U.S. Mint to resume Mutilated Coin Redemption Program

Coins found in the recycling stream.

Starting on January 19, 2018, the U.S. Mint will be resuming the Mutilated Coin Redemption program. The program was suspended in December 2015 when the government alleged that a company in New Jersey was importing counterfeit coins from China to redeem as mutilated coins. Formal charges were brought against the persons involved in March 2016 and the U.S. Mint extended the suspension indefinitely in May 2016.

The recycling industry has complained to the Department of the Treasury and their members of Congress over the U.S. Mint’s inaction with providing new rules to restart the program. After publishing two draft rules and making adjustments based on the comments, the Final Rule was published in the Federal Register (82 FR 60309) on December 11, 2017.

The Final Rule that makes adjustments to the regulations for “Exchange of Paper Currency and Coin” (31 CFR Part 100 Subpart C) in order to add additional clarity and oversight to the process. This includes depositing worn or heavily scratch coins in a bank or other authorized depository. Bulk submission over one pound must be separated by denomination and must be identifiable. Each denomination is considered one submission and must be over one pound (e.g., one pound of nickels and one pound of dimes and one pound of quarters, etc.). Dollar coins also have to be separated by type (e.g., Eisenhower, Sacagawea, Presidential, etc.). The updated program restricts the redemption of fused, unsorted, and unidentifiable coins. Coins made of gold and silver are not accepted as part of this program.

Those needing more detailed information should consult the “Mutilated Coin Redemption Program” webpage on the U.S. Mint website (see http://bit.ly/Mutilated-Coin).

Image courtesy of Recycling International.

Update on Ryder Nomination

David J. Ryder at the hearing regarding his nomination to be the 39th Director of the U.S. Mint

As previously reported, the nomination of David J. Ryder to become the 39th Director of the U.S. Mint was returned to the President at the beginning of the second session of the 115th Congress. Under Senate Rules, the nomination neither confirmed nor rejected during the session can be returned on adjournment, unless the Senate agrees to allow the nomination to carry forward by unanimous consent or the majority leader makes the decision.

Apparently, Ryder’s nomination was returned to remove the hold placed by Sen. Chuck Grassley (R-IA) in December. Grassley filed an intent to object to the nomination because “the Department of the Treasury has failed to respond to a letter I sent on September 29, 2017, to a bureau within the Department seeking documents relevant to an ongoing investigation by the Senate Committee on the Judiciary.” Grassley said that the objection was not intended to question Ryder’s credentials but as a punitive action against the Department of the Treasury for not answering his committee’s inquiry.

Ryder’s nomination was resubmitted by the President on January 8, 2018 (PN1355). As required, it was referred to the Senate Committee on Banking, Housing, and Urban Affairs. It is likely to be passed out of committee without a hearing. However, that does not mean Grassley or any other senator would not put a hold on the nomination.

Your government at work.

PN1355: David J. Ryder — Department of the Treasury
Date Received from President: January 8, 2018
Summary: David J. Ryder, of New Jersey, to be Director of the Mint for a term of five years, vice Edmund C. Moy, resigned.
Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. — Jan 8, 2019
This nomination can be tracked at http://bit.ly/115-PN1355.

U.S. Mint Bombs on WWI Commem Sets

World War I Centennial 2018 Silver Dollar

The U.S. Mint just announced the availability of the World War I Centennial Silver Dollar and the World War I Centennial Silver Dollar and Medal Sets will begin on January 17, 2018. But what they announced does not make sense for collectors.

Of course, the U.S. Mint will sell an uncirculated and proof silver dollar that will come in their usual display cases with a Certificate of Authenticity. These are the coins that are required under the authorizing law (World War I American Veterans Centennial Commemorative Coin Act, Public Law 113-212) that were designed by LeRoy Transfield.

The U.S. Mint will also be selling five silver medals that will be issued in conjunction with the 2018 World War I Centennial Silver Dollar. Each medal, composed of 90 percent silver, pays homage to branches of the U.S. Armed Forces that were active in World War I: Army, Marine Corps, Air Service, Navy, and Coast Guard. Medal designs were announced last October. However, the U.S. Mint will only be selling the medals as part of a set with the silver dollar.

