American Palladium Eagle mockup as presented to the Citizens Coinage Advisory Committee
The U.S. Mint announced today that sales of the American Palladium Eagles will begin on September 29. As bullion issues, they are being sold through with authorized channels and not directly to the public.
After seven years since the law was passed (American Eagle Palladium Bullion Coin Act of 2010, Pub. L. 111-303), these coins Will begin their sale. There is no indication whether the U.S. Mint will offer collectable versions or just release the bullion coins.
The coin will have a $25 face value and require that “the obverse shall bear a high-relief likeness of the ‘Winged Liberty’ design used on the obverse of the so-called ‘Mercury dime’” making it yet another bullion coin that will feature a design from the early 20th century. For the reverse, the law says that the coin “shall bear a high-relief version of the reverse design of the 1907 American Institute of Architects medal.” Both the Mercury Dime and 1907 AIA medal designed by Adolph A. Weinman, whose Walking Liberty design is used on the American Silver Eagle coins.
No price has been announced but the current Price of Palladium is $911.63. As a reference the current spot price of metals are as follows:
Precious Metals Price Snapshot as of September 19, 2017 (This is a static chart—it does not update)
The U.S. Mint does not publish the bullion and bulk sale prices the way it does for collector coins but it is likely that these coins are sold to distributors at a premium over their spot price. I guess we will find out how much these coins will cost for investors and collectors purchase when they hit the market.
American Liberty Four Silver Medal Set will be on sale on October 19, 2017 at Noon ET for $199.95
The U.S. Mint did you publish in the Federal Register last week that the American Liberty 225th Anniversary Silver Four-Medal set will be priced at $199.95.
The American Liberty Four Silver Medal Set are four silver medals featuring the gold 225th Anniversary American Liberty Gold design struck in silver and without a denomination. Each medal will contain one troy ounce of silver and consist of one medal from each of the active mints with different finishes:
Philadelphia Reverse Proof
San Francisco Proof
West Point Enhanced Uncirculated
It was previously announced that the set will go on sale at noon on October 19, 2017.
Following the sell out of the 225th Anniversary Enhanced Uncirculated Coin Set, a few readers asked if I was going to post a comment. I declined to let the rest of the industry have this discussion. I would rather have a discussion about a different issue related to the U.S. Mint: the lack of leadership.
Bibiana Boerio was nominated in Sept 2010 but never acted on by the Senate.
Rhett Jeppson was nominated in July 2015 and even had a hearing, but his nomination was not acted on in the Senate.
As of this post, the U.S. Mint has not had a permanent director for 2,407 days or 6 years, 7 months, 3 days and counting. This appears to the longest vacant position in the federal government.
In the past, this seemed to be a good thing because the government professionals taking the reigns of leadership seems to have made decisions that did not appear to hurt collectors. That was until the 225th Anniversary Enhanced Uncirculated Coin Set was sold without household limits.
Given the current state of the government where it is estimated that over 40-percent of the positions open for appointments, including those that do not require Senate confirmation, maybe this is something we have to live with regardless of consequences.
Not including the regular issues that will be sold by the U.S. Mint, the items left on their schedule is the American Liberty Four Silver Medal Set and the American Palladium Eagle.
American Liberty Four Silver Medal Set will be on sale on October 19, 2017 at Noon ET
I previously discussed the Palladium Eagle. The american Liberty Four Silver Medal Set are four silver medals featuring the gold 225th Anniversary American Liberty Gold design struck in silver and without a denomination. Each medal will contain one troy ounce of silver and consist of one medal from each of the active mints with different finishes:
Philadelphia Reverse Proof
San Francisco Proof
West Point Enhanced Uncirculated
Although the price has not been announced, given the current 225th Anniversary American Liberty Silver Medal $59.95, it is within reason to predict that the four medal silver set with special packaging will cost around $250 (plus-or-minus 15-percent).
The poll question of the day is are you going to buy these items?
Are you interested in the remaining U.S. Mint special collectibles?
