Sometimes, I find it difficult to keep an open mind with some of the non-circulating legal tender (NCLT) coins that are on the market.
Some of the themes have started as interesting ideas have turned into blatant commercialism that I am not sure how to interpret its benefits to the hobby.
From superheroes to movie tie-ins to the cartoons, the themes are as varied as the grocery store shelves.
The latest NCLT that has me wondering about the future of the hobby is the 2018 Fiji Coca-Cola Bottle Cap-Shaped Dollar.
Yes, a Coca-Cola bottle cap-shaped coin with a face value of one Fijian dollar. The reverse of the coin is colored the famous Coca-Cola red with the script logo that is familiar to anyone who has passed by a Coca-Cola product. The obverse has the Fijian coat of arms, the date, and the specifications of the coin: 6 grams of .999 fine silver.
Packaging for the 2018 Fiji Coca-Cola Bottle Cap-shaped coin (rendering)
After looking at the specifications, the coin is 32.6 mm (1.283 inches) in diameter and I thought that the coins were going to be very thin.
Comparing the specification of this coin to pre-1965 United States coins that were made of .900 silver, the Washington quarter was made of 6.25 grams of silver and copper but was 24.3 mm (.957 inches) in diameter. The quarter is .25 grams heavier but 8.3 mm smaller. My caliper measured a 1960 uncirculated Washington quarter with a thickness of 1.75 mm.
Something closer is the size of the Kennedy half-dollar with a diameter of 30.6 mm (1.204) or 2 mm smaller than the Coco-Cola bottle cap coin. But the Kennedy half-dollar weighs 12.5 grams, more than double the Fijian coin.
To satisfy my curiosity, the caliper said that the uncirculated 1964 Kennedy half-dollar in my collection was 2.15 mm thick.
Not counting for the flare of the edges to resemble a bottle cap, the coin is probably 1 mm thick, less than the 1.35 mm of a 1955 Roosevelt dime I measured.
The coin is available for pre-order only from one company on eBay for $29.95 with free shipping. Expected shipping is on December 8, 2017.
The last time I checked, the listing reported that 1,481 of these coins were sold.
For the record, 6 grams of silver weighs .1929 troy ounces. With the price of silver currently at $17.31 per troy ounce, the coin contains $3.34 worth of silver.
If someone buys one of these coins, feel free to write a review. I will publish it here on the blog!
BRENTWOOD — When milestones are reached in the armed forces, servicemen and women often receive a challenge coin, creating solidarity with others who share the same accomplishment. → Read more at fosters.com
A hoard of 21 Islamic gold dinars, 2,200 silver coins, and gold artifacts dating to the 12th century CE has been unearthed by archaeologists digging at the Abbey of Cluny, a former Benedictine monastery in Cluny, Saône-et-Loire, France. → Read more at sci-news.com
IF you've got one of these most sought-after 50p coins then you could be sitting on a tidy profit. The Sir Isaac Newton 50p coin was introduced into circulation in September and Brits are slowly starting to find it in their spare change. → Read more at thesun.co.uk
An "exceptional and rare" medieval treasure trove including more than 2,200 gold and silver coins has been found in France in what has been called a "remarkable" discovery by archaeologists. It's the kind of discovery archaeologists dream of. → Read more at thelocal.fr
It was just a strange old penny, a copper-nickel Indian Head minted in 1859, when the government was trying out different metals for one-cent pieces. A grandfather gave it to Eric Pfeiffer Newman in 1918, when he was 7, a little bonus for his nickel-a-week allowance. → Read more at nytimes.com
A metal detectorist has tracked down a rare gold coin from Richard III's reign near to the site of the Battle of Bosworth. The Half Angel is one of just a handful of such coins that have survived from the king's two-year reign. → Read more at leicestermercury.co.uk
Archaeologists with the National Center for Scientific Research and other institutions in France revealed today that they have unearthed 2,200 silver deniers and oboles, 21 Islamic gold dinars, a very expensive gold signet ring and other objects made of gold from the Abbey of Cluny, located in the department of Saône-et-Loire. → Read more at mining.com
The Royal Canadian Mint has created two unique coins they call “Nocturnal by Nature” that would fit the theme of Halloween.
What makes them interesting is that the fields and some of the devices are plated with black rhodium to create a darkened look.
The first coin’s reverse, which is sold out, features a barn owl (Tyto alba) descending upon its prey. The view is looking up as the owl descends toward the night sky.