World War I Centennial 2018 Silver Dollar and Army Medal Set

By not selling the silver medals individually or as a set, if a collector wants to add all five to a collection, it will cost $99.95 per set ($499.75 total) and will require the purchase of five commemorative silver dollars.

Since there are no more surviving veterans of World War I, one can only assume that the commemorative coin and medal sets are being marketed to those that want to remember the service of those veterans. Creating these sets in this context makes sense. It does not make sense for the collector or for someone whose family did not serve in World War I or wants to just collect the medals.

This short-sightedness by the U.S. Mint may hinder potential sales of the commemorative coin whose proceeds are to benefit the United States Foundation for the Commemoration of the World Wars, an organization responsible for making sure we do not forget those who served.

With the decline in silver prices and the market interest in investing in silver at its lowest since before the Great Recession, a short-sighted decision like this will limit the sale of silver medals. This will lower the income and seigniorage the U.S. Mint will collect after seeing a decline in the sales of bullion-related products.

If the U.S. Mint cannot get this right, then maybe they should have a more broad community discussion so they can better understand the potential collector market because on this, they bombed!

Images courtesy of the U.S. Mint.

Senate Rejects Ryder

David J. Ryder at the hearing regarding his nomination to be the 39th Director of the U.S. Mint

With the gaveling in the second session of the 115th Congress, the Senate allows the inaction to the nomination of David Ryder to be the next Director of the U.S. Mint to end without a vote.

Officially, Ryder’s nomination was “[returned] to the President under the provisions of Senate Rule XXXI, paragraph 6 of the Standing Rules of the Senate.”

Senate Rule XXXI, paragraph 6 states:

Nominations neither confirmed nor rejected during the session at which they are made shall not be acted upon at any succeeding session without being again made to the Senate by the President; and if the Senate shall adjourn or take a recess for more than thirty days, all nominations pending and not finally acted upon at the time of taking such adjournment or recess shall be returned by the Secretary to the President, and shall not again be considered unless they shall again be made to the Senate by the President.

However, according to the Congressional Research Service (CRS Report RL31980):

The Senate can, however, waive this rule by unanimous consent, and it often does to allow nominations to remain “in status quo” between the first and second sessions of a Congress or during a long recess. The majority leader or his designee also may exempt specific nominees by name from the unanimous consent agreement, allowing them to be returned during the recess or adjournment.

Senate Majority Leader Mitch McConnell (R-KY)

Since the Senate calendars are controlled the Majority Leader, Mitch McConnell (R-KY) allowed the nomination to be silently rejected by not exercising his power to exempt Ryder from Senate Rule XXXI, paragraph 6.

There should be no reason to reject Ryder’s nomination. Aside from being previously confirmed by the Senate, there was no issue with Ryder’s confirmation hearing. In fact, his hearing was considered a pro forma session because of his past experience with the U.S. Mint and commercial Secure Products, a company focused on developing anti-counterfeiting solutions for currency and branded products.

This is clearly a political move by McConnell who has his issues with the president while polls show the popularity of both men is declining. McConnell may be trying to calculate what it will take to hold the Senate this November in an election that is seen to be potentially contentious. McConnell ask has to consider that his term is up in 2020. If he does not retire, he would have to run alongside the president. It might help McConnell to poke the president in the eye when he has the chance.

It has been seven years since Edmund Moy resigned as Director of the U.S. Mint. Since January 2011, there have been three nominations that the Senate has not considered (Bibiana Boerio & Rhett Jeppson by Obama and currently Ryder). At this rate, will anyone accept a nomination given the Senate’s record of inaction? Or will the U.S. Mint have to accept a less than optimal candidate because nobody else will take the job?

Gallery of Rejected Nominees to be Director of the U.S. Mint

December 2017 Numismatic Legislation Review

Each two-year term of congress is marked by sessions that begin every January 3rd at noon. When the House and Senate gavel into session on January 3, 2018, it will be the second session of the 115th Congress.

Political watchers have called the 115th congress everything from contentious to partisan to dysfunctional to names that cannot be repeated to a family audience. One thing they have not called this congress: boring.

