A Look at the American Eagles: The American Platinum Eagles

This is third article of a 4 part series:
  1. American Silver Eagles
  2. American Gold Eagles
  3. American Platinum Eaglesyou are here
  4. American Palladium Eagles

The Platinum American Eagle coins were an addition to the American Eagle bullion program to satisfy the needs of the domestic platinum mining industry. Work to create the program began in 1995 with Platinum Guild International Executive Director Jacques Luben working with Director of the United States Mint Philip N. Diehl and American Numismatic Association President David L. Ganz to pursue the appropriate legislation.

As with a lot of legislation, it was added to an omnibus appropriations bill (Public Law 104-208 in Title V) passed on September 30, 1996. Since the bill was necessary to keep the government functioning, it was signed by President Bill Clinton that same day.

The first platinum coins were issued in 1997.

Platinum American Eagle coins are the only bullion coins struck by the U.S. Mint that use a different reverse design for the proof coins than the uncirculated bullion coins. The reverse of the proof coins featured different themes that have largely gone unnoticed by collectors. Beginning in 2018, the Preamble to the Declaration of Independence series will introduce all new designs for both the obverse and reverse of the proof coin.

American Platinum Eagle Design

The obverse design of the American Platinum Eagle features a front-facing view of the Statue of Liberty from the shoulders designed by John Mercanti. Mercanti also designed the obverse of the 1986 Statue of Liberty Commemorative Silver Dollar.

The reverse features a bald eagle soaring above the earth with a rising sun in the background. It was designed by Thomas D. Rodgers Sr. The reverse also includes the weight of the coin and its denomination.

The reverse designs of the proof coins were by different artists and discussed below.

American Platinum Eagle Coins are offered in four different sizes with each size being of different legal tender face value. The different coins are as follows:

  • One-ounce American Platinum Eagle: $100 face value, is 32.7 mm in diameter, contains one troy ounce of platinum and weighs 1.0005 troy ounces,
  • One-half ounce American Platinum Eagle: $50 face value, is 27 mm in diameter, contains 0.5000 troy ounce of platinum and weighs 0.5003 troy ounce,
  • One-quarter ounce American Platinum Eagle: $25 face value, is 22 mm in diameter, contains 0.2500 troy ounce of platinum and weighs 0.2501 troy ounce,
  • One-tenth ounce American Platinum Eagle: $10 face value, is 16.5 mm in diameter, contains 0.1000 troy ounce of platinum and weighs 0.1001 troy ounce.

All coins are struck with reeded edges.

Each coin is made from .9995 platinum. The composition is comprised of 99.95% platinum and 0.05% of an unspecified metal, likely copper. American Platinum Eagle coins are produced so that each size contains its stated weight in pure platinum. This means that the coins are heavier than their pure platinum weight to account for the other metals in the alloy.

Bullion American Platinum Eagle Coins

The American Platinum Eagle program produces bullion and collectible coins. The bullion coins can be stuck at any branch mint but does not have a mintmark. Bullion coins are sold in bulk to special dealers who then sell it to retailers. They are struck for the investment market.

Although some people do collect bullion coins there are not produced for the collector market. As with other investments, American Platinum Eagle bullion coins are subject to taxes when sold and may be held in Individual Retirement accounts. Please consult your financial advisor or tax professional for the tax implications for your situation.

Bullion coins of all four weights were struck from 1997-2008. Beginning in 2014, the U.S. Mint has only struck the one-ounce $100 American Platinum Eagle for the bullion market.

Collector American Platinum Eagle Coins

Collector coins are produced and sold by the U.S. Mint in specialty packaging directly to the public. Collectors can purchase new coins directly from the U.S. Mint and find these coins online. Collector American Platinum Eagle are different from other coins in the American Eagle series in that every year they are produced the U.S. Mint struck them in different designs and are only available as proof strikes.

In addition to the changing designs, the U.S. Mint sold uncirculated coins with a burnished (satin) finish using the design of the business (bullion) coins were struck 2006-2008 at West Point in all four weights.

The collector American Platinum Eagle may be one of the most under-appreciated series of coins produced by the U.S. Mint. Since its introduction in 1997, the U.S. Mint has produced four series of proof coins with the reverse honoring different aspects of the nation with plans for two more beginning in 2018 and 2021.

What distinguishes these coins are the well-executed reverse designs that few get to see or pay attention. It may be difficult for the average collector to consider collecting these coins because of the price of platinum has been either on par or higher than the price of gold. Also, platinum is not as well regarded as gold or silver as a precious metal causing it to be overlooked.

Following the proof coins issued in 1997 with the design used on the bullion coin, the reverse design has featured the following themes:

  • Vistas of Liberty Reverse Designs (1998-2003):
    • 1998 Eagle Over New England
    • 1999 Eagle Above Southeastern Wetlands
    • 2000 Eagle Above America’s Heartland
    • 2001 Eagle Above America’s Southwest
    • 2002 Eagle Fishing in America’s Northwest
    • 2003 Eagle Perched on Rocky Mountain Pine Branch
  • 2004 Proof reverse design: Daniel Chester French’s “America” that sits before the U.S. Customs House in New York City.
  • 2005 Proof reverse Design: Heraldic Eagle
  • Branches of Government Series:
    • 2006 “Legislative Muse” representing Legislative Branch
    • 2007 “American Bald Eagle” representing Executive Branch
    • 2008 “Lady Justice” representing Judicial Branch
  • Preamble Series (2009–2014):
    • 2009 “To Form a More Perfect Union”
    • 2010 “To Establish Justice”
    • 2011 “To Insure Domestic Tranquility”
    • 2012 “To Provide for the Common Defence”
    • 2013 “To Promote the General Welfare”
    • 2014 “To Secure the Blessings of Liberty to Ourselves and our Posterity”
  • Nations Core Values (2015-2016):
    • 2015 “Liberty Nurtures Freedom”
    • 2016 “Liberty and Freedom”
  • 2017 depicted the original reverse designed by Thomas D. Rodgers Sr.