The second coin’s reverse has an image of a brown bat, darkened by night with its silhouette as it crosses passed the moon overhead.
2017 Royal Canadian Mint Silver Nocturnal by Nature: The Barn Owl
Obverse of the 2017 Nocturnal by Nature coins by the Royal Canadian Mint
2017 Royal Canadian Mint Silver Nocturnal by Nature: The Little Brown Bat
As with all Canadian coins, the obverse features the official Royal Canadian Mint portrait of HM Queen Elizabeth II. The fields and legends are also plated with black rhodium that will make the Queen’s portrait really stand out.
Each coin is one troy ounce of .9999 silver, has serrated (reeded) edges, is 38 mm in diameter, and weighs 31.39 grams. Both coins have a face value of 20 dollars. The Royal Canadian Mint classifies the finish as matte proof.
While making a run through the local estate sales trying to find specific inventory for an upcoming show, I met JJ. We were searching the cases of jewelry and other higher value smalls when I noticed a pair of Morgan dollars buried under some necklaces. I asked to see the coins as JJ announced in mock protest that he saw them first.
The 1884 dollar was in good (G-4) condition with a rim ding while the 1881 coin could pass for an extra fine (XF). When the person behind the cases said that she would sell the coins for $20 each, I added them to growing list of items I was buying. JJ was jealous.
JJ considers himself a hoarder and collector. He likes to find Morgan dollars and hoards them. During our conversation, he said that he hoards all pre-1965 coins regardless of type and condition. As a result, we ended up discussing collecting “modern” versus “classic” coins.
JJ and I are about the same age. We grew up with clad coinage but continued to find silver coins in pocket change until the early 1970s. We filled blue folders from the pocket change we were able to find in our father’s pockets and we have our respective first folders of Lincoln cents. Even though the modern era has been going on for 53 years, there are a lot of people like JJ who gives these coins little to no respect.
Reverse of the 1884 & 1881 Morgan Dollars estate finds
There are very few rare coins to be found in circulation. Gone are the days when the 1914-D, 1922 no D, and the 1955 “Spoiled” Lincoln cents were circulation finds. Even with the conflicts around the world, there are no shortages or special production coins that caused the rarities of the 1921 half-dollars, especially since half dollars rarely circulate. Aside from being a sign of how the U.S. Mint has improved its processes, it is also a function of the better economy where there is a need to produce billions of coins every year. We do not want that situation to change!
During the first few years of the blog, I had provided extensive coverage and review of the State Quarters series. At the time, it was a novel idea that involved everyone as the states held competitions to decide how they will be represented forever. Some designs were really special and showed off the historical importance of their state. Others had great designs. Then there were those that were so ugly one could be excused if they were removed from their collections. The problem is that the state quarters were not rare (Philadelphia produced over 1 billion Virginia quarters in 1999) and the hucksters inflated their future value, especially on the television shopping networks turning people off to the hobby.
I have not said much about the America the Beautiful Quarter series. There seems to be a lack of interest in a lot of places. Collectors have shown a fatigue in yet another series and the public has not been involved with the designs as they were with the state quarters. In fact, the U.S. Mint, National Park Service and U.S. Forestry Service worked together to make the decision as to what National Parks or National Forests to feature without involving the public.
It is possible that the dealers have been talking down modern United States coinage because of their business concerns. However, there are companies that are now making a good living fulfilling the needs of collectors putting together sets and selling non-circulating legal tender (NCLT) coins. While I think some of the coins are gimmicks, these companies are doing well selling the colored and other coins from the Royal Canadian Mint, Royal Australian Mint, and the countries that have had the New Zealand Mint produce their coins.
Just because I do not like those coins does not diminish their value as numismatic collectibles. Even though I will not collect many of these coins, there is nothing wrong with those who do. Maybe if the hobby stops disparaging modern and these alternative types of NCLT coinage it will inspire more collectors to use them as a gateway into the hobby. It would not hurt to try!
NOTE: I previewed this topic as part of the Numismatic World Newsletter that is sent to subscribers Sunday evening. The newsletter includes news about coins, currency, and precious metals from the regular media around the world and not the numismatic press. When I am not previewing what is on my mind, I write exclusive content newsletter readers. To receive the newsletter, subscribe here.
Back in October I wrote about the Royal Canadian Mint’s “$20 for $20” series of .9999 pure silver coins being sold with a face value of $20.00 in Canadian funds. A few weeks after that post I bought the Bugs Bunny and Superman silver coins.
