth-ounce denominations.
American Buffalo 24-Karat Gold Coins will also continue in 2009 but without fractional issues. The Mint will offer only one-ounce proof and investor bullion coins.
Last, but certainly not least, is probably the most intriguing coin that will be issued in 2009: the 2009 Ultra High Relief Double Eagle Gold Coin. The coin’s design will be a high-relief $20 gold piece on a double-thick, 24-karat gold planchet (sometimes called a piefort) 27 millimeters in diameter. The design will feature Augustus Saint-Gaudens’ original 1907 design where the date will be in roman numerals (MMIX). The inspiration for this coin came from 1907 when the Mint tried to strike an experimental double eagle coins using two stacked $10 eagle planchets. When the Mint’s management realized that congress would have to approve the striking of the coin for circulation, the project was abandoned and the test pieces were melted. Aside from the date, the only difference between the 1907 test pieces and the 2009 bullion issue is that the the motto “In G-D We Trust” will be added over the rising sun as it appeared in 1908. It is expected that these coins will be struck in proof-only varieties.
It will be quite a year!
Dec 3, 2008 | coins, dollar, US Mint
On November 28, Native American Heritage Day, the US Mint announced the design for the reverse of the new 2009 Native American $1 Coin. This design depicts a Native American woman planting seeds in a field of corn, beans and squash, representing the Three Sisters method of planting.
Public Law 110-82 [PDF] was past in September 2007 and signed by the president two weeks later calls for the reverse of the Sacagawea Dollar be redesigned every year to commemorate “of Native Americans and the important contributions made by Indian tribes and individual Native Americans to the development of the United States and the history of the United States.” The obverse will continue to have the Sacagawea design.
The law reduces the percentage of these dollars that have to be struck versus the Presidential $1 coins. This program has no end date.
Image courtesy of the US Mint.
Nov 12, 2008 | dollar, history, US Mint
On November 13, the US Mint will release the Martin Van Buren Dollar to honor our eighth president. Van Buren was one of the founders of the modern day Democratic Party. He succeeded Andrew Jackson after serving as Jackson’s vice president.
Van Buren’s presidency was not considered a success after the Panic of 1837 that was caused by Jackson’s refusing to renew the charter of the Second Bank of the United States and withdrew federal funds from then bank. The result was a credit crisis when banks could not access funds and purchase securities to back their deposits.
Van Buren spent the rest of his presidency trying to fix the economy while trying to stay true to Jacksonian Democratic policies, which was not well received. Van Buren refused to expand the treasury, renew the charter for the Bank of the United States. And with slavery being an issue, Van Buren blocked statehood for Texas to prevent the expansion of slave owning states.
Van Buren served one term when he was defeated by the Whig Party candidate William Henry Harrison in 1840.
Image courtesy of the US Mint.
Oct 20, 2008 | dollar, gold, investment, Morgan, Peace
There have been reports of the coin market continues to grow as the economy is falling. One measure is the PCGS3000 index that is based on a sample of 3,000 coins. Looking at the graph (see the right side of the page), the trend (blue) line continues upward. In fact, there is no downward place on the line. A trend graph would give an indication that the market is very hot and trending upward. But is that the case for the entire market?
The PCGS3000 is supposed to be a representative sample of the coin market. But like the Dow Jones Industrial Average, it is not a complete view of the market since there are other segments that have reacted differently. One area that is more sensitive to the movement of the market is the Generic Gold Index (right). This index looks at what many consider common date gold and gold bullion coins where the coins are worth their metal value plus a nominal numismatic premium. The graph shows a volatility that can be traced to the market value of gold.
Gold is a volatile market. When I thought that rare and proof gold would be a better choice, I found that the Mint State Rare Gold and Proof Gold indices seem to be affected by the price of gold. While there may be individual coins that perform better than others, the market itself seems to belie the trend of the PCGS3000 index.
The idea from this article came when a friend asked me they should buy if they wanted to invest using coins. My friend heard that the US Mint was having problems producing gold coins and wanted to know what to do. Since I am a collector and not an investor, I had to do some research.
Researching market trends is not easy. Online price guides do not provide the historical data to make an analysis. Gold dealers are quick to tout the investment in gold and how great of an investment option it is. But I was suspicious. After all, if even rare coins are affected by the gold market, maybe gold is not the best of investments.
I started to click on the links for the other graphs at the PCGS site and stumbled upon the Morgan and Peace Dollar Index (right). I have heard some dealers say that this market was moving, but I thought that was wishful thinking. But the graph shows that in the last year, the trend is upward. This was very interesting until I looked at the 10 year graph for Morgan and Peace Dollars.