I am just not interested (42%, 18 Votes)
I will buy the American Liberty Four Silver Medal Set (23%, 10 Votes)
These items are too expensive for my budget (14%, 6 Votes)
I am going to buy both (12%, 5 Votes)
I will buy the American Palladium Eagle (9%, 4 Votes)
I might consider them but buy them on the secondary market (0%, 0 Votes)
As part of the lame duck session following the 2010 midterm elections, Congress passed the American Eagle Palladium Bullion Coin Act of 2010 (Pub. L. 111-303) telling the U.S. Mint strike one-ounce .9995 fine palladium bullion coins as part of the American Eagle Bullion Program. The coin will have a $25 face value and require that “the obverse shall bear a high-relief likeness of the ‘Winged Liberty’ design used on the obverse of the so-called ‘Mercury dime’” making it yet another bullion coin that will feature a design from the early 20th century. For the reverse, the law says that the coin “shall bear a high-relief version of the reverse design of the 1907 American Institute of Architects medal.” Both the Mercury Dime and 1907 AIA medal designed by Adolph A. Weinman, whose Walking Liberty design is used on the American Silver Eagle coins.
The catch to the law was that the U.S. Mint was to perform a feasibility study to determine if there will be market demand. Although the study showed that there is a market for palladium coins, it was not overwhelming. Based on the wording of the law, the U.S. Mint opted not to strike palladium coins.
This did not sit well with Rep. Dennis “Denny” Rehberg (R), Montana’s only member of the House of Representatives since the primary source of palladium in the United States is the Stillwater Mine in Montana. The mines, which also provides the U.S. supply of platinum group metals (PGM), is owned and operated by the Stillwater Mining Company. Rehberg added an amendment to the Fixing America’s Surface Transportation Act or the FAST Act (Public Law 114-94, 129 STAT. 1875, see Title LXXXIII, Sect. 73001) that took away the U.S. Mint’s option and added the word “shall.”
The FAST Act was also the law where the law was changed to allow the U.S. Mint to use better than 90-percent gold and silver in commemorative coins by changing the wording to say “not less than 90 percent….”
Palladium Eagle coins may have roughly the same impact on the market as the Platinum eagles since palladium is about $100 less expensive than platinum, 69-percent of the price of gold, but 53-times the price of silver. Based on the way the U.S. Mint prices precious metal products, the Palladium Eagle should cost within $100 of the platinum coins.
Precious Metals Price Snapshot as of August 4, 2017 (This is a static chart—it does not update)
Although palladium is only the fourth metal to have an official ISO currency code (XPD), it is not readily thought of as a precious metal that is used to hedge against financial disaster. Gold (XAU) and silver (XAG) are usually thought of first. Sometimes, platinum (XPT) is part of the discussion, but not as frequently as gold or silver.
Palladium does have industrial uses. Because of its ability to absorb hydrogen and compounds with hydrogen, like hydrocarbon, its major use is in catalytic converters used in every gasoline powered vehicle. It is also seen as a key element in the potential of cold fusion because of its ability to absorb hydrogen.
It is likely the American Palladium Eagle will be as popular as the Platinum Eagle. Maybe the U.S. Mint will sell more of these coins because they will be slightly cheaper and have a design more appealing to collectors, but neither of these coins will approach the sales totals of the gold or silver version of the American Eagle coins.
It is not a coin I am likely to collect. However, I will probably purchase the 2017 coin to have one from the first year of issue just as I did with the 2007 American Buffalo 24-karat Gold Proof coin.
Palladium Eagle images courtesy of the U.S. Mint via Coin World.
A while ago, I received the following question from a reader:
Why do coins that were made NOT for circulation, like Silver Eagles, Commemoratives Productions, etc have any value other than their face value? I do not see the value of collecting something that was never meant for circulation.
2013 American Eagle West Point Two-Coin Silver Set with reverse proof and enhanced uncirculated coins.
Starting with the first question, the face value of any coin is assigned by the legal authority that produces the coin. In the United States, the face value of any coin is determined by Congress. In other countries, the central bank or the treasury ministry makes the determination.
The American Silver Eagle Program was the result of the Reagan Administration wanting to sell the silver that was part of the Defense National Stockpile to balance the budget. Originally, the plan was to auction the bullion. After intense lobbying by the mining industry warning that such an auction would damage their industry, the concept was changed to selling the silver as coinage.
Changing the sales to coinage allowed for market diversification. Rather than a few people attempting to corner the market at an auction, selling coins on the open market allows more people to have access to the silver as an investment vehicle.
As codified in Title II of the Statue of Liberty-Ellis Island Commemorative Coin Act (Public Law 99-61, 99 Stat. 113), the “Liberty Coin Act” defines the program as we know it today including the phrase “The coins issued under this title shall be legal tender as provided in section 5103 of title 31, United States Code.”
As a legal tender item, the coin’s basic value has the backing of the full faith and credit of the United States government. Regardless of what happens in politics and world events, the coin will be worth at least its face value. Being minted by the U.S. Mint is a guarantee of quality that is recognized around the world making worth its weight in silver plus a numismatic premium.