Even though both coins were ordered at the same time, they were shipped separately. Packaged in plain envelopes with a nondescript United States address, the Bugs Bunny coin arrived four weeks later and the Superman coin arrived 10 days later. It appears like the Royal Canadian Mint is either mailing them from the United States or using a fulfillment center to do the mailing. In either case, shipping was free!
Coins are placed in a plastic capsule, which I hope is archival safe, with that capsule placed in a clear plastic envelope. The envelop is “sealed” with a sticker and then glued to the card. The card has the information about the coin in both English and French. All of the extra paperwork was added to the Superman coin, but that was inconsequential to the presentation.
2015 Canada Superman $20 Silver Coin
Both coins are a little bigger than the U.S. quarter dollar. The quarter is 24.26 millimeters and the Canadian $20 coins are 27 millimeters. While the U.S. quarter contains 5.670 grams of a copper-nickel alloy, the Canadian $20 coins contain 7.96 grams of silver. At the current exchange rate (1 USD = 1.393 CAD), the coin’s face value is equivalent to 14.3584 USD. With the current silver value of $14.16, the melt value of these coins are $3.62.
Before you go unleash yourself on the costs, remember that the $10.74 “markup” also includes manufacturing and packaging costs, shipping, and license fees the Royal Canadian Mint has to pay to Warner Brothers.
These are also struck coins without color enhancements. Although the texture is similar to that of the U.S. Mint’s enhanced uncirculated coins, as sculptured works of art, they are very accurate images and beautifully made.
It may be too late to buy these for a holiday present, unless you put an “I.O.U.” in the box. Maybe if you are near the Royal Canadian Mint facility in Ottawa you can check out their physical storefront. You may want to call ahead before making the trip expecting to find these coins.
As part of the article and video they discuss the differences between the three types of uncirculated commemorative coin finish: Proof, Brilliant Uncirculated, and Bullion. For the Royal Mint, proof are the highest standards followed by brilliant uncirculated then bullion.
While this may be intuitive to experienced collectors, novice and new collectors may be confused by the difference. The Royal Mint does a very good job at explaining the difference in a short, well produced video. It should be interesting to the beginning and expert collector to see how another mint does their work.
I will admit to having grown up watching Bugs, Daffy, Porky, Tweety, and all of their friends on the weekend morning cartoons. I spent many mornings in my bedroom before my parents woke up watching on an old black and white television wondering if Wile E. Coyote would ever catch the Road Runner? Would Sylvester ever learn that he should not eat Tweety Bird? Or will Pépé Le Pew ever figure out why he could never find a girl to go with him to the casbah? Of course, at that age, I didn’t know what the casbah was!
I guess I also have to admit that I am intrigued by some of these coins. Not the ones that seem to be enameled for the design because I have this thing about using paint for the design of the coin. But there are some coins that are going to be really engraved coins that are somewhat affordable. Apparently, if I examine my own preferences, I do not mind enhanced color that enhances the designs but not just splashing paint on the metal disks.
$100 Looney Tunes 14-karat Reverse
For this series, the Royal Canadian Mint is producing a series of $10 coins that are all struck from engravings. These are fun designs based on the characters by Tex Avery and Chuck Jones and voiced by the man of a thousand voices, Mel Blanc. There will be eight different silver coins that will include a special presentation case, if you subscribe to the series. The presentation case will also include a space for the Royal Canadian Mint’s “20 for $20” silver coin that will feature Bugs Bunny. The Bugs Bunny “20 for $20” coin went on sale May 12, 2015.
For those not familiar with the Royal Canadian Mint’s “20 for $20” program, they provide a limited mintage silver coin with a $20 face value for $20 (note that all prices are in Canadian dollars). These coins are 7.96 grams of .9999 silver and available for direct purchase to buyers in Canada and the United States.
As I type this $20 Canadian is worth $16.49 USD. A U.S. resident buying directly from the Royal Canadian Mint will have their credit card charged in Canadian dollars. Your credit card company will pay the Royal Canadian Mint at the rate at the time of the transaction plus an exchange fee. Exchange fees differ between credit card issuers.
Other options include:
Bugs Bunny $20 Silver coin reverse, part of the Royal Canadian Mint 20 for $20 program
A $20 “Merrie Melodies” silver coin featuring Bugs Bunny and the gang in a design that is reminiscent of the Looney Tunes’ end credits. The coin is cleverly packaged in a box that mimics the ACME crate.