Beginning in 2018, the U.S. Mint will introduce two themes that will feature new obverse designs with a new common reverse with the following themes:

  • 2018-2020 Preamble to the Declaration of Independence Series
    • 2018 “Life”
    • 2019 “Liberty”
    • 2020 “Pursuit of Happiness”
  • 2021-2025 Five Freedoms Guaranteed Under the First Amendment Series
    • 2021 “Freedom of Religion,”
    • 2022 “Freedom of Speech,”
    • 2023 “Freedom of the Press,”
    • 2024 “Freedom to assemble peaceably,”
    • 2025 “Freedom to Petition the Government for a Redress of Grievances.”

Tenth Anniversary American Platinum Eagle Set

As part of the Tenth Anniversary of the American Platinum Eagle, the U.S. Mint issued a special set to celebrate this milestone. The set featured two one-half ounce platinum proof coins using the American Bald Eagle design representing Executive Branch by Thomas Cleveland and was struck at the West Point Mint. One was struck as a standard proof with mirrored fields and frosted designs. The other was struck as a reverse proof with mirrored designs and frosted fields.

The set was announced November 2007 and scheduled to go on sale in mid-December. and remain on sale until December 31, 2008, with several interruptions.

During the sale, the price of platinum greatly fluctuated. At one point the price of platinum was greater than the price of the set. The U.S. Mint had suspended the sale of the coins in February 2008. They were priced higher when they were offered for sale again a month later. Sales were suspended again when the price of platinum fell dramatically. When the coins were brought back for sale, their final price was less than the set’s initial offer price.

Although the U.S. Mint set a maximum mintage of 30,000 sets, the final sales figure showed they sold 19,583 sets.

2007 “Frosted Freedom” Variety

For a very low production series that is handled differently than other coins, it is unusual for there to be a variety or error. In 2011, the Numismatic Guarantee Corporation announced that they certified a variety that was given the name “Frosted Freedom.”

On the proof strike of the 2007 American Platinum Eagle coin with the bald eagle design to celebrate the executive branch of the government, there is a shield in front of the eagle’s breast. Draped across the shield is a ribbon with the word “FREEDOM”. On the coins issued in 2007, the incuse word “FREEDOM” has the same mirrored finish as found on the coin’s fields. On the variety found by NGC, the word appears frosted with the same finish found on the coin’s raised devices.

In a statement by the U.S. Mint, these coins were pre-production strikes that had been inadvertently released into the production stream. They were struck to verify the look of the coin.

According to the U.S, Mint, the total number of “Frosted Freedom” coins potentially distributed to collectors includes 12 one-ounce coins, 21 half-ounce coins, and 21 quarter-ounce coins. As this is being written, only two one-ounce, one half-ounce, and one quarter-ounce coin have been certified by the major grading services.

In our next installment, we look at the American Palladium Eagles.

All images courtesy of the U.S. Mint.

A look at the American Eagles: The American Gold Eagles

This is second article of a 4 part series:

During the debate of the law that created the American Silver Eagle program, the gold mining interests began to lobby congress to pass a bill to allow the U.S. Mint to mint bullion coins using gold mined in the United States. A few months later, congress passed the Gold Bullion Coin Act of 1985 that created the American Eagle Gold Bullion Program.

The key provisions of the Gold Bullion Coin Act are that the gold used in the coins be purchased from United States mining sources at prevailing market value and that the coins would be produced using 22-karat gold. It was decided to produce the using 22-karat gold to allow the U.S. Mint to compete with the Krugerrand, which was produced using 22-karat gold.

American Gold Eagle Design

The obverse of the coin used the design of the $20 Double Eagle coin designed by Augusts Saint-Gaudens. This design is considered by many the most beautiful of all coins produced by the U.S. Mint.

The reverse features a male bald eagle carrying an olive branch flying above a nest containing a female eagle and her hatchlings. It was designed by Miley Frances Busiek.

American Gold Eagle Coins are offered in four different sizes with each size being of different legal tender face value. The different coins are as follows:

  • One ounce American Gold Eagle: $50 face value, is 1.287 inches (32 mm) in diameter, contains one troy ounce of gold and weighs 1.0909 troy ounces,
  • One-half ounce American Gold Eagle: $25 face value, is 1.063 inches (27 mm) in diameter, contains 0.5000 troy ounce of gold and weighs 0.5455 troy ounce,
  • One-quarter ounce American Gold Eagle: $10 face value, is 0.866 inch (22 mm) in diameter, contains 0.2500 troy ounce of gold and weighs 0.2727 troy ounce,
  • One-tenth ounce American Gold Eagle: $5 face value, is 0.650 inch (16.5 mm) in diameter, contains 0.1000 troy ounce of gold and weighs 0.1091 troy ounce.

All coins are struck with reeded edges.

Each coin is made from 22-karat gold. The composition is comprised of 91.67% gold, 3% silver, and 5.33% copper. The coins are produced so that each size contains its stated weight in pure gold. This means that the coins are heavier than their pure gold weight to account for the silver and copper.

Bullion American Gold Eagle Coins

The American Gold Eagle program produces bullion and collectible coins. The bullion coins can be stuck at any branch mint but does not have a mintmark. Bullion coins are sold in bulk to special dealers who then sell it to retailers. They are struck for the investment market.

Although some people do collect bullion coins they are not produced or marketed for the collector market. As with other investments, American Gold Eagle bullion coins are subject to taxes when sold. Please consult your financial advisor or tax professional for the tax implications for your situation.

It is important to note that there have been attempts to determine where the bullion coins have been struck. Collectors have tried to use shipping records from the U.S. Mint, shipping labels, and other means to try to investigate the origin of the coins. Although some believe that these methods have identified some coins, the U.S. Mint has said that the shipping records that are being relied upon are not correct and do not reliably show the branch mint of origin.

Collector American Gold Eagle Coins

Collector coins are produced and sold by the U.S. Mint in specialty packaging directly to the public. Collectors can purchase new coins directly from the U.S. Mint and find these coins online. Collector American Gold Eagle coins are produced only as proof coins.

American Gold Eagle Poof coins are sold individually or in a four-coin set. The coins sold by the U.S. Mint are stored in a specially made capsule and that capsule is placed in a special folder-like packaging. The folders are distributed in a brown box with a Certificate of Authenticity.

OGP vs. GRADED

2018-W American Gold Eagle Proof in Original Government Package

Collector American Gold Eagle uncirculated coins can be purchased either in their original government package or graded. When searching for coins that are in their original government packaging it is recommended that you add “OGP” as part of the search.