My first impression was that the graph would overlay the trends in the economy with the exception of the downward trend during the technology bubble.
I was not sure what to tell my friend. I mentioned the Morgan and Peace Dollar market as a potential investment area. I also told the story of the GSA Morgan Dollars and their worth to collectors. I suggested high grade Morgan Dollars and later date, high grade Peace Dollars. I even discussed finding various die varieties that gets some collectors excited.
Although I was having fun clicking through vamworld.com, my friend was looking for something to invest in to either preserve a investment or to make money. I finally relented and suggested reading Profitable Coin Collecting by David Ganz. It seems to be the type of book that investors may find interesting.
While it is nice to see my collection is worth more than I purchased it, I am not collecting Morgan or Peace dollars because they are or will be worth more than when I purchased them.
Graphs courtesy of PCGS.
Sep 9, 2008 | dollar, US Mint
September begins a shopping season that guides us through a series of holidays that will have retailers looking for ways to separate you from your money. When you do spend your money, our friends at the US Mint want you to spend the Presidential $1 Coins instead of paper currency.
September also begins the new advertising program proclaiming that using Presidential Dollars is the “green” thing to do. But it is not catching on.
Creative Loafing, a leisure-based newspaper with an interesting twist based in Charlotte, did an investigative report on the success of the Mint’s promotion.
Essentially, the reporter found that some people are spending the dollars while others will not take them as changed. Although the story is based on empirical evidence, his observations are predictable.
But the US Mint is required by law to promote the use of the dollar coin. But as I previously wrote, the dollar coin will not be widely accepted until the Bureau of Engraving and Printing stops printing one dollar notes—and we know that will not happen because of politics.
I cannot wait for the Government Accountability Office (GAO) to do their investigation on this advertising program. The report will be very entertaining!
Aug 21, 2008 | coins, dollar, US Mint
It is not new that the various dollar coins have not been circulating as the US Mint and congress would like. It is also not new that congress refuses to eliminate the one-dollar note even though there are more incentives to eliminate the paper note. What is new is the new attempt at marketing ploy to try to convince people to use the one dollar coins.
According to Golin Harris, Campbell-Ewald, and Momentum Worldwide, the partnership that will market the dollar coin for the Mint, the campaign will highlight the “green” aspect of the dollar coin. No, not green the color, but green as in recyclable and environmental friendly.
According to Ellen Ryan Mardiks, GolinHarris chief client officer:
With the $1 Presidential Coin, every man, woman and child will make a personal statement about the money they spend. The coin is 100 percent recyclable and lasts for decades, offering consumers—and Mother Earth—tangible benefits that are especially relevant today. In addition, the U.S. Government Accountability Office (GAO) estimates that increased usage of the coin can save our country as much as $5 billion over the next ten years. The time is right for consumers to embrace the $1 coin, and we intend to show them these benefits through a creative and dynamic integrated marketing campaign.
For some reason when I read this, I thought about the movie Thank You for Smoking. What do you think?
Jul 22, 2008 | BEP, coins, currency, dollar, policy, US Mint
Since the introduction of the Presidential $1 Coin, many numismatic venues have discussed how to make the program more successful. Reports are being made that Gallup has been calling people asking questions that lead to the impression they are researching the circulation of dollar coins.
When asked about how to increase the circulation of the dollar coin, the dominant suggestion has been to remove the one dollar federal reserve note from circulation. It is thought that the move would force people to use the coin when the paper currency is no longer available.
There are many emotional arguments on both sides of the issue. Whether one is for or against the printing of the one-dollar note, the US may be the only nation to print its unit currency in paper. Looking beyond the emotional arguments, each side has dominant arguments to support their positions.
Those who want to eliminate the one-dollar note use at the cost of is production as the dominant reason. The Bureau of Engraving and Printing reports that 95-percent of all notes printed are used to replace notes that are taken out of circulation. Using BEP’s 2007 production numbers, 4,147,200,000 one-dollar notes were printed. With 95-percent being replacement notes, 3,939,840,000 notes were printed just to maintain circulation levels. With it costing 4½ cents to produce one note of any denomination, the cost to just replace notes removed from circulation was $177,292,800 in 2007.
Rather than printing paper dollars, if the US Mint strikes coins the cost to replace those 3.9 billion notes would cost 15.9-cents (according to the Mint’s 2007 Annual Report [PDF]) per coin. The total production cost would be $626,434,560.