A $20 silver four-coin set featuring Bugs Bunny, Daffy Duck and Tweety. If you buy the set as a subscription it will include a free Looney Tunes wrist watch.
A 14-karat gold Bugs Bunny and Friends coin featuring Bugs Bunny, the Tasmanian Devil, Wile E. Coyote, Daffy Duck and Marvin the Martian. The Royal Canadian Mint claims that there is a “hidden surprise design element” in this coin. If you buy this coin you will also receive an “exclusive” pocket watch.
Finally, the Royal Canadian Mint will issue one kilo gold and silver coins. The gold coin will have a face value of $2,500 and the silver will have a face value of $250. The design will feature every major Looney Tunes characters. The design of both coins features selective colored enamel applied by hand to Bugs Bunny who serves as the central focal point. He is surrounded by the entire cast of Looney Tunes characters.
As this posting was saved as a draft for the last few days, I have been contemplating what I wanted to do. With my new found nostalgia and admitted mid-life crisis, I look back at the Looney Tunes fondly. Where I grew up, Bugs Bunny sounded like he could have been one of my neighbors! Mel Blanc, who gave Bugs his voice, wasn’t even from New York yet nailed the accent, cadence, and attitude perfectly. I will probably order the Bugs Bunny “20 for $20” silver coin and take some time before I decide on others. if I do decide to do the whole series, I would probably buy the silver $10 coins because they are coins without painted on designs.
All coin images courtesy of the Royal Canadian Mint.
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.
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
The reverse does not use just any image. It is the iconic image of the waddling tramp walking away from the camera. Like the image on the screen, this is a moving image. Using lenticular technology, the image will shift as you move the coin making it appear that Chaplin is walking.
Chaplin was the nascent movie industry’s first megastar. Although Mary Pickford and Douglas Fairbanks were the most recognizable of the time, Chaplin was the first actor whose movies were considered a success because he was involved with them. And while there were posters and booklets printed about other stars, Chaplin was the first to be fully merchandised around the world including a Chaplin doll that is one of the most prized toy and movie memorabilia collectibles today.
Even though Chaplin was the phenomenon of this time and I consider myself a fan, I am having a difficult time liking this coin.
In fact, I downright hate it!
I cannot explain why I hate this coin because I am interested in the Niue 2007 Van Gogh silver coin and the Andorra 2008 Renoir 10 Diners silver coin. All three coins are colored coins and ingot shaped, but the Chaplin coin really bothers me.
Niue Island 2007 Great Painters – Vincent Van Gogh $1 Rectangular Silver Dollar with Color and Zircon Crystal Gemstones
Andorra 2008 Great Painters – Pierre August Renoir 10 Diners Rectangular Silver Proof with Color
2006 Breast Cancer Silver Coin with colored pink ribbon.
2006 Breast Cancer Quarter was Canada’s first colored circulating coin
One of the differences between the colored coins that I like versus those that I do not are the ones I like do have some engraving involved. And even though I do not like the Yves Klein commemorative, I do not find it as objectionable because the blue hand is an enhancement and not the entire design on the coin.
Not counting the Somalia motorcycle and sports car coins, I seem to have this response where the coloring or design gimmick encompasses the entire design of the coin. Once the coloring or other design elements that are not engraved go beyond enhancements and are used to create the design is when I begin to object.
It could also be the subject matter. As a resurgent gear-head with an eye toward the classics, the Somalia classic motorcycles and sports car coins appeal to me while the coins with colored birds and flowers do not. As the surviving spouse of a cancer victim, I supported the use of coins to raise money for cancer research by the Royal Canadian Mint, but none of the current hologram coins would interest me if they did not have the holograms.
Color and other enhancements on coins are here to stay. If there were not a market for them then the various mints would not produce these types of coins. It may be something that will attract more collectors and grow the hobby, which is good.
Maybe I should think about these enhancements like I think about cars: I want a car that drives and feels like a car and a coin that is engraved art; I do not want to drive a computer nor a coin that seems gimmicky.
Image of the 2014 Charlie Chaplin 1-ounce lenticular silver coin courtesy of the Perth Mint.
Initially, the proposal was to issue a series of Liberty-themed coins for the five silver-colored circulating coins but dropped the 5-cent coins after Barr said that there must be no cost to the taxpayer. Currently, the U.S. Mint reports that it costs 10.9-cents to produce the Jefferson nickel and was removed from discussion. What the politicians fail to grasp is that coin production does not cost the U.S. taxpayer anything because all of the money used to operate the U.S. Mint comes from the seigniorage collected on all coins, commemoratives, and tokens sold including circulating coinage to the Federal Reserve. Since the Federal Reserve does not use taxpayer money in its operation, the purchase of circulating coins generates a profit for the government.