Collector American Gold Eagle coins may have been removed from its original government package in order to be sent to a third-party grading service for grading. Most of the time, the original government package may have been discarded. Some dealers will sell the package without the coin for a few dollars, but for collectors of graded coins, this is not a priority.

1999-W Bullion Eagles Struck with Unfinished Proof Dies

In 1999, there was an incredible demand for gold bullion. In the rush to produce $5 one-tenth ounce and $10 one-quarter ounce bullion coins to satisfy market demand, the West Point Mint mistakenly struck coins using unfinished dies made that were supposed to be for proof coins.

These dies were considered unfinished because they did not receive their final finishing treatment that would be used for proof coins.

As a result, about 4,000-6,000 American Gold Eagle 1999 bullion coins were struck with the "W" mintmark and the higher relief of proof coins.  Since most of these coins may be in bullion holdings, experts are not sure how rare these coins may be. However, few have been seen for sale on the secondary market.

SPECIAL SETS

Tenth Anniversary American Eagle Set

As part of the celebration of the 10th anniversary of the American Eagle program, the U.S. Mint created the 10th Anniversary American Eagle set. The set contained a four 1995-W American Gold Eagle Proof coins (one-tenth, one-quarter, one-half, and one troy ounce coins) and a 1995-W American Silver Eagle proof coin. This set is significant for the 1995-W American Silver Eagle proof coin since it was not made available to collectors not buying the set.

Most of the sets have been split up to take advantage of the fluctuating metal prices and the rarity of the 1995-W American Silver Eagle. Finding the entire set with the American Gold Eagle coins and the American Silver Eagle Proof coin in the original government package can set you back $8,000 and higher.

Twentieth Anniversary American Eagle Set

To celebrate the 20th anniversary of the American Eagle bullion program, the U.S. Mint issued two different using gold coins in celebration.

The American Gold Eagle three-coin 20th Anniversary Set contained three coins: a 2006-W Proof Gold Eagle, a 2006-W Uncirculated Gold Eagle, and a 2006-W Reverse Proof Gold Eagle.

The 2006-W American Gold Eagle Reverse Proof was unique to the 20th Anniversary set. The raised design elements of the coin are mirrored and the background fields are frosted. This is the reverse of the typical cameo proof finish. Because of this, many of these sets were broken up and the coins encapsulated in third-party grading service holders.

A second 20th Anniversary Set included a one-ounce 2006-W American Gold Eagle Uncirculated coin and 2006-W American Silver Eagle Uncirculated coin. Both coins were treated giving them a burnished finish. Since both coins were available to be purchased individually with over 19,000 produced, it is easier to find a set in its original government packaging.

Annual Collector Coins and Sets

During the course of the American Gold Eagle Program, the U.S. Mint has offered proof coins for the collector they sold directly through their sales channels. Collectors could purchase each coin individually in a presentation case or all four coins as a set.

When searching for American Gold Eagle Proof coins on eBay, be careful not to buy a lot with just the original government package (OGP) and no coins. It is common for collectors to remove the coins from the OGP and send them to a third-party grading service for encapsulation. Collectors and dealers will try to sell the OGP without the coins for people who have the coins but not the package.

The OGP without the coins have no collector value.

Starting in 2006, the U.S. Mint has offered an uncirculated American Silver Eagle coins struck on specially burnished gold blanks. The burnishing gives the coin a satin finish that distinguishes this version from the bullion coin. These coins were offered from 2006-2008 and 2011 to present. Because of the increased demand for the gold bullion coins in 2009 and 2010, the U.S. Mint did not produce burnished collector coins so that the blanks can be used for fulfilling the bullion demand.

Similar to the proof collector coins, many of these coins were removed from their OGP and encapsulated by third-party grading services. The warning about sellers offering the OGP for sale without coins applies for the uncirculated burnished coins.

Rolls and the Monster Box

When the U.S. Mint sells bullion coins to their authorized resellers, the coins are packaged in 20-coin hard plastic rolls and 25 rolls are placed in a specially designed box that contains 500 troy ounces of silver. Rolls are topped with red caps and the boxes storing the rolls are red.

Although you may be able to find rolls and monster boxes of American Gold Eagle for sale, the price will be commensurate with the price of the coins. However, some dealers have tried to sell the boxes to anyone interested.

In our next installment, we look at the American Platinum Eagles.

A Look at the American Eagles: The American Silver Eagles

This is first article of a 4 part series:

The American Silver Eagle program was created to provide a way for the United States government to sell off silver that was saved in the Defense National Stockpile. Following the Coinage Act of 1965 that removed silver United States coinage the amount of silver being used was building up a supply that far exceeded the needs for the national stockpile.

Following several years of discussion that almost led to the bulk auction and sale of the silver, it was decided to use the silver to create a silver investment coin. The program was so successful that when the Defense National Stockpile was depleted in 2002, the original law was changed to continue the program by purchasing silver from U.S.-based mines at market prices to be used for future production.

American Silver Eagle Design

The obverse of the coin is the much-beloved design of that was used on the Walking Liberty Half-Dollar coin from 1916 to 1947. It was designed by Adolph A. Weinman, a former student of Augustus Saint-Gaudens.

The reverse features a heraldic eagle using a design by John Mercanti who would become the 12th Chief Engraver of the U.S. Mint. Mercanti engraved both sides of the coin that including copying Weinman’s original design.

Each coin contains one troy ounce (31.103 grams) of .999 fine silver with the balance of copper. American Silver Eagle coins are 40.6 mm (1.598 inches) in diameter and 2.98 mm (0.1173 inches) thick with reeded edges. The coins are assigned a face value of $1.00 to give them legal tender status.

Bullion American Silver Eagle Coins

The American Silver Eagle program produces bullion and collectible coins. The bullion coins can be stuck at any branch mint but does not have a mintmark. Bullion coins are sold in bulk to special dealers who then sell it to retailers. They are struck for the investment market.

Although some people do collect bullion coins there are not produced for the collector market. As with other investments, American Silver Eagle bullion coins are subject to taxes when sold. Please consult your financial advisor or tax professional for the tax implications for your situation.