For numismatists, Congress did pass The American Legion 100th Anniversary Commemorative Coin Act (Public Law No. 115-65) making it the second commemorative coin program for 2019. The Apollo 11 50th Anniversary commemorative is the other. Also, two bills passed the House and have been sent to the Senate for their consideration:

  • Saint-Gaudens National Historical Park Redesignation Act (H.R. 965)
    This bill redesignates the Saint-Gaudens National Historic Site, in New Hampshire, as the “Saint-Gaudens National Historical Park.”
  • Naismith Memorial Basketball Hall of Fame Commemorative Coin Act (H.R. 1235)
    This bill creates the first commemorative coin program in 2020 in recognition and celebration of the Naismith Memorial Basketball Hall of Fame in Springfield, Massachusetts.

In between the partisan wrangling, there were three bills were introduced in Congress last month. They are as follows:

H.R. 4539: Plymouth 400th Anniversary Commemorative Coin Act of 2017
Sponsor: Rep. William R. Keating (D-MA)
Introduced: December 4, 2017
Referred to the House Committee on Financial Services. — Dec 4, 2017
This bill can be tracked at http://bit.ly/115-HR4539.

S. 2189: Plymouth 400th Anniversary Commemorative Coin Act of 2017
Sponsor: Sen. Edward J. Markey (D-MA)
Introduced: December 4, 2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. — Dec 4, 2017
This bill can be tracked at http://bit.ly/115-S2189.

H.R. 4732: National Law Enforcement Museum Commemorative Coin Act
Sponsor: Rep. David G. Reichert (R-WA)
Introduced: December 21, 2017
Referred to the House Committee on Financial Services. — Dec 21, 2017
This bill can be tracked at http://bit.ly/115-HR4732.

In the meantime, the nomination of David Ryder to be the next Director of the U.S. Mint is now 73rd on the Senate Executive Calendar, down from 70th last month. A few nominations for key administrative positions were added to the calendar in front of Ryder. It is possible that his nomination will be confirmed within the next two months.

PN1082: David J. Ryder — Department of the Treasury
Date Received from President: October 5, 2017
Summary: David J. Ryder, of New Jersey, to be Director of the Mint for a term of five years, vice Edmund C. Moy, resigned.
Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. — Oct 5, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held. — Oct 24, 2017
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported favorably. — Nov 1, 2017
Reported by Senator Crapo, Committee on Banking, Housing, and Urban Affairs, without printed report. — Nov 1, 2017
Placed on Senate Executive Calendar. Calendar No. 458. Subject to nominee’s commitment to respond to requests to appear and testify before any duly constituted committee of the Senate. — Nov 1, 2017
This nomination can be tracked at http://bit.ly/115-PN1082.

Weekly World Numismatic Newsletter for December 24, 2017

News cycles seem to be quiet lately. I wonder what is going on in the world?! 😉

All kidding aside, this past week appears that people are rushing to complete whatever tasks are at hand before the holiday weekend and the end of the year. With everyone celebrating, I am not anticipating anything earth shattering from any news sector.

The Boys Town Centennial Commemorative coin features Fr. Edward Flanagan, founder of Boys Town

2017 Lions Clubs Commemorative Silver Dollar Proof Obverse

One thing I will remind those who buy collectibles from the U.S. Mint will stop selling the 2017 Boys Town and Lions Club commemorative coins on December 28. All other coins and medals that will be ending this year, such as anything dated 2016, can be ordered up until December 31.

Remember, the U.S. Mint only accepts orders via their website or by calling 800-USA-MINT (800-872-6468).