Coins are perceived by the market as being more desirable than medals. Medals have no monetary value except as an art object. When it comes to investments, they do not hold a value similar to that of a legal tender coin. This is because medals are not guaranteed by the United States government, a key factor in determining its aftermarket value.
Once the coin has been sold by the U.S. Mint, its value is determined by various market forces. For more on how coins are priced, see my two-part explanation: Part I and Part II.
Why do American Silver Eagles have a One Dollar face value? Because the law (31 U.S.C. Sect. 5112(e)(4)) sets this as a requirement.
Why are the coins worth more than their face value? Because the law (31 U.S.C. Sect. 5112(f)(1)) says that “The Secretary shall sell the coins minted under subsection (e) to the public at a price equal to the market value of the bullion at the time of sale, plus the cost of minting, marketing, and distributing such coins (including labor, materials, dies, use of machinery, and promotional and overhead expenses).”
Can you spend the American Silver Eagle as any other legal tender coin? In the United States, you can use any legal tender coin in commerce at its face value. This means that if you can find someone to accept an American Silver Eagle, it is worth one dollar in commerce. However, it would be foolish to trade one-ounce of silver for one dollar of goods and services.
Commemorative programs are different in that the authorizing laws add a surcharge to the price of the coin to raise money for some organization. Using the 2017 Boys Town Centennial Commemorative Coin Program (Public Law 114-30) as an example, Rep. Jeff Fortenberry (R-NE) introduced a bill (H.R. 893 in the 114th Congress) to celebrate the centennial anniversary of Boys Town. As with all other commemorative bills, the bill specified the number, type, composition, and denomination of each coin.
The Boys Town Centennial Commemorative coin features Fr. Edward Flanagan, founder of Boys Town
For example, the law says that the U.S. Mint will issue no more than 50,000 $5 gold coins that weighs 8.359 grams, have a diameter of 0.850 inches, and contains 90-percent gold. The law also has design requirements including being “emblematic of the 100 years of Boys Town.” The sale price of the coin will have “a price equal to the sum of” “the face value of the coins; and, the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).”
As with other commemorative, the coins will include a surcharge. Each gold coin will include a $35 surcharge, $10 for a silver dollar, and $5 for each clad half-dollar coin. When the program is over, the surcharges “shall be paid to Boys Town to carry out Boys Town’s cause of caring for and assisting children and families in underserved communities across America.”
The 2017 Boys Town Centennial Uncirculated $5 Gold Commemorative Coin is selling for $400.45 and the proof coin is selling for $405.45 suggesting that the process of producing a proof coin costs the U.S. Mint $5 more than the uncirculated coin.
What goes into the price of the coin? After the face value of $5, there is a $35 surcharge added that will be paid to Boys Town, there is the cost of the metals used. Here is a workup of the cost of the gold planchet using current melt values:
Metals Base Rate
Total metal value
Even though the melt value of the coin is $304.79, there is a service charge the U.S. Mint has to pay the company that creates the planchets. Thus, before the labor, dies, use of machinery, overhead expenses, and marketing is calculated into the price, the coin will cost $344.79 even though the legal tender face value of the coin is $5.
Taking it a step further, the average profit the U.S. Mint makes from gold commemorative coins is 8-percent (based on the 2015 Annual Report). If they are charging $400.45 for the uncirculated gold coin, the coin costs $368.41 to manufacture, $373.41 for the proof version.
Why collect these coins?
American Silver Eagle bullion coins were created for the investment market even though the authorizing law saw the benefit of allowing the U.S. Mint to sell a collector version. All of the Eagle coins are sold for investment or because people want to collect them for their own reasons. Some collect the collector version as an investment.
Commemorative coins are collected for their design or the buyer’s affinity for the subject and to support the cause which is being sponsored by the sale of the coin. Some collect commemorative coins like others collect series of coins.
Even though modern commemorative coins are sold for more than their face value, that does not mean they are not worth collecting. After all, can you buy a Morgan Dollar, Peace Dollar, Walking Liberty Half-Dollar, or a Buffalo Nickel for its face value?
Collecting bullion, commemorative, and other non-circulating legal tender (NCLT) coins is a matter of choice. If you choose to collect these coins, know that they will be worth more than their face value. And while they are legal tender coins, they are not meant for circulation. They are collectibles.