It is important to note that there have been attempts to determine where the bullion coins have been struck. Collectors have tried to use shipping records from the U.S. Mint, shipping labels, and other means to try to investigate the origin of the coins. Although some believe that these methods have identified some coins, the U.S. Mint has said that the shipping records that are being relied upon are not correct and do not reliably show the branch mint of origin.

Collector American Silver Eagle Coins

Collector coins are produced and sold by the U.S. Mint in specialty packaging directly to the public. Collectors can purchase new coins directly from the U.S. Mint and find these coins online. Collector American Silver Eagle coins are produced as proof and uncirculated coins.

The U.S. Mint sells American Silver Eagle proof coins in a specially made capsule and that capsule is placed in a blue velvet-covered case. The case was distributed in a blue box with a Certificate of Authenticity.

Beginning in 2006, the U.S. Mint has produced an uncirculated, business strike coin for the collector market. Most uncirculated American Silver Eagle collector coins are struck in West Point and bear the “W” mintmark. Following striking, the coins are then burnished, a process by treating the surface with fine particles to give the surface a smooth, satin finish. Collector versions of the American Silver Eagle are also placed in a capsule for sale to the public. Packaging has varied from year to year including special collectibles.

When looking for collector American Silver Eagle coins, note that the American Silver Eagle proof coin was not struck in 2009 and the uncirculated burnished coins were not struck in 2009-2010. These years were skipped because the demand for bullion American Silver Eagle coins became higher than the available supply of silver planchets. To satisfy the demand, the U.S. Mint decided not to produce these collector coins.

OGP vs. GRADED

2018-W American Silver Eagle Proof in Original Government Package

Collector American Silver Eagle coins can be purchased either in their original government package or graded. When searching for coins that are in their original government packaging on most online auction sites, it is recommended that you add “OGP” as part of the search.

Collector American Silver Eagle coins may have been removed from its original government package in order to be sent to a third-party grading service for grading. Most of the time, the original government package may have been discarded. Some dealers will sell the package without the coin for a few dollars, but for collectors of graded coins, this is not a priority.

2007 Reverse Variety

In 2008, the U.S. Mint updated the reverse dies of the American Silver Eagle giving it a slightly different appearance. The reverse die was only supposed to be used on collector American Silver Eagle coins in 2008 before being used for bullion coins in 2009.

However, as a result of the human factor required with operating the minting equipment at the West Point Mint, the reverse dies that were used for the 2007 American Silver Eagle coins were mated with 2008 collector coins creating a new variety for collectors. This is known as a 2008-W Silver Eagle Reverse of 2007 Variety.

2008-W Silver Eagle Reverse of 2007 Variety
(Image courtesy of the Silver Eagle Guide)

The 1995-W

Tenth Anniversary American Eagle Set

As part of the celebration of the 10th anniversary of the American Eagle program, the U.S. Mint created the 10th Anniversary American Eagle set. The set contained a 1995-W American Silver Eagle proof coin that was not made available to collectors not buying the set. Collectors wanting to purchase add the 1995-W American Silver Eagle proof coin to their collection had to purchase the entire five-coin set that included four American Gold Eagle proof coins ($5, $10, $25 and $50 gold American Eagles). The set was priced at $999 limiting the number of coins sold.

Most of the sets have been split up to take advantage of the fluctuating metal prices. The gold coins have been sold while the gold prices rose since 1995, but the limited availability has caused the 1995-W American Silver Eagle to rise significantly on the secondary market. Cost to purchase this coin averages about $5,000, depending on the grade. Finding the entire set with the American Gold Eagle coins in their original government package can set you back $8,000 and higher.

Special Sets

In 1993, the U.S. Mint offered The Philadelphia Set, which was issued to commemorate the 200th anniversary of the striking of the first official U.S. coins at the Philadelphia Mint. This special set included each of the Proof American Gold and Silver Eagles struck at the Philadelphia Mint and containing the “P” mint mark. The 1993-P Proof Silver Eagle was included in the set along with the one-half ounce, one-quarter ounce, and one-tenth ounce 1993-P Proof Gold Eagles. Also included was a silver Philadelphia Bicentennial Medal, which specially produced for this numismatic product.

To mark the launch of the new American Platinum Eagle bullion and collector coin series, the US Mint offered the 1997 Impressions of Liberty Set. This set contained the one ounce 1997-W Proof Platinum Eagle, one ounce 1997-W Proof Gold Eagle, and one ounce 1997-P Proof Silver Eagle. Adding some special allure to the set, production was limited to just 5,000 units, which were individually numbered. The serial number for each set was engraved on a brass plate affixed to the wooden display case.

In 2004, the U.S. Mint worked with the United Kingdom’s Royal Mint to create a numismatic product containing the silver bullion coins from each country. The Legacies of Freedom Set contained one 2003 American Silver Eagle bullion coin and one 2002 British Silver Britannia bullion coin. The two coins were placed in special packaging which highlighted the importance of the two national icons.

To celebrate the 150th anniversary of the founding of the Bureau of Engraving and Printing and the 220th anniversary of the United States Mint the two bureaus joined together to release the 2012 Making American History Coin and Currency Set. The set contained a 2012-S American Silver Eagle Proof coin and a $5 note with a serial number beginning in “150”.

As part of the 2016 Ronald Reagan Coin and Chronicles Set the U.S. Mint included a 2016 Proof American Silver Eagle along with a 2016 Ronald Reagan Presidential reverse proof dollar, and a Nancy Reagan Bronze Medal. To complete the set, it included a presidential portrait produced by the Bureau of Engraving and Printing and an informational booklet.

Annual Sets

To extend the product line, the U.S. Mint began to create special annual issue sets to entice people to collect U.S. Mint products. The first annual set containing an American Silver Eagle coin was the Annual Uncirculated Dollar Coin Set. First offered in 2007, the set includes the issued uncirculated Presidential dollar coins, an uncirculated Native American dollar coin, and an uncirculated American Silver Eagle. Since the Presidential Dollar Program ended in 2016, it is unclear whether the U.S. Mint will issue the set in 2017.

Since 2012, the U.S. Mint has been producing the Limited Edition Silver Proof Set that contains 90% silver versions of the year’s five America the Beautiful Quarters, Kennedy Half Dollar, and Roosevelt Dime, along with the standard annual Proof American Silver Eagle. Sets are limited to 50,000 units annually.