And now the news…

 December 18, 2017

The Treasury Department will propose the production of coins bearing the face of His Majesty King Maha Vajiralongkorn Bodindradebayavarangkun to the cabinet on Tuesday. Pachara Anantasin, the director-general of the Treasury Department, said Sunday the proposal will be tabled at the day's cabinet meeting. → Read more at bangkokpost.com


 December 18, 2017

Justice League star Henry Cavill's tradition of giving out "challenge coins" continues and this time it's not just the crew of films he's working on receiving the thoughtful token. Comic book writer and artist Tony Daniel took to Instagram today to share a photo of special token that the Superman actor had sent him. → Read more at comicbook.com


 December 18, 2017

The Alaska Mint released its 2018 state coin design this month. Designed by a local university student, Megan Warren found influence for her design from growing up in Alaska and her Native Alaskan Tlingit heritage. → Read more at anchoragepress.com


 December 21, 2017

Rezwan Razack is building a museum to showcase his collection of Indian paper money dating back to 1812. → Read more at qz.com


 December 22, 2017

The news was celebrated by the Institute of Scrap Recycling Industries and has been a priority for Covanta. → Read more at wastedive.com


 December 23, 2017

The “challenge coin” no longer features the presidential seal or national motto. But it does have “Make America Great Again” — twice. → Read more at washingtonpost.com

Coin Collectors News
news.coinsblog.ws

November 2017 Numismatic Legislation Review

Most of the work in Congress has been on the tax bill (H.R. 1) and non-controversial legislation. The Senate has worked on reducing the number of presidential nominees on the Executive Calendar. Currently, there are 100 nominations waiting to be acted on and David J. Ryder, nominated to be the Director of the U.S. Mint, is 70th on the calendar, up from 126th last month.
 

PN1082: David J. Ryder — Department of the Treasury
Date Received from President: October 5, 2017
Summary: David J. Ryder, of New Jersey, to be Director of the Mint for a term of five years, vice Edmund C. Moy, resigned.
Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. — Oct 5, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held. — Oct 24, 2017
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported favorably. — Nov 1, 2017
Reported by Senator Crapo, Committee on Banking, Housing, and Urban Affairs, without printed report. — Nov 1, 2017
Placed on Senate Executive Calendar. Calendar No. 458. Subject to nominee’s commitment to respond to requests to appear and testify before any duly constituted committee of the Senate. — Nov 1, 2017
This nomination can be tracked at http://bit.ly/115-PN1082.

Ryder Nomination Moves Forward

David J. Ryder

The Nomination of David J. Ryder to become the 39th Director of the U.S. Mint moves forward as the Senate Committee on Banking, Housing, and Urban Affairs ordered that his appointment to be reported favorably.

Committee Chairman Sen. Mike Crapo (R-ID) reported the committee’s recommendation without a printed report. His nomination was added to the Senate Executive Calendar for a vote by the full Senate.

With Ryder’s addition, there are 126 nominations pending for a vote in the Senate. The Senate has not approved a presidential nomination since June 8, 2017.

PN1082: David J. Ryder — Department of the Treasury
Date Received from President: October 5, 2017
Summary: David J. Ryder, of New Jersey, to be Director of the Mint for a term of five years, vice Edmund C. Moy, resigned.
Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. — Oct 5, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held. — Oct 24, 2017
Committee on Banking, Housing, and Urban Affairs. Ordered to be reported favorably. — Nov 1, 2017
Reported by Senator Crapo, Committee on Banking, Housing, and Urban Affairs, without printed report. — Nov 1, 2017
Placed on Senate Executive Calendar. Calendar No. 458. Subject to nominee’s commitment to respond to requests to appear and testify before any duly constituted committee of the Senate. — Nov 1, 2017
This nomination can be tracked at http://bit.ly/115-PN1082.

October 2017 Numismatic Legislation Review

It seems that when I write these posts about the monthly numismatic-related legislation reviews, I note how frustrating it is to follow the workings of Congress. Even though I work as a part-time political analyst and have some contacts I can leverage, even the insiders cannot explain why things happen.

Let’s look at recent legislation. Even though the House passed both the The American Legion 100th Anniversary Commemorative Coin Act (H.R. 2519) and the Naismith Memorial Basketball Hall of Fame Commemorative Coin Act (H.R. 1235) on the same day and sent both the Senate at the same time, the Senate only passed one of the bills while the other is languishing in committee.

Commemorative coin bills are not a big priority for Congress. Most of the time, they are treated as favors for one member or another, along the lines of “you help me with mine and I will help you with yours.” These are not big issues but are used to win points with constituents back home.