Although removing the 5-cent coins from consideration is a wise political move, it demonstrates the illogic and dysfunction of the politics. It also illustrates why the current system of how congress controls the U.S. Mint is unsustainable and needs to be changed.
No other mint in the world is under the same legislative control as the U.S. Mint. Every other major mint are autonomous entities running under the authority of the government required to produce circulating coinage for the country’s central bank and must obtain approval from the central bank to create any legal tender coin. A government can decide that it should produce certain denomination or stop producing a denomination and the autonomous entity must comply.
People who want to discontinue the use and production of the one-cent coin looks to Canada as an example of how a country to stop producing their lowest denomination and be successful. While it is too soon to judge the success and failure of this move, what is lost on people is how the Royal Canadian Mint, a Crown corporation of Canada, is required to comply with the laws passed by the Canadian Parliament. If the Canadian Parliament passes a law that says the Royal Canadian Mint is not to produce any more one-cent coins, than the Royal Canadian Mint does not produce one-cent coins.
The 2004 Poppy Quarter was the Royal Canadian Mint’s first colorized circulating coin.
While parliament does prescribe that certain coins be made, the Royal Canadian Mint is free to produce coins of its own designs to sell to the public. They work with the Bank of Canada on the approval of designs and the Bank of Canada allows the Royal Canadian Mint to strike coins with a denomination so that these have legal tender status. Most of these coins are bullion and non-circulating legal tender (NCLT) issues sold to investors and collectors for the sole purpose of generating revenues (seigniorage).
Some countries do not operate a mint even as a public corporation. Countries like Niue, Somalia, and Isle of Man that have produced popular NCLT issues contract their minting to other mints, such as the New Zealand Mint, or to private corporations like the family-owned Pobjoy Mint. Even the government of Israel thought it was best to privatize their mint. After being established in 1958 by then Prime Minister David Ben-Gurion, the Israel Coins & Medals Corp was privatized and sold in 2008 where they continue to operate under the authority of the Israeli government and the Bank of Israel.
Although it could be successfully argued that some of the mints have gone overboard with their bullion and NCLT programs like the Royal Canadian Mint and Perth Mints, it could also be noted that other mints have show great constraint in what they have produced. An example of showing restraint would be the Britain’s Royal Mint and Australian Mint who have concentrated on producing quality and not quantity. These are all models to learn from for the future.
Those who would be against privatizing the U.S. Mint immediately point to Article I, Section 8 of the U.S. Constitution that says “The Congress shall have Power… To coin Money, regulate the Value thereof,” as the reason not to privatize the U.S. Mint. While the Constitution gives congress this authority, it does not say that the government has to own the means of production nor does it say that congress has to dictate the design of that money. In its most basic term, “to coin money” means to authorize production of and make legal tender of coins used in commerce (for a full description based on case law, see this section).
2013 Niue Monopoly Coins struck by the New Zealand Mint. Is this too much?
An argument used against privatizing the U.S. Mint is to compare what could happen to the U.S. Postal Service. However, the Postal Service is not a government-owned corporation. According to 39 U.S.C. § 201, it is “an independent establishment of the executive branch of the Government of the United States.” While it has many independent powers, it still regulated by congress and subject to insipid rules no private company could ever meet.
In a huff, those who argue against government-owned corporation point to Freddie Mac and Fannie Mae as examples of the dangers of making critical government functions private. Unfortunately, these people are reading the headlines and not the reasons for Freddie and Fannie’s problems caused by the recent fiscal crisis. While both companies can be blamed for their parts in the failure of the markets, a lot of their blame can be traced to the laws that congress passed giving them a complicated deregulated environment from which to try to accomplish their goals. Rather than find a way to fix the issues, congress wants to end the programs Freddie and Fannie support and close those entities even though new regulations have been working.
The problem with making the U.S. Mint a government-owned corporation would be the 535 member board of directors (congress) whose knowledge of what it would take to do this right is suspect. This is the same congress that has forced the Postal Service to over pay into its pension fund while forgetting that it has to the power “to pay the Debts and provide for the common Defence and general Welfare of the United States” by shutting down the government or preventing the payment of debt by manipulating the artificial debt ceiling.