Starting in 2013, the U.S. Mint has been producing the Congratulations Set as part of a new line of products targeted towards gift giving occasions. The This set included the standard annual Proof Silver Eagle within specially designed packaging which allowed a personalized message to be written the recipient.

Anniversary Sets

2011 American Silver Eagle 25th Anniversary Set

Since the American Eagle Program has been one of the most successful programs in the history of the U.S. Mint, they have used its popularity to extend the product line. Aside from celebrating the anniversary of the program, the U.S. Mint has produced anniversary sets to celebrate Mint facilities.

The Anniversary sets issued are as follows:

  • 1995 American Eagle 10th Anniversary Set included a 1995-W American Silver Eagle Proof coin and four American Gold Eagle coins.
  • 2006 20th Anniversary American Silver Eagle Set was a special three-coin box set included a 2006-W American Silver Eagle with a burnished (satin) finish, a 2006-W American Silver Eagle Proof coin, and a 2006-P American Silver Eagle Reverse Proof coin.
  • 2011 25th Anniversary American Silver Eagle Set was a five-coin box set that contained five different coins. The U.S. Mint produced only 100,000 sets that sold out within the first 10 minutes they were offered online. This extremely popular set is averaging $800 on the secondary market in the original government package. The set includes the following coins:
    • 2011-W (West Point) American Silver Eagle Uncirculated coin
    • 2011-S (San Francisco) American Silver Eagle Uncirculated coin
    • 2011-W (West Point) American Silver Eagle Proof coin
    • 2011-P (Philadelphia) American Silver Eagle Reverse Proof coin
    • 2011 (no mintmark) American Silver Eagle Bullion coin
  • 2012 American Eagle San Francisco Two Coin Silver Proof Set was issued to celebrate the 75th anniversary of the current San Francisco Mint. The set included a 2012-S American Silver Eagle Proof coin and a 2012-S American Silver Eagle Reverse Proof Coin.
  • 2013 West Point American Silver Eagle Set was issued to celebrate the 75th anniversary of the facility in West Point, New York. The set included a 2013-W American Silver Eagle Reverse Proof coin and a 2013-W American Silver Eagle Enhanced Uncirculated coin. This was a popular set since it was the first appearance of the Enhanced Uncirculated finishing process.

Although the U.S. Mint did not issue a set to celebrate the 30th Anniversary of the American Silver Eagle in 2016, the collector issues of the coins were issued with special edge lettering. Rather than the edge being reeded it was smooth with “30TH ANNIVERSARY” struck into the edge. Both the proof and burnished uncirculated coins were produced at West Point include the “W” mintmark and the edge lettering.

Rolls and the Green Monster Box

When the U.S. Mint sells bullion coins to their authorized resellers, the coins are packaged in 20-coin hard plastic rolls and 25 rolls are placed in a specially designed box that contains 500 troy ounces of silver. Because the box is green in color and sealed by the U.S. Mint, the package is nicknamed the Green Monster Box.

Resellers sell Green Monster Boxes with the intent of selling to investors. They also sell complete rolls from the Monster Box.

Sealed Green Monster Boxes have the benefit of being unsearched and unhandled since leaving the U.S. Mint. Additionally, the cost per coin is usually the lowest available since the coins are being purchased in bulk. These boxes are usually offered for sale by bullion dealers at a small premium over the current market (spot) price of silver.

In the next installment, we look at the American Gold Eagle coins.

All images courtesy of the U.S. Mint unless otherwise noted.

LOOK BACK: Defence of Fort McHenry

On this day 204 years ago, Francis Scott Key was awakened aboard the HMS Tonnant in Baltimore Harbor to see the tattered, but still present flag flying over Fort McHenry. Today’s LOOK BACK talks about the history of that day and, rather than talking about the legislation, add a little information about the Star Spangled Banner commemorative coin.

Fort McHenry (via Wikipedia)

The War of 1812 had been running for two years when the fighting escalated in Baltimore Harbor around Fort McHenry. American Prisoner Exchange Agent Colonel John Stuart Skinner sent by the War Department to negotiate the release of Dr. William Beanes. Dr. Beanes was allegedly mistakenly arrested with a group of rowdies as he walked to his home.

On Skinner’s way to meet Vice Admiral Alexander Cochrane, Rear Admiral Sir George Cockburn, and Major General Robert Ross on the HMS Tonnant, he stopped at the home of noted lawyer Francis Scott Key and asked for his assistance.

Col. Skinner and Key were welcomed by the British command on September 13, 1814 and was invited to stay for dinner. After secure the release of Dr. Beanes but were not allowed to return to Baltimore. The British felt that Col. Skinner and Key had learned too much about the British forces. Col. Skinner, Key, and Dr. Beanes were provided guest accommodations on the HMS Tonnant.

The Battle of Baltimore began after dinner and raged overnight through the next morning. On September 14, 1814, when the smoke cleared, Key saw the Stars and Stripes still flying over Fort McHenry. Following the battle. Col. Skinner, Key, and Dr. Beanes were allowed to return to Baltimore on their own boat. During the trip, Key wrote a poem entitled “The Defence of Fort McHenry”

On September 20, 1814, Key had the poem published in the newspaper Patriot. After publication, Key set the poem to the tune of John Stafford Smith’s “The Anacreontic Song,” a popular drinking song written for London’s Anacreontic Society. The combination was renamed “The Star Spangled Banner.”

“The Star Spangled Banner” was first recognized by the Navy in 1889. In 1916, President Woodrow Wilson signed an executive order to recognize “The Star-Spangled Banner” as the national anthem. Finally, President Herbert Hoover singed a congressional bill officially making the song the United State’s National Anthem (36 U.S.C. §301).

In 2012, the U.S. Mint issued two coins as part of the Star-Spangled Banner Commemorative Coin Program (authorized by Public Law 111-232). The $5 gold coin “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” on the obverse and “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.”

The obverse of the silver $1 coin “depicts Lady Liberty waving the 15-star, 15-stripe Star-Spangled Banner flag with Fort McHenry in the background.” The reverse shows the waving of a modern American Flag.

The official launch of the 2012 Star-Spangled Banner Commemorative Coin Program was launched at Fort McHenry in Baltimore. You can read about that launch here.

You can read the original article here.
All coin images are courtesy of the U.S. Mint.