If you like these collectibles, enjoy your collection. Along with coins produced for circulation, I own American Silver Eagle coins, commemoratives, and other NCLT because I like them.
Some of the NCLT coins in my collection
2013 American Eagle West Point Two-Coin Silver Set with reverse proof and enhanced uncirculated coins.
2015 March of Dimes Commemorative Proof set
2014 National Baseball Hall of Fame commemorative proof dollar graded by PCGS PR70
2012 Star-Spangled Banner Silver Commemorative Obverse depicts Lady Liberty waving the 15-star, 15-stripe Star-Spangled Banner flag with Fort McHenry in the background. Designed by Joel Iskowitz and engraved by Phebe Hemphill.
1936 Long Island Tercentenary Half Dollar
Reverse of the 2016 Chinese Silver Panda coin
2006 Canada silver $5 Breast Cancer Commemorative Coin
2007 Somalia Motorcycle Coins
2010 Somalia Sports Cars
Boys Town commemorative coin image courtesy of the U.S. Mint.
Errors verus Varieties: Varieties are spice ← you are here
A variety is a coin that differs from its basic design type in some distinctive way and is thus differentiated by collectors. Varieties are not errors. They are deliberate changes to the design whether it is to better define the design, adjust the design to strike better, or to add or change elements like dates and mintmarks.
A key difference between a variety and an error is that varieties are replicated for multiple strikes. Die changes, repunched mintmarks, repunched dates and over polishing of dies can reproduce the variety for the life of the die or until it is detected by Mint workers.
Nearly every series of coins has its own traceable die varieties that have been studied and catalogued by researchers. Researchers assign the varieties a number that is used by the third-party grading services to provide attribution to the variety on their holder.
Bicentennial Dollar Type 1 (1975) Reverse
Bicentennial Dollar Type 2 (1976) Reverse
1979 Susan B Anthony Varieties
Variety collecting is a very specialized subject. If you are going to collect varieties, you should read the references to understand the characteristics of the varieties. Some of the more well recognized and documented varieties include:
Main or Initial Reference
Half Cents (1793-1857)
American Half Cents – The “Little Half Sisters” by Roger S. Cohen, Jr.
Large Cents (1793-1814)
Penny Whimsy by Dr. William H. Sheldon
Liberty Seated Dimes (1837-1891)
Liberty Seated Dimes – Die Varieties, 1837 – 1891, by Gerry Fortin
Half Dollars (1794-1836)
Early half dollar die varieties, 1794-1836, by Al C. Overton and Donald L. Parsley
Van Allen-Mallis (VAM#)
Morgan and Peace Dollars (1878-1935)
Comprehensive Catalog and Encyclopedia of Morgan & Peace Dollars, by Leroy Van Allen and A. George Mallis
Varieties from the Cherrypickers’ Guide
Cherrypickers’ Guide to Rare Die Varieties of United States Coins, by Bill Fivaz and J.T. Stanton
Arguably, the most collected series by varieties are Morgan Dollars. VAM varieties and catalog numbers were introduced to the hobby by Leroy Van Allen and A. George Mallis who discovered the varieties while examining Morgan and Peace Dollars. Their book, Comprehensive Catalog and Encyclopedia of Morgan & Peace Dollars began a hunt that has seen hundreds of more varieties found and cataloged.
Most VAM varieties cannot be seen without magnification and detailed knowledge of what to look for. The primary resource for VAM collectors is the VAMworld website. Aside from listing the identified VAM varieties, there are instructions how to identify VAM varieties.
1878-P VAM-169 Quadrupled Stars (courtesy of VAMworld)
1886-P VAM-1A Line in 6, Slightly Doubled Ear (Image courtesy of VAMworld)
1921-S VAM-6A Doubled Stars & Motto & Upper Reverse, Die Scratch (Image courtesy of VAMworld)
The third-party grading services have an optional service that will identify VAM varieties on their holders. However, they do not recognize all VAM varieties. There are three sub-lists of catalogued VAM varieties that are recognized. These varieties are as follows:
TOP 100: The 100 most significant VAM Varieties known
HOT 50: A list of additional 50 VAM Varieties that collectors are interested in finding. Many of these varieties are scarce and have sold for significant premiums
HIT LIST 40: A list of 40 new VAM Varieties that have been discovered since the publishing of the HOT 50 list
General searching for varieties and errors should consider picking up a copy of Cherrypickers’ Guide to Rare Die Varieties of United States Coins by Bill Fivaz and J.T. Stanton. The book comes in two volumes. Volume 1 covers die varieties of half cents through nickel five-cent pieces. Volume 2 covers everything else including gold and bullion issues.