It would be possible to make the U.S. Mint a government-owned corporation using the lessons learned from the governance of the Postal Service, Fannie Mae, Freddie Mac, and any number of other world mints. A charter would be established to make the government-owned Mint corporation the sole provider of circulating coins to the federal reserve and that its operations would be managed by a board with representation from the executive branch, legislative branch, and the Federal Reserve. The board would have oversight power over the Mint corporation and work within the parameters set up by the charter.
Provisions of the charter would be that congress would regulate coinage in that nearly every part of 31 U.S.C. § 5112 would be eliminated except for paragraph (a) that describes the denominations and their size specifications. All laws regarding weights, composition, and design with the exception of the first sentence of paragraph (d), would be eliminated.
2013 American Eagle West Point Two-Coin Silver Set with reverse proof and enhanced uncirculated coins.
So that coin series are maintained, all current programs like the American Eagle, Presidential dollar, National Parks quarters, and Native American dollars would be maintained until they are completed as described in the current law.
A new charter would allow congress to designate two commemorative coins per year with a surcharge to be paid to an organization as it does today, but the Mint corporation could create additional non-circulating legal tender coins with its own designs that are made legal tender by following the specifications of the law (e.g., 31 U.S.C. § 5112(a)(10) allows for “A five dollar gold coin that is 16.5 millimeters in diameter, weighs 3.393 grams, and contains one-tenth troy ounce of fine gold.”) and approved by the design board, the Mint charter board, and the Federal Reserve.
The design board would be the Citizens Coinage Advisory Committee. Rather than have two design groups, one that whose purpose outside of reviewing coins is to review architecture, only the CCAC would continue as the approved design board. This way, the Mint corporation would have artistic oversight by a dedicated organization and not have to worry about whether the U.S. Commission of Fine Arts, whose purpose is to oversee the architecture of Washington, understands design and the issues with striking those designs.
We should keep the 24-karat gold Buffalo coins, too!
This charter can be written in a way to create a special inspector general that would work with the Department of the Treasury to help the executive branch maintain oversight over the new corporation.
Freeing the U.S. Mint to be more autonomous and provide them the ability to create new products will not cost the taxpayer anything. In fact, it has the potential for the new corporation to earn more than it does now with new products on the market because if you notice, I never said to get rid of the U.S. Mint Public Enterprise Fund (31 U.S.C. § 5136). On the contrary, the new Mint corporation should be required to set an operations budget and leave the budget plus 25-percent in the Public Enterprise Fund for emergencies. The rest should be deposited in the account of the company’s shareholders: the General Treasury of the United States of America.
In this scenario, it will not matter that it costs more than face value to manufacture the cent and 5-cent coins. The losses can be made up by selling other products to a world that trusts the U.S. Mint—a world that buys more bullion and collectibles from the U.S. Mint than any other country. Imagine how much the new Mint corporation could help reduce the deficit if allowed to be run more like a commercial enterprise than an over regulated government agency.
If it is said that the private sector can do better than the government, here is one way to put that rhetoric to a test!
What do you think? In addition to writing a comment below, how about participating in a poll. Do you think that the U.S. Mint should become a government-owned corporation?
U.S. Mint logo courtesy of the U.S. Mint.
Image of the 2004 Canadian Poppy Quarter courtesy of Talisman Coins.
2013 Niue Monopoly Coin images courtesy of the New Zealand Mint.
All other images are property of the author.
It seems that the biggest trend in modern collectibles are colored non-circulating legal tender (NCLT) coins. You have seen these coins from various countries including Canada, Somalia, New Zealand, and Australia to name a few.
Not all colored coins are made of precious metals. My set of Somalia Motorcycle and Classic Sports Cars coins are silver-plated copper-nickel coins. In fact, most of the Somalia-shaped coins are not made from precious metals. But the shaped coins are so cool that they find buyers around the world, including with me.
So what do you think? Should congress give the U.S. Mint permission to produce colored coins? Rather than pay for a third-party colored coins, what if the U.S. Mint produced a colorized American Silver Eagle coin? Or maybe a bi-metalic coin where the coin is silver and Adolph A. Weinman’s Walking Liberty design is struck in gold on specially made planchets?
Vote in the current poll and let me know what you think below.
Should the U.S. Mint be allowed to make colored coins?
No, the coins are just fine the way they are. (41%, 11 Votes)
No, but maybe they can do something cool with different metals. (30%, 8 Votes)
Yes, colored coins are cool. (15%, 4 Votes)
Yes, and while we are at it, how about special shapes. (15%, 4 Votes)