Call for Artist

On Monday, the U.S. Mint announced that on September 3, they will begin accepting applications for the Artistic Infusion Program. Judging by the last round of artwork submitted to the Citizens Coinage Advisory Committee to review for the new American Innovation $1 Coin, they need the help.

For those who did not read the stories, the U.S. Mint submitted a design for the obverse that is supposed to be “a likeness of the Statue of Liberty extending to the rim of the coin and large enough to provide a dramatic representation of Liberty,” similar to the reverse of the Presidential $1 coins. According to reports, the U.S. Mint claimed that they could not work on a better design because of time constraints.

Time constraints are a legitimate issue. The bill was signed into law on July 20, 2018, leaving the U.S. Mint less than six months until the program begins in 2019. However, that does not mean that the program has to begin on January 2. In fact, the law does not specify at what point during the year that the coins are to be produced.

They also could have anticipated their responsibility. Once the bill was passed by the Senate on June 20, it was only a matter of time that the difference between the House and Senate versions were resolved before being signed by the president. It was not a surprise. They had two months to come up with something prior to the CCAC meeting.

Although U.S. Mint Director David Ryder has not been on the job long, he has to take responsibility for not providing the leadership necessary to impress on the artists and whoever directed them not to try to take the easy way out. If they have not learned by now, most of the CCAC members take their jobs much more seriously than previous committees (this is a good thing) and are very outspoken in a very constructive manner.

One person that should respond to this call for artists is current CCAC member Heidi Wastweet. An accomplished medalist and sculptor, her term with the CCAC is about to expire. She is well qualified since her work is phenomenal! You can see for yourself on her website. Imagine what an artist with her talent and knowing what the CCAC is looking for can add to the U.S. Mint.

Having never met Ms. Wastweet, I am not in a position to try to talk her into applying. However, if you are acquainted with her, please let her know that not only would it be of great service to the U.S. Mint but that she has at least one endorsement—for whatever that is worth!

There are so many great medals on Heidi Wastweet’s site it is difficult to select one to highlight. But I always seem to focus on this one called a Zombuck.

LOOK BACK: Paper v. Coin Dollars

Following the introduction of the Presidential $1 Coin program and the discussion about replacing the Federal Reserve Note with a coin, I wrote an article explaining how the situation will not change. Not much has changed in 10 years!

Whenever a proposal or law that creates a new dollar coin, there is always a discussion as to how to make the program more successful. In the past, the Gallup organization has polled the public on a few occasions asking about the potential acceptance of dollar coins.

Regardless of the questions asked, the only way to increase the circulation of the dollar coin is to stop printing the one-dollar Federal Reserve Note and begin to withhold it from circulation. It is a move that will force the people to use the coin as the population of the paper currency is reduced.

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 is one of the extreme few first-world countries issue its unit currency on 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 and the savings to the government as the dominant reasons. According to the Bureau of Engraving and Printing, 95-percent of all Federal Reserve Note printed for circulation are used to replace damaged and worn notes that are being taken out of circulation. Using BEP’s 2017 production report, 2,425,600,000 one-dollar notes were printed. With 95-percent being replacement notes, 2,304,320,000 notes were printed just to maintain circulation levels. With it costing 4.385-cents to produce one note of any denomination, the cost to just replace notes removed from circulation was $100,422,265.60 in 2017.

Rather than printing paper dollars, if the US Mint strikes coins the cost to replace those 2.4 billion notes would cost 21-cents per coin (according to the U.S. Mint’s 2014 Annual Report, the last documenting seigniorage for the dollar coin). The total production cost would be $483,907,200.

But do not let the 381-percent increase in cost fool you. For the real picture, the costs have to be predicted over time. According to the BEP and the Federal Reserve, the lifespan of a one-dollar Federal Reserve Note is 5.8 years. When the U.S. Mint makes plans for circulating coinage, they accept that the lifespan of a coin is 30-years. To help with the calculation, it will be assumed that the price of manufacturing coins and currency s will stay constant. In order to keep the $2.4 billion of one dollar notes in circulation for 30 years, it will cost the BEP $522.6 million dollars.

By comparison, since the U.S. Mint will be striking new coins for circulation and (theoretically) not replacement coins (not including the coins already in storage), the U.S. government would save about $117 million 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 (2008) 4,147,200,000 3,939,840,000 $177,292,800 $1,772,928,000
Paper Dollar (2018) 2,425,600,000 2,304,320,000 $101,044,432 $522,643,614
Coin Dollar (2008) N/A 3,939,840,000 $626,434,560 $626,434,560
Coin Dollar (2018) N/A 2,425,600,000 $509,376,000 $509,376,000

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. When it comes to jobs in their districts, 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.

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.

Although the Bureau of Engraving and Printing has experimented with polymer notes and other printing substrates, the Federal Reserve has said that it does not consider these alternatives viable for United States currency. However, the Federal Reserve and Bureau of Engraving and Printing has been testing rag-based paper from companies that can produce new anti-counterfeiting features.

If there was a change to the supplier of currency paper, that would raise concern by the Massachusetts congressional delegation whose constituents include Crane Currency, the subsidiary of Crane & Company. Crane has been the exclusive supplier of currency paper to BEP since 1879. Although BEP has tried to open the competition for purchasing currency paper (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 2 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.

The original post can be read here.

A LOOK BACK: When is a Variation Not a Variety

This week’s LOOK BACK is my take at the stir made over the positioning of the edge letters on the newly struck George Washington Dollar coins in 2007.

If you search the online auction sites, you will find less than honest sellers trying to sell variations in the positioning of edge lettering of the new George Washington Dollars errors or varieties. Letters that are pointed up, or the top of the letters towards the obverse, are considered “normal” by these sellers. Letters that are pointed downward, or the top of the letters closer to the reverse of the coin, have been called errors or varieties. They are neither.

Exasperating the issue is that one third-party grading service added a designation to their labels with the orientation of the edge lettering.

Images are courtesy of Ken Potter.

An accepted definition of a variety “is any variation in the normal design of a given coin, usually caused by errors in the preparation or maintenance of the coin dies.” They are also errors caused in the striking process. But these definitions do not account for the differences in the orientation. The problem is that after the planchets are struck into coins by the high-speed coining machines, they are mechanically collected and fed into a machine that will press the lettering into the edge of the coins.