FDR dime struck on a nail (stand in for Festivus Pole)
Over the years, I have been asked what are the differences between errors and varieties. While some errors are distinctive, some wonder why some errors are not varieties and some varieties are not classified as errors.
A basic rule of thumb is that even though errors and varieties represent changes to the basic design of the coin, they differ in how they occur and the resulting appearance of the coin.
A Mint Error is the result of an issue with the manufacturing processes causing the coin to be damaged in some way. Errors can be the result in malfunction of the equipment, imperfect coining materials, or created by human error.
Even though modern equipment is supposed the make the striking process more consistent, when the manufacturing process involves striking billions of coins, there are bound to be a few errors. Coining machines have so many moving parts and everything has to work in concern, one variation in speed, force, vibration, or tilt can make the coins look very different than intended.
Then there is the human factor. Humans are imperfect beings subject to making mistakes. Even though the machines are supposed to help guide the humans to reduce mistakes, something can go wrong, especially in an operation that involves making billions of the product.
To help understand where some of the mint errors come from, they can be categorized as three different types: Planchet Errors, Die Errors, and Strike Errors.
1943 Lincoln cent struck on a copper planchet (Courtesy of CoinTrackers)
Planchet Errors are defects of a coin that was caused by the planchet, the coin blank, being imperfect prior to the coin being struck. Planchet Errors occur prior to striking the coin but in ways that could sometimes not be detected. Types of Planchet Errors include:
clipped planchet: Term used to describe a planchet that may have been cut incorrectly from the metal sheet. The clipped area may be curved if cut into the area where another planchet was cut out or straight if cut beyond the edge of the metal strip.
delamination: A form of planchet flaw caused by imperfections in the metal whereby a thin strip of the metal separates itself from the coin.
lamination or planchet flaw: Lamination is a type of error in the planchet that occurs when a thin layer of the metal splits or peals away from the surface of the coin.
off metal or wrong planchet: A type of error that occurs when a coin is struck on a planchet that it is not normally struck, such as striking of a quarter on a planchet that was supposed to be for a nickel.
A Die Error describes a defect caused by a flaw in the dies used to strike the coin. Types of Die Errors include:
cud: The area of a coin struck by a die that has a broken area across part of its surface. The result appears as a blob of metal on the surface of the coin.
die break or die crack: Fine raised lines can appear across the coin when something causes the die to break or crack. A cracked die opens a fine line in the design allowing the flow of metal to fill in the space when struck.
filled die: A type of error that appears on a coin when a foreign substance, such as grease, fills the elements of a die used to strike coins. A filled die error can also occur when the dies are polished to remove debris during the striking process. Modern minting processes have eliminated the polishing of dies but the problems with filled dies continue.
hub doubling: Refers to the doubling of the elements on a coin that was caused by the hub being pressed more than once into a die in different angles. Hub doubling occurs prior to the striking process when the dies are created. Master hubs are pressed into the dies to create working dies for the coining process. Mistakes in this process can result in the production of many coins with the error struck into them.
mule: A mule is a type of mint error that occurs when a coin is struck with two dies that were not intended to be used together.
1955 DDO Lincoln Cent
1937-D 3-Legged Buffalo Nickel
Two of the most famous dies errors are the 1955 Double Die Obverse (DDO) Lincoln cent and the 1937-D Three-Legged Buffalo nickel. The 1955 DDO Lincoln cent and is known as the King of Errors. It is the result of hub doubling that created the double-looking lettering on the coin. It is the coin that really started the error collecting segment of the hobby.
The 1937-D Three-Legged Buffalo nickel occurred when a mint worker polished the reverse die of the Buffalo nickel too aggressively without checking his work. The result was the front-right leg of the buffalo being eliminated from the die. A few thousand were created before the Mint officials figured out they had a problem.