Although nobody is sure of the reasons why the Naismith Memorial Basketball Hall of Fame Commemorative Coin Act is being stalled in committee, it may be because of politics and personality conflicts. Usually, when one of these bills are introduced, a version will be submitted to the House and Senate hoping one will pass. The Senate version, S. 1503 was introduced by Sen. Elizabeth Warren (D-MA). Sen. Warren is not a favorite amongst her colleagues on the other side of the aisle. My sources speculate that the Senate’s leadership could be using this as a future bargaining chip against some of her principled stances.

It does not matter what you think about Sen. Warren or her politics. This is the way Congress works. If you think that the Basketball Hall of Fame should have a commemorative coin to celebrate its 60th anniversary in 2020, then let your senators know that you support H.R. 1235 that has already passed the House.

H.R. 965: Saint-Gaudens National Historical Park Redesignation Act
Sponsor: Rep. Ann M. Kuster (D-NH)
Introduced: February 7, 2017
Summary: This bill redesignates the Saint-Gaudens National Historic Site, in New Hampshire, as the “Saint-Gaudens National Historical Park.”
Referred to the Subcommittee on Federal Lands. — Feb 23, 2017
Ordered to be Reported (Amended) by Unanimous Consent. — Jul 26, 2017
Placed on the Union Calendar, Calendar No. 197. — Aug 25, 2017
Motion to reconsider laid on the table Agreed to without objection. — Oct 2, 2017
Received in the Senate and Read twice and referred to the Committee on Energy and Natural Resources. — Oct 3, 2017
This bill can be tracked at http://bit.ly/115-HR956.

H.R. 2519: The American Legion 100th Anniversary Commemorative Coin Act
Sponsor: Rep. Timothy J. Walz (D-MN)
Introduced: May 18, 2017
Summary: This bill requires the Department of the Treasury to mint and issue commemorative coins in recognition and celebration of the 100th anniversary of the American Legion.Surcharges received from the sale of these coins shall be paid to the American Legion for costs related to promoting the importance of: (1) caring for those who have served, and those who are still serving, in the Armed Forces; and (2) maintaining patriotic values, strong families, and assistance for at-risk children.
Referred to the House Committee on Financial Services. — May 18, 2017
Motion to reconsider laid on the table Agreed to without objection. — Sep 25, 2017
Received in the Senate. — Sep 26, 2017
Message on Senate action sent to the House. — Sep 29, 2017
Presented to President. — Sep 29, 2017
Became Public Law No: 115-65. — Oct 6, 2017
This new law can be viewed at http://bit.ly/115-HR2519.

H.R. 4044: 75th Anniversary of the End of World War II Commemorative Coin Act
Sponsor: Rep. Steve Scalise (R-LA)
Introduced: October 12, 2017
Referred to the House Committee on Financial Services. — Oct 12, 2017
This bill can be tracked at http://bit.ly/115-HR4044.
PN1082: David J. Ryder — Department of the Treasury
Date Received from President: October 5, 2017
Summary: David J. Ryder, of New Jersey, to be Director of the Mint for a term of five years, vice Edmund C. Moy, resigned.
Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. — Oct 5, 2017
Committee on Banking, Housing, and Urban Affairs. Hearings held. — Oct 24, 2017
This nomination can be tracked at http://bit.ly/115-PN1082.

The Under-Appreciated Platinum Eagle Proofs

Over a week ago, the U.S. Mint announced that they will begin a three-year series of the American Platinum Eagles proof coins featuring designs inspired by the Declaration of Independence. After looking at the designs and the designs of past platinum proof coins, they 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. To see the list, see the “U.S. Coins by Type” page.

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.

Since many of these coins did not sell in large quantities, many could be classified as modern rarities. But do not let the lack of supply dissuade you. Prices could be in the range of their bullion value plus a modest numismatic premium because the demand is also lower.

It is too bad these designs are confined to platinum coins. Unfortunately, the authorizing laws allow the U.S. Mint to do this with the platinum coins but not with silver. Since silver is more affordable for the average collector, maybe it is worth trying to ask Congress to change the law to allow these types of series for the American Silver Eagle proof coins.

Coin images courtesy of the U.S. Mint.

Pin It on Pinterest