The machine that adds the edge lettering uses a three-part collar to impress the incuse lettering does this without regard to position. not only could the edge lettering face any direction, but the lettering can appear at any position along the edge. The U.S. Mint confirms this by saying that because of “the minting process used on the circulating coins, the edge-incused inscription positions will vary with each coin.

Since the Mint is saying that the process can vary, these variations are normal for the design. Since these are normal variations, they are not numismatic varieties or errors. Thus, the coins with variations of orientation edge lettering are not worth the premiums being sought online. They are worth their face value of $1.

There have been errors found with the edge lettering. The most infamous has been called the “Godless Dollars” for coins missing their edge lettering and the motto “In God We Trust.” Most of these coins were minted in Philadelphia and discovered in Florida. Others have found doubling of edge letters and what looks like breaks in the three-part collars where letters have moved out of place. These are legitimate errors and worth a premium above face value. Orientation variations of the edge lettering are not errors.

If you want to consider these varieties, please save your money and visit your local bank. You can purchase these coins for face value without shipping and handling fees. If you purchase a 25-coin roll, you can spend the coins you do not want since they are legal tender.

The original article can be read here.

Missing an opportunity with changing coin design programs

Since the introduction of the 50 State Quarters Program, there have been several changing design series on circulating coinage. All of the programs have been created to honor and celebrate the nation’s history in some way. It started in 1999 with the issuance of the quarter honoring Delaware, the first state to ratify the Constitution granting it the designation of being the first state to enter the Union.

Since 1999, there has been the following coin series issued by the U.S. Mint:

  • 2009 Lincoln Bicentennial One Cent Program
  • Westward Journey Nickel Series™
  • 50 State Quarters Program
  • 2009 District of Columbia and U.S. Territories Quarters Program
  • America the Beautiful Quarters® Program
  • Native American $1 Coin
  • Presidential $1 Coins

Although none of these series produced rare coins with the exception of errors and varieties, such as the 2004 Wisconsin extra leaf quarter and the 2005 Minnesota quarter with an extra tree, the only excitement was the novelty generated in 1999 with the new series.

Soon, the American Innovation $1 Coin will join this list. When the American Innovation $1 Coin Act (H.R. 770) finishes its procedural trek through Congress, it will be sent to the other end of Pennsylvania Avenue for the President’s signature. There is no indication that the President will veto this bill.

The 14-year program will honor “American innovation and significant innovation and pioneering efforts of individuals or groups from each of the 50 States, the District of Columbia, and the United States territories.” Four one-dollar coins will be issued each year and issued alongside the Native American Dollar.

Although there is a bias in the numismatic industry against modern coinage, there is a fun aspect of the changing coin designs. Aside from breaking up the monotony, there is an educational aspect that people should take advantage of, even if you have college degrees.

2015-W Native American Dollar Enhanced Uncirculated Reverse celebrating the Mohawk Iron Workers

For example, why did the 2015 Native American $1 Coin feature the Mohawk Ironworkers? In short, the Mohawks were literally the backbones for which heavy ironwork relied upon in both Canada and the United States. Amongst their accomplishments are some of the famous landmarks of New York City including the Empire State Building, the Chrysler Building, and work above the 80th floor on the World Trade Center twin towers.

Mohawk ironworkers were there following the attacks of September 11, 2001, to help clean up and rebuild the World Trade Center site. This is something I would not have known had they not appeared on the coin and asking why.

Regardless of the historical significance of these coins and the underappreciated beauty of the designs, the numismatic industry has not taken the opportunity to promote coin collecting using these changing programs. There is only one reason for the lack of interest from the community: ECONOMICS!

The American Numismatic Association is largely run by dealers who make their living by buying and selling rare coins and bullion. The trade in modern coinage, many items that anyone could find in pocket change, does not have a high rate of return. Therefore, most dealers are not interested.

Although dealers do have the right to earn a living the way they see fit, as part of the overall hobby, they tend to steer away from the modern coins and even downplay their significance to the hobby. This tends to perpetuate a myth that you cannot be a legitimate collector if you collect modern coins.

This attitude is a wasted opportunity for the industry. Aside from being an opportunity to promote the hobby but give people an outlet to learn something more than what they see on the cable news channels.

One of the problems with this program can also make it a positive is what will each of the states choose to represent innovation in their state or territory? Promoting numismatics as “history in your hand” can also be a lesson in history to help each state decide what to chose to best represent them on a coin. This is the best opportunity to use numismatics to promote the hobby and history by providing a conduit for discussion in each state.

What would constitute a state’s great innovation or innovator? Will New Jersey choose Thomas Edison? Will Alexander Graham Bell be Massachusetts’ choice? And what about Pennsylvania? There could be an interesting discussion about honoring Benjamin Franklin, George Westinghouse, or even Andrew Carnegie especially since neither of these men were born in the United States.

There will be a lot of innovation to chose from because there has been a lot of innovation during the country’s 242 years of existence. If you missed the announcement by the United States Patent and Trademark Office (USPTO), they issued the 10 millionth patent on Tuesday, June 19, 2018. And that does not count the patents issued before 1836 when the numbering system was reset by the Patent Act of 1836.

However, the most significant problem with the Innovation $1 Coin is that it is a one-dollar coin. As long as Congress continues to not listen to reason and stops issuing the paper dollar, it does not matter what they do with the coin, it is not going to generate enough interest because the coin will not circulate.

Regardless of how many Government Accountability Office (GAO) reports are issued (GAO-13-164T) or the number of experts that endorse the elimination of the paper dollar for the coin, Congress refuses to address the issue. They point to surveys that show that most of the people older than 50 are against removing the paper dollar. Since this population constitutes the majority of the voters and, more significantly, campaign donors, the politicians are not about to make those people upset.

In many cases, the Innovation $1 Coin will be a repeat of history. Its potential popularity will fail as Congress hopes to socially engineer excitement in the way they tried to do for the Presidential dollar coins. That was deemed a failure that forced then-Treasury Secretary Tim Geithner to order the U.S. Mint to reduce the production of these coins. This was after certain members of Congress showed its collective stupidy by introducing a bill to prematurely end the program.

There is so much potential for the Innovation $1 Coin to be a great program and to generate publicity for the hobby. But as long as the coin does not circulate and Congress refuses to deal with the situation appropriately, it will be a coin that only existing collectors will take interest in and become a lost opportunity for everyone.