Off-center 50 States quarter struck in Denver
The strike occurs when the top die, usually the obverse, is pushed with such forced on a planchet sitting in a position on the anvil dies, usually the reverse, that will make the impression on the coin. Strike errors are the result of a mechanical problem that occurs during this process.
broad strike: A coin that is struck in a way that expands beyond the boundaries of the collar. A broad strike can give the coin n flat or elongated look.
brockage: A type of striking error when the coin is not ejected properly from the press and causes the mirror image of the exposed design to be struck on the next coin.
capped die: An error in which a coin gets stuck on a die and remains stuck for successive strikes. Eventually, the coin forms a “cap” on the die and imparts its image on coins it strikes. When the cap falls off, it usually resembles a small bowl.
clashed die: One of the more interesting errors occurs when during the striking process, a malfunction prevents a planchet from being in place when the dies are forced together causing them to crash into each other. This leaves the design from either side on the other. Subsequent coins are then struck with the latent image of the other side pressed into the coin.
cracked die: An error that occurs when during the stress of striking coins, the die cracks across its face. When a cracked die strikes a coin, the metal flows into the crack that impresses a raised area in the coin that is not part of the design.
filled die: A type of error that appears on a coin when a foreign substance, such as grease, fills the elements of a die used to strike coins.
incomplete strike: A coin that is missing design detail because of a problem during the striking process.
misaligned dies: A striking error caused by one or both dies not set properly in the coining machine or worked loose during striking.
multiple-struck: A type of mint error when the coin was struck more than once. A multiple-struck coin can show the design as it is struck in multiple places.
off-center strike: During the striking process, the coin is not seated in the right place in the area over the anvil (lower) die causing the coin’s design to not be properly centered on the coin.
overstrike: A type of minting error when a coin, token or medal is struck on a previously struck coin, token or medal.
partial collar strike: A type of striking error where a planchet does not enter completely into coining position and is struck partly within the collar and partly outside.
rotated dies: A type of mint error caused by the dies not being aligned when striking the coin, token or medal.
1999-P Georgia state quarter double struck and off center.
strike doubling or doubled strike: A coin that is struck more than once while in the coining machine resulting in doubling of design elements. Double strikes are different from hub doubling in that this type of error is a mechanical failure within the coining machine whereas hub doubling happens before striking. Double strike errors are rarer than hub doubling.
weak strike: refers to a coin that does not show its intended detail because of low striking pressure or improperly aligned dies.
When going to coin shows you can see some of the most fantastic errors. Some boggle the mind how they were done and how they escaped the U.S. Mint. Dealers whose concentration are errors do not reveal their secrets but I have been told that some have contacts with some of the security companies that haul money on behalf of the banks.
This topic is not complete until we talk about varieties. That will be the next post.
If you have not heard, the U.S. Mint announced that they will produce a set of enhanced uncirculated coin featuring all of the coin releases for this year in a package similar to that used for their proof sets. Enhanced Uncirculated coins are struck using dies that have been specially laser etched to use levels of frosting to give the designs a more in-depth look.
An advantage of the enhanced uncirculated process is the ability to selectively apply the frosting to the die. One of the coins where this had a real dramatic effect was the 2013-W American Silver Eagle. The enhanced uncirculated American Silver Eagle was only sold as part of the 25th Anniversary set.
2013 American Eagle West Point Two-Coin Silver Set with reverse proof and enhanced uncirculated coins.
2013-W American Silver Eagle enhanced uncirculated coin
2015-W Native American Dollar Enhanced Uncirculated Reverse celebrating the Mohawk Iron Workers
Reverse of the 2015-W Enhanced Uncirculated Native American Dollar
Obverse of the 2015-W Enhanced Uncirculated Native American Dollar from the 2015 $1 Set
Previous Enhanced Uncirculated issues
According to information currently available, the coins will be struck on the same planchets as what is used for business strikes.
Treasury Secretary Steven Mnuchin, right, administer the oath of office to Jovita Carranza, left, as the 44th Treasurer of the U.S., Monday, June 19, 2017, at the Treasury Department in Washington. Jovita Carranza’s daughter Klaudene Carranze, holds the Bible and her goddaughter Lily Hobbs stands second from right. (Carolyn Kaster/Associated Press)
Through the din of Washington, it was lightly reported that Jovita Carranza was sworn in as the 44th Treasurer of the United States on June 19, 2017, by Secretary of the Treasury Steven Mnuchin. Joining Carranza at the ceremony was her daughter Klaudene Carranza and goddaughter Lily Hobbs.
Since the appointment of Georgia Neese Clark by President Harry S. Truman in 1949, there have been 16 women appointed as Treasurer of the United States. Carranza is the seventh Latina to hold the job and the fourth straight since the appointment of Rosario Marin in 2001 by President George W. Bush.
Carranza will oversee the Bureau of Engraving and Printing and U.S. Mint. Since there have been problems reported with Cabinet secretaries getting senior officials to be accepted by the head of the presidential personnel office, the current structure at the U.S. Mint will stay in place. Carranza will take an active role overseeing the mint until a director is appointed.
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