But do not let the 353-percent increase fool you. The BEP predicts the life of a one-dollar paper note is three years while the US Mint predicts the life of any coin is 30 years. To help with the calculation, let’s assume the price of printing notes will stay constant. In order to keep the $3.9 billion of one dollar notes in circulation for 30 years, it will cost the BEP $1.77 billion dollars. Since the Mint will be striking new coins for circulation and (theoretically) not replacement coins, the US government would save about $1.15 billion over 30 years. The following table illustrates these costs:
| Denomination |
Production Total |
Number of Replacement Notes |
Cost of Production for Replacements |
Cost of Replacements over 30 years |
| Paper Dollar |
4,147,200,000 |
3,939,840,000 |
$177,292,800 |
$1,772,928,000 |
| Coin Dollar |
N/A |
3,939,840,000 |
$626,434,560 |
$626,434,560 |
While this might be a compelling argument to stop printing one dollar notes, such a move has political ramifications for some powerful members of congress. With over 1500 people working in the Eastern Currency Facility in downtown Washington, DC, they are represented by several leaders of both parties. Amongst the protectors of the employees in the facility include House Majority Leader Stenny Hoyer (D-MD), House Campaign Finance Leader Christopher VanHollen (D-MD), Former Chairman of the Government Reform Subcommittee Tom Davis (R-VA), Del. Eleanore Holmes Norton (D-DC), and the well respected Senator John Warner (R-VA). These powerful members of congress will not allow anything that will reduce the production capacity of the Bureau of Engraving and Printing and where constituents could lose jobs.
This does not take into consideration that the President of the United States is from Texas, location of the Western Currency Facility.
Before congress changes the law to stop the printing of the one-dollar note (31 U.S.C. §5115(a)(2)), the BEP will have to supplement production in order to protect jobs. The way this could be done would be to print foreign currency. However, it seems that the BEP is having problems selling their services to foreign governments.
While there are no official statements from the US or foreign governments, the dominant request is for the printing of polymer notes. According to unconfirmed reports, BEP is experimenting with different types of polymer substrate without notable success. If the BEP can adjust their equipment to print on polymer paper, they can solicit business from other countries to produce their currency. Once the BEP builds its portfolio, they are prepared to go to congress to recommend discontinuing production of the one-dollar note. Until then, the BEP will continue to produce one-dollar notes in order to keep workers employed in key congressional districts.
If BEP starts to use polymer notes, it would raise the eyre of Senator Edward M. (Ted) Kennedy, the powerful senior Democrat from Massachusetts. Amongst Sen. Kennedy’s constituents are the employees of Crane & Company from Dalton, Massachusetts. Crane & Comapny has been the exclusive supplier of currency paper to BEP since 1879. Although BEP tried to open the competition for purchasing currency paper used in printing currency (see GAO Report GAO-05-368 [PDF]), the cost of entry into the market has prevented other manufacturers from competing for the business. If BEP would stop printing over 4 million one dollar notes without replacing it with similar paper production, the Massachusetts-based company could lose significant business.
Regardless of the measures taken by the US Mint to increase the circulation of the one-dollar coin, public perception is that the one-dollar paper note is easier to use than the coin. Unless key congressional leaders agree that ending the printing of the one-dollar note is in the best interests of everyone, including their political careers, the political reality is that printing of the one-dollar note is here to stay until a significant event causes a change in policy.
Jul 16, 2008 | coins, dollar, legislative, US Mint
I am back, feeling better, and ready to look what has happened in the world of numismatics. Two items of interest are the National Parks Quarter Bill and the availability of the Presidential Dollar Uncirculated Set.
Last week, the House of Representatives, passed H. R. 6184, America’s Beautiful National Parks Quarter Dollar Coin Act of 2008, with a 419-0 vote. If the bill passes the Senate and is signed by the President, it will give us 11 more years of changing quarters. There are some interesting tidbits in the report from the Congressional Budget Office. I will write about this report in a few days.
The US Mint announced that the Presidential $1 Coin Uncirculated Set will be available on July 24, 2008. The set will cost $15.95 and contain coins from both Philadelphia and Denver with coins honoring James Monroe, John Quincy Adams, Andrew Jackson, and Martin Van Buren. Coins will be encased in a blister-type package so that the edge lettering can be seen with biographical sketches about each president. I think I’ll pass on this one for the entire uncirculated set.
Thank you to those who have remained subscribed to the RSS or email feed. More good stuff is to follow!
Starting at 12:00 Noon Eastern Time, the US Mint will begin to sell the 2009 Abraham Lincoln Commemorative Silver Dollar. The commemorative is limited to a production of 500,000 coins by law and will be available in proof and uncirculated versions. Coins will be struck in 90-percent silver and will have a face value of one dollar.
The reverse was designed and sculpted by Sculptor-Engraver Phebe Hemphill. The design features the an inscription of the last 43 words of the Gettysburg Address:
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