June 2018 Numismatic Legislation Review

Sometimes watching specific legislation to make its way through Congress is like watching paint dry. We know the paint will eventually dry but it takes a lot longer than we have time to wait. With the exception of bills that are proposing useful things like eliminating the paper dollar for a coin, there is no point to check daily.

But that is what I do. I wrote a program to download the bill information produced by the Government Printing Office on behalf of the Congress and store it in a database so that it can be reported here. This process does not become interesting until something happens.

The last two weeks in June looks like it was the equivalent of a wild ride. First, the American Innovation $1 Coin Act (H.R. 770) appeared on the agenda in the House of Representatives where the only “debate” was Rep. Jim Himes (D-CT), the bill’s sponsor, and the day’s floor manager, Rep. Sean Duffy (R-OH) speaking in favor of passage. Then it followed the regular course of passage by the House, passage by the Senate with a change, followed by the House agreeing with the amendment. Next month it should be signed into law by the President.

Paul Laurence Dunbar, circa 1890

In the middle of this two new commemorative coin bills were introduced. First, Del. Eleanor Holmes Norton (D-DC) introduced a bill for a commemorative coin program in recognition of Paul Laurence Dunbar.

Paul Laurence Dunbar (1872-1906) was an American poet, novelist, and playwright. Dunbar was very popular in his day whose work was known for its colorful language and conversational tone that made his work seem lyrical. Dunbar, who was born in Dayton, Ohio as a child of former slaves, was famous for writing in the “Negro dialect” that was associated with the antebellum south.

Dunbar had briefly worked at the Library of Congress before resigning to concentrate on his writing. His home in the LeDroit Park neighborhood of Washington, DC still stands today. In 1904 he returned to Dayton to be with his ailing mother but ended up contracting tuberculosis and dying in 1906.

Carson City Mint (1866)

The day after Holmes Norton introduced her bill, Rep. Mark Amodei (R-NV) introduced a bill for a commemorative coin program to commemorate the 150th Anniversary of the Carson City Mint.

The Carson City Mint opened in 1870 primarily in response to the Comstock Lode. It started as an Assay Office in 1963 but did not gain Mint status until 1870. It was in operation from 1870-1885 and 1889-1893. It is the only branch of the U.S. Mint to have used a two-letter mint mark.

Today, the building is a branch of the Nevada State Museum.

Since the text of both bills has not been published, details of the programs are unknows except it is safe to assume that the Carson City 150th Anniversary commemorative coin program will occur in 2020.

H.R. 770: American Innovation $1 Coin Act
Sponsor: Rep. James A. Himes (D-CT)
Introduced: January 31, 2017
Summary: (Sec. 2) This bill directs the Department of the Treasury, over a 14-year period beginning in 2019, to mint and issue “American Innovation” $1 coins commemorating innovation and innovators from each state, each U.S. territory, and the District of Columbia. Treasury shall issue four coins per year, in alphabetical order by jurisdiction, until a coin has been issued for each jurisdiction. Treasury may mint and issue a $1 coin in 2018 to introduce the series. Neither the bust of any person nor the portrait of any living person may be included in the design of the coins.The bill instructs Interior to continue to mint and issue $1 coins honoring Native Americans and their contributions.
Motion to reconsider laid on the table Agreed to without objection. — Jun 27, 2018
On motion that the House agree to the Senate amendment Agreed to without objection. (text as House agreed to Senate amendment: CR H5786-5787) — Jun 27, 2018
Mr. Hensarling asked unanimous consent to take from the Speaker’s table and agree to the Senate amendment. — Jun 27, 2018
Message on Senate action sent to the House. — Jun 21, 2018
Passed Senate with an amendment by Voice Vote. — Jun 20, 2018
Measure laid before Senate by unanimous consent. — Jun 20, 2018
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. — Jun 20, 2018
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Jan 17, 2018
Motion to reconsider laid on the table Agreed to without objection. — Jan 16, 2018
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. — Jan 16, 2018
DEBATE – The House proceeded with forty minutes of debate on H.R. 770. — Jan 16, 2018
Considered under suspension of the rules. — Jan 16, 2018
Mr. Duffy moved to suspend the rules and pass the bill, as amended. — Jan 16, 2018
Referred to the House Committee on Financial Services. — Jan 31, 2017
This bill can be tracked at http://bit.ly/115-HR770.

H.R. 6214: To require the Secretary of the Treasury to mint commemorative coins in recognition of Paul Laurence Dunbar.
Sponsor: Rep. Eleanor H. Norton (D-DC)
Introduced: June 25, 2018
Referred to the House Committee on Financial Services. — Jun 25, 2018
This bill can be tracked at http://bit.ly/115-HR6214.

H.R. 6221: To require the Secretary of the Treasury to mint coins in commemoration of the Carson City Mint 150th anniversary, and for other purposes.
Sponsor: Rep. Mark E. Amodei (R-NV)
Introduced: June 26, 2018
Referred to the House Committee on Financial Services. — Jun 26, 2018
This bill can be tracked at http://bit.ly/115-HR6221.
All images courtesy of Wikimedia Commons.

New Dollars are coming

Presidential $1 Coin Common Reverse

Yesterday, the House of Representatives agreed and passed the Senate’s amendment to American Innovation $1 Coin Act (H.R. 770) that changes the order of issue to be the same as that was used with the 50 State Quarters.

The next step is that the bill is engrossed, which means that it will be printed in its final form and signed by the Speaker of the House, Paul Ryan (R-WI), and the President Pro Tempore of the senate, Orrin Hatch (R-UT), certifying that the printed bill has been approved by both chambers of commerce.

Once signed, the bill is sent to the White House for the President’s signature.

If this bill was not on your radar, it requires the coins use the same Manganese-Brass composition as all dollar coins struck since 2000 with the edge lettering consisting of the year, mintmark, and the national motto E PLURIBUS UNUM. The obverse will be “a likeness of the Statue of Liberty extending to the rim of the coin and large enough to provide a dramatic representation of Liberty.” The reverse will be emblematic of an innovation, innovator, or a group of innovators significant to that state or territory.

If the president signs this bill, and there is no reason why he would veto this biil, then the program will begin in 2